STRUGGLING WITH DEBTS?YOU CAN BE DEBTS FREE FIND OUT HOW
Having debts is like a load hanging on a person's neck and you know what it means for someone to have a load hanging on his or her neck,such individual can not have rest and he or she will be looking for how such loads can be taken off his or her neck ,this is how debts are in the life of people.
Are you struggling with debts? Moving in and out of debts?You cannot even think of owning a house or a car of your own because of so much debts.I know you have dreams and aspirations in life but it's as if this cannot come to reality because of debts, what you need now is what is written in this article to show you the way out of this struggle,please continue reading to find a way out of this menace called debt.
THESE ATTITUDES WILL MAKE DEBT FREE LIFE POSSIBLE
1) STOP USING CREDIT CARD FOR PURCHASE,STICK TO REAL CASH
If you are used to using your credit card for purchase, especially luxury items you will be experiencing what is known as impulse purchase, goods that were not in your plan and budget can easily be purchased by you .According to research, you tend to save about 20% of what you purchased earlier with your credit card when you make purchase with real cash in your hand.
2) DEVELOP A BUDGETING CULTURE
Budgeting is one of the ways to get out of debt,it enables you to have well structured financial plan and you will be able to prioritise what you are spending money on.Through this you can be able to cut down some expenses and use the money to pay part of your debt if you have one and gradually consistently with your personal budgeting system pay off all your debts and become debt free if you will continue with the budgeting system for your financial life.
3) BEGIN TO SPEND LESS AND EARN MORE
One of the secrets of getting out of debt is spending less and earning more,this has nothing to do with leaving a low quality life by spending less.You can actually spend less by cutting down some things you spend money on though they are good but taking them out of your expenses doesn't affect the quality of life you live.Such things actually fall under your WANTS they are not your NEEDS.
NEEDS are basic necessary things of life such as foods,clothing and shelter while any other things apart from those 3 fall under WANTS.
You can also achieve this by looking at things you spend much money on but have other alternative and if you go for the alternative you will still be achieving the same purpose.For example ,living in the heart of the town may be too expensive, you can decide to live in the suburbs yet still living in a well comfortable apartment,instead of buying petrol into your car,you can decide to bike to your office,using gas for cooking may be expensive ,you can switch to kerosene stove.Doing all of these will help you to spend less and earn more,these extra earnings or gains can be used to pay off your debt.
Don't also forget that earning also requires that you make use of extra hours you aren't doing anything after your normal job to do something that will give you extra income,you can monetize that your hobby to earn more.
4) LIVE WITHIN YOUR INCOME
Starting from day 1 that you begin your new job and you know how much you will be earning whether per day,weekly or at the end of the month,you must come to term with yourself and make some decisions about your earning and spending that you will live within your income.There is an adage that says cut your cloth according to your size,don't go beyond what your income cannot cater for.Don't live in an apartment that you won't be able to pay the rent at the end of the day,stop buying expensive jewelleries, cloths etc that you will end up incurring debts,stop copying the expensive lifestyle of your friends which your income cannot cope with.
Being debt free is a decision that you must make and you must put strategies in place to actually achieve this kind of life,it may not be easy at the beginning but in the long run you will be glad you made the decision of living within your income.
5) PREPARE FOR EMERGENCY
One of the reasons why people go into debt is because they didn't prepare for some emergency expenses.Emergency expenses are type of spending you just have to make though you didn't budget for them,example of these include medical bills,accident such as fire ,road traffic or domestic accident etc.All of these happen without notice and when they happen you will want to attend to them immediately and when there no funds on ground to attend to these emergencies, you tend to go on borrowing there by entering into debt.
For you to prevent such ,you must plan for such emergencies by allocating or saving towards such and the money is kept purposely to attend to such emergencies in case they come up.
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