Make a budget comparing your income versus expenses, so you can better visualize and understand your spending patterns
Close credit card accounts by returning charge cards to issuers along with a letter terminating charging privileges
Do not go further into debt, such as a payday loan, or a “consolidation loan”
Pay yourself first. Transfer a portion of your income (start with 5%) from each paycheque into a savings account. Try to forget about the account in order to prevent unnecessary withdrawals. Only access this account on an emergency basis.
Keep a notebook to track all of your cash purchases on a daily basis. This will help you track spending and raise awareness of your spending habits.
Sell items that are depreciating in value
Take all extra income and put it towards paying off your debts
Keep a written account of all income and expenses, especially cash.
Review all insurance coverage for duplication, raise deductibles to reduce premiums
Start saving by putting aside a dollar-a-day and emptying your pockets daily of all your change
Go shopping when there are sales. You may be able to save more than 50 per cent.
Make two shopping trips. On your first trip, compare prices, value, etc. Avoid carrying credit cards, too much cash, or a chequebook on these shopping trips. On your second trip, make your purchase after determining what item has the best value.
Use coupons whenever possible, send in rebates, always look for deals.
Go vintage shopping, re-use items, go to consignment shops to find new goodies.
Rebuild and fix items that are broken rather than buying new.
Start doing things for yourself and do not pay for services that you can do on your own.
Meet on a weekly basis with family to discuss how you can improve spending practices.