13 May 2015

Get Rid of all Your Debts, then You can Relax

Regardless of what the financial gurus tell you, when you have debt you own nothing. Even a small debt can be the undoing of the most wealthy when it is ignored, forgotten or just plain owed.

Make it your top priority to get out of debt, and as fast as you can, if not faster. Use the Payment Push to work out your repayments then, even if it means you live on baked beans and weak black tea for a month, so  be it. Tidy up your house and yard, selling anything you don't need, want or aren't using. Put the funds towards the debt. Work overtime and put the funds towards the debt. Stop all absolutely unnecessary spending and put the funds towards the debt.

If you have a lot of debt, make it a twice yearly habit to spend one month living on bare bones and throwing every cent you can towards your debt. The rest of the year live as frugally as you can, paying down the debt regularly.

This isn't your long-term lifestyle. It is a short-term sacrifice so you can sit back and enjoy the rest of your life debt free, cashed up and laughing - probably at everyone who mocked your efforts while you were becoming debt free!

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1 comment:

  1. Making a twice yearly habit of living on bare bones for a month and using the extra money to pay down debt is a very intriguing idea. You have got my little grey cells working now. Thanks!


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