Proactive Steps To Remain Debt Free
For everyday purchases it is better to use cash and do not take any debt
. Although it is accepted for long term purchases like auto and home. Try to save more from your earnings or try spending less. It simply means enjoy less say 40% and save more that is 60%.
Prepare a monthly report of your debts. Calculate all the interest, balances and payments. Add and subtract all in a spreadsheet to summarize and get the grand total. Update it and get motivated every month by paying off your debt.
Try to avail the benefit of only one loan within 1/4th of your income and prefer to have and use only one credit card with very less amount to spend.
First try to generate an emergency fund and remember to utilize extra funds for paying off your debts.
Pay minimal amounts for everything and try paying off the smallest debt and then move to the next one. It is also known as snowball debt. Try to gain knowledge from your debt counselor of the latest updates and recent changes to avoid bankruptcy or a situation alike.
Some of the credit cards charge heavily and put all kinds of hidden fees and balance transfer fees which might be quite high so try finding them and keep away from them. And pay up those credit cards which charge heavily.
If you are expecting an increment just forget it and assume that it really did not happen. Pretend and feel comfortable that it will get in for some debt relief and emergency. Praise yourself for spending less and do not praise yourself for spending luxuriously.
Be creative and try to invent ways to reduce debts like cook food on your own and reduce your inclination to eating out except on special occasions. And try developing such good habits.
Reduce huge and enormous parties where money is poured like water. In fact change parties and get social by finding, preaching and generating creative thoughts views and morals to enjoy life free of debt.
Be realistic, accept and realize the truth that getting into debt took you less time while getting out of debt requires longer.
Cut off all unnecessary activities which could lead you into debts like watching and getting involved into time sharing activities which are later offered at reduced prices and not relevant to you.
Track your expenses and try to find upon what you and your family spend most and try to find an alternative say using a big car which can be replaced by a small car or motorcycle or if possible bicycle.
Getting out of debt require long time hence be patient.
Educate the next generation about the mistake of getting into debt and feel happy to successfully fight out and to escape from credit slavery.
Be willing to make sacrifices. Read resources and research more and be confident to face such hardships and be happy to come out of debt by following such practices.
by: dani smith
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