Hi guys! It’s Pawnina again! Bringing along the debt you have is an absolute No! No!
These IOUs are bad vibes that stress you, sometimes break a good relationship, or worse become a source of depression. But you guys can avoid living in debt, just keep in mind to follow these 7 tips to check yourself in for a debt-free lifestyle.
1) Keep Daily expenses in check.
You don’t necessarily have to keep track of your daily expenses forever. You can do this for a good period of time. Doing so can help you discover a certain pattern of your financial behavior. That’s a good thing. You can identify the problem if you have a hard time making ends meet and find a good solution to make yourself into managing your daily expenses wisely.
2) Avoid spending above your means.
The struggle is real for among the many who would relate to memes where you overspent on the first few days of receiving your salary and as a consequence you spent half of the remaining days struggling on a tight budget. That’s not a good feeling at all to be honest. It’s time to take the driver’s seat and control your spending habits. Don’t let your desires take control of your life as it leaves your bank account dry. You should always prepare for the worst, especially if you’re in an unstable condition. Prepare, prepare, prepare. Keep that mantra.
3) Learn proper budget management.
Proper budget management sounds easier said than done, but it does take hard times to learn how to properly budget your income. For those starting out on their adult life, money is indeed hard-earned and as a tip, make every peso worth spending.
4) Health is wealth.
Getting illness is never cheap. The doctor’s consultation fee will make your jaw drop. Let’s be frank, you really can’t afford to be sick. It takes away your savings and your time to earn. So always keep a check on your health. Make sure you work smart, keep a balance of your personal life and work life. That way, you can just be as productive.
5) Get good investments.
Parking your money for savings is good, but not entirely a wise way to make your money grow. So, invest part of your money. To get a good investment, take your time to study which investment is best to cash in your money. Don’t just rely the investment decision on the household but do your research and back it up with experts by asking the ones who know best. They can lead you to the best investments out there.
6) Financial Knowledge is a must.
According to recent reports, The Philippines was one of the 30 least financially literate countries in the world, with only 25 percent of adults aware of the basics of managing their money. So, do you consider yourself financially literate? Being financially literate means the having the ability to understand how money works in the world, how someone manages to earn or make it, how that person manages it, how he/she invests it and turns it into more and how that person donates it to help others. Don’t just be book smart, street smart, be financially smart as well.
7) Have decent savings.
If you find yourself borrowing money from friends, family or whoever, you know it’s never a good feeling. To top it off, always and always have decent amount of savings. Take a part of your income into a savings account. Savings means you shouldn’t touch them for your wants. These should be only accessed in times of “DIRE” need. So, when one day you get yourself under a rainy weather, you have rice to eat.
In any case you want to keep your dignity intact in front of people you know, you can loan money discreetly from your online pawnshop, PAWNHERO. You can do that by visiting the PawnHero website and for an easier experience, download the PawnHero app. Plus, if you really want those branded items, we got them for bargained prices at your newest online shop, Marketplace by PawnHero.
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