Getting out of debt is tough for most people, no matter how much debt they’re in. If you’re in debt, it’s because you were spending more than you were earning and you are now probably used to the debt lifestyle. But you’re going to have to change your behavior and lifestyle in a significant way. Get motivated and focused on your money management goals.
The bottom line is, you can’t afford to be lazy. But truth be told, many people are lazy when it comes to their finances. Below are some personal finance tips for lazy people:
Make Bill Payments Invisible
While auto payments for services that aren’t necessary or ones you may forget about in the future is not recommended, it is beneficial to sign up for auto payments to pay expenses that are absolute necessities such as your phone bill, insurance, mortgages. This helps to automatically pay bills on time so you can avoid late fees and don’t have to go through the hassle of logging in to pay bills each month.
Go Tech- Use Budgeting Apps
Instead of going through the numbers yourself by adding up income and expenses and seeing where your money is being spent, get a budgeting app! There are many great budgeting apps out there that will categorize each of your expenses and group them letting you know where your money is going. They do all the work for you and there are plenty of great free options out there like Mint, Penny, Wally. Sync your app of choice with your bank account, categorize expenses and then the app will do all the math for you.
Bundle Up To Save
Bundling services wherever possible is great. It helps lower your costs and also turns multiple bills into a single bill. So, the payments are lower in amount and grouped into one amount rather than multiple ones. Common bundles include bundling life, auto and home insurance or phone, internet and cable. Bundling services doesn’t just save time, but money as well; you’ll receive a discount for bundling services from the same company.
Automate Savings-Pay Yourself First
The first tip that pops up when giving personal finance tips is opening a savings account. A savings account is beneficial for many reasons but lazy people often forget to periodically transfer cash to it. A better idea is to set up regular direct deposits to avoid the hassle of transferring funds when you remember.
Subscribe and Save
You can opt in for Amazon’s Subscribe and Save program to receive a discount on items you regularly use and purchase. The subscription for your products of choice is monthly and items can be edited at any time. It’s beneficial not only for savings, but also because your order is delivered right to your doorstep (which is perfect if you’re lazy). It helps to avoid going to the store last minute or not being able to visit a budget store, only to end up spending more and also not receiving the discount.
Get the Same Products For Less-Generics
Many people love using coupons to save. But it can take a lot of time and effort to find them. For some it’s a hobby that leads to a thrill each time they find a deal. That’s great. But for the lazy person, the time required may not be feasible. Instead of scouring the internet and newspapers for coupons, buy products that are low priced to begin with such as generic store brands such as No Name or budget brands, budget grocery stores with low prices like No Frills or Food Basics instead of the higher end stores.
While manually finding coupons online or in newspapers takes a lot of time and effort, you can automate the process for online purchases through browser add-ons like Gumdrop and Honey that help save in a variety of product categories.
Get Rid Of Debt and Consolidate!
Are you in debt? It’s time to consolidate. Debt isn’t just stressful, but expensive too with all of the added interest. If you’re lazy with money, start getting rid of your debt now. If you don’t take action now, you probably won’t later on either and it’ll just keep piling on.
If your savings are depleting and you’re in debt, it may be time that you asked for help. Give us a call, 1-888-287-8506 today to speak to a trained credit counsellor and find out how you can get your budget under control. You can also try our Free Debt Analysis online and a counsellor will reach out to you.