moonchild
VIP Contributor
Being in debt can be a major source of stress and anxiety for anyone involved, and it's all too easy to fall into the trap of overspending and accumulating debt especially if it is easy in your country to obtain debt using credit card. but it's possible to stay out of debt and enjoy financial stability but then you have to put in work to make it happen:
If you want to stay out of debt then you have to organzied and budget out your income, you have to create a budget and learn to use your will to stick to it. this means setting limits on your spending and making sure you don't spend more than you earn by buying things you do not need. you should definitely make a list of your income and expenses and then choose the one that are high priority to you and discard the rest.
Try your best to avoid impulse purchases, one of the biggest reasons people get into debt is because they make impulse purchases they can't afford. before making any purchase, ask yourself if you really need it and if it fits within your budget or it is just to keep up with the jones's. If it's not a necessity, consider waiting a few days before making the purchase to see if you still want it but that does not mean you should not buy nice things though.
Use your credit cards wisely, credit cards can be a useful tool for building credit, but they can also be a source of debt if not used responsibly. only use credit cards for purchases you know you can pay off in full each month, and avoid carrying a balance which will get you stuck in cycle of debt.
If you do the above then it will be hard to get in debt and even if you mistakenly fall into it, you will definitely get out easily
If you want to stay out of debt then you have to organzied and budget out your income, you have to create a budget and learn to use your will to stick to it. this means setting limits on your spending and making sure you don't spend more than you earn by buying things you do not need. you should definitely make a list of your income and expenses and then choose the one that are high priority to you and discard the rest.
Try your best to avoid impulse purchases, one of the biggest reasons people get into debt is because they make impulse purchases they can't afford. before making any purchase, ask yourself if you really need it and if it fits within your budget or it is just to keep up with the jones's. If it's not a necessity, consider waiting a few days before making the purchase to see if you still want it but that does not mean you should not buy nice things though.
Use your credit cards wisely, credit cards can be a useful tool for building credit, but they can also be a source of debt if not used responsibly. only use credit cards for purchases you know you can pay off in full each month, and avoid carrying a balance which will get you stuck in cycle of debt.
If you do the above then it will be hard to get in debt and even if you mistakenly fall into it, you will definitely get out easily
