hungvo
The first step in gaining control of your finance starts with becoming debt free. But how can you pay off debt most easily? The one and only answer is changing your lifestyle. There are no other way.
If you want to finally get out of debt, you have to give up some expenses that made your life a little more colorful. It requires considerable sacrifice.
I know it’s hard.
So, in the hope of making this transition from “spender” to “saver” a little less painful, let me tell you some of the things you should give up to save money and get out of debt as quickly as possible.
1. Hobbies
I bet you have an assortment of hobbies that you enjoy, don’t you? Everyone does. From eating out, to going to the movies, to shopping and so on. These hobbies obviously involve spending money.
If you got serious about paying off your debt, you need to put all of your hobbies on hold, instead looking for some other ways to entertain yourself without spending money.
2. Vacation
I love vacations. And I know you do too. When you’re taking a vacation, you can forget about “real life”. The life in that you’re currently struggling under a burden of debt.
In order to getting out of debt, however, you have to give up on vacations. It will save you a considerable sum of money.
You can still have fun at home with your family anyway. Take a walk, go for a picnic. Sit outside on a rug with friends and family enjoying a sunny day.
It’s not as big a deal as you might think.
3. Socializing
We are young. We usually own a pretty active social life. We have tons of friends. How enjoyable it is to hang out, going to pub at the weekend. However it isn’t cheap for sure. Worse, it can eat through your disposable income pretty quickly.
Once again, you have to make the tough decision to reduce your socializing. At least for a while. Or sure, like I mentioned above, you guys can take a walk, go for a nice picnic, but bars, clubs? It’s definitely off the cards.
4. Free time
One more way to speed up your journey to debt freedom is increasing your income. Forget about those “free time”. Instead, using “free time” to grow your money. Let’s dedicate yourself to either agreeing to working overtime or taking another part-time job.
However, you might grow so stressed if you don’t take any days off in months. So, think wisely. It’s best to establish and maintain a work-life balance.
See, paying off debt isn’t easy at all. Money doesn’t just accidently come to your house. Instead you have to give up a whole lot of things you love.
I know it’s painful, but just remember that it’s only for a while. Imagine the future in that you can stop worrying about repayment. It’s great, isn’t it?
