Debts are basically a result of money mismanagement. Even if a person knows how much he is only earning and that he can afford only so much, he still goes ahead to buy things or food that are simply beyond his means. In some cases though, consumers cannot be blamed for overspending or going outside their purchasing power since salaries and wages are not proportionally increased with the rise in the prices of goods. This, however, should not be used as an excuse for becoming buried with debts. By planning your financial spending in such a way as to monitor your income together with your expenditure, you can actually free yourself from your debt obligations.
Remember to limit your expenses to the essentials. Stop buying items like new clothes, shoes, perfumes and the like when unnecessary and not part of your budget. Stay away from shops or malls if you are the impulsive type of buyer. Similar to a disease, prevention is the best cure for tempering your expanding debts. If you are a credit card holder, avoid using it unless the situation calls for it. Leave your credit cards at home when going out so that even if the temptation to buy is there, the means to complete the purchase is lacking. As much as possible, pay your bills diligently and above the required minimum amount.
In case you receive extra cash during the year in the form of bonuses or winnings or commissions, use the money to settle your debts first. Prioritize those with higher interest costs. If there is the need to make sacrifices on your part such as taking on a second or third job so that the additional income could be used to pay off your debts, then do so. It will contribute greatly to your peace of mind knowing that your debts are under control especially in the hope that these will eventually be erased.
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