Spend Your Way to Debt Freedom
The internet is awash with information on how you can get out of debt. Before you dismiss this article, consider the possibility of attaining debt freedom by spending more. It sounds weird, but it is possible. To do this, you have to understand what spending habits drove you to a debt trap and counter alternative spending habits that build you financially. Here’s how you can spend your way to debt freedom.
What Drives You to a Debt Trap
The most common cause of debt is poor money management. Lack of financial planning is as common as Hainanese Chicken rice at Lau Pa Sat. It is amazing how few people are prudent at listing their expenses and set out a deliberate plan on how to spend their future earnings. Lacking a budget leads to spending without regard for what is important or the future.
Another typical debt trap driver is spending money you don’t have. This manifests by using credit cards. When you use your credit card, for everyday purchases such as groceries, you are spending what you don’t have. The debt spiral befalls when you are unable to make on time payments and the interest overwhelm you.
Get Out of Debt by Spending More.
Spend more on financial planning. Consider how much you lose every month just because you did not plan right, or prioritize certain expenditures. It may seem costly to pay a professional financial advisor or to buy a book or register for a seminar, but it is more helpful than the endless cycles of unplanned expenditure. Through sound financial advice and accountability, you can articulate your budget, save and even grow your wealth through proper investment plans.
Second, you can spend more on your needs, not your wants. For instance, buy a good suit that costs $ 500 over a designer suit that costs $ 5000. This also applies when choosing a neighborhood to stay, what to eat, and several other recurrent expenditures. It’s amazing how fast you will attain financial freedom if you just cut your coat according to your size.
If you are already in a debt trap, you can still spend your way to debt freedom. Spend more on debt counselors, and debt management services. However, be careful to engage only certified and accredited service providers.
In conclusion, getting out of the debt trap is not for the faint hearted. Get the right information for starters. After identifying what drove you to debt, counter it with habits that will propel you to debt freedom.
Are you currently facing some money issues? Best Credit SG Pte Ltd is here to help you with your problems. As a licensed moneylender in Singapore with more than 30 years of experience and can customize a loan package just for you. Drop us a message or call us at +65 6272 5538. Drop by our office for a free consultation @ Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372