With high debt looming over your head each month, you’ve finally decided to make a budget to get out of debt! Are looking for some breakthrough budgeting tips? You’re in luck because we’ve got one good piece of advice for you; stop drinking coffee. Don’t believe us? Read on to find out how that cup of coffee every morning is making a dent in your annual budget.
Coffee costs you $500-$1500 per year
Does that number really surprise you? Each morning when you head to work you stop by your favourite coffee joint to grab a cup of your favourite latte which costs you anywhere between $5-$10. For the entire week, this comes up to around $25-$35 and that for a whole year is a staggering $1500! Still want to reach for that cup of store bought coffee? Instead, make it at home using coffee bought at the supermarket which will cost you $5 for over 25 cups. Imagine the savings! That money could be put to better use in paying off your debts. So remember to allot money to buying coffee at the supermarket to make at home when you make a budget to get out of debt.
Another alternative to this is to make use of beverages available at your workplace as long as they do not cost you anything.
What other items should you stop spending on?
Coffee is not the only daily habit that is seriously hurting your finances. Here are some more items that you spend on without thinking twice. Include them in your budgeting tips and watch your debts shrink in size.
Eating out, be it for breakfast, lunch or dinner, multiple times a week or daily can eat away at your finances. Packing your lunch at home is not only healthier, but it is also way cheaper. Ordering takeout from restaurants also costs a lot as they include delivery charges in your total bill amount. Instead, make a large meal over the weekend to last you the entire week or cook smaller lighter meals every other weekday. By doing this, you will save at least $3000 a year. Try it out for a month and see the difference in your savings.
Happy hour drinks or soda drinks
Unwinding with a drink at the end of a long hard day seems refreshing, but it is taking a toll on your wallet. $5 for a beer during happy hour will cost you $1200 a year, which you can put to better use for your debt payments. Drinking energy juices or store-bought smoothies will also create a dent in your finances and it also saps your energy levels in the long run. Make your smoothies at home and be more productive at work so that you can make more money and get out of debt faster.
The best budgeting tips entail cutting down on these unnecessary daily expenses to save a major chunk of your monthly income. Seeking professional budget/credit/debt advice will help you with many more such budgeting tips and help you make a budget to get out of debt faster. Use these budgeting tips to grow your savings and cut down your debts, just as you would with a highly-skilled credit/debt service at your disposal.