Stay Out Of Debt With This Simple Exercise

Who isn’t in debt nowadays, right? Are you finding that you’re just digging yourself in deeper in debt instead of digging your way out of debt? Perhaps it’s time to change your overall lifestyle.

Getting out of debt and staying out of debt all comes down to needs and wants. Think hard before you buy anything. Ask yourself the question: Do I really need the item or do I just want it.

How do you define the differences between needs and wants? Needs are essentials like food, water, light, heat and gas for your car. Wants are things like a new outfit or an expensive meal out. If you want to stay out of debt you have to be hard on yourself when it comes to the wants in your life. You have to adopt this new way of life and stick to it.

One way to do this is to take a pad and write down everything you think you need and want. Then take another page, draw a line down the center and write at the top of one column NEEDS and at the top of the other WANTS. Now take your original list and after  carefully deciding which is a “want” or a “need” write these under the appropriate heading.

Finally go through your list of “wants” and ask yourself these questions

  1. Why do I want it?
  2. Can I really afford it?
  3. How much difference will it make to my life by not having it?

Hopefully after you’ve done this you would have come to the conclusion that you don’t really need the items in your want list. Before you buy something, take the time to think about it first. Don’t make impulse purchases. Add items you want to this need / want list and you might find that after looking at it on paper, compared to your needs, you will want this item much less.

About The Author

Edwin is a marketer, social media influencer and head writer here at Debt Syndrome. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.

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