I’m yet to meet a person who has never been in debt at any point of their lives probably because they have to pay hospital bills, buy groceries, pay utility bills, rent a suit or hire a car for an appointment after exhausting last month’s paycheck. As you are reading this, I wouldn’t be surprised if you are one of them. Maybe you haven’t been in debt yet, you just want to get prepared in advance because you just moved to the big city and found out that the price of food stuff, toiletries, stationeries, utility bills, drinks and coffee aren’t the same as it used to be and you ought to really cut your budget but then you still need to make provisions for the daily bus fare or fuel for your car.
Well, my friends fear not, everybody has high and low points in his/her life. I will try my best in this article to help you with this debt problem, after going in and out of debts and finally living comfortably without debts for more than five years all hope isn’t lost as my strategies may and will certainly work for you. From this article, I hope you can pick up at least one new practical way to make debt disappear from your life as I walk you through real life practical ways to stay out of debt and still have enough cash to spend on the long haul without having to apply for a salary advance at work or ask your grandma for a bus fare. You can’t get rid of debts as easily as you think as well as a smoker can’t stop smoking in the twinkle of an eye even if diagnosed with cancer of the lungs. But you can certainly take control of it instead of letting it take control of your life. Don’t be frustrated at any point, no matter how big or small the amount is, it’s always possible to pay off your debt if your plan and execution is right. Just like riding a bike, it may take a little time to learn to balance the bike, pedal and take focus but with constant practice you begin to ride on the streets even while reading a book or strumming a guitar screaming NO HANDS!!!
I’ve been asked an awful number of times by my friends and neighbors about how I manage to stay out of debt, dress nicely and have extras to buy popcorn when I go to the cinema. So here you go, a list of 3 tips that you can implement immediately to become debt-free.
Cut back on your shopping: I used to be a chief culprit in this crime and mama used to always say ‘Good products will never stop being available in the market, just be patient and be contented with what you have now’. Cut back on your shopping. This is not the time for you to buy everything those new generation marketers wave in front of your nose. Note that, not everything you’ve ever purchased in the past absolutely necessary. Make a list of preference and stick to number one.
Until you pay off your debt try sticking unbranded products, if possible.
mama used to always say “good products will never stop being available in the market, just be patient and be
contented with what you have now”
There will always be high quality products in the market but they should be a sort of reward for you when you finally pay off every last penny of your pending debt. Moreover, buying a luxury on credit will often lead to resentment because of the debt on that luxury.
Cut your credit cards and lose your debit card: With a high credit card limit, you may be heavily fooled into spending more as the saying goes “the more you earn the more you spend” but the difference here is that you aren’t spending your own liquid cash instead you are adding more debt to mountain of debts.
Reduce the limit on your credit card and instead of carrying your debit card up and down the hill like Jack and Jill, try keeping it at home and taking just the cash you need for your basic needs to remove the temptation of overspending on every trip to the mall. One secret tip I use is to keep an emergency note in one of those secret compartments in my wallet just in case of any contingency.
instead of carrying your debit card up and down the hill like Jack and Jill, try keeping it at home and taking just the cash you need for your basic needs
Draw an expense budget: If you reading this it’s either you are an extravagant spender or a heavy borrower but not to worry because every man incurs debt in one form or the other, business men call it credit facility. There is a reason why a nation draws a budget in the beginning of every year and as a person in debt you should do the same. Divide your available funds and monthly income into percentages.
Put out at least 25% to pay off your outstanding mortgage and miscellaneous debt, remember that one in debt is like a dog on a leash so release yourself as soon as possible even if it means setting out up to 35% for debt settlement. You can also keep track of your expenditure by using an expense managing app downloaded in smart phones and a PC, sync this to the cloud for easy access.
Put out at least 25% to pay off your outstanding mortgage and miscellaneous debt, remember that one in debt is like a dog on a leash so release yourself as soon as possible
No one loves to pay debt. But, in the long run we may have to pay our debts in a time that may not be very convenient. So, it’s better to give your debt some attention before you get into any kind of trouble. You may not have enough resources to pay off you debts, but there is no harm in trying. Having a burden inside your head is never easy for you especially when you have been insulted severally because you didn’t pay up a debt quick enough, feeling so sorry for yourself for being a captive of poor debt management all this while. I’m heavily sympathize with you going through all those trying times alone and not reading these tips soon enough. If you learn to manage your debts from early on, you can get rid of huge stress and enjoy a better life. But if you are deep in debt at the moment, stop wasting your time and jump right in and study these steps again and again and start thinking of putting them into practice as soon as possible, better still cut your meals into smaller bits and start paying up your debts in average percentages say 20 percent weekly without taking another debt during this period. I tried my best to provide you a couple of useful tips from my experience but space was limited so I couldn’t fit a lot in. if you know what to do from now on, you won’t have a problem paying off your debt, no matter how big that is. Obviously bigger debt needs longer time but from my experience I can tell that they can definitely be paid off with right actions. I wish you good luck as you start your journey to live a debt-free life.
Emmanuel A. is a freelance writer and proof reader. He is also the chief author and editor of http://www.9jacanearn.com, a site focused on making, spending and saving money online and offline.