Frugal living resolutions 2013: Ways to keep yourself debt free

afm financeA life of frugality is the key to a sound and peaceful living. This is all the more useful in terms of one finances. So, people reeling under the burden of overwhelming debt and are looking for ways to come out of the financial mess will not have to opt for financial relief services like debt settlement program or credit counseling. Instead, all they need to do is to make some frugal living resolutions in this brand New Year 2013 and stick to it till the time all their outstanding balances are paid off.

How to lead a frugal life

Following tips will help a person to lead a debt free as well as a frugal life:

i. Budgeting with the partner – For people who share their income with their spouse or partners, it becomes quite a lot stressful for them to enforce some drastic change in their spending patterns. Many a times, it has been found to be the cause of bitter divorce that shattered the fate of several peace-loving families. However, not many part ways for the rest of their lives.

Instead, they kiss and make up with ex-spouses and vow to lead a financially disciplined life. For instance, one cut down on bad expenses by reducing the number of meals at restaurants or luxurious purchase. On the other these saved money can be used to meet the obligations of the creditors and finance short romantic trips all at the same time.

ii. Getting ready for tax changes – In 2013, people should plan their finances in accordance to the possible changes that bound to happen with respect to the country’s tax laws. This especially implies to people belonging to high-income bracket. For that reason, one must get ready by adjusting his expenditures as well as savings so that they do not feel crushing to file the annual tax returns, once the fresh changes are put into effect.

In this case, people have to take advantage of federal tax concessions and credits so that there is minimal negative effect on their peaceful frugal life. Apart from that, they can start paying extra amount on their retirement accounts since these accounts are exempted from taxations.

iii. Becoming a discount addict – Discounts on commodities and services is a lot preferred by the common masses, especially the frugal livers. There are many holidays that are eagerly awaited by discount-loving consumers. For example, during the holidays like Labor Day, July Fourth or Black Friday and other similar days, a good number of retailers as well as businesses dole out discount coupons in order to attract more footfalls. So, it becomes imperative on an individual’s part to keep a tab on the discounts offered by these retailers on a regular basis and enjoy a subsidized shopping.

Last but not least, people with insurmountable outstanding balances will in evidently struggle to pay them off within a short span of time. Even if a person tries to do so, then they it may be became annoying for them after a certain point of time. So, it is best to first mend one? own erratic spending habits and then open a savings account. As soon as one regains the control on his expenses and starts savings money, it is only then that he can make the debt repayments comfortably.

Author’s Bio – Andy Masaki is a financial writer associated with the Oak View Law Group. He is a debt expert and a member of several online forums where he shares his advices as well as tips to lead a financially independent life.

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  1. I buy everything on sale! I also make a lot of my meals at home, and this saves a lot of money. I always car pool or take the bus, and I always cut our own hair at home!

  2. After a few years of forced frugality I’ve learned I need a lot less than I thought!

  3. How do I find more from Andy? This is a great post but I need more detailed/specific help. Where do I find the new tax changes in understandable terms? I have so many questions! My hubby and I are trying to do this but we both have certain habits we need to stop.

  4. I will say this. I used to put all of my tips (Working for a coffee shop) in the bank and never consider that they were mine to spend. Then all of a sudden I had thousands in the bank one day– I had enough to finance a frugal wedding. 🙂

  5. I got jugs for all my change.I always look for a bargain everywhere,while holding on to my budget.I only treat myself to a small habit,usually I add it within the budget.

  6. Being frugal takes a lot of attention to detail, and hard work. I’m motivated, but sometimes so exhausted by it!

  7. I try to be as frugal as possible, but there’s days where I just want what I want, which is so bad on the budget. However, we are completely debt free, after many years trying to get those credit cards down. Thank you, coupons! They were such a huge help.

  8. I started saving my change last year and was shocked when I counted it and it came out to $599. To keep on my frugal campaign I am going to put it into the bank and start all over.

  9. Several years ago my husband and I decided to go Crdit card free, If we can’t pay cash for it we don’t buy it. It has been a great idea for us. If I can pass on any elder knowledge to the younger adults, I would say save any thing that you can, If possible try to live on one paycheck and bank the other. With the economy going the way it is you can not count on getting any retirement money from any where but your own pocket..

  10. Thanks for the tips! Itry to use cupons, but it is hard, when they barely have coupons for products I like

  11. Thanks for these tips. Being financially responsible and living within your means can take a lot of work, but so much less stress than being in debt.

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