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5 Tips to Live a Debt Free Life
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When we earn more we spend more and our list of wants become lengthier and we spend more on luxuries than necessities. This can be troublesome for you when you earn nominal amount of money per month. Even a slight rise in your income can tempt you to spend on unnecessary things this can bring you happiness for short term but can land you in financial trouble in long term basis and will never help you in being debt free
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Avoiding lifestyle inflation means to spend less on luxury things like costlier phones, gadgets, cloths, footwear, accessories, vehicles etc. Controlling lifestyle inflation will directly result in increase in your savings, this savings can be used for necessities and emergencies and make you more financially secure. Spends should be always lesser than income and staying away from unnecessary debts would be beneficial.
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The main reason we tend to spend more on luxuries in because of peer influence or pressure. It is always advisable to hangout with friends of similar spending budgets and lifestyle as it will bring happiness and also control you financially as they would be using things as same as you so there no question of peer pressure or temptation for things which you cannot afford.
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No matter how nominal you earn or how substantial you earn, framing a family budget can help you track monthly spends and this would control overspending. Monthly budget should be framed after setting aside the savings. Planning ‘buys’ can help you to set aside the exact amount of savings to meet that buy in the future. Making a budget planner is the first step of becoming debt free in future.
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Many families run into financial trouble because they do not have monthly family budgets or savings. Savings is very essential for every family, so it is advised that you spend first and then spend the rest the ratio of savings and spend can differ from family to family. This is a very healthy habit which would keep you financially secured.
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Taking unnecessary personal loans to fulfill your luxury dreams can make you indebted. Unnecessary swipes of credit card can build up liability on you. Loans from friends and family for unnecessary things can make a dent in your family budget. Avoid debts in any case unless and until it is very much essential. As said earlier your spending should not exceed you income.
[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent=”yes” overflow=”visible” margin_top=”” margin_bottom=”” background_color=”rgba(255,255,255,0)”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_separator style_type=”none” sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”” class=”” id=””/][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_title size=”2″ content_align=”left” style_type=”default” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]To conclude.[/fusion_title][/fusion_builder_column][fusion_builder_column type=”1_1″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_text]
Higher income helps you achieve higher financial goals in life. Be careful, though: Feeling that you have the right to spend more in order to prove your success is tempting, and could damage your finances if not handled properly. Instead, make a plan and remember that your success shouldn’t be tied to material goods, but rather how you put your money to work for you and your long-term goals. Moving ahead financially slowly and steadily can be very much useful to get debt free.
Feel free to give your comments below.
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