3 mistakes you need to avoid when you are trying to get out of debt
Making the three mistakes below will keep you stuck in that debt.
You need to change your spending habits [Bloomberg]
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These mistakes include:
1. Trying to pay off multiple debts at once
Faced with more than one debt, a lot of people try to address all at once. The result - feeling frustrated, getting stuck, broke and acquiring a new debt in order to attempt to pay off the old ones.
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The solution is to write down all your debts from the largest or the one with the least patient person to the smallest or the one with the nicest creditor.
Next, make a budget of everything you need to survive, and use the rest of the money to pay off the first loan. Once that is paid off, you can focus on the others, one by one, until you pay them off.
ALSO READ: 5 signs you are living beyond your means
2. Having the same old spending habits
Getting out of debt can be easy once you change your spending habits. Sadly, most people are creatures of habits who think they can somehow continue to spend as much money as they usually do and still and pay off their debt.
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Unfortunately, this just won't work. You need to change your spending habits if you ever want to get out of debt. You can start small by cooking and taking food to work instead of eating out. Watching movies at home instead of the cinemas, chilling indoors instead of going out and spending money on a Friday night.
Over time, these small changes in your daily spending habits will lead to more spare money that can go into paying off your debt. Its simple, the more money you can save, the faster it is to get rid of your debt.
3. Being impatient
We all want to get rid of our debts but the truth is that these things don't happen overnight and being impatient will only make things worse.
Sadly, there is no "secret" way to pay off your debt in a few days so be patient and realise that these things take time.
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