Category: Frugal Living

Budget Strip Club

~ Rob

No, this post isn’t about how to get lower strip club prices or where you can get hold of discount lap dancing coupons. Sorry to disappoint you.

Over the last few months I’ve cut costs and stripped down my budget which has lead me to wonder if I could reduce it even further. Is it possible to bring my outgoings down to frugal fractions.

What is the bare minimum you could survive on in areas like food, travel, entertainment? By going frugal and been more financially reserved would it be possible to shave even more off my budget.

You can have fun without spending much on entertainment and going to the club. Going out drinking costs a bomb and isn’t economically when you can party cheaper at home for 75% less dosh.

When I explained to friends that I didn’t what go out partying and drinking because I was on a tight budget they laughed and mocked me for using discount stores and going shopping in cheap shops and labelled me a bore.

It’s funny when people look down at you for doing something they don’t understand? It may seem like madness when I have a workable budget but I want to push the budget limit and see how frugal I can you go to pay off my debt faster.

Of course I would like to go out for a drink but I knew one thing would lead to another and the night would end up costing a fortune and they would try and drag me to a strip club somewhere so I said “no I can’t afford it”.

They offered to buy me drinks and sub me yet I still declined. The last thing I want is to get into debt with my mates again. I know that saying “no thanks” was the right thing to do.

While my friends are out partying drinking pitchers, spending their money and partying I’ll be saving money and keeping to my budget. I’m still figuring it all out and at times I feel a money mentor would help keep me on track and hold myself accountable.

If you want to get ahead you need to hold yourself accountable and if you can’t afford something then say “no”. Saying no is a good budgeting habit.

Let’s see them make fun and mock me for being a loser when my debt is paid off and I’m financially free. Once your debt is gone you can work towards early retirement and that’s when the fun really starts. The fun of doing what you want every day without any financial pressures or stress.

Many of my friends don’t seem that interested in their personal finances or dealing with their debt or pensions. I’ve tried to tell them that if they’re not careful they’ll be The Leftovers. While it’s important to live in the moment you never know what fate and misfortune may bring you. So live for today and plan for tomorrow which may include sacrificing nights out, staying in days and cutting back on things.

How Am I Going To Pay Off My Debt?

~ Rob

This is a good question that I asked myself and I suppose the answer is to get smarter with my money and work towards a debt repayment plan. While I would say I’m not the most reckless person with money I do like to spend it and £65,235 is a lot of personal debt for any young person to carry around.

The problem with money is it’s easier to spend than earn and if you’re not watching it just disappears. With your money gone and your desire to buy things still strong that’s when personal debt happens. And debt makes your money disappear and slip through your fingers even quicker due to the interest payments you have to pay back.

Debt has had a negative effect on my life and tied me down for too long. So what can I do about it? How do you begin to find ways out of massive debt?

I know I’ve made financial mistakes and that there isn’t a magic solution to get rid of this debt. In order to pay off this debt burden I’m going to have to evaluate my personal finances and change how I manage my money.

I admit I have got myself in this mess and I’m the only person that can fix it. To tackle this debt problem that has built up over the years I’m going to have to face it head on.

Here are some ideas that will help:

•      Be more financial responsible, no more crazy spending.

•      Start using a budget and overhaul my bad habits.

•      Focus on needs not wants.

•      Payoff as much debt as I can afford by cutting my expenses.

•      Shop around more for better deals.

•      Less of those treats.

•      Increase my minimum payments.

•      Read up on personal finance.

•      Waste less money and look after those pennies.

•      Work some overtime and put the earning into my debt.

•      Find people and resources that offer debt advice.

•      Master the art of frugalness.

Doing this will aid me in eliminating debt forever and help secure a better financial future. Breaking the bondage of debt and reaching financial freedom is possible. You have to dedicate the time to learn how to manage your money, change your money habits and form new financial disciplines.

Be More Frugal

~ Rob

Living more frugally will help you consider where and what you spend your money on. Being more frugal will help you understand the difference between wants and needs. I used to think I needed to buy lots of stuff and keep up with the lifestyle of friends and family. I’ve since turned over a new leaf and changed my financial habits.

Being frugal will make your money go further. Using a little frugal finance you’ll be able to save money and pay off your debt quicker.

Use a budget and seeing where you can save money is a good starting point. It’s too easy lose track of your cash and overspend, so fix the amount you spend each week.

To become more frugal doesn’t mean you are cheap, tight or can’t treat yourself and others, it only means you more sensible with the money you’re got. You might want to spend less on grocery bills, fast food, eating out, clothes, music, games, gadgets, music and takeout coffee.

Giving up a few luxuries will save money but you can also shop around for the best deals and discounts when you do need something.

You can save thousands by reviewing your current debt expenses, find cheaper mortgage and insurance deals and switch to interest free credit cards. We waste lots of money spending on debt interest payments so look for better deals.

Debt is so overpriced compared to the money we make on our savings, searching out better deals will save money and enable you to pay more into your debts to pay them off quicker.

Shop around for cheaper energy bills, lower mobile phone costs, switch Internet providers, cancel TV subscriptions or reduce down your current package.

A few ideas to help you save a small fortune include, taking packed lunches to work, avoid branded foods and goods that cost more, plan your meals to stop wasting food and buy in bulk if it saves money on the things you use.

Find cheaper hobbies, activities and entertainment you can do for free. Save money by becoming more healthy, cook cheaper food like frozen veg, when you can walk or cycle instead of using the car, cut down on your booze and of course stop smoking.

Access to easy credit and shopping online has made spending money easier. Not everything you buy with a few clicks is a bargain and sales exist to keep you spending on useless junk you don’t really need.

Stop using spending as a means of escape. When we buy something we want it gives us a little kick and a boost. Often we spend money to try cheer ourselves up and make us happy. Shopping gives us a high and the thrill of getting something new, something that briefly lifts up our spirits in the short term.

People shop for convenience, to alleviate boredom and get a buzz. This spending cycle of highs and lows can turn some people into shopping addicts and can impact their finances and relationships.

Are you spending too fast? Are you in danger of falling into bad heavy debt? Before you buy anything stop and think – Do I actually need this, could I go without? A quick way to curb spending is to stop acquiring stuff that don’t add value in your life. Cut back and learn to be a more frugal and savvy shopper.

Acting On Impulse

~ Rob

I used to spend money on all sorts without really thinking about it. Advertisings techniques influences us to spend more and online shopping makes it convenient and easy to buy without leaving your house. If you fail to control your spending desires it can lead to overspending and debt.

These days I challenge myself not to spend my cash on unnecessary stuff. I avoid chasing new tech upgrades, buying the top brand names in fashion and food and hottest game releases.

I think we all have some kind of spending weakness, act on impulse buys and make misjudgements on what we spend our money on. We’ve all bought something we regretted purchasing afterwards or bought more than originally intended.

Now before I buy something I stop to think – do I really need it, can I wait and will I use it and gain value from the purchase? If I still need and want it can I buy it cheaper somewhere else or even second hand. That buying pause can save you money and find you better deals. It also helps reduce impulse buying.

Setting new shopping rules will save you a fortune and empowered you to pay off debt quicker. When you are out shopping it’s easy to spend without even thinking a purchase through. Mainly because going shopping for stuff makes us feel good. It’s nice to buy something we want or the stuff we believe we deserve as a treat.

Marketing tactics persuade us to spend, boredom encourages us entertain ourselves, competition with the next door neighbours, friends and family tempt us to buy things and keep upgrading, all causing us to act on our spending impulses.

And if you don’t have the cash then debt steps in so you can buy it. Shopping trips get very costly when you use borrowed money to buy things. Sure it feels nice to buy things you want but what is the real price tag long term?

As a result we end up trapped in the cycle of debt, working longer to waste money on interest payments that suck are wealthy away. That’s not really financial freedom that’s a formula for financial failure.

To combat this you need to be strong. You need to learn how to be more frugal and thoughtful with your cash. You need to learn how to say “NO”. The inability to stop overspending is a downfall that will cost you more than money. When you head off to the shops or browse the Internet for special offers you have to set limits and rules in place.

For example, you may use cash only, have no spend weekends or even cut up your credit cards. Your new spending rules will help you to control your money better and avoid racking up more debt.

Thanks to impulse buying there are lots of things I wish I hadn’t bought with or without using debt to fund the purchase. I’ve wasted thousands on buying junk instead of seeing the bigger financial picture.

What about you do you spend money without thinking? What have you bought that you wish you hadn’t?