What would you give up to be debt-free? Here’s 5 that you can do according to experts.
☞ Eating out constantly: 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. (Hey, at least I’ve stopped eating at buffets…)
☞ Monthly subscriptions: 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. Try this: Instead of buying a 12-pack of batteries for $25 when you need just two of them, buy the 2-pack for $5 and put the other $20 toward your debt. (That way, you’ll still be able to use the remote control to watch TV when you get fired because you didn’t finish your work because of the dead batteries in your computer mouse!)
☞ 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. (In other words, borrow your rich friends’ cars and clothes for your pics!)