This article is about “staying away” from debt. We have already discussed how you can get out of debt.
So you have just repaid your debts? That’s great! Here is how not to get into debt again. Kuber Mindz Pragmatic Financial Advisor
1. Use cash in hand always
Rule number One is to do it the old-fashioned way, if you would it so. Walk around with limited cash and spend within the limit. Like if you had 500 Rupees at hand, you would limit your expenses to 500 Rupees or less. On the other hand, if you have a card, your greed and the advertisements all around you will only make you spend more than you need. Get Personalized Advice on Personal Finance from Kuber Mindz, Free Online Financial Advisory.
2. Have control over your impulse
You might be itching to buy the latest gadget or automobile. Maintain self-control. Don’t get tempted by everything in the market and everything you see, hear or read about. If you find it hard to control your desires, make it a habit to do Yoga and meditation daily without fail. Or enroll to a class and practice. Learn to control your impulses.
3. Know the difference between “need” and “want”
A need is a basic necessity for your survival. Air, water, food, shelter, clothing and medicine are your needs. A want is nothing but momentary comfort from a material item which doesn’t hold value for you in the long term. Wants are there due to greed and ego. Advertisers just know how to turn their customer’s greed and ego into profit for them. Best Interactive Financial Advisor
4. Refrain from Instant gratification
People nowadays satisfy their instant needs instantly without even thinking twice about what they are doing. The contributing factors are media, advertisements and even plastic cards. Mahatma Gandhiji once said “The Earth has enough to fulfill mans need, but not mans greed”. Instant gratification just makes you greedy and puts you into debt.
5. Any increase in your basic income should go for investments
Bonuses, salary raises, tax refunds, etc. should go to the right investments so as to grow your investments. This way, you can stay out of debt while ensuring more for your future. If you raise your expenses instead of investments, you have taken the path to debt and less money in future.
6. Stick to your shopping list
Your shopping list has all the basic needs for your daily life (hopefully nothing more than “needs”). So, stick to the list and don’t purchase “wants”.
7. Track your expenses
This is a simple task compared to the above points. Just keep an eye on your expenditure. You will know how much you are spending, so that you know you should reduce unnecessary ones.Insurance Online Financial Planner Advisory
8. Invest money
If you have not yet started investing, start now! You don’t know the power of compounding or you are too lazy to invest despite knowing the power of compounding. Every drop of water counts. Invest for a better future.
9. Get Insured
Get Insured so that your medical expenses will be covered when you get Injured!
You can even contact Kuber Mindz, a Smart Financial Advisor. He is an Interactive and Friendly Financial Advisor. For more information visit www.moneymindz.com or give a missed call to 022-62116588