Seniors, Do You Still Have a Debt Problem?
Seniors, Do You Still Have a Debt Problem?
If you are lucky enough to be looking toward a safe financial retirement, perfect. However many others have realized that they still have debt that must be managed.
You might start by destroying but not closing all of your credit cards and only carry one for emergencies. This hopefully, will make you think before using it for a spur of the moment purchase. A good card to obtain is from a Credit Union. By not using all of the others they will gradually be paid off. As you pay off one of them, add that payment to the card with the highest interest rate and your debt will slowly go away.
Then consider not using your debit card very often. Carry enough cash to pay for those quick lunches and lattes with friends. Give yourself an allowance each month and when it's gone, use your strong will power to pass on a purchase until your next allowance date is due. It may also help to ask yourself, "Do I really need this?" or "Will I use this every day?", these questions may give you pause to consider why it seems that you must buy it.
At a later stage of life, income is sometimes fixed and there needs to be a plan to spread the money out over bills in an orderly fashion. The cost of living creeps upward in today's economy and if personal bookkeeping is done out of pocket', all of a sudden there might be a shortfall that could cause stress and the frustration of trying to fill the gap between income and outgo.
Living within your means will give you a more relaxed view of your day to day activities and help you cope with any debt you might retain.
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