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Photo by Darren Hesterby Thomas Cothard
When it comes to sorting out that stubborn debt or saving up for that well earned retirement, many consumers tend to search for long and complex answers. After all, if the process of erasing debt and saving up for retirement can take decades, then that means that the right financial advice should be equally as lengthy, right?
Actually, some of the best financial advice comes from the oldest proverbs and wives tales around. Get ready to simplify your financial struggle by following these little pearls of wisdom, all of which are written in ten words or less:
No matter what, always make sure you put aside money from each paycheck. It can be easy to think that beating debt is all about making the big bucks; however, even the smallest contribution to your debt is a step towards the financial freedom that you’ve longed for. Small but steady steps are the surest way to win the debt race, and will turn that mountain of bills into a small molehill in no time.
Know the difference between your needs and wants. Food for your family? That’s a need. Grabbing that expensive latte twice a day? That is most certainly an expensive want. It’s easy to blur the line between needs and wants, especially when you’re accustomed to a luxurious lifestyle. However, getting rid of your debt means determining the difference between needs (food, shelter, utilities, retirement, etc.) and wants (that expensive mp3 player, designer purses, etc.).
Buying quality is smart. Stretching your money is all about finding cheaper options; yet sometimes it’s more financially savvy to buy a high-priced quality item than to downgrade (fashion doesn’t count!). A high-quality item will be backed by a support team who will fix it for free whenever it breaks down or doesn’t work – just try getting that same deal out of the cheaper guys!
Save today what you want tomorrow. Your credit cards make it easy to go out and purchase whatever it is that you want; yet if you want that big-ticket item, save up for it instead of putting it on your plastic. You’ll feel better whenever you look at that new HDTV knowing that it’s completely paid off instead of accruing interest on your credit card!
If you need money, make more money. Feel like you don’t have enough money to take on your credit card bills? Instead of hoping to win the lottery, go out and make more money! You don’t have to get a second job to see a new income stream; try selling secondhand items to family members and friends, and applying that money to your debt.
Tags: bad credit, credit card debt, debt, debt advice, debt consolidation, debt consolidation loans, debt help, debt problems, debt solutions, finance, loans, money, money problems, money worries
