5 Habits that get you out of debt
Are you looking to finally get out of debt? It’s that time of the year again. The bills are piling up and it feels like there is no end in sight. We're here to help you out. Let's examine five habits to develop to help you get out of debt.
“The man who never has money enough to pay his debts has too much of something else.” – James Lendall Basford
What are five habits to develop to get out of debt?
Habit #1: Tracking your spending
Do you track your spending? Full-disclosure: it’s not fun. The good news is that it’s 2017 and you don’t have to walk around with a pen and paper everywhere you go. All you have to do is print out or look at your banking statement on your mobile app. If you start taking an honest look at your spending, you’ll discover where your money goes.
Habit #2: Delaying your gratification
Do you buy what you want right away or do you wait? Patience is a virtue, and the habit of delaying your purchases will help you control your debt. If you always buy what you want, you’re never going to be debt-free. You can have the shiny objects, you just have to earn them. The reason that most folks get into debt is that they can’t hold off on the luxury purchases.
Habit #3: Try going cash-only
The reason that you’re in debt could be that it’s far too easy for you to spend money. Most online merchants save your credit card information and it's so convenient to swipe your plastic when you’re at the mall. Have you tried going cash-only? Give it a go. Take out a weekly spending allowance. You’ll notice that handing over cash isn’t quite as inconsequential.
Habit #4: Selling your stuff
Have you gotten rid of anything lately? I’m pretty ruthless when it comes to tossing stuff out. I either donate my old clothing to charity or I try to sell what I can. If you can get into the habit of selling your stuff, you’ll be able to get money together to put towards your debt.
Habit #5: Holding yourself accountable
Do you always have an excuse or do you accept responsibility? If you want to get out of debt, you have to hold yourself accountable for everything that you do. You can’t be blaming others for your spending habits. Your money is your problem.
Good luck working on those new habits. The results won’t come overnight. You may even struggle at times with building these habits. The trick is to not give up after a minor setback. Nobody’s perfect.