The Best Debt Busting Advice In Ten Words
When it comes to tackling that stubborn debt or saving up for that well earned retirement, many consumers tend to look for long and complicated answers. After all, if the process of getting rid of debt and saving up for retirement can take decades, then that means that the right financial advice should be equally as lengthy, right?
Actually, some of the right debt-busting advice revolves around the oldest sayings in the book. Get ready to simply your money woes by following these little nuggets of financial wisdom, all of which are ten words or less:
Put aside money whenever you get paid. It can be all too easy to believe that it takes big chunks of money to get rid of your debt, not to mention winning a few lotteries here and there! However, even the smallest contribution towards your credit card debt or your mortgage will take you one step closer towards the financial freedom that you’ve been dreaming about. Small but determined steps will always get you to the finish line, while waiting for that lottery win will hardly get you to where you need to go!
Know the difference between needs and wants. Thanks to the recession, it’s almost certain that you’ve heard this advice before; however, it couldn’t be more spot on when it comes to straightening out your finances. Needs are things like food, shelter, utilities and other items that make your household work – wants are luxury electronics, brand-name clothes and other splurges that will just plummet you further in the paycheck-to-paycheck cycle.
Buying quality is smart. Stretching your money is all about finding cheaper options; yet sometimes it’s more financially savvy to buy a high-priced quality item than to downgrade (fashion doesn’t count!). A high-quality item will be backed by a support team who will fix it for free whenever it breaks down or doesn’t work – just try getting that same deal out of the cheaper guys!
Save today what you want tomorrow. Your credit cards make it easy to go out and purchase whatever it is that you want; yet if you want that big-ticket item, save up for it instead of putting it on your plastic. You’ll feel better whenever you look at that new HDTV knowing that it’s completely paid off instead of accruing interest on your credit card!
If you need money, make more money. Feel like you don’t have enough money to take on your credit card bills? Instead of hoping to win the lottery, go out and make more money! You don’t have to get a second job to see a new income stream; try selling secondhand items to family members and friends, and applying that money to your debt.