Set yourself a limit for what you can afford to lose when gambling.

Choose a limit for your daily loss, weekly loss and even total loss. Never gamble more than you can afford to lose and always stop when you meet your limits. Some people will have a massive limit of £5000; others will have a more modest limit of £50. Your limit should be based on your financial situation.

Next make a budget and figure out how much money you are wasting away every month that can go toward savings or paying off debt.

  • Track what you spend. Get a little calendar book and jot down your daily expenditures.
  • Spend money on appreciating assets (house, investments, etc.) not depreciating items (stuff). I cannot stress this one enough!!!
  • Do not buy something if you cannot afford to pay for it – either with cash or if you charge it pay your credit card off every month.
  • Pay your credit card off every month. If you carry balances, try and get a zero interest card and transfer balances and pay off chunks that go right to the principal and not the interest. you will pay it down faster.
  • If you get paid cash and it burns a whole in your pocket take the cash and buy a money order that you can send to your credit card company to pay down your debt versus spending it on eating out, etc. Or, take the cash and go to the grocery store and buy a grocery card with your months worth of grocery money on it. Then food is covered and again, your not wasting your money away.
  • Bring your lunch to work. I have always done this regardless of how much money I was making.
  • Make your own coffee versus spending $4.00 a cup. Sorry Starbucks.
  • Invest money in a good haircut, but color your own hair. I was paying $160.00 every 6 weeks and now I go for a good cut and do my own color. Saving: $105.00 every 6 weeks. I can make some hair color product recommendations if you need them.
  • Paint you own nails. Make Sunday night at-home spa night – soak, scrub and steal away some quite time while you pamper yourself.
  • Turn down the temperature on your hot water heater.
  • Unplug things from the wall when not in use. Your phone charger still uses power even if your phone is not plugged in.
  • Reuse plastic baggies. A simple rinse does the trick.

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