It can be difficult to quit borrowing money when you are having problems with money.
Everyone has been in that situation. Short on money, getting in a debt that you regretted and having deadlines with payments while payday is so far away. It’s an awful thing to be in. It’s why we resort to borrowing money.
It boils down to the straightforward, yet frequently ignored, formula that loaning + more borrowing = more financial debt. The even more debt you enter the more difficult it is to get back the clean slate.
Among the main reasons behind our ever-growing loaning habit is that the majority of us live past our means. We get tempted with the lifestyles of other people so we copy it and make it our own, plus we keep wanting a lot of stuff for ourselves. It really is no wonder we keep getting into debt.
What to do
- Increase the money in your life
This is easier said than done to be honest. What exactly are going to do to make that happen? Get another job?
Actually, yes. You can apply for side-lines or side-hustles that aren’t as taxing so your earning is increased. You can use the money you earn in that to pay off the debts you had while your normal salary is for you and your living.
Stop spending so much
Again, another thing that’s easier said than done. While we can give ourselves the pep talks and the stern self-talks about not spending anymore, you know that when you have money in your pocket and if you’re feeling hungry or just bored, that money is going to fly out of your pocket real quick. Here’s a tip; bring cash instead of cards and only bring the necessary amount to work, leave the rest at home.
Make a spending plan
Whenever you have to buy things that are important and pay the bills, put them down in a list. Keep track of the things you have to pay for and stick to them. However much is left, if there is any, keep it with you. That extra money will be for emergencies when something bad happens. This is so you don’t have to keep borrowing money from your family or friends.
Work towards a clean slate
The money you get from your side jobs will be for the debts. Keep at it until you pay off everything and everyone. You can even sell some of the stuff you own but don’t use anymore to get additional cash. And once you’re officially free of debt, the money for both your jobs can be for yourself from now on.
Get started on saving
Everyone needs to have savings for either a rainy day or some goals in the future. Stuff like retirement or the kids’ college funds will be from that savings.