Debt Nation: Want To Live A Longer And Happier Life? Get Out Of Debt!
Stress has
been linked to many ailments such as heart disease and diabetes. One of the
biggest causes of stress is having money problems and this is largely due to
people having acquired so much debt.
Using
credit to finance your needs is nothing but a band aid solution. Left
unchecked, debt can open up bigger wounds that can bleed you of your hard
earned wealth. Eventually, the stress of paying a mountain of bills will drain
you of your health.
If you want
to live a longer and happier life, be stress-free by getting out of debt.
Here are 3
simple tips on how to have a debt-free life:
- Acknowledge
That You Have A Financial Problem
The first
step to finding a solution is to acknowledge that you have a problem. If you
don’t, then you will merely continue on the same course.
Ignoring
your financial problem will potentially jeopardize your future. If you are
married with family, being mired in debt will affect their futures as well.
Money
problems affect relationships. Forget your wedding vows – with debt you will
part! Your physical and financial health will only get worse the longer you
stay in debt.
Yes, it is
very stressful but you have to face the problem head-on. Create a list of all
your creditors. Itemize what you owe and find out the total amount of debt that
you are in.
At the
start, the number will be shocking and intimidating. However, knowing what you
are up against will give you clarity on your next steps.
- Devise A Debt
Management Strategy
Knowing how
much you owe will be the light at the end of the tunnel. You will feel better
emotionally and mentally because there is peace and clarity.
You can now
move to the next step which is to design a plan of attack to get rid of your
debt problem!
Here are 2
easy steps on how to go about it:
- Prioritize
Your Debts – List them in order of importance and figure out which ones
should be cleared first.
- Create a
Monthly Budget – Always keep track of your expenses. Make sure you can pay
off the important items first and still have some savings at the end of every
month. From there, you will know how much to pay off each creditor.
If you are
not sure of your approach, don’t be afraid to ask for help. Do you have a
friend who is also an accountant? He/she can help you get find ways to keep
your finances in check.
- Introduce
Lifestyle Changes
Having a
credit card gives you a false sense of financial security. With that generous
credit limit and payment period, you think you can have anything you want.
Before you know it, you’re trapped in debt quicksand.
Some people
justify excessive shopping as a stress-reliever. The thing is, there are other
ways to relieve stress. Not only will these ways keep you from getting into
debt problems, but they will keep you healthy, fit, and happy.
- Exercise – Doctors have
long said that exercise is the best way to relieve stress. Physical activity
will release mood enhancing hormones called endorphins that make you feel good
and happy.
And you don’t
have to enrol in a gym. Play ball or run in the park. Walk along a mountain
trail. Skip rope in your own home or run up a flight of stairs.
- Eat at
Home/Brown Bag Your Lunch – Fast-food is a convenient way to get your meals
in. However, they are not healthy. The same can be said for some fine dining
restaurants.
Eating out will not only expand your waistlines, it will blow up
your monthly budget. It is healthier – and cheaper – to prepare your meals at
home.
Getting out of debt is not as hard as it seems. All you have to do is take that first step. Remember, you work for a living – not for your creditors!
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