“Promises make debt, and debt makes promises.”
-Dutch Proverb
Perhaps one of the most precious gifts one could ever give to oneself, his family and his posterity is to become debt-free. Every person's situation may be different from the others and some may find it a little more difficult than others. However, things will start to change as your perspective and decisions do.
If you and your family have been spending and borrowing money like crazy, perhaps give yourself a gift of being debt-free before the year ends. Instead of trying to scroll down a long list of gifts you wish to have or give your loved ones for Christmas or a very special occasion, why not give them and yourself a gift that is much more important - that is being debt free.
It may not be easy, but it's definitely worth it. It may not be fancy, but the happiness and peace that you will feel would definitely be priceless.
Now before I start sounding so idealistic, I admit we had a few share of debts in the past too. My father died at the age of 44 that we were left with debts and eventually a pile of a few more debts. It was difficult for us to pay those debts because my mom didn't really have a white-collar job or a stable income and I was studying during that time. Everyday was a struggle to survive and it seems like the only way to do so is to be in debt.
The feeling is depending so much in debt just to survive was killing me that I decided that once I get a job after college, I would work hard to paying them off. At first it was tempting not to pay them because the money I earned could have been spent on things I never had and always wanted in the past. But that is not the design that leads to guilt-free and happy life. Right there and then and decided that I want to be debt-free and that the priceless feeling it gives is much more important that the fleeting pleasure the material things I could buy with the money I should have spent paying my debts. Since we had a meager budget enough only for our daily expenses, we had little wants in life as well and that makes it much easier for us to pay off our debt. We're not the type of people who would pay off one debt with another. We didn't want to be in the same path again so as soon as I had enough money from my savings, me and my mom decided to pay off all of our debts. Below are just some of the steps you may want to consider following so you too can start living a debt and worry-free life.
1. Save. Save. Save
While it may sound basic, saving is still the first step that one should take to become debt-free. Where else would you expect to get the money to pay off your debts but in your savings? If you're still unsure on how you could save some money, my frugal mom has given me some tips on how to save effectively.
2. Set a goal daily, weekly, monthly and eventually debt-free.
The battle and struggle to become debt-free has never been so important than it is now. Even great countries such as Greece are struggling with their debts but this does not mean you cannot succeed in it. The journey towards becoming debt-free would not start unless you start making goals. I remember me and my mom would sit together and discuss as to which debt do we pay off first. Just because you have a lot debts doesn't mean you have to pay them all at once. You can start paying off the ones that have been long due or maybe the smallest ones first - you decide whichever do you think is much easier for you to pay.
3. Debt is your enemy
It is very important to abstain from any other debts during and even after paying your debts. Simple, consider debt as you enemy. Never has it become your ally. Its goal is to put you into a modern slavery that would forever put you into misery. Sell your assets if you must, reduce your expenses to cater to your basic needs and put off the wants. There are several ways to get to that road of debt-free life.
You just need to start it now.
Thank You EnemyofDebt.com for the Financial Peace University Kit (FPU)
Brad of EnemyofDebt.com celebrated his 3rd year anniversary last May 2011 with reader appreciation give-away and I was so blessed to be the Financial Peace University Kit Bundle Giveaway Winner and here's what I got on the package that I received last Friday!!!
Thank you so much Brad for the great books that will definitely become great resources as I live a debt-free life :) Thanks to Sir Remy Ocampo for sending it over and making sure it the package arrives safely to me, you both rock!
Financial Peace University Membership Kit by Dave Ramsey (lifetime membership to ANY FPU!)
The “I’m Debt Free” Game
More Than Enough – The 10 keys to changing your financial destiny by Dave Ramsey
The Money Answer Book – Quick Answers to your everyday financial questions by Dave Ramsey
Priceless – Straight-shooting, no-frills financial wisdom by Dave Ramsey
Do More While the Sun Shines DaveRamsey.com t-shirt
Lead Without Limits DaveRamsey.com t-shirt
and of course the IH8 DEBT Bumper Stickers!
IH8 DEBT Bumper Stickers
The Money Answer Book – Quick Answers to your everyday financial questions by Dave Ramsey
More Than Enough – The 10 keys to changing your financial destiny by Dave Ramsey
Priceless – Straight-shooting, no-frills financial wisdom by Dave Ramsey
Financial Peace University Membership Kit by Dave Ramsey
I hope that we could all live a debt-free life. It may not be easy, but nothing is too difficult either.
I will be sharing things that I will learn from Dave Ramsey soon!
No comments:
Post a Comment