Great Debt Elimination Steps

While going through some of the Canadian personal finance blogs I have bookmarked, I came across an interesting article from The Financial Highway.

The article I am talking about is titled “25 Basic Steps to Getting Rid of Debt”, the information listed does include many facts you may already know, however I found a few interesting points which I just had to point out.

What first caught my eye was Step 13: Choose a Debt Elimination Buddy, I never thought about having someone take part with debt elimination, a partner so to speak. You can be stronger in numbers, and with someone at your side pushing you to keep on track, and even following a similar regiment; the process of debt elimination can go much smoother. The only issue with this step is that you would have to divulge your financial status to a friend of family member, which is something not many of us like to do, but if you are extremely close with that person then it should not be a huge issue.

The next step I would like to speak about is Step 18: Refuse to Watch or Read Advertisements. Many of us never stop to think at how advertisements do influence our spending, we may see a commercial hundreds of times and when you walk into a store you have to buy the product, even if it is just to test it out. I for one do not have a huge issue with this problem, because I am one of those people who cannot just sit and stare at the TV during a commercial. I end up changing the channel, watch another show, and then come back to my previous show when the commercials would be finished. While reading a magazine, try to completely ignore the page, I know, it can be pretty difficult to do that, especially when you already started to look at it. By avoiding advertisements, you will be shocked at how much your spending could decrease.

Step 21: Refuse to keep up with the Joneses, had to be the most intriguing step of all. We should not be comparing ourselves with others financially or based on their status. We should live according to our own pace, and spend what we can afford. It is great that celebrities have enough money to live how they do, but unless you have access to those kinds of funds, you should not be comparing yourself with them.
The show Entourage is a great example, it depicts a group of friends living an amazing life of luxury, and even when they were at the brink of bankruptcy, they were still able to live without changing much. Though it is a TV show, you can find many people wishing to live their lifestyle, and some trying to do it without realizing the consequences. You have to remember one thing, the lives celebrities live is something that is not unattainable, but it requires time to reach, therefore do not spend like one unless you can support it.

I loved how innovative these steps were, and how they were conveyed.

What is your take on the steps I highlighted? Comment Below or email me at Sensei@banknerd.ca.