Debt – the one thing many people dread. And do you know what? Getting into debt is incredibly easy. How many times, for instance, do you overspend on your credit card for things you don’t necessarily need? The reality is that many people are struggling with debt. Even more depressing most have no idea of how to get out!
But, is it that hard to live debt free? Well, it boils down to the choices you make. Why do you have to buy an expensive car that you can hardly maintain on loan, for example? Does it make sense splashing your costly whiskeys or jewelry? Why can’t you live within your means?
C’mon digging your way out of debt is easy. Or is it? Well, it is if you choose to stick to these strategies.
Really now? Yes! See, when you hire a professional like Ramy Hakim, not only will you get solid economic advice, but also learn how to run your financial affairs and businesses. One of the reasons most people get into debt is poor financial management.
On top of that, a poorly set business is likely to cost you too much tax and by extension, hefty fines for late payments. With a trusted CPA accountant by your side, you can rest assured that you will get guidance on your tax affairs. Besides, you don’t have to waste time filling and filing your tax forms.
The long and short of it is that hiring an accountant will help you deal with the nitty-gritty of your accounts and ensure that everything is running smoothly. What’s more? You get to enjoy general business advice and constructive criticism. You need to make sure that the accountant is experienced and certified, though.
There’s no way you’re going to get out of debt if you keep creating more debt. In any case, it will only worsen the situation. What do you need to do? First, you have to keep off from the old spending habits. Stop eating at the same restaurant or shopping at the same store simply because it is comfortable while on the other hand, it costs you more than you can handle.
Who says there’s anything wrong with carrying packed lunch to work? Do you have to eat out all the time? Learn to cook at home – it’ll save you tons of cash! Like the say, you need to change your habits if you want to change your life.
Sure, this one is a no brainer. But, it’ll surprise you to learn that few people are willing to look for other income generating ventures other than their 8 to 5 jobs. When you find ways to increase your income, it means that you have more money to pay off your debts. And, you don’t need much to start a side hustle.
In this era of internet connectivity and online shopping, you can set up a blog and monetize it through affiliate marketing. Or, you can learn more about copywriting and look for jobs in places like Upwork or SerpTrust. You only need to remember where to spend the money once you get it.
One of the reasons you’re likely to do impulse shopping is lack of a budget. In other words, when you don’t have set guidelines to spend your money, you’ll end up purchasing anything that pleases you. Consider creating a bare-bones budget and stick to it. Keep in mind that the idea is to enable you to cut expenses as much as you can.
It makes perfect sense, for example, to give up on cable television if that is what it takes to get you out of debt. Of course, a bare-bones budget is a temporary measure, and you can go back to enjoying the “extras” once you have cleared your debts or are closer to achieving your aim.
Take an inventory of what you own and sell all the stuff that you don’t need. Think of a way to get quick cash to settle some of the most pressing debts. Look around and ask yourself — what’s in your house that you can offload? Will it fetch some good money and most importantly, can you get a quick buyer?
You can try a garage sale (if you live near one) or online resellers. There are many Facebook groups with members willing to buy used items on short notice. Consignment shops are also an excellent alternative.
See? It is not that hard to get out of debt, is it?