Give These up To Become Debt-Free in 2021
Would you like to become debt free in 2021? Everyone’s situation is different, but here are some popular areas you might want to consider cutting on your journey to becoming debt-free.
Eating out constantly or ordering take-out
Although 34% of us say we wouldn’t sacrifice meals out in order to become debt-free, you could save as much as $150 per week by eating breakfast at home and brown-bagging lunch.
Review how many of these you have, and what ones you can give up. How much do you pay for the gym, cable TV, streaming, etc.? Think about sharing subscriptions or just buying day-passes at the gym.
Buying in bulk
This is where many think they’re saving, but aren’t. Often, we buy more than we need in order to save. Buying a multi-year supply of anything is likely a mistake. Time is money, and if you’re tying up your money in bulk products a 10 or 20 or even 100 percent return may no longer look attractive compared to keeping your money. Skip food items that will go bad before you have time to eat them. While the jumbo packages of strawberries or avocados are cheaper per unit than your grocery store, that’s only a good deal if you actually eat them all. While stockpiling items may not always be a wise financial decision, if it’s something you or your family use every day, and it’s cheaper per unit at a bulk store, then go for it.
Name brand products
Switching from premium to generic when shopping for food, medications, office supplies, cosmetics and more could save you more than $1,500 per year, according to a study.
Spending for the sake of social media
A survey showed that 90% of millennials say that social media “creates a tendency for them to compare their own wealth or lifestyle to that of their peers.” Know your real goals — not the ones dictated by others.