Loans Workable ways to stop borrowing

[Augusta]

I have never seen a happy borrower, because it always shows that you are low on your financial capabilities. It isn't really a good thing to go borrowing and you might just need to stop it to live a debt free life which is a lot better.

So what are the little workable tips you can practice;

Stay away from luxuries that goes away with time. It' makes no sense borrowing money to fund a lifestyle that you can't afford.

Work for your own money and do whatever it is with it only. Avoid spending all to avoid having the need to borrow.

Keep company that wouldn't instigate you to borrow. So watch the kind of people you are in a relationship with you

Make it a point of duty to go for only your needs. This might never need you to borrow

Add yours?

 

[Letlhogonolo]

layby is one way i use to purchase most of my iteams, especially if they are person things and they only serve personal expectation. if its for business, getting cash from loved ones and requesing for flexible payment tearms with not interest can also work good too

 

[Deleted member 28127]

In some cases, we need to borrow for example if there is an expensive critical operation needed to be done so if you do not do it or your sun or your daughter or your wife then you or they could die and your savings aren't enough to pay all operating costs.

 

[Good luck]

I think the best way of not borrowing is by having a savings which one can always fall into if the need arises.If you have a good saving and you have a situation that require fund you will not need to borrow,you will just spend from your savings though the economy has really gone bad that a lot of people find it difficult to save

 

[Mandy96]

I believe might have some ideas about ways to stop getting loans, the one I can think of is to find a lucrative business that can bring you income so as to keep covering up for what you have probably borrowed in the past, just take a good look at your surroundings and figure the best things that easily sellable around you then venture into it, before you know it, you will be the one to lend people money the next time, you can also think of getting a job or even find out what your talent is, and monetize it.

 

[Caramelle]

To avoid borrowing, we should strive to live within our means. If we can't afford to pay something in cash, we can forego buying it or save up for it. Plastic money usually gives cardholders the illusion that they can afford to buy high-ticket items. While they can be useful for emergencies, using credit cards properly takes a lot of discipline. It is better to build one's capability to handle emergencies by setting aside some money as an emergency fund and acquiring insurance. Each time we receive our hard-earned money, let's make it a point to pay ourselves first before we start paying our billers. This means prioritizing our savings before allocating money for our expenses instead of the other way around.​

 

[funshozzy]

its not wrong to borrow but limit it if you can and dont make it an habit cause its really takes alot of commitment and responsibility to pays loan which that is borrow .

 

[Mellorando]

It can be difficult to stop borrowing money when you are cash-strapped.
We’ve all been there. Short on cash, deep in debt but a light at the end of the tunnel in the form of a cover-loan to get out of the red and even boost our readies into the bargain. One of the main reasons behind our ever-growing borrowing habit is that most of us live beyond our means. Outgoings are simply overtaking incomings. And it’s getting worse.
1 If you can't afford it without a credit
card, don't buy it.
2 Have a fallback emergency fund.
3 Pay off your credit card balances in full.
4 Cut-out the wants, focus on the needs.
5 Everything is better with a budget. ...
6 Do not use your credit card for cash
advances.

 

[Kingsley]

The best way to avoid debt and borrowings is to go by this adage that says cut your material according to your size. One of the major reason why people get to borrow or suddenly become indebted is because they live above their means and they go for things they cannot afford or things that do not really need. And some people like to go out of their way to get stuffs that are not relevant all in a bid to meet up with some certain societal status. So if we must aviod borrowing then we must learn to live according to our means.

 

[Mataracy]

To stop borrowing is just to live within one resources. What am saying is that one just need not to spend or budget more than what one can easily afford.
When somebody is planning more than what hr or she can manage then the problem is looming. The more one borrow the more slave one become tothe lender. It rather good to plan with the resources at hand.
Though some times one may have one good business to do and may be there is no enough capital to execute it ; it will be advisable to borrow to start such a business sofar it is a very viable business which can quickly yield enough returns or the business that the Retur on Investment is very good.

 

[Augusta]

Your submission is valid I wonder how any one thinks that borrowing can sustain them, I think you would even be pushing yourself into more problem if you go borrowing. Because one whatever mohey you are expecting in the future will channel to paying loan first and the truth is living this kind of life makes one moves in circles because it is always unending.

Another thing with borrowing is that you continue to find yourself inndebt and if you are not careful it can be long term lifestyle that will bring you only pains and regrets. it is always good to get out while you can. Again, borrowing can't even allow you get good things because truth be told if you are borrowing from people you might not get the best of what you are borrowing.
So it is pertinent to get out of debt by within your means and stop borrowing
Avoud keeping friends that their demands will push you to borrowing it wouldn't be to Your interest. Try to chart your own life and live it a lot better than the expectations of your friends

 

[eldavis]

Work with a budget. There are persons who are actually trying their best to spend large or live large as some would call it, but they lack management skills, they find it hard to work with a budget, hence they end spending more than what they bargained for, or in some cases they end up spending form what they probably might have kept for something else.

 

[Augusta]

I totally agree with you what is killing a lot of people finances is the urge to live up to the Joneses. But the truth is that nobody cares you are just trying to pepper your imaginary competitors while hurting your finance. Living above your income will always set you back big time because you are taking the wrong financial route.

The good old budgeting is a timeless classic way of avoiding being a debtor or going into a huge debt. Even if it a weekly budget you can plan then you should go ahead with it. in the long run you would be amazed at how much you would have been able to save up because of budgeting.

Another thing is not just to budget but be sure you are sticking to it. no need of saying. I'm budgeting $200 for every week but you end up spending up to $400. This here is self deceit. You are running in circles because you wouldn't achieve that financial freedom you had wanted. So while at it budgeting make sure you stick to the pldn

 

[Mika]

You need a good income source to stop borrowing, you need saving in order to stop borrowing, you need to cust your expenses to stop borrowing. There are a lot of things you can do to stop borrowing. However, for a lot of people borrowing become very important to rin their life as they cannot live just with the money they generate. For many low-income families, borrowing becomes necessary even for basic necessities like food, housing, medical bills, education, etc. Sometimes borrowing can be very useful and even might be profitable in the long run. For example, f you borrowed money to add an extra room to your house, and if you rented the extra room and make extra money, the borrowing will be profitable because you were able to generate income from the borrowed money. Likewise, when you borrow money for education, this can also be considered a good strategy because education will help you generate income in the future and you will easily clear the debt once you acquire a degree. Burrowing money for investment can also be considered a good idea especially when you are paying less interest compared to the return on your investment. You see borrowing is not always bad.

 

[Augusta]

You just gave summary of both sides of the coin. So this is more like an individual thing, you know yourself and know how you can go about it when it comes to repayment especially if you were borrowing for a good cause like funding your education, business or investment.

But truth be told a lot of people borrow for lot of nonsense that would have needed them to just find with their personal cash. if you know you wouldn't be borrowing to find a thing that will produce further income then it isn't advisable to borrow. This is where difficulty with repayment comes in, you didn't multiply the funds borrowed so how do you intend to pay back instead it is better to look for good ways to reduce your expenses

The first Is to look for ways you can increase your income, then save your money and only go for your needs. Dump the idea of wanting to be like your next door neighbor. you would only be hurting your finances and borrowing will be your perpetual partner.

 

[Abigael]

I have never seen a happy borrower too. They all go through the pressure and anxiety to pay back the loan on time. I have been in that situation too and I know how burdening it feels to have an unpaid loan. But ever since I stopped taking loans, I have enjoyed a good financial life.

One way to stop taking loans is to budget the money you have well. Budgeting is important in enabling you to define your wants and needs. Then you can focus on satisfying you needs more than focusing on your wants. That way, you don't prioritize your wants then take loans fkr your needs.

Another way is to always learn to work for yourself. Being broke is what causes people to take loans. You have needs and so you should strive to get a source of income instead of taking loans to pay bills. Apply for jobs offline or look for an online skill that you can sell and earn money.

Lastly, you need to build a culture of saving money. You savings will save you a lot during emergencies. Accidents, health problems and natural disasters usually cause people to rush for a loan. But if you have your emergency funds saved somewhere, you won't need to take a Loan.

 

[Augusta]

I agree with you I'm yet to see anyone that have ever been happy borrowing money from anyone. but I think people should stop borrowing no matter the pressure unless it has to do with life. Lenders can be so disturbing so might even cause people high bp if you are not careful. so the best bet is to work towards making money daiky to avoid borrowing, no matter how small it is.

one of the ways is by having avpaid work even if it isn't well paying but the good thing is that you hsve a way of receiving money at the end of the day. This is a good way to limit borrowing. look at the person you are borriwing from you would realize they are not stealing or commiting crime but working so you need to do same.

You have the two options that you can choose the one that best fit you. you should either be saving 9r investing the money you are making. no need spending all the money made daily, be wise with your money only use when necessary. Kill the spirit of impromptu buying it takes one money and leave one in debt if not careful.

 

[Sotherefore]

This is what I am always trying to avoid too because I don't just need a situation that I am stuck and I can't pay back the money I have collected . it is even better for me not to even borrow the money at all than for me to borrow money without paying back.

I did not even like the idea of borrowing because there are sometimes I do borrowed money here just to sort out some school issues , but in most cases I am not always happy because that will keep on ringing in your mind until you pay back the money and that's just a minor one because I don't usually borrowed a huge sum of money , is just something that I borrowed not even more than 5,000.

I believe the best thing we all have to do is to try as much as possible to avoid borrowing of money completely because that will really help us.

If we do not have the money that is needed to start up whatever we are interested , we should rather look for a way to raise up the money legitimately to start up whatever we need . I believe this might also help.