7 Tips on How to Get Out of Debt and Save Money

May 11, 2021 | Mason Roberts

get out of debt and save money

You can take charge of your finances. No matter how little you earn, the right choices and habits can help you reach your goals. Learn how to and save money with these tips.

7 Effective Ways to Save Money

1. Set a Budget—and Stick to It!

You’d never drive your car without wearing a seatbelt, because you’ve been trained to strap yourself in the minute you get in the car.

A budget works the same way. Like a seatbelt, it restrains your spending and prevents your finances from crashing. It is the only way how to get out of debt and save money —without a budget, you have no control over your expenses.

Create a monthly budget that regular and reoccurring expenses (rent, utilities, phone bills, etc), savings, and a personal allowance. Be sure to plan for seasonal expenses. For example, you can set aside $100 every month so you can have $1,200 for holiday trip or gifts.

2. Set up a System

Both a seatbelt and a budget only work when you actually use them. Unfortunately, most people will go through the motions of planning their expenses but still buy whatever they want.

Find a budget system that is convenient and actually compels you to follow it. For example, you can use an app that lets you track every expense, and then notifies you when you’re starting to overspend. You can withdraw all your money and divide it into envelopes or set up your salary account to automatically pay bills and divert funds into a separate savings account.

3. Set SMART Short-Term and Long-Term Financial Goals

You will feel more motivated to budget and save if you have clear financial goals. The best goals are Specific, Measurable, Attainable, Relevant and Time Based (also called SMART).

  • Specific purpose. What are you saving for? What debt are your trying to pay off?
  • Measurable. How much do you need to save? Do research and get realistic figures.
  • Attainable. Can you actually do it? How will you do it? Write down your plan.
  • Relevant. How important is this to you? Write down the benefits and visualize the joy or satisfaction of achieving the goal.
  • Time-based. When do you need to accomplish it? Set milestones and deadlines.

Compare a vague goal (“Get rich by 30”) to a SMART goal (“Save $5,000 by December 2025, which I will use to start a home-based business”). Since the SMART goal is concrete, you know what you need to do and feel inspired to do it.

4. Keep a Money Journal

This can be an important tool for learning how to get out of debt and save money. Unlike a budget which tracks the numbers, a money journal helps uncover spending patterns and your emotional relationship to money. Some people like to use a bullet journal format, where they check off daily milestones. Others prefer to write freely and stick inspiring pictures that remind them of their goals.

5. Find Cheaper Alternatives

Challenge yourself to think of cheaper alternatives to your purchases. Find a copycat recipe to your favorite dish from a restaurant and make it at home for half the price. Compare the prices of grocery items. Try generic or house brands instead of automatically springing for a famous brand.

6. Join a Savings Challenge

This is a fun way to learn how to get out of debt and save money. You can do it alone, or ask friends to join you, so you can be accountable to each other and even have a friendly competition over who was able to save more.

You’ll find many ideas for savings challenges on the Internet, like the No-Spend Challenge or the One-Dollar Bill Challenge. You can definitely find one that works well for your current financial situation.

7. Have an Emergency Plan

With these tips on how to get out of debt and save money, you will eventually be able to take control of your finances.

However, there will be factors that you can’t control. Emergencies can happen. A family member suddenly gets sick and needs medical treatment, or a storm damages your roof and you need to have it repaired right away.

payday loan idea for emergencies

If these expenses can’t be covered by your insurance or savings, one option is to apply for payday loans. And if you live in Kentucky, Fast Payday Loans of Kentucky, Inc. is the place to go

How to Get Fast Cash with Fast Payday Loans of Kentucky, Inc.

Payday loans are similar to cash advances, where you borrow money and pay it off when you receive your next paycheck. You can borrow from $100 to $500. All credit history is welcome, and Fast Payday Loans of Kentucky, LLC. also accepts non-employed sources of income, such as a social security check, pension, alimony, or unemployment benefits.

With Fast Payday Loans of Kentucky LLC, you can complete the process in as little as 30 minutes. Just submit the quick online cash form, and then go to the nearest branch. Be sure to bring the following:

  • your driver’s license or government-issued I.D.
  • your most recent pay stub (or proof of non-employed income)
  • a blank check from the active checking account in your name.

Fast Payday Loans of Kentucky, LLC. is known for its friendly, fast and efficient customer service. When you visit the branch, an associate will do a quick evaluation to establish the loan amount you qualify for.

He or she will also answer any questions, and once you’re ready, will take care of the entire process. You can be done in less than half an hour and walk out of the branch with cash in your pocket.

Get Your Payday Loan Today!

Getting out of debts and save money is an achievable goal, all you need is to follow the tips given above. But if you’ve been hit by an emergency and have no emergency fund, take advantage of Kentucky payday loans. Start today by filling out a short intake form on our website!

To find out more about payday loans, visit the FAQs page website or drop by the Fast Payday Loans of Kentucky LLC nearest you.