Debt freedom- comes with resisting instant gratification
Money is such an important facet of every area of our existence. We either want more of it, or we want to know how to keep more of what we have. But when people get themselves into debt, this area takes on a whole new importance. Now, instead of focusing on income, we turn our attention to debt freedom.
It doesn’t matter how much money we make as long as debt is running out of control. When the amount going out is equal or more than the amount coming in then there is no way out. It becomes a balancing act that will eventually come back to haunt you. And when it does, the repercussions are often severe.
Getting yourself ahead financially might seem like a moot point, but it is doable. It takes discipline, it takes time, and above all, it takes consistency. But you have to be willing to sacrifice in order to make it happen. That means resisting instant gratification, which more than likely is the main culprit responsible for your dilemma in the first place.
One of the first things to do is sit down and list every debt. This is a daunting task and, a large majority of the time, it turns into an eye-opening experience. Most individuals have no real concept of how much they owe. Putting it all out there into full view brings the whole thing into perspective.
You then need to sit down and decide what you can do without. We become so accustomed to living a certain lifestyle that we never realize how much in excess our standard of living can be. Cutting back on cable, cell phone plans, home phone plans, dining out, recreation, and treats are just some of the common areas that can go first.
You also need to come up with an emergency plan. This is savings that will not be touched, period, unless an emergency arises. A stunning new cocktail dress on sale or a new golf putter is not deemed emergencies. Emergency should be when there is no other money except savings and it has to be dipped into for living expenses.
The last step in debt freedom is to admit whether your current situation is due to excessive debt, low income, or both. For excessive debt, it can be as simple as trimming expenses in every possible area. Low income means getting a side job to bring in more money to pay down debt. Or it could simply be a combination of both that is needed.
TAGS: debt freedom come with resisting instant gratification, debt freedom, debt
Article Source: Messaggiamo.Com
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