Nobody wants to have debt hanging over their head. Not only is it stressful but it’s something that you have to constantly manage and stay on top of.
The first step to staying out of debt is to actually stay out of debt. Here are a few great tips from Freedom Financial Network on how to live a debt free life, even if you are already carrying debt.
Always Plan Ahead
What gets a lot of people in trouble with debt is not planning ahead. They buy something on the spur of the moment. It seems like a little purchase, but when you do it over and over, it adds up fast. Next thing you know, you have a mountain of debt. Where did it even come from? Is this the feeling you often have about debt?
At Freedom Financial Network, we’ve seen this play out time and again. We have a suggestion to help you stay steer clear of these impulse buys.
Rather than snatching those great looking shoes you didn’t even know existed 5 minutes ago, instead, pull yourself back. Do what’s difficult. Don’t make the purchase. We know, it’s extremely hard to do but you can get better at. Like most anything, it just takes practice.
It can also be life changing. You’ll start reducing impulse buys in a hurry. This will have an immediate positive effect on your finances.
Before you go anywhere, make a list of what you are going to buy. Each item should have an amount and there should be an overall total amount for the list. If it’s the grocery store, make a list. Then leave a little room for anything you might have forgotten.
Just like the shoes, don’t go over the total budgeted amount. You won’t starve if you can’t buy one or two things. But you will keep building your financial muscle. Just add the items to your list for next time.
Auto Schedule Bill Payments
Credit cards can be a great way to accumulate points for other items or even cash. But the catch is, it’s easy to forget a due bill. All of your hard work in practicing financial discipline for the month can be wiped out because of a late fee or worse, a negative mark on your credit report.
Freedom Financial Network suggests auto scheduling your bill payments. It’s part of practicing financial discipline. Exercise your financial muscle. Feel the reward of knowing late fees aren’t going to be your problem.
Just like the above list, this practice will exercise your financial muscle. With this type of continued discipline, you’ll start seeing the rewards trickle into other areas of your financial life.
Soon, you’ll question nearly everything you have to spend money on. It can even get to the point where it’s a struggle to spend. Simply because you know the cost of giving up your cash. But that realization can only be done through continued financial discipline.
Talk To A Certified Debt Consultant
Once you’ve started implementing the above tips and seeing the difference they are making, talking to a certified debt consultant can help in getting your existing debt paid off.
Freedom Financial Network can help you put a plan together for paying down your existing debt. You can get an evaluation at no cost to you simply by calling 800-544-7211.