A penny saved is a penny earned, or so the saying goes. But how easy is it really to keep a continuous cash flow to your savings account? If you’re living under debt, facing insolvency, or living paycheque to paycheque, then it can be hard to visualize how much a small change to your lifestyle can help you save money and start towards a path to debt-free living.
Major financial difficulties often require a hands-on approach and the help of a financial professional in order to really get to the root of the problem. If you’re living under serious debt and you don’t know how you’re going to pay it off, if you are constantly receiving calls from creditors about unpaid bills, if your wages are being garnished, or if you’re hiding financial details from your family, then you need a full debt recovery plan for your situation.
When You Need a Debt Recovery Plan
On top of focusing on household savings to start planning for a more stable financial future, it’s time to get in touch with David Sklar & Associates for the help of a Licensed Insolvency Trustee (formerly known as bankruptcy trustees), a credit professional who can assess your situation and present you with the best ways to proceed. It might be that you need to file a consumer credit proposal or declare bankruptcy in order to wipe the slate clean of your debt.
Debt recovery requires commitment and long-term planning in order for someone to crawl out from difficult debt and make their way towards debt-free living. To help you improve your finances, here are some household money-saving tips for keeping costs low during debt recovery.
Install Low-Flow Water Faucets
If you’ve got a faucet with some impressive water pressure, you probably find that strong water flow is good for washing dishes. But do you really need that much water at once? The likely answer is no, which means that you can make major improvements to your water bill with low-flow models of sink faucet or even a faucet aerator. Not only are these more energy efficient, but you can also see the savings in the form of 25-60% of reductions to your water bill.
Buy Generic Food Brands
There’s plenty of room to make cuts to your budget when it comes to grocery shopping. Try to replace some basic staples like cereals, pasta, and spices with the generic brand whenever you can. You can save up to $50 to $500 a month on your groceries, depending on the size of your family and your usual spending habits. Prioritize which items you want to get in name brand and commit to getting the generic stuff where you can.
Program Your Thermostat
Do you really need to be paying to heat your home when no one’s there? If you work long hours and have a pretty regular routine, then a programmable thermostat can allow you to set specific heat and cooling settings according to your schedule. You’ll save money on your utility costs by regulating your home’s temperature this way, and you’ll feel good about making a good environmental decision, too.
A debt recovery plan can help someone struggling with unpaid bills and mounting credit interest get back on their feet. But you also need to be ready to live financially smart moving forward. Household money saving techniques are one way to plan for long-term savings and a more balanced financial life.