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Are you one of those people who live the life of borrow Kamau Pay Onyango kind of life?
You will agree with me that having a debt is a very heavy burden to bear. The people you owe money rarely give you peace as they blast your phone with the never ending calls, asking when you will repay the debt.
Debts help us temporarily, but the burden of paying back stays with us. A debt as small as a Safaricom Okoa Jahazi is enough to throw you off balance that’s why we have to look at new ways that will help us handle our money wisely.
Taking loans to pay for a lavish lifestyle will leave you only frustrated as you work all your life trying to repay the Bank all the money you owe them.
So, how can you avoid debts in 2017?
Below are 5 Ways To Stay Off Debt This Year
1.Make shopping lists and stick to them
Discipline yourself. Make a list of all the items you need before you got shopping and the secret is to stick to your list.
Do not add anything to your shopping bag that you had not included in your shopping list.
This can help you greatly in keeping your finances in check and on point.
Must Read >>> Brilliant Tips On How To Save Money In 2017
2. Talk about money
Discussing money and spending habits with your friends or peers can give you new ideas and wisdom about how to spend your money wisely to avoid getting into debt.
Talk to that friend of yours who is always responsible with their money. Maybe they have a business, or they have many financial obligations and they seem to manage their money well and are never in debt.
Consult with them and find out how they manage to be good stewards. You might learn very valuable lessons.
3. Cut back on expenses
You don’t have to buy ready to eat food every day, while you can cook.
You don’t need to pay for Cable TV every month when you hardly watch your TV. You don’t have to change your hairstyle every week because all your friends do that.
Be humble and cut back on unnecessary spending. Save more than you spend, you will accomplish so much when you do.
The less you spend the better you will be able to pay off any money you owe anyone or the Bank.
4. Get a side job
If you don’t have a job, start a small business or look for a formal job. Having an extra source of income will help you stay out of debt in the long run and you will be able to provide for all your needs.
An extra source of income will also help you pay off debt in case you are in debt.
5. Make a plan
If you fail to plan you definitely plan to fail. And this is the same with debts. Incase you are in debt, you need to make a plan of how you are going to pay off the debt.
Will that mean that you get an extra job? Move to a cheaper house? Sell your car etc?
Whatever the case, getting out of debt requires a plan.
The same goes when you are not in debt.
Have a solid plan of how you intend to spend your money and the sources of that money.
Choose to live a debt free life this year by accounting for all your expenditure.
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