Regardless, who you are, and your position in life, where debt is concerned, it doesn’t matter how educated you are, how much you are earning, you will be in some form of debt. Nevertheless, you can control debt, and your own financial future, and not allow outside forces to control it for you. Think and feel what is more gratifying than to be in the best of health and to see you have some money saved up and you have control over debt. However, if you aren’t frugal, a combination of debts can slowly add up, increase, and prevents you from being economically free of certain debts. Credit cards, loans, and mortgage debt can easily add up. Beside that you have to entrain yourself which cost money. All of this means you seem to go to work only to pay off those debts. Unfortunate as it may sound, that is the situation many people get themselves in. They lose control over their spending habits that cause them to get into more debt.
It’s hard for anyone not to incur any kind of debts, and it’s so easy to spend money you don’t have. Saying that, the very first thing you need to do about stop incurring debts, is to change your behaviour and spending habit. Start by paying off your bills as soon as they arrive. One of the best ways to keep bills and debt from mounting up, is to keep up payment with direct debits making monthly automatic payments. If not you’ll may fail to pay some debts and that will incur interest for late payments. Then, instead of debts decrease, debt mounts up and becomes harder for you to save any money for the future.
Although it may take some time to pay off old debts, it’s worth paying it off. Once you’ve paid of a debt, you don’t have to worry about that debt. It will also make it easier to get new loans and credits. However, when you’ve paid off old debts, you need to work harder to stay out of incurring new debt.
Keep track of what you are spending money on. Budget and pay cash whenever you can. Spend less on unimportant and unnecessary things. Start saving, and start your journey toward financial independence from debtors.
Bargain and sales are intended for many reasons, to get rig of old and cheap stocks and to make people spend more than they really want or need. Therefore, when sales and bargain comes, instead of holding on to your money, it’s easy to feel like you should go and buy something on sale. However, before you go on a sales or bargain hunt and spend money, ask yourself if you really need that thing which is a bargain, or is on sale at that moment. Especially when you really don’t have any immediate use for that thing, and you don’t have much money, don’t go on a spending spree. Wait until you need something for a specific reason and purpose.
Think about your financial future, and if you have children, think about their future as well. How far into the future you want to think financially, and planned for is a matter for you. There is no way to know how the future will be, which make it more so to economically planned for it. How long you can keep healthy working and earning money is also another matter. It also depends on how much money you can save for the future.
The future is unpredictable, don’t rely on hope, or feel the future will be better, or you will be in a better position than you are in the future than you are in at present. As the saying goes, make hay while the sun is shining. Plan and make the best of the present, and when the future arrives, it will shine on you. ©kb http://www.mindprocess.co.uk