Posts tagged cut back spending
Get Out of Debt: Wants Vs. Needs
Jan 5th
Discretionary Spending is key to eliminating debt.
*Wants* Anything that you would like to have to increase your quality of life, but you could survive without. Jewelery. Nights Out On The Town. Makeup. Video Games. ETC.
VS.
*Needs* Anything required in order for you to survive. Food. Water. Shelter. Clothing. ETC.
Always set realistic goals for yourself. By setting easier goals for you to accomplish at first, you will keep yourself from becoming discouraged. For example, if you have a habit for purchasing clothes a little too often, cut back to buying one article of clothing each week and work yourself up until you only buy one piece of clothing per month.
Based on past trends in spending, food seems to consume most families income. It’s the same old story: You spend quite amount of money stocking your refrigerator with healthy delicious foods. After a late night at work, you are too tired to cook anything and decide to just pick something up for dinner.
Did you know that the average family of four can spend up to $50 on just one meal at a fast food restaurant?
So although food is a NEED, eating out and spending a weeks worth of groceries on one meal is not necessary. So the next time you plan to stop and pick some chow for the family at McD’s, ask yourself if making an extra payment on your car note or a cheeseburger is more important to you!