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How to Live a More Affordable Lifestyle

Contributed by editor on Jun 12, 2018 - 11:05 AM

 

It can be tempting to go all out when it comes to your house, cars and even clothing, but by living outside of your means, you set yourself up for debt and financial trouble later on.


1.   Being unable to keep up with car payments or your mortgage will spell trouble in the long run, and so rather than lose your home or have a mountain of debt to payback in too little time, people should learn how to live a more affordable lifestyle without limiting fun or the chance of great experiences.

Pay off Your High-Interest Debts – The Rise and Rise of Logbook Loans

When it comes to paying off your debts, many of us fail because there’s no real motivation behind doing so. Rather than be debt free, we would prefer to go on holiday, treat ourselves or splurge on a new car. Paying off your debts, though, comes with many real advantages. For starters, being debt free means you increase your financial security. Once debts are paid off, you can put money aside for your retirement, your kid’s university, or for a big holiday you and your partner have always wished for.

You should take the time to realise that not all debts are the same. You may be experiencing high-interest rates, and paying it off sooner rather than later will be in your best interests in this case. While this may sound counter-intuitive, but borrowing money from a more secure lending service so that you are no longer tied to such interest rates can be beneficial to you. Logbook loans mean you transfer ownership of your vehicle, and once you’ve repaid the loan, you regain ownership of your car, van or motorbike. By finding a lending service that is ethical and abides by the Consumer Credit Trade Association’s ‘Code of Practice,’ you can rest assured that you’re getting the best deal with regards to interest rates and reliability.

Get Rid of Excess – Live a More Minimalist Life

Becoming attached to possessions happens to the best of us. Finding the strength to let go of clothes, objects and even furniture can be hard, because they may have sentimental value and a ‘what if’ attached to them. ‘What if flared denim jeans come back into style?’, ‘What if that armchair becomes useful one day?’ Unfortunately, hoarding can become an issue, and clinging onto old things while continuously buying new objects can only become burdensome over time. When it comes it living a minimalist lifestyle, it can help improve your finances.

Living a minimalist life doesn’t mean you have to go without; instead, it means you’re able to live with only the things that matter and prove useful to you. For instance, you should clear out your wardrobe and fill it with ten or twelve pieces of clothing which can be worn with one another without clashing. Of course, you can make additions to the wardrobe every now and then, but by having clothing that always match when you mix them, you’re less inclined to spend money on more clothes. You should also do this with your furniture and even books. If you’re a bibliophile, someone who collects books without reading them, this can be a wasted expense. While you shouldn’t limit your enjoyment of reading, you should think twice when it comes to buying the same book again, just with a new cover. Such sacrifices will make your bank account look a lot healthier in the long run.

Move House – Downsize

If you have kids, then a bigger house may be practical. However, if your children have flown the nest and it is just you or you and your partner living in a house with one too many bedrooms, then downsizing can help save you money that can be better used elsewhere. Moving house and letting go of the home you’ve resided in for many, many years can be a hard concept to grasp, so when it comes to looking for a new home, take your time.  

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