In a world run by the mighty dollar, it is a very challenging task to remain debt free. The simple cost of living is enough to throw an individual’s financial situation into a tailspin. Luckily, there are several different ways to avoid building an insurmountable deficit in life.
Take a few minutes to uncover some of the most basic tips for avoiding debt accumulation. Here are a few helpful hints we found to be overall effective at reducing additional debt.
Purchase only what is necessary.
Obviously, there is a time and place for large purchases. Otherwise, stick to buying only what is absolutely essential for the maintenance of life. It is wise to dose the mind with perspective as well regularly.
Keep in touch with the world and other less-fortunate members of society. This will build a more respectful reverence for the small comforts of life. There is no need to have the shiniest car or the largest television screen to navigate the human existence successfully.
Initiate the $70 test.
The $70 test supplies the individual with $70 per week for survival purposes. Try living for $10 per day. This test will place a healthy level of perspective on what is needed and what things are only wanted.
Cutting costs to such an extreme low will force a person to improvise and find other ways to suffice daily needs. For example, instead of spending several dollars on fast food for lunch, pack a bagged lunch at home. Not only is this method less expensive, but it is also typically a healthier diet.
Rebuke the existence of credit cards.
Unless a person is just a master of self-control, it is probably best to avoid credit cards altogether. Credit cards facilitate debt with high rates of interest. This debt then rapids multiplies to unapproachable amounts.
Credit cards are the bunnies of financial hardship. They just keep multiplying and multiplying, even when it is detrimental to their survival. Rebuke the existence of credit cards to assure that this type of debt is not even a possibility.
Work hard in school.
Work hard in school from the very beginning until college is complete. Do not shy away from a community college. It is much cheaper, and the professors have more of a human to human focus on education.
With a strong educational history, obtaining a high-paying job is within grasp. Without the proper education, moving to a higher income bracket is much more challenging.
Keep a watchful eye on identity theft.
Keep a watchful eye out for identity thieves. Obtain yearly credit reports from all of the bureaus and install some credit tracking application on a reliable mobile device.