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I want to get out of debt but don’t know how

by admin on March 19, 2013

For my taste there are two perspectives on money debt.

1. The perspective in which we use the money to grow, which I shall call loan or investment and that involves either sound investments in our business or career for a financial reward in the future.

2. The perspective in which we use the money to spend it, in which it becomes a negative aspect as we go into debt and the debts eat us, this situation arises when we use credit and credit cards to spend, but those costs will not bring us nothing but trouble since we cannot afford them, and they do not represent future income.
It should be noted that I do not mean the kind of expenses that emergencies such as illness, accident or something unforeseen represent, but the fact in which spending beyond what we earn becomes a habit.

Having debt does not mean we’re stupid but we ignore how to manage our finances properly.

What feeling causes us to have debts? In most cases slavery and if you add that for some reason you could not pay your credit card or mortgage, banks will not hesitate to call and sometimes harass and thereby increasing breathlessness and distress.

Unfortunately most of the time debt becomes a snowball. We loan thinking that there is no other option. And what is the reason that people borrow money? Why were we hooked up with low interest charged promotions? Why do we want to live according to a status that we really don’t have? Why not having a culture of saving? Do we seek the benefits of what an immediate spending will bring us? Do we rebel against not being able to have what we want, which can be a trip, a home, a car, etc..?

Other times we believe or we deceive ourselves into thinking we can deal with that debt when in reality we cannot. In one company, for example, there is the case that we want to invest in a business but we do not even take the time to analyze whether there is a market to sell our products.

Managing is different than being attached to things or developing an emotional charge with them. When we accept the economic scale in which we are we get as a final result sorrow, impotence, increased debt and gain nothing because we end up working for the bank to succumb to a short-term need.

That does not mean we cannot improve or that we are satisfied with what we have but we need to understand that we must learn to MANAGE the money and not attach ourselves to it, when we become attached to money, we put it an emotional meaning rather than a rational one and seek short-term solutions.

In the end, it is our relationship with money which can turn it into something positive or something extremely exhausting.

Now, how to start a financial change?

First. We must recognize that something is not right. Are we compensating by buying things we do not really need? Do we buy when we are sad, depressed (a) s, content (a) s? Are the income less than expenses because we cannot avoid taking the family on vacation? Do we often use credit cards and pay the minimum?

Second. It can be equally difficult and even painful when there is a real problem, but if we want to solve it is important to be honest and start making a list of the money that comes into our pocket and make a list of the money coming out of our pocket and see which amount is greater. That in a company is called budget; whether you are company or a person, budgets are inevitable if we are to keep track of the money. I honestly you not need to do something very technical, as I said, a simple list in Excel is sufficient.

Third. Financially healthy companies regularly review each of the concepts in spending and revenues. This put in a simple way for a person, is to analyze how much you earn for wages, investments and see if you can look for a salary increase or generate it by a business. In turn, in terms of costs, it is important to analyze what expenses are really necessary and that others can be reduced. Remember that you can always improve so examining every part of this list can give us a big step.

Fourth. Buying things we need when it is NOT high season will prove more economical because, obviously, I’m assuming we will take money that does not affect us.

Fifth. Restructuring debt. Whenever we reduce or negotiate a better interest rate and decrease the time to cover our debts will be a relief both emotionally and financially. For companies, restructuring debt also can be extremely beneficial.

Sixth. Stay pending to payment dates. This will reduce late charges that are also unnecessary.

Seventh. Find cheaper places to buy.

Eighth. Make up your mind to take these small changes for a short season to make them durable.

Finally, it may not be noticeable, but if we start making small changes of goodwill to our personal and business finances, we firstly prevent things from getting worse, then we begin to heal and even we can get to save and why not, investing in other options.

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