Debt Isn’t Worth it

You've got a job, you have a nice place to live and you probably even have a car. You've been successful in life. Yet you've got this monkey on your back that's slowly killing you from within. So why does it feel like life just keeps getting harder? You're being drained more and more every day. Your income is being sucked into the void of debt and it feels hopeless to ever get out of the hole that you're stuck in. This is the story of most people. On the surface, it’s a very common theme in many movies, songs and books. We see people buying things they can’t afford all the time, and we see the consequences when it finally catches up to them. The reality is that many of us struggle with debt or have in the past—and it’s not the glamorous lifestyle that many portray it as.

You don't have to buy it- A lot of us want a new car or we want that new pair of jeans or we want to go to the restaurants and eat at every single one of them. But what if I told you that you can actually save a lot of money.

How- Check your bank balance. Are you able to afford it? If yes, then go ahead and get it. If no, then stay where you are. Save up for it. Wait until you can afford it.

What if? -What if I told you not to buy that car, but to save up more money so you can buy a better one? What if I told you that that new pair of jeans was too expensive, so you should just put your old ones back on? The truth is, there is a reason why some things cost more and sometimes they are really worth it. But sometimes they are not. You are the only person who knows what's best for you, so make sure you know what's in your wallet as well as what's in your head. Learn to live below your means and avoid getting trapped into the consumer lifestyle of debt, which not only stresses you out, but also represses your ability to have financial freedom.

Your debt will not only drain your bank account, but it will sap your self-esteem, making you emotionally numb. It can even make you feel resentful and angry at yourself. However, there are ways to get out of debt. Here are a few tips on how to do it:

• Understand your current situation. Get a handle on your debt before you can figure out a savings plan. Gather all your bills, write them down and add up how much you owe. Once you know how much you have to repay, figure out which bills or debts you can settle first.

• Work out a budget. Look at all of your fixed expenses and identify the ones that you can cut back on. Can you afford cable? Do you really need to go out to eat every week? Do you need a car or could you get around with public transportation or ride sharing services such as Uber and Lyft?

• Make one small payment per month. If you are trying to pay off a large amount of debt, try this technique. Instead of paying off the entire amount, focus on paying down one debt at a time by contributing $50 each month. Once the first one is paid off, then move on to the next one.

• Pay more than the minimum monthly payment. If you are taking out a loan, make sure that you don't borrow more than you can realistically handle. It's better to work multiple jobs for a little longer than taking out loans that you cannot afford and end up defaulting on.

• Talk to someone about your finances. If personal finances make you anxious, then find someone whom you can trust and talk to about your money situation. This could be a family member or friend or maybe even a financial planner or accountant.

No doubt the world is one big spending machine, where we’re constantly being tempted to purchase things we don’t need. Being in debt is like a prison sentence for your finances. It’s like spending years of your life in prison and every day your sentence gets worse and worse. You start to realize this isn’t how life is supposed to be. You start to begrudge everything. You no longer want to make small purchases.

 Have you ever found yourself in a situation where you are struggling to get out of debt? Do you find yourself needing a loan to make ends meet?

The three steps to avoid getting into debt are simple. By following these three steps, you will be able to avoid getting into financial stress and you will be able to achieve financial freedom:

1. Be aware of your income and your expenses.

2. Have a budget and follow it.

3. Save money in a separate account for emergencies.

By following these three simple steps, you will be able to avoid getting into debt and achieve financial freedom.

Ps. We all know it isn’t this simple, but taking steps is better than not doing anything.