LIFESTYLE DEBTS ARE BAD FOR YOU. HERE’S WHY you should be living debt free
Solape loved the bling life, the glitz and glam, anything at all to give off the impression that she was well-to-do. —even if it meant incurring debts in the process. To her, these debts were little potholes she would survive in the end. And what was life without some little twists and turns to getting what you want? She would go by the fake it till you make it rule till she, in fact, made it to the bling lifestyle. Unknown to Solape, accumulated debt can be a hard sinking hole to crawl out from. She borrowed with interest till she lost count and resolved to flee society, leaving her career and all other valuables behind out of shame and reproach as she couldn’t repay the loan sharks.
Here are some lessons Solape wishes she had learnt earlier:
That there are harsh truths about debt
While getting into it may seem easy, getting out of it is almost never easy. Going into debt mainly to fund a lifestyle you can’t afford is definitely not worth it. How do you intend to pay back when you’re spending on a liability and not an asset that would bring returns?
Interest rates are not your friends
As an average citizen, you can’t just keep piling up debt as if it will never come crashing back down. Due to interest rates, your financial problem is only going to get bigger as you get into more debt. The simplest way, if you must fund that lifestyle, is to make a plan, get a budget and stick to it.
Your purse or wallet shouldn’t be on autopilot.
Do you feel an irresistible urge to buy the newest gadgets or fashion items and you go for it? Yes, such routines make your life look comfortable, convenient and cool, but they also allow you to needlessly run into financial debts. Consider how much you could save by altering that routine.
It is not easy to stay out of debt but you should
Staying out of debt when you may already be used to it is like going to war. If you try to wing it, you’ll probably end up surrendering to it. So you need to start living debt free.
How do I start living debt free?
Come up with a realistic battle plan. What do you intend to do when you suddenly get that urge to go into debt to satiate your wants?
- Planning your purchases in advance also helps. This allows you to systematically save for your future necessities instead of taking a loan for personal use. You can put money in your bank savings account or open a fixed/recurring deposit and use the money later.
- Loan sharks can be very deceptive while making enticing offers to get you to borrow from them. If a debt program seems too easy to be true, it probably isn’t something you should be getting into. Also, do not become a victim of debt relief magic. Debt relief scammers will make unrealistic promises and charge excessive fees which would in turn sink you into more deficit.
More light is now shed on why striving to not incur debts to maintain a lifestyle you can’t afford is important. It’s time to prioritize your financial health. Setting boundaries to what you can afford and what you can’t protect your finances and provide you with ways to combat certain wants in a more productive manner. Say No to debt today!