The stress of debt can be detrimental to your health, so it is in your best interest to pay off your debt as soon as possible. This is easier said than done, with all of life’s daily tasks and distractions, anybody can lose track. It’s time we look at a good example of what it would be like to live a day in the life of a debt free individual.
What is needed when we lose track is a little motivation. I great way to motivate ourselves is trying to visualize the light at the end of the tunnel. If you could see how carefree life would be without any debt to worry about then you might be inclined to stay away from unnecessary purchases.
With the average Canadian having approximately $1.68 in debt for every $1.00 of disposable income, becoming debt free has never been more important. But, what does the light look like at the end of the tunnel and how do we get there. Well here are a few examples that can give you an idea of what to prepare for in the near future.
This is the number one rule to becoming debt free, “cut down on unnecessary spending.” We hear it all the time and we even say to ourselves that we already know this. So now it is time to take action and start making the cuts.
Like any new project, it is always difficult to know where to start. When things become difficult you need to create a strategy, and that strategy is going to be called a budget. It is a good idea to write the budget out, so that by having it visually in front of you, you will have that constant reminder on what not to spend money on.
We all like to spend money, it is one of life’s many pleasures. But, you have to remind yourself that some things are pleasurable at the moment, but not so much in the future. There is always a price to be paid, and following that transaction, an account needs to be balanced. The actualization that debt is real is an important step in the process to becoming debt free.
What is it like to be someone who is finally debt free? One thing that you can look for is the freedom to choose where you want to spend your money. The fate of your earnings will no longer be predetermined.
A study released in the Economic Journal showed that having difficulty paying off debt resulted in having a negative effect on an individual’s mental health. An effect could be having high levels of stress. With high levels of stress being linked to many physical health issues, it is very important to keep those levels down. That relief alone will do wonders not only for your pockets, but for your health as well.
We are Licensed Insolvency Trustees and have extensive experience in addressing financial issues and challenges as well as all the questions you may have, including managing credit. Feel free to email us at firstname.lastname@example.org, call us at 416 736 4357 (HELP), or fill out the contact form on this website, to book a free, no-obligation consultation with one of our debt solutions’ experts.
Make an appointment today, and we will provide some solutions specifically tailored to your situation. We look forward to assisting.