Between student loans and the cost of living increase we’re all learning how to make it on a shoestring budget. Trying not to be like so many of the Hollywood glamor stars who find that if they’re out of work for very long their homes are in foreclosure, how can we make ends meet and still enjoy the good life? Here are a few strategies to help you along.
Budget
List your major sources of income and then figure out your budget. Try to live just a bit below your budget and save some money for a rainy day. Prioritize your spending.
Buy Used
Like that latest fashion trend? There’s no shame in buying used. I bet you can find a way to re vamp that outfit and pay a whole lot less. Try shopping online at places like Craigslist, ebay, Thredup and such. Go to a thrift store and look around. Although some items may need laundered it’s still a fantastic bargain. Trends seem to change almost daily. Why would you want to pay so much money for an item that will hardly be worn?
Invest
Invest in your future. Even if you are only saving a few dollars each pay period you can start a savings account. Each pay period see if you can’t add a few more dollars to the fund. With time this will add up and you’ll see savings and have a nice cushion.
Pay Down Debt
Dave Ramsey shares with his viewers how he went bankrupt and why. Pay down your debt. Just because you have a job today doesn’t mean you’ll have a job tomorrow. Pay as much as you can on debt each month. For more information on debt reduction check out Dave’s .website.
Tithe or Give To Charity
You’ve heard it all your life. Give to the poor or give to your church or favorite charity. If you’re following a life using Biblical principles you’re giving 10% of your total income to your church, or a favorite charity. This may seem difficult at first but in time you’ll realize you’re deeply blessed by this small gesture.
Yes, living on a shoestring budget can be difficult. You may have to eat macaroni and cheese or top ramen a few meals to make it through the month or pay period.