Today’s post is basic, in a good way.
What a person comes to realize very quickly in the world is that nothing is free. Even website freebies usually require your email, at which point you are sold something.
In an ideal case, the cost of debt is a better life. Debt in exchange for an education. A nice home. To keep up with the Jones, the cost is the semblance of a better life. But you will still have to pay for this, even if the item depreciates in value. (In this case, is it worth paying more? Your call.)
Regardless, we’re taking a break today from our recent series of in-depth, informational posts to simplify the idea. Today, we’ve decided to round up 15 ways in which you can save.
Why this?
Well, saving is precisely what our app does. We round up spare change, and by the end of the month, voila. You have enough change to make a payment toward debt, reducing the amount you owe, one extra payment at a time.
Here are 15 basic ways you can make a change and save money. Then, maybe you can take the next step and put those extra coins (Qoins) toward any debt you owe.
1. BYOL. Basically, if you haven’t guessed, Bring Your Own Lunch. We don’t think it’s necessary to get lunch, or even breakfast or dinner from a restaurant. Sometimes the gourmet cook can be you, with you keeping the tip.
2. Use coupons. Be careful about using coupons you don’t need, but for items that you use regularly, 55 cents here and $2.00 there can make a difference.
3. Check out books from a local library. Kindle is a great resource, particularly if you plan on keeping a book. However, if not, checking out a book works just as well, without the charge.
4. Sell items you no longer need. Craigslist is one idea. Facebook Marketplace and Etsy are others.
5. Goodwill, good deals. Don’t be fooled. Goodwill has been known to carry secondhand designer items and name brands for a fraction of the original cost. Consignment shops also provide items for less than the original value as well.
6. Budget for groceries. If you plan your grocery list beforehand, your pocketbook and not your hunger, can lead the way.
7. Take a second look at the cost of hobbies. If a hobby costs a few hundred dollars per month, would it be worth it to forgo this hobby for another for six months or a year? And then return.
8. You don’t have to accept every invitation. Happy hours and weekend outings add up. Accept invitations with discretion.
9. Find a second job. The idea is not so “sexy,” but it is a — dare we say basic — solution to saving and paying off debt.
10. Run instead of visiting the gym. Particularly if you have a gym membership that you don’t use, you can scrap the extra fee each month and save. And throw on a pair of running shoes instead.
11. Stop investing. Some schools of thought such as one espoused in this op-ed from MarketWatch suggest paying off debt before investing. We also suggest mitigating the impact of an interest rate on your finances before making room to bring in money. For example, if you have credit card debt with an 18% interest rate and pay off the balance, immediately you have an 18% return.
12. Listen to podcasts about financial management. Stacking Benjamins, Radical Finance, The Dave Ramsey Show and Smart Passive Income are a few places to start.
13. Make money from a skill or talent. Think about what you do well and any special talents that you could share with the world, and charge for it.
14. Find free events to attend. Sometimes you can luck out and find free events that are more enjoyable than one you have to pay for. Review local event websites and newspapers to see what’s out there.
15. Opt for Hulu or Netflix over cable. Cable does offer a plethora of channels, but Netflix and Hulu have plenty of options, too, including original programming.
We’ve shared only fifteen. We know that you can easily add to this basic list. How else can you save money to pay off debt?
Comment below. We’ll be sure to respond.
