The #1 Best Way to Save Money & Get Out of Debt that no one is talking about

Today, I’m going to talk about a little secret.

There is so much info on budgeting, saving money, and frugal living. It has become a hot topic these days, and I’m glad for it. I’m glad that more and more people are realizing just how harmful and restrictive debt is, and are taking steps to be free from that bondage.

I still remember the life-changing moment when getting out of debt became a real possibility for us. Yes, even for our low-income, single-income family, it was a possibility. We lived debt-free for over 2 years, and we still have no debt except for our mortgage. And, being debt-free helped us save a decent down-payment so that we’re in a much better place w/ our current mortgage.

This key piece of advice I want to share with you today is absolutely pivotal. It will change your debt-free journey. And it’s one that still isn’t talked about too much.

So why is no one talking about this #1 tip?

There is no money to be made. This tip is completely free and there is no money to be made anywhere by giving it to you. Therefore, it’s completely against the profit-driven world we live in. Even Dave Ramsey wants you to get your finances in order…after you spend the $100+ for his class first. Most money-saving tips include links to buy discounted products–links where everyone stands to make money.

I have nothing against this. I use affiliate links here on Serving Joyfully. However, it does seem to make some people hesitant to share a tip like this where there is no discounted product being sold, and therefore no money to be made.

It’s not very fun. Writers want to write popular articles that get people to come back. In order to do that, the content we put out usually needs to be fun in some way, it needs to be something people want to hear. People want to hear about getting those new clothes for 50% during a sale at baby Gap. It’s fun to go shopping, which is why these type of posts are more popular than the one I’m about to write.

But, my biggest goal isn’t to be popular or to make money. So, I’m going to give it to you straight.

So often, I have had people who hear about our debt-free journey and frugal lifestyle and then reach out to me for tips. This happens both in real life and online.

The thing is, many of these people they say they want tips for getting out of debt, when most often, what they actually want is for me to work some kind of miracle on their budget that would allow them to keep their exact same lifestyle and spending habits, while still getting out of debt.

The bad news is–that’s not gonna happen. Just like in anything else, there is no magic trick. However, if you really want it bad enough, this tip will help you get there.

Are you ready for it?

Stop spending money.

That’s it. It’s as simple (and as difficult) as that.

Now, obviously, I know you can’t completely stop spending money. You have to eat and your bills must get paid.

But, you can greatly reduce, or stop completely, your discretionary spending. And you can greatly reduce a lot of other areas as well, simply by evaluating the difference between needs and wants.

No one wants to stop buying things. We live in a society that is obsessed with stuff. So that when we want to make cut backs and get out of debt, we replace the full price stuff with 40% off clearance stuff. Or, if you’re really hard core, you might even replace that 40% off new stuff with thrift store finds instead.

But the problem persists–filling our lives and homes with (and wasting our money on) stuff that we don’t need.

  • That beautiful print that you’ll take home and never even get around to hanging on your wall.
  • Those super cute, great bargain clothes to bring home and try to find room for in your already over-stuffed closet.
  • The half-off toys for your children–just one more thing in an already crowded bedroom that you’ll have to fight with them to pick up.

Or even those $.50 books at goodwill that you don’t have room for on your bookshelf (ahem…that one was for yours truly).

The point is this–we already have too much stuff and most of us really don’t need more.

Again, obviously some things you really do need to buy, but most of the things we Americans buy are things that we could easily do without. And if you have a desire and goal to be debt-free, I can personally attest that it is more than worth the sacrifice!

Again, no one is going to tell you to stop buying stuff, because our economy depends on people overspending. Everybody gets a piece of the pie and they want to keep getting that pie (or at least the dough that makes it up!).

Our culture is obsessed with more stuff, and we always have an excuse ready for our spending. We can do this frugal thing, but first we need one last new outfit (then another..then another…this one really will be the last one). We need a new cute, fancy notebook for our expenses. We need those cute budgeting envelopes. We need this or that book, this or that class. There is always another thing to buy, and another good excuse.

The truth is you don’t need any of that. What you need to do, and what I had to learn several years ago, is to stop planning how you could be frugal and save money if you just had the next great tool, and start actually doing it.

Questions to ask before making a purchase:

  1. Do I really need this? If the answer is no, then seriously consider why you’re purchasing it. Sometimes the benefit can outweigh the cost and I realize that. But sometimes, we need to give our will power a work out and say no.
  2. Could I borrow it or make something else work? If the item is a need, consider if there are other ways to get it. If it’s something you’ll only use once or twice ever, consider borrowing it from a friend. Books can be checked out from the library instead of purchased. You might also consider if there is something you already have that you can use instead. Or maybe instead of buying those round cake pans you’ve been wanting, you can just use the 9 x 13 pan that you already have.
  3. Do I need it right now? So many times I have found that just a bit of patience can pay off in a big way. If you don’t need an item right away, it can be a big money saver to wait. We have had things given to us, or had someone offer to lend something, or stumbled across a great deal that saved us money on a purchase…all just by waiting a bit.

And, there you have it. Not the most popular budgeting post. But one that is necessary.

Continue reading here: Why Christians Should Live A Yolo Life

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