Debt

debtDebt, a popular thing among many Americans. Debt is like a pet python, at first the python is small and harmless. You continuously feed the python and it gets bigger and bigger. Before you realize it, the python is seven feet long. It seems like it was yesterday when the python was a harmless baby, but now the python is large enough to consume your life. That is what debt does, it consumes people’s lives. People live their life around their debt, instead of living life on their own terms. Debt ties people down to pay month after month, while interest continues to climb. So let’s stop this beast.

Control your spending. Credit card debt is stilling the financial freedom from many people. This is because they buy things they can’t afford at the moment. If you can’t afford it in cash then you shouldn’t put it on credit.  If you can’t be responsible with a credit card, then trash it. If you are an uncontrollable spender than watch Dave Ramsey and have some self-discipline. Track what you are buying. If it is a “want” than the money can go into savings. If you are honest with yourself, most expenses are “wants”. Eating out, movies, television, and junk food are just a few examples of “wants”.

Save money, even if you are already in debt there is still money that can be saved. Instead of buying that two dollar candy bar, save the money. It really does add up. Little savings here and there can make a big difference. Make a spreadsheet of your entire cash flow. This will help you manage and save money. That saved money can go to pay off your debt.

Have an Emergency Fund. Emergency funds can prevent debt. Unexpected expenses happen in life, so it’s best to go ahead and prepare for them. Everyone needs to have an emergency fund whether you are rich or poor. Let’s say you get a nail in your tire, where do you get the money to pay for it, your emergency fund. Emergency funds are only for real emergencies. Real emergencies are like unexpected car repairs, hospital bills, etc. An emergency isn’t buying a unicorn frappuccino on the last day it’s sold.

Eight out of ten Americans are in debt. If you really want to get out of debt, then you can do it. It is hard, but it can be done. Hopefully, these tips have been helpful, here is a helpful link to fight debt.

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