How to Use a Minimalist Approach to Debt Freedom

Eliminating debt requires sacrifice and focus. In fact, you must be disciplined if you want to get rid of things that are not friendly to your budget.

Each year, thousands of people decide that want to get out of debt. They adopt a minimalist approach to debt freedom to reach their goals.

The concept of minimalism when it comes to budgeting is simple. It has helped people of all ages regain control of their finances.

Whether it’s your Christmas budget or everyday spending, a minimalist approach requires you to determine how much money to spend on each budget category. Here are a few things you can do to adopt a minimalist approach to a debt-free lifestyle.

1. Get rid of things (and services) that you don’t need.
It’s nice to be able to enjoy all of the amenities that our tech-savvy world offers. After all, isn’t it great to be able to see your favorite movie on-demand?

However, your favorite amenities come at a steep monthly cost. In a year, you could spend hundreds of dollars on entertainment extras.

Let’s take a look at this example. Suppose you subscribe to Netflix, Apple Music, and Amazon Prime. In total, these subscription services can easily cost $36 per month.

That might not seem like a lot of money if you just consider the costs on a monthly basis. If you consider these services cost $360 per year, the expenses are significant.

2. Opt for free services.
A library collection in your home looks impressive. Since the average cost of a hardcover book is $27.00, you can easily spend thousands of dollars on a well-stocked library.

The minimalist approach does not require you to give up reading. However, you should find free ways to indulge in your hobby.

Get a card at your local library. The good news is most libraries in the United States offer extensive book collections online.

With the click of your mouse, you can have access to books in various genres. From New York Times Bestsellers to classic novels, you can find free books that meet your needs.

Other free services include YouTube (great for tutorials) and online game apps. With a quick Google search, you can find plenty of sites with free services.

3. Switch your gym membership.
Gym memberships can be expensive. This is especially true if you pay for a service that you do not use.

Although it is important for you to stay healthy, you do not have to spend your entire paycheck on a gym membership. Instead of spending almost $100 per month on a membership, find a less expensive alternative.

If you live in an area with a warm climate, you can cancel your membership and exercise outside. By eliminating your membership, you can save hundreds (or thousands) of dollars each year.

4. Cook your food.
It is not unusual for families to spend hundreds of dollars eating in restaurants each month. Not only can eating in restaurants bust your budget, it can destroy your waistline.

Make a weekly grocery list and cook your food instead. Get your family and friends involved in the meal planning and preparation.

Using a minimalist approach can be a fun path to debt freedom. Try it today.

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