Having a plentiful life doesn’t have to involve overspending. Here are five great tips to help stretch money further:
- Shop with cash or checks. Leaving credit cards at home can help to avoid impulse purchases that lead to high levels of debt. By only using cash, checks or debit cards, shoppers eliminate the risk of going into debt and ending up with a financial hangover.
- Set budgets. One way to prevent overspending and avoid having to file bankruptcy is to set spending on everything you buy. Set separate budgets for groceries, dining out, entertainment, even shopping and spend within your limits. People get in financial trouble when they spend more than they have.
- Shop at discount stores. Many items that are available at full-price stores can also be bought at a discount at stores that specialize in selling closeout or off-season merchandise. The savings can frequently exceed 50 percent over the original price, helping shoppers stretch their budgets even further.
- Resist credit card offers. Many stores offer seemingly generous discounts if you apply for their store card. However, once the 10 or 15 percent one-time savings offer has ended, shoppers can end up with high balances at interest rates approaching 30 percent. Given enough debt, they may not be able to prevent bankruptcy as the only way to deal with the bills.
With a little bit of financial responsibility, you can be a smart shopper, have even more abundance and avoid having to file for bankruptcy. It just takes a little bit of creativity, planning and self-control.