The top 2 American dreams are no longer a comfortable house with lawn and fame; it has turned into a financially secure retirement and being debt-free. College graduates start their careers with a debt and the student loan branch out to credit card loans and then to mortgages and car loans. Paying off all debts is hard work but staying out of debt can be even more challenging – are you up for this new lifestyle?
Being debt-free will mean that you have to acquire the following skills and lifestyle changes in order to avoid getting into serious debt again. To stay free of debt
You Need To Be Organized
Being debt-free means you have to shift to cash payments as much as possible especially immediately after settling your consumer debts. You should have a different mindset of not having that convenient credit card to cover impulsive shopping or a tendency to go over budget when shopping. The easiest way to get into this new mindset is by making lists before leaving the house. It will also mean learning how to prioritize purchases and plan ahead.
You Also Need To Be Detailed-Oriented
It’s time to learn how to pay attention to due dates, amounts, and price tags – basically have a tracking system on your regular purchases. Try this test for a month. Create a worksheet of all your food expenses down to the last dime and categorize your expenses according to restaurants you patronize and one tab for home meals. You might be shocked at the amount you are spending on one particular bar, restaurant, or fast food chain. It might change the way you spend your money on meals.
You Need To Stop Wanting So Much Material Things
One of the reasons why people get into debt is the desire to own something except the irony is, it’s often not a false sense of ownership until you settle your bills in full. Once you are able to shed this “need to buy,” your shopping loyalty cards will stop being so important to you. Wearing the same outfit within the span of 30 days won’t be so horrific anymore nor will a new electronic gadget be necessary when the one you have works just fine.
The most important part of all about being debt free if you can manage to maintain this new lifestyle is the freedom you will enjoy because you are not bogged down by stress. You will not dread the day when the bills start coming in. You won’t be hassled by creditors and phone calls at odd hours nor will you feel like you have to keep looking over your shoulder or hide from your friends and family.
