Tired of envying those bright and breezy types who never seem tied down by debt?
Wondering how they do it?
Well we have done some investigating and we are cracking this case wide open!
Here are eight traits of debt-free people, exposed!
1. Attention to detail
This one is actually pretty simple. Know how much you earn and how much you spend. Have a budget and stick to it. Check your till slips. Be organised. It's empowering to know your stuff. The main principal is income versus expenditure. Got it? Right! Let's move on.
2. Pragmatic sacrifices
Don't panic. We're not asking for martyrdom. Hear us out. #Babysteps. Try no-name brands; they are often just as good as label items. Comparison shop, use coupons, buy on sale or second hand. It's valuable to understand value. The principal is quality over quantity and the concept is purchasing versus mindless buying. Eating out and going to movies every week may need to be cut down on, temporarily, while getting out of debt.
3. Pay cash
You can't spend what you don't have – simple. When you handle cash, you can see what you can afford, and how much you are spending. Treat credit cards with care and respect. Don't abuse them for the sake of impulse buys. Wise people realise credit cards aren't necessary for smaller everyday expenses.
Say no to instant gratification; it's a drug! Rather, wait, work for it, and save until it fits your cash budget. Impulse buys have got to go. You can survive without until you can afford it. It's far better to think long term – you can still have new shoes, just save up first. Still with us? Good!
Self worth is not defined by your possessions. Screw the #Joneses! No one cares if you drive the newest car. Besides, your confidence will be growing as you pay off your debts. You're worth so much more than your possessions. Value rich and wonderful life experiences over 'stuff'.
6. Personal responsibility
Don't make excuses, you are in control of your destiny. Household needs come first; you can hit that holiday once you are free to relax. Self-reliance and independence is cool. This means living within your means, and saving as much as you can. The principal is living on less than you make; a nice trick here is to pretend you make less than you do.
7. Set goals
Have a focussed strategy to get out of debt. Boost yourself by setting clear, specific, achievable goals. Perhaps each day you could set yourself the task of practicing something off this list of traits. Then tick it off. Know what you want to save up for. First pay your savings account each month.
8. Stress less
Yes, we like this one too. Time to take a deep breath. Stressing less means you perform better at work, and can better manage your money, so the other traits will flow and flourish. You want a positive cycle in place, and not the other way around. Say “#Ommmm!”....
And above all, think before taking on new debt!
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