When you find yourself drowning in debt, whether it is due to bad spending on your part, or whether it is for a student loan; it takes a lot of time and hard work to eliminate your debt.
When you finally become debt free it is among the greatest feelings in the world. The burden you had on your shoulders are taken away, you can stop stressing about paying the bills, and you will have plenty of money to put away into your savings account, and set yourself up to prepare for virtually any emergency.
With that in mind, as easy as it was to get into debt, it is just as easy to fall into debt again.
What can I do to avoid falling back into debt?
When you are debt free, you are likely to do everything you can to avoid getting back into debt, however it is a lot easier said than done. Sometimes, the best remedy to avoid getting into debt is to look back at what you have accomplished over the years to get debt free, and what the perks of being debt free are.
The best say to avoid falling into debt is to be able to discern from needs and wants. You have to understand what is necessary towards your life, and what are just things you want simply because they are there. By differentiating between the two, you will easily be able to avoid getting into debt because you are only spending on what is necessary to you. Do not get me wrong, occasionally, you may splurge here and there but it should never be to the point where you take several steps backwards financially.
How can I motivate myself to stay out of debt?
From what I have seen, it is best you look at all the things you can do with the money you have, especially since it is no longer going towards a huge credit card bill or any other debt you may have.
By being debt free you are able to keep all your money; you pay your bills and the rest belongs solely to you. You are able to choose how you spend your money, and what you do with it. With that said, you do not have to worry about your bills, stressing on the fact whether you can make it till the next month at the rate you are going.
With all of the money you are not using towards debt, you can start saving towards any goals you may have. Travelling throughout Europe is not a fantasy anymore, it can be done with a bit of saving and budgeting.
You can start putting your money to work for you. Rather than paying the interest on money you have borrowed, you can start making the money work for you. You can start investing your money.
In the end, there are so many better things you can do with your money instead of paying off debt. Thinking of any one of them should be enough motivation to keep you from getting back into debt.
What do you do to avoid getting back into debt?
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