I hate the word Debt! It always has this almost clingy feel to it whenever I have to say it. There are also some decidedly negative connotations that go along with it. Things like bad health, impulse spending, other bad habits, etc.
But, whether or not, a majority of people fall into debt rather easily. So how do you go about keeping yourself free of the big “D” word? You plan, and then plan again. And when all else fails, you make a plan for your plan and call it Plan B for backup. Read, practice, and then repeat!
Free Debt Strategies
· Learn How To Budget- I’m not just talking about what comes in and what goes out. That’s the foundation of a budget. I’m talking about learning to track every ringgit you spend. It may seem a little nerdy and obsessive, but it’s also a key to success.
· Spend Less, Save More-Learn ways to spend less money and save the excess. Clipping coupons, finding clearance bargains and trading for goods and or services, can help you save some money, that can easily be saved toward other big ticket items.
· Delay your Wants, and Save For Your Needs-Everyone has something that they want “really bad.” Most of us will wait a while to get it, and some will wait so long that the price per unit actually goes down. The longer you wait to purchase your wants, will give you a chance to save money. That way, when an emergency need arises you’ll have the funds to pay for it, instead of paying for it on credit-which is just another form of debt.
· Cut Your Credit Cards-as you can imagine this one never, ever goes over well. Much like a lead balloon I suppose. But when it comes to debt, if you want to get out of it, or avoid it completely, cut up your credit cards. With skyrocketing interest rates, even the littlest things will end up costing you close to twice as much before you’re able to pay them off. So yeah, ditch the credit, you’re safer that way!
· Plan Ahead-I will never be able to stress just how much planning ahead will help you stay presently out of debt. Looking toward the future, and planning for that wanted future is the easiest and most important step you can take to avoid the pitfalls of debt. It gives you a sort of financial road map to success.
BONUS : Dave Ramsey tips on youtube that we think worth to share to increase our financial knowledge.
Following these simple steps will not guarantee that you’ll remain debt free, but they will at least give you a fighting chance to keep out of the proverbial money pit. By planning ahead, spending less and saving the excess, delaying your wants in favor of any emergency needs, cutting up your plastic, and learning to budget well; you can help your chances of financial success rise dramatically.
Put them into practice, and see just how successful you can be at staying debt free.