Serious Business: Why It’s Now Or Never With Fixing Debt
Individuals who take the less is more approach are the ones you read about or hear about who buy $100,000 houses in cash and are able to retire before 40
By: Content Editor
Published: 10/2/17 | Updated: 10/19/17
Talk is cheap. And, it’s even cheaper when you are talking about debt.
Ironically, “cheap” is a perfect word to draw comparison to your lack of focus on debt, since being “cheap” might be the difference between saving money and continuing to add to what debt you have.
At the end of the day, talking a good game is a whole lot different than executing. Those who have had success eliminating debt do so with extreme changes to how they spend, how they save and just what they consider to be a real need as far as their budget goes.
Fixing debt isn’t about saving your loose change (although that isn’t out of the question) but rather significant changes to your lifestyle so that paycheck to paycheck means to you more about saving money every time you get paid, rather than worrying if this check is going to last until the next one.
Success stories regarding money typically center on things such as moving into a smaller house (or back in with your parents in extreme cases), selling off your expensive car for a used one and doing anything possible to get your expense down to something more reasonable and much lower than your income.
This allows you to take what extra you have and put in into an emergency fund so you can start saving. Individuals who take the less is more approach are the ones you read about or hear about who buy $100,000 houses in cash and can retire before 40. Sure, this might take away your wants of having the latest and greatest smartphone, a hot tub or an elaborate vacation every year to the beach, but the result is going to be financial security and freedom in the event of a situation that requires you to spend money that previously you didn’t have.
Granted, not everyone can sell off the house and start fresh, especially if you have a family, kids in school, etc. But that doesn’t mean that, beyond the home, you can’t get down to business and start fixing your broken budget, eliminating such items as cable television, bloated cell phone bills, frivolous shopping or dining out at restaurants multiple times each week.
The time for talk has ended, and your money problems are only going to get solved with action speaking louder than those words, most of which did nothing to help you save money.
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