Ways to Cut Your Debt and Live a Credit Free Life
Today it is vital that we use our money wisely. We should know how or else we just don't notice how our money just comes and goes. But there are also some instance that you need to use a credit card. A credit card, though, could be tempting to be used regularly. Foolish people though who acts purely on desires and wants will find themselves buried in their own debts. But being debt free nowadays is very hard to come by.. Here are 5 ways that could help you stay away from debt and free yourself from your own credit.
1. Budget your expenses. It is much better to have a list of things that you want and you need.
Taking note of your income and breaking down all of the things that you need to buy is a basic way of saving money. You can also have your own emergency savings bank where you can have an extra buck or two when you need to buy something without using your credit card.
2. Monitor everything that you earn and spend.
For every dollar that comes out of your wallet should be noted so that you will know where you spent your money. When you already spent too much than you earned ask yourself why you did that or if that is necessary. If not, then you should make adjustments not to do it again the next time.
3. Pay off previous balance.
If you did use your card, then you should pay as early as you can since the interest is taking its toll depending on the time. Paying in minimum usually takes years for you to free yourself from debts. Paying off your entire balance is preferable it could help you work without thinking any extra burden.
4. Pay in cash It's one thing when you are paying with cash and another in card. It often prevents you from being a compulsive buyer. With limited amount, you will just have to choose the things that you need from the things that you want.
5. Discipline yourself.
Even if you put up to 1000 ways to keep away from debt when you don't follow them its still useless. So you should discipline yourself on what you want to accomplish. Always thinking about tomorrow and deciding whether you need it or not. Remember only you have the control over your expenses that means you are responsible for saving it.