Not only money, you also need healthy habits to clear debts!
What do you mean by healthy habits?
Eating healthy, doing exercises, staying away from all sorts of addictions, drinking enough water every day, minimal screen time on the computer and mobile devices, and so on, will be the answers coming from everyone.
And, all are totally correct.
Debts are a big-time side-effect of a bad lifestyle, fuelled by unhealthy habits. This is what makes it important to discuss lifestyle issues first when you are addressing debt problems.
Here we will be going through a few of the healthy habits that we all need to showcase so as to stay away or get out of debt.
Which debts indicate that you have a bad lifestyle?
Straightaway, having too much consumer debt is a sure shot indication. These are also called unsecured debts, and they are best known for the high-interest rate factor attached to them. Examples of these debts are credit cards, payday loans, misused personal loans, and all. These debts are bad debts, and you feed them with a little help from your bad lifestyle and unhealthy habits.
Are you a victim of the credit card payment cycle? Like, each month you spend more on your credit cards than the payments you make on them? Then your lifestyle needs some mending.
Again, payday loans are another red alert that your spending and borrowing habits are going the wrong way. The loans have the highest interest rates among all debts. And, if you can’t return back the loaned amount by the next payday, then you are in the muck.
Now, as for personal loans, it is a very complicated situation to determine whether or not it’s harmful or helpful. If a personal loan is for some serious business you are about to implement, which has a potential return in the future, then this debt is not at all bad or unhealthy for you.
But if the loan amount was just wasted due to some wrong decisions of yours, then this is a big deal, as personal loans are of big amounts even if the interest rates are low.
Guess, you can figure out, which debts are accumulated due to bad lifestyle and habits. So, let’s get wiser and fix the habits then.
What changes in lifestyle and habits should you bring, so as to be debt-free?
1. Keep a check on unethical spending:
When talking about spending, the only thing that comes to mind is, what’s a bad spend, and what’s a good spend. Every time we purchase something or make a transaction, we make at least some level of brainstorming, so as to see, will this spend be anything worthwhile! But, there are some, who buy whatever their heart wants. Here is the biggest mistake.
We need to understand that every transaction is done, should have some benefits or return, except only a mere materialistic pleasure. This is where ethical spending habits come into play.
Purchasing an insurance policy that has costly premiums is not equivalent to purchasing costly household accessories, installing smart lights or applications, getting custom room designs, or buying an Xbox, or making in-game microtransactions! This is all money getting wasted. This is what we call unethical spending.
Having no control over spending will lead you to a money wasteland! Even a weekly spending fix done at malls and complexes is just another example.
Master advice: Buy all you need, and only stare at what you want!
2. Learn the best way to use credit cards:
You can merge point 1 with this one! Credit cards just entice you to do more unethical spending. It acts as nothing less than an instigation. Whenever we log into our credit card accounts, we blow out with happiness by seeing the available credit limit. Many just ignore looking at the ‘balance used’, so as to avoid sheer anxiety and feeling low.
But, it is the only thing that matters. How much money you have used up. The available credit limit is nothing but a hoax. It can be increased and decreased anytime. The best way to use a credit card is to never use it. Or use it only in times of dire emergency. Like landing on a hospital bed after a hit and run, with nothing but your cell phone and credit card in your pocket!
Are you getting the hang of it?! That’s it! You’re a GEM!!!
3. Eating healthy, exercising, and drinking plenty of water will also keep away debts.
Exercising, having healthy eating habits, drinking enough water, and staying away from addictions are your keys to a debt-free life. Don’t believe it? Consider medication costs and hospital bills for a minute! What’s the price?
The amount of money a person spends on a serious checkup and hospitalization can get you a nice small secondary residence. No jokes at all! The cost of medicine in our country is considered to be the highest. People travel to other countries for medical checkups and treatment!
And, believe it or not, unpaid medical debt is another big issue that you really should avoid falling into!
4. Always work with a professional debt relief company when having too much debt in collections:
Debt with creditors is something else. And debts in collections are another tale! If such debts are bothering you, then you should take the help of a debt relief company, to eradicate these debts.
You can obviously dig your own way out, but it’s better if another person brings a shovel and starts digging with you. Now, that’s what summed up this post as a whole I guess.
Practice these few things we have just discussed, and I bet, debts can’t touch you! Never!