5 tips to start getting out of debt
More of us are in it than we’d like to admit. In fact, debt is one of our country’s leading problems right now: our obsession with accumulation is responsible for putting us into this predicament, and it’s time to stop!
There is no quick way to get out of debt, unless you win the lottery. However, with small steps, we assure you that you can get there. Here are some helpful tips that you can use, if you too are trying to get out of debt.
Say goodbye to your credit cards
The reason why most of us got into debt in the first place is that we went a little charge happy with our credit cards. Credit cards give you the false illusion that there is money to spend when there isn’t. Stop living that lie, and give up your credit cards. When you have no actual cash to spend for something, it simply means that you cannot afford it, and must save up for it.
Develop other hobbies and activities besides spending
Most people wander around the mall because they are bored. Then, what happens? You end up buying this and that, items that will relieve boredom for now and give you temporary happiness. However, the cycle builds when you get bored again and you end up again buying something useless, accumulating debt in the process. Stop this cycle by keeping busy. Talk to friends, exercise, bond with your significant other or your kids. Just look for something worthwhile to do that does not involve spending!
Always plan for expenses
This is the time to say goodbye to impulse buys. If you want to buy something without planning for it, it probably means you do not need it. Before purchasing anything, discuss it over. See if this is a real need or just a passing want.
Be smart and cut spending habits
We know you’ve grown used to picking up the same brands when you go to the grocery store, but will switching to something cheaper really affect you in an adverse way? The next time you do the groceries, try to pick up the generic brands. Ask yourself if picking up the cheaper brand is really all that bad. Also calculate the savings you’ve made. You may be surprised at how much it is!
Consider a second income
If only one parent is working, see if it is possible to get a second income. A great option for stay at home parents is to get a job that allows you to work from home, or even an online job. When debt is high, a steady income is one of the best ways to get it go down.
Sam Briones is a freelance writer who covers an array of topics, from finding cheap auto insurance to safety tips.