We have all heard of the saying “Prevention is better than cure”. If we can avoid something, we make our lives a whole lot easier than having to fix it afterwards.
This certainly also applies to financial challenges. If we can avoid debt and financial problems before they hit, that would be the ideal scenario.
Having been on both sides of the coin - Trying to fix financial issues and also setting things into place to avoid them… I can safely say that the latter is a preferable place to be!
I’ve experimented with many things where financial success is concerned and when it comes to avoiding debt, I found 3 key things that can help you avoid it.
If you are wanting to stop getting into debt, or to avoid it altogether, here are 3 tips to help you.
#1 - Properly assess before you spend
We don’t believe in shrinking your life… But to avoid getting into debt it may be necessary to introduce a tighter assessment on what you spend money on.
If you are going through financial uncertainty, before you spend on something outside of your direct necessities, ask yourself if you really need it right now.
A single unnecessary purchase may not have a huge impact by itself, but multiple unnecessary purchases may add up and create a negative dent in your cash flow.
Rather than seeing it as denying yourself of something, see it as delaying a purchase for when you are in a more stable finance state.
You may want to assess your current expenses in the meantime too, so you can identify any costs you are able to cut or reduce.
If you want to dig a little deeper to understand what keeps getting you into debt in the first place, download our FREE Debt Behaviour Assessment Sheet for free below.
#2 - Find a side hustle
Instead of reaching for a credit card, maybe take some time to research ways you can make additional income to bridge the gap.
There are multiple opportunities that can help you boost your income without having to start a full blown business on the side.
If you have skills to offer, you could take a look at freelancing online, maybe even finding a part time job where you can work from home.
If you have already reduced your expenses as much as possible, this may be the route to go. It could also pay huge dividends in the long run if you find something you really enjoy doing.
#3 - Contact your service providers
If you are in a really tight squeeze at the moment, it may be a good idea to call your service providers and give them a heads up on your situation. You may be able to defer payments for a month or even set up a payment plan.
It can be scary to have these conversations, but most providers are more understanding than you would think.
Make some changes today by thinking about:
By giving yourself that breathing space, you buy some time to get your finances in order and avoid the possibility of having to get into debt to cover your costs.
If financial worry over debt is avoidable, it is 100% worth it. There is nothing worse than not being able to sleep or stressing out all day over it.
- What can you stop spending on now that you don’t really need?
- If you need to increase your income, what 2 ideas can you come up with to do so?
- Which service providers can you call to reduce your payments over the next month?
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