In this article, I will be sharing a few simple tips that you can apply to prevent you from getting into too much debt. Especially during this Pandemic.
Let’s get started!
Do Not Take On Too Much Debt
Having the experience of this Global Corona Virus Pandemic has brought many countries and its population literally to its knees. It is presently causing issues with people’s livelihoods. We all have to be asking, “What next?” This virus has caused many people to lose their jobs, and worst of all, many have lost their lives.
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If you have lost your job during these tough months of infections, deaths, and continuous lockdowns, then very soon, you will be running yourself into debt.
If you don’t have a job and you have bills piling up, then what are you going to do?
You might be thinking of withdrawing funds from your savings if you have one. If there is no other alternative to cover your finances, then definitely your savings will dwindle to nill in a matter of weeks.
Bills Piling Up, Then What?
We might want to take on Loans and Credit Cards to help with our finance. Sometimes, desperate situations may require desperate measures. If you do not see a way out, then you might want to take these Loans and Credit Cards offers from financial institutions. If you are not careful, then very soon you will find yourself in serious debt.
Taking on debt is something that we should be careful of doing. We are aware that debt can be a silent killer when we want to survive financially. Making wise decisions and mastering money management from an early stage in our career or work should be our priority.
Prevent Mounting Debts
In this article, I want to highlight some helpful tips that could potentially save you from huge Debts especially if you are starting life. The sooner you educate yourself on how to prevent unnecessary debt, the better it will be for you to live a fulfilled life. Many students leaving High school, College, and University quite often make the same mistake. They take on things that could potentially put them in debt at an early stage in their young adult life. Most of the time, some of these things they take on are not necessary. For example, getting the latest iPhone on an expensive contract or taking out Expensive cars on hire purchase, etc.
This sort of approach is what initiates this horrible and sometimes painful cycle that will only result in stress, strain, and struggle throughout your life.
You have to ask yourself if having the most expensive iPhone and taking out a car on hire purchase so soon is necessary. If you have a job, try to work for a few months or years and enjoy life without any debt issues. In other words, enjoy your youthful years a little more without having to worry about debt.
Purchase Most Things Cash Instead Of Credit
You might want to purchase most things in cash instead of credit. You might want to travel to work on public transport at the beginning instead of taking out a car on finance. Sometimes you have to make the sacrifice to save money and stay away from debt. Knowing how serious debt is will help you to stay away from such a situation as much as possible. Early debt can ruin your life. The stress from it will linger with you for a long time to come.
Debt can ruin anyone’s life. No matter how much money you have, unfortunate situations similar to what is happening this year can turn things upside down for you. It is not something that we anticipate is going to happen that would cause us to prepare ourselves. Unfortunately, some things happen that are beyond our control, and the majority of the times these unfortunate incidences can cost us huge sums of money that we do not have.
We need to realize how challenging adulthood can be due to unnecessary and uncontrollably rising debts month after month. That is why you should always be vigilant as this unfortunate situation can happen to anyone.
This year has been a challenging year for most of us, and this should be a wake-up call for us to plan the rest of our future in an educated and smart way. This approach will help us to be more prepared for future events that can turn things upside down on a global level.
Never Allow Debt To Control Your Life
Never allow debt to control your life and happiness. You are in total control of your actions, so you need to be more responsible when it comes to how you spend your hard-earned cash. Practice Money Management at all times, be reminded that for many individuals earning a lot of money from your 9 to 5 jobs or from your business might take a long time but to lose it all is very easy.
Let me hope this information will be of benefit to you. You will take the experience from this terrible Pandemic to be a motivating factor that will propel you through the rest of this year and many years to follow.
Please remember to share this information with those who you believe will benefit from it. Thank you for staying with me to the end. You have been a wonderful visitor to the passive move blog. I hope you will visit us again. Have a wonderful and safe day wherever you are in the world.
This presentation is only for information and educational purposes. It should not be taken as absolute financial advice for any financial issues you might have. If you need financial and money management advice, please seek the help of a qualified Financial Advisor.