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The following article was published in our article directory on July 7, 2014.
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A Future Without Debt

Article Category: Finances

Author Name: Irene Immink

Debts do not only consist of current obligations, but future liabilities as well. Thus, in order to repair your credit and totally eliminate debt, incurring future debts must be avoided. How can one avoid future debts? Some strategies for avoiding future liabilities are: first, creating a budget and sticking to it; second, paying only using cash, check or debit cards and most importantly, adopting the proper attitudes.

Creating a Budget and Sticking to It

Creating a budget is essential to eliminate debt and repair your credit. As a schedule showing one's financial status, a budget must be based on disposable income before expenses which is simply gross income minus taxes.

The disposable income allows people to determine how much they should spend on everything else. It should include the basics like food, transportation and savings as well as monthly bills for necessities like rent or mortgage, electricity and water. Savings are considered basic because no one can be certain when the need for money arises.

All other expenses which are dispensible may be deferred until he is financially capable of sustaining them.

How to Stick to One's Budget

Sticking to one's budget is not really difficult. It will enable you to eliminate debt while you repair your credit using sheer willpower and a little math. To do this, one must record his budget whether on paper or in computerized form using Excel or other financial online software. The budget must show current and projected values of both income and expenses where he will derive his future appropriations for his succeeding paychecks. Fixed expenses are to be allocated as usual while variable expenses are to be adjusted accordingly in order to fit the budget. For instance, variable expenses would involve grocery purchases and making a specific list of necessary items before going to the grocery store would enable one to strictly adhere to his budget rather than if he just shops randomly.

Pay only in Cash, Check or Debit Card

The best and most logical way to eliminate debt is to pay only in cash, check or debit card. Paying in cash is possible only if one actually has cash. Thus, having no cash would limit choices only to those which are necessary and thereby help repair your credit. Furthermore, paying in cash has no additional charges and enables the individual to be more prudent in spending as once he pays for something in cash it completely disappears from his grasp. In order to pay for necessities which have higher value where carrying cash around is inconvenient and unsafe, one could opt to pay using a check or a debit card. A debit card is easier to use than an ATM card as it does not require physical withdrawals while still providing a cautious measure of spending within one's means as he can only debit his account as allowed by sufficiency of funds in it. In all cases, he must still exercise caution to avoid losses. For other important expenses like a college education, one may consider applying for scholarships if cash is not available.

In other words, one must pay only with what he currently has in order to eliminate debt. Using a credit card will not repair your credit.

Adopt the Proper Attitudes

Sometimes, the root of all unnecessary spending is caused by one's outlook. Adopting the proper attitudes toward money and spending would enable him to regulate his expenses. The only attitudes needed to eliminate debt to repair your credit are patience, confidence and discipline.

At any age, one dreams of acquiring certain things-from something as simple as toys or clothes to something as luxurious as jewelry, cars, houses or other expensive gadgets. Patience will surely enable him to accept that it may take a while before he gets them especially if he does not have the financial capacity to do so. In the mean time, he will be able to stave off his desire to acquire them immediately.

Furthermore, having confidence also enables one to be less envious of others. Recognizing and appreciating one's own possessions, strengths and good qualities without having to completely emulate Mother Teresa or Mahatma Gandhi will enable him to become confident about himself and thwart ideas that material possession alone is a measure of greatness.

Finally, discipline can definitely lead one away from the temptations of spending and incurring debt. Following a simple routine of going home right after work or cleaning the house on weekends instead of watching movies or shopping are proven to redirect one's inclinations towards simpler joys. In the end, you WILL be able to eliminate debt and repair your credit.

Keywords: Eliminate Debt, Repair Your Credit

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