Debt is Preventable
Take a look at the world around you. Really look
at the kind of life that seems so normal. People want the best of the best.
They want to be one step above the person next to them. They want to be one
better, to have the bigger house, the nicer car, and the greenest lawn. They
want it now. The result, besides having children that think they are entitled
to their every whim, is debt. The holidays are the worst time of year for this.
People go into debt to make sure that everyone on their list has exactly what
they want, even if is is unaffordable. They want everything now. They don’t
want to wait to save up. So they run their credit card. There are ways to lower
debt. There are even ways to get out of debt completely. Let’s take a look at
some ways now.
What Are You Driving?
Your vehicle begins to depreciate as soon as you
drive it off of the lot. It is probably one of the most expensive things that
you invest in that you will never see a full return in. If you are driving a
brand new car, you can evaluate your
need for it. Yes, you need it vehicle. Yes, it would be nice to have one that
you feel good driving. You can lease a car instead. A leased car would give you
the chance to drive a new car every couple of years. The payments are usually a
lot lower. The insurance is a lot more budget friendly as well.
What Are You Spending?
There is a good chance that you could take a look
at what you are spending and have gaps. Try to write down every single penny
that you spend for an entire month. Leave nothing out of your records. Really
look it over. You will see where you can cut back. You can look over where you
are leaking money. In this way, you may be able to cut a couple hundred from
your budget and apply it to your credit cards.
Where Do You Live?
Sometimes it isn’t a matter how where you live as
much as it is what do you live in. Think about ways you can make your home more
energy efficient. Decide if you could possibly lower your living expenses by
downsizing. Tiny living has become a big thing because it lowers your overhead
cost and gives you another way to put money towards paying off your debt.
Work
Not all of us have the ability to own our own
companies. There are ways where we can cut back on business expenses, employee
payroll, and of course utilities for our building. In some cases, we could cut
overhead by moving building or petitioning for a lowering of rent. Cost sharing
with other companies by subletting part of your space may also be an option.
For additional resources about lowering business costs, you should
talk to your financial advisor. They are usually a wealth of information when
it comes to shaving off business cost.
Debt is Preventable
Reviewed by Parvesh Bravo
on
7:38 AM
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