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Debts and Loans

Debts and loans have a way of pulling us back from enjoying life.

Could you really afford that expensive vacation now if you still have thousands of dollars of student loans to your name? Do you really want to ask your bank for a credit card extension when you’re already drowning with the charges?

These are just some of the many instances wherein debts and loans can hold you back. But, there are ways to conquer debts and finish strong.

Modify, if not overhaul, your lifestyle. Despite your meager income, you may be living a very frivolous lifestyle. But if you aim to be debt-free, you need to spot certain aspects of your life that you can cut expenses from. Perhaps you dine out too much, go to vacations plenty of times a year and is generally an impulse buyers. Tame these habits now and you will get some hefty paybacks.

Don’t take out any more loans that you can’t afford. Despite their convenience, some loans will trap you further in debt. Don’t get cash loans if you simply need to upgrade your smartphone. Your old phone is still working well and you can definitely save up for a new one. Though there are exceptions to the rule, like cash emergency for medical expenses and such, take loans as your only last resort to financial woes.

Stretch every dollar. This means making the most of your money by being creative and living frugally. You can save more money by batch-cooking your meals, bringing home-cooked lunch and reheating left-overs. Try to find the best deals first in the grocery, use your coupons and rewards and become a wise-spender in general.

Commit to a budget. A budget is a very useful tool in keeping up with your finances and ensure that your live within (or below) your means. You will find several budgeting systems online, or you can try the old-fashioned ones like the cash envelop system. When you find a budget that works for you, follow it through and enjoy the feeling of crossing one debt after the other.

You don’t have to be a slave of your debts forever if you become wiser with your finances. You can even lift your bad credit rating by being prompt with your payments and lowering the overall costs of your loans. It will take a lot of patience and determination, basically because personal finance is mostly behavior than math, but in the end the rewards are going to be worth it.