We all want to be wealthy, but how do you define what wealth is? Is it your monthly income? Is it the capital you have sitting in the bank? Is it your assets such as your properties… or is it in fact just a state of mind? In reality your wealth is probably just how much disposable income you have – in other words the amount of money you have spare to spend on things, plus the amount of capital you have in the bank. That’s what enables you to live a wealthy lifestyle, and it’s what enables you to be able to pay off your debt etc and not worry about not being able to pay your gas bill or your next .
There’s one way you can improve your disposable income and your capital without necessarily getting a job as a highly paid lawyer or CEO – and that’s to save. By saving for debt you can make sure you never have to worry about not being able to pay back loans, and by putting money aside you’ll have money to put in the bank for a rainy day or so you can afford your next holiday or a new computer once yours finally packs in. At the same time this is one of the best ways to help yourself overcome debt – save a large amount of capital and then pay a large amount off in one go. Here we’ll look at some ways you can shave off your monthly outgoings and how you can save for debt or just feel a bit wealthier after your outgoings have cut your pay cheques in half.
Kick Bad Habits: Smoking, drinking, junk food and anything else your ‘addicted’ to can eat up a lot of income, so if you’re saving for debt, make sure you stop them and put that money into a jar somewhere – it’s a great incentive to give up something that might be damaging your health too.
Go Value: Most Supermarkets have an own range which provide a cheaper alternative for those who don’t have the money to buy the big brand names and this is a great way to save for debt or to have a bit more disposable income. Some things you’ll taste the difference – stay away from value mayonnaise for instance – but many other things you won’t be able to tell whether it’s tea bags or pasta.
Shop Around for Cheaper Deals: On a similar note shopping for deals in general is a good way to help towards saving for debt. Whenever you buy a DVD or anything like that, look online first. Likewise though shop around for your internet package, your fuel bills and your mobile phone providers – don’t let the ‘hassle’ put you of making significant savings on a monthly basis.
Sell Old Things: There’s no point in having a whole load of DVDs you never watch when you’re saving for debt or trying to accrue some capital. The same goes for old jewellery and appliances – it’s easy to sell these things on eBay and it’s a nice little income.
Use Your Loyalty Cards: So many places give us loyalty cards from petrol stations to coffee shops. Hang on to these and actually use them and you’ll make a lot of savings.
Be Regular: Set yourself a certain amount that you promise to save each month and just make sure you save at least that amount. This is the best way to ensure you start saving for debt and to make sure that it grows at a steady rate.