RY4C Loans


Money saving Tips to get you out of debt

The fact of matter is that you cannot get out of debt if you do not embrace frugality and money saving habits. Being indebted is something that many people loathe and is more often than not the cause of immense stress. However, getting out of debt requires that you take proper measures as regards to saving and proper budgeting. It requires that you set a clear goal of what you want to achieve as well as what you need to do to ensure that you rid yourself of debt and achieve financial security. If you are seeking to get your finances back on track, the following money saving tips could be all you need.

Carry homemade food to work

Ever taken a moment to calculate how much money you spend on lunch alone on any given month? If not, try it today and you will be shocked at how much you spend on lunch alone every single day you buy lunch while at work. To save this money, it’s important that you make a resolve to be making food at home and carrying it to work instead of buying it. It is cheaper to prepare a meal at home as compared to buying food every single day. This alone could save you in upwards of over £1500 annually.



Reliance on credit cards could seriously put you into huge debt considering that you are spending the money you don’t have. People tend to overspend on their credit cardsbecause they don’t feel the pinch but always struggle to clear the plastic card debt. In this regard, to limit the credit card costs, it’s essential that you limit or if possible stop using credit cards for purchases. Only use credit cards when it is necessary and not simply for entertainment purposes or impulse buying.

Make a budget

A budget gives you a clear plan of what you need to spend your money on and the expenses you need to cut down on. It helps you avoid impulse spending and by so doing end up saving money. Make a list of your expenses in a month and thereafter whittle down on unnecessary expenses. Above all, ensure that you stick to your plan or budget if you really want to save money and get your finances back on track.

Pay using cash

Whether you like it or not, carrying a wad of cash tends to make us just aware of how much we are spending as opposed to the use of credit cash. Make it a habit to pay for purchases using cash. It gives you a clear idea of how much money you are spending and a great way through which you can check your expenses. You cannot pay for something if you don’t have the cash as opposed to a card where you will embark on impulse buying simply because you know that you can always pay for it much later. The only downside is that the more you use the plastic card, the more debt you get into.

Reduce the number of days you go out for entertainment

Let’s face it. There is nothing wrong with unwinding every once in a while and catching up with friends over interminable bottles of beer. However, indulging in this too much and going out partying every night or the whole weekend will never get you out your financial quagmire. In order to save money, you need to cut down on the number of days you go out partying. You can limit to one day or weekend a month until such a time you feel your finances are back on track.

 February 11th, 2016