Nobody wants to go into debt, and everyone in debt wants to get out of it. Avoiding or getting out of debt requires a lot of self control, patience and smart decision-making, but it doesn’t need to be complicated.
To help keep you on your path to being debt-free, we put together a set of simple rules you can use as your guide.
1. Thou shalt not buy things you cannot afford.
Overspending can quickly get out of control. It may start with carrying a small balance on your credit card, but when you can’t pay off that balance the next month and you add a little bit more to it, you’ll have more trouble catching up.
This is about more than a bad shopping habit or a tendency to eat out often. Taking out a loan to buy a car that’s beyond your budget or a home outside your price range is going to make it very difficult to manage your other expenses.
2. Thou shall pay yourself first.
Before figuring out how much money you have to spend, dedicate a portion of your earnings to savings. You may spend most of your life debt-free, but if you haven’t spent many years building a retirement fund, you may find it difficult to make ends meet or to be able to retire when you want to. Keeping a tighter budget now so you can save will be worth the financial and emotional security you’ll enjoy down the road.
3. Thou shall have an emergency fund.
Unexpected life events tend to be expensive. When the car breaks down, when you get sick, when you lose your job, you don’t want to resort to using credit cards to pay for everything you need. A good rule of thumb is to put away a little bit of money each month until you’ve saved enough to cover three to six months’ worth of your expenses, and only dip into the fund for a true emergency. As soon as you’ve used some of the money, make a plan to replace it so you’re prepared for the next unpleasant surprise.
4. Thou shall track your spending.
Know where your money goes, and you’ll be able to make smarter choices about where to spend it in the future. You may be surprised to learn how much of your paycheck goes toward food or entertainment, but once you’re aware of your spending habits, you can change them if need be.
What Lies in your Debt? It pays to know
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