These tough times can be stressful, especially when you're carrying a few debts. In such situations, enjoying life's pleasures can seem out of reach. Knowing that cutting back on expenses is a wise choice, how can you do it while reducing your debt level and avoiding headaches? In this article, Pomerleau and Associates Trustees gives you 5 easy ways to do so while avoiding debt. Tested many times by our team of authorized trustees, you are sure to succeed without necessarily changing your entire lifestyle.

1. Review your Paid Services

To reduce your monthly expenses, it is suggested that you review your needs in terms of paid services. At the same time, you will eliminate unnecessary or less essential services for the moment. Among these are: cable services, insurance policies, banking packages and fees, interest, etc.

2. Do it Yourself

There is an economical advantage to becoming self-sufficient and doing things yourself that we would normally pay for. Often, the extra effort is worth the cost! For example, when it comes to meals, improvise yourself as a cook instead of ordering out. In addition to having leftovers for the week, this task can become a way to make your daily habits healthier. Avoid fast food and plan healthy meals.

Why consider going back to the gym when you can shovel your driveway in the winter and mow your lawn in the summer? You'll save on labour costs, you'll save on a gym membership, and you'll do it without compromising your fitness.

3. Plan for the Unexpected

When creating a budget, we usually look at fixed expenses. However, it would be ironic not to include the unexpected. In this case, the occasional costs generated by them are called variable expenses. Here are some examples. Buying coffee at a store, rather than consuming the coffee at home, can cause a budget unbalance. If it is essential for you to function properly in the morning, you should consider adding it to your budget.

Make an allowance for school supplies and other associated costs. Save money by recycling items from previous years that are in good condition and avoid buying duplicates. Do the same for clothing and plan an annual allowance per family member. Shop for clothes at good times, such as sale days.  

4. Save Strategically

Planning your grocery list? Check the flyers and compare prices between supermarkets. Keep an eye out for discounted products and items to stock up! You'll save time and money. Also, take the opportunity of shopping day to have the children babysat. It's a proven fact, you'll spend less.

5. Buy Used Items and Sell Your "No Longer Needed" Ones

Second-hand websites are full of everyday items and more that you can find for a fraction of the price. Take advantage of this opportunity to sell your old dresser that's been gathering dust, or a pair of almost-new pants that you've left in the closet for a few months.

With these tips in hand, it will be easier for you to save money, balance your budget and achieve your financial goals. If your budgeting is confusing or you have concerns about your financial difficulties, don't hesitate to schedule a meeting with our professionals if you feel the need. It' s better to be safe than sorry.