In order to eliminate debt, it isn’t really necessary for us to get a second job. What we really need is extra fund that can help us pay off existing debt burden. Obtaining extra money can be as easy as spending it wisely and being frugal. Here are five things we can do to obtain more money by being frugal.
- Don’t eat out too often: Let’s face it. Our society is driven by hectic work days. There are also days when no one in the wants to cook, because it is so busy. It is acceptable to eat out when it is necessary. This isn’t about eliminating eating out completely, which is not a practical thing to do. Instead, we should make the right decision on where we should go. We could find places in our town where we can choose less expensive places, instead of some of the larger and more expensive restaurant chains. At Applebees, it could cost two adults and a 10-year old child about $40 for dinner. For a group of three, it is better to find restaurants that can provide us decent food for just about $25.
- Drive cheaper car: We should drive cheaper cars and most of the time, we don’t really need big SUV, especially the one made by famous brands, such as BMW. We could choose a smaller family car that can accommodate more people and with decent features. These cars won’t be only cheaper but could also provide us with significantly better mileage. Many 4-year cars are still in decent condition and if the previous owner didn’t use the car too often, they could run like brand new cars. Let others deal with the significant depreciation costs during the early years.
- Choose cheaper house: Today, people tend to choose bigger houses than what the previous generations bought. The average size of normal house currently bought by people could be 2400 sq. ft. Just one generation ago, people were able to live in 1400 sq. ft houses. Yet, modern families are usually smaller and they spend less time at home. A comfortable house doesn’t have to be large, as long as we can conveniently eat, sleep and live in it. Smaller houses allow us to reduce upkeep costs, repair expenses, utility bills and mortgage payments.
- Shop at the right place: We should know where to shop affordably. We need to compare grocery houses around the area. In many areas, there are usually two or three grocery stores that directly compete for local customers. We could find that they are offering deals and we should use coupons whenever possible.
- Get free stuff: There are many opportunities to get freebies in our town. As an example, the local library allows us to borrow books for affordable entertainment. Borrowing a book is much cheaper than going to movie or having a trip. Finishing one book during the weekend is a cheaper activity than doing typical weekend activities, such as eating out or going to entertainment places.