We all have a tendency to eat more, don’t we? I mean, why would anyone say no to food. But what’s surprising is that have an even greater appetite for debt. We seem to be taking on more and more debt as time passes. As we edge towards a financial turmoil, this seems to be even more than ever. Is anything simple that you could do to detox your finances? Yes, very much. Follow these simple rules:
1. Revenue, nothing runs without it: If you had a job and you lost it; or the money that comes in through this line isn’t enough to help you tide over this side of financial turbulence, it’s time you go out of your way and find other sources of income. You used to work an 8 hour shift; now it’s time to put in more time and find something else to do. People have known to have taken up more than 2 jobs to keep themselves afloat, why not?
2. Spend less: Avoid the temptation to get into debt. Don’t buy anything that you think you can do without and the best way to arrive at this conclusion is to wait out for a month or so when you feel like buying something.
3. Sell junk; raise cash: I could wager a bet at the risk of sounding stupid that there are certainly things you could sell in a garage sale, eBay, etc. There are a lot of things you don’t need; books you’ve read; CD/DVD you’ve seen already; toys you don’t need and much more. Why not sell them off and make some quick cash?
4. Jettison Expensive Credit Cards: One of the biggest known suckers for cash are some of those cards that you own only for the sake of owning them but you do pay them an annual fee or perhaps the cards demand a high Interest rate. It’s time you jettison those cards. You don’t need them. Anything you need, pay cash and get. No cash, no purchase. Cut the cards into 4 pieces and practice throwing them in the can from a distance of 4 meters.
5. Manage Debt: Sounds simple, doesn’t it? But it isn’t. One of the best ways to get out of debt is to learn how to manage it. If you have to pay rent, move out and get back to where your folks are put up; credit card debt must not be paid back each month only up to the minimum amount due, pay more than that; try to pay up loads faster; consolidate if required.