The Best Debt Busting Advice In Ten Words
When you’re in the midst of battling your debt or saving up for your eventual retirement (yes, even in the midst of this economy), it may be tempting to search for financial advice that’s as long and complicated as the path to a debt-free and financially comfortable lifestyle. After all, if the process of getting rid of debt can take years, the best financial advice should be equally as long and complex, right?
Actually, some of the best financial advice comes from the oldest proverbs and wives tales around. Get ready to simplify your financial struggle by following these little pearls of wisdom, all of which are written in ten words or less:
Put aside money whenever you get paid. It can be all too easy to believe that it takes big chunks of money to get rid of your debt, not to mention winning a few lotteries here and there! However, even the smallest contribution towards your credit card debt or your mortgage will take you one step closer towards the financial freedom that you’ve been dreaming about. Small but determined steps will always get you to the finish line, while waiting for that lottery win will hardly get you to where you need to go!
Know the difference between your needs and wants. Sure, this may sound like an easy one to figure out; yet many consumers have forgotten the difference between items we truly need, and purchases that we think we need. Needs are things like food, shelter, utilities and other things that help us to survive; wants are the added luxuries that will just plummet you further into the debt cycle, making it impossible for you to get out.
Buy quality. Sure, being smart with your money is all about finding cheaper purchases when you can; however, if you can comfortably buy a high-quality item, then by all means do so. Why is this, you might ask? Simple: high-quality items are typically backed by a company who will fix the item when it breaks down or ceases to work. This will save you loads of money on maintenance in the long run.
Save today what you want tomorrow. Credit cards have made it all too easy to go out and purchase whatever we want without saving up for it. Yet if you want to break out of the debt cycle, you need to save up for those purchases that you want, as credit card balances will just keep you in that dreaded debt cycle. If you want that expensive mp3 player, then put aside money each month for it, since you’ll feel better listening to it knowing that it’s completely paid off!
If you need money, make money. Feel like you don’t have enough money to take a sizable chunk out of your debt? Then stop moaning about it, go out there and do something about it! You don’t have to get a second job – even selling the junk in your garage will help to supplement your income.
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