Sometimes it’s necessary to set up a number of “frugal challenges” to get back on track to clearing your debts. If you need a little inspiration on the kinds of challenges you can undertake in the next 6 months (that will save you money, and hence get you close to paying off your debts), read on. Here are 5 challenges to get you started.
1. Don’t use plastic For 6 months.
If you’re serious about getting out of debt – as soon as possible – then stay away from the dreaded credit card. Using plastic to pay for bills, presents and meals will only land you in even hotter financial water (i.e., more debt). Speak to a specialist about credit card debt consolidation if multiple debts is a reality you’re currently facing, and get back into good financial standing in no time at all.
2. Stay sober for a month.
Everyone enjoys a nice beer or glass of wine from time to time. However, if your alcohol consumption is more than once a week, the money you’re spending on booze can be casting you further away from finally paying off that debt. Don’t drink alcohol for a whole month, and see just how much money you save. Not only is staying sober great for your budget, but it’s fantastic for your health and body too.
3. Go without coffee for a week.
There’s often nothing better at the start of each day that a nice cup of coffee from your favorite café. However, unfortunately, this delicious brew can end up making a significant hole in our weekly budget, and this can further delay the paying off of our looming debts. Try going without coffee for a solid week, and put the money you’d normally spend on coffee towards paying off your debt(s).
4. Eat all your meals at home for a fortnight.
Another great challenge you can set for yourself is to prepare and eat all your meals at home for a whole fortnight. Eating out is becoming increasingly expensive these days, and so eating in your own dining room can end up saving you tons of money at the end of each week. Put that money you’ve saved towards paying off your debts, and get back into the black sooner rather than later.
5. Walk everywhere for a day.
Our sedentary lifestyles are not only making us fat, but they’re also hurting our budgets. Driving, using public transport, or taxis don’t come without a charge, and avoiding using any of these modes of transport for a whole day can save you a lot of money. Walk everywhere for an entire day. It may be best to do this on a weekend, or on a day you’re not socially or economically required to travel far distances. Not only will doing this save you money (that you can then put towards your debt(s)) but you’ll also get a nice day of gentle, relaxing exercise.
Have you completed a frugal challenge yourself that we haven’t listed above? Let us know in the comments section below.