Life After Debt – Whats Next?

Life After Debt

Life after debt… What should you do once you get out of debt? The truth is that many people resume old financial habits after they successfully get out of debt. That would be bad enough during normal times, but considering the fact the we are headed for another Great Depression, it is imperative to fundamentally change how you manage and spend your money after you do get out of debt.

So what should your financial priorities be in 2018?

Well, “Dr. Doom” Marc Faber, who predicted the 1987 stock market crash, is warning that some incredibly difficult economic times are coming and he is advising investors to buy farmland and gold.

Why?

Well, because in the hard times ahead, food will be an incredibly valuable resource.  Owning farmland will put you in a very good position whether you wish to grow your own food or sell food to others.

In addition, gold is a great way to preserve your wealth.  The reality is that an ounce of gold could buy an expensive suit 100 years ago and an ounce of gold can buy an expensive suit today.  But the purchasing power of U.S. dollars has declined by over 95 percent during that same time frame, and the value of the dollar is about to go down dramatically once again.

If you don’t have enough money to invest in gold, then what you need to do is focus on the things that will be necessities during an economic meltdown….

1) Food

2) Water

3) Shelter

4) EnergyRaise Credit Score 100 Points Overnight

5) Security

The reality is that most Americans live month to month and they have very little stored up in case an emergency strikes.

Don’t let that happen to you and your family.

Turn your full attention to preparing for the incredibly hard economic times that are coming for your life after death.

When those times arrive, you will be very glad that you did.

How to Pay Off Debt With No Extra Money

How to pay off debt with no extra money

So how to pay off debt with no extra money?  Well, one of the most important ways to learn how to manage your debt is to learn how to cut down on your spending. This allows you to free up extra money that you can then use for other uses, such as paying down your debt as well as emergency expenses so that you do not find yourself in a situation where you need to incur additional debt.

This means that it is important to target wasteful spending and learn how to eliminate. Many people when first presented with this idea believe they have very little wasteful spending; however, when they actually sit down and analyze their spending habits they realize there is actually quite a few unnecessary expenses they could live without. At this same time it is also imperative that you learn how to stay within a specified budget in order to learn how to curb spending. Below are some tips to help you learn how to cut back on spending and reduce bills.

Evaluate your spending habits

First, it’s imperative that you look for the places where you can save small portions rather than looking for big bucks spending. This is usually where most of your wasteful spending actually goes. These areas are also the easiest to cut down on. Consider how many take-out coffees your purchase in a day or a week as well as colas and other beverages. If you feel that you absolutely cannot live without you espresso or cappuccino then buy yourself a cheap appliance and start making them at home. While this will mean an initial expenditure you’ll save a chunk each week because you’ll no longer need to make extraneous purchases.

Make a point to start targeting and shopping sales. Resist the temptation to buy something if it’s not on sale or you don’t have a coupon. You just might be amazed at how much money you can save on practically everything by simply grabbing the scissors and Sunday newspaper.  Small things can quickly add up in the effort to pay off your debt.

Make an effort to cut down on your utility bills by conserving energy. Be sure to keep your drapes and blinds closed to reduce cooling costs. In the winter bundle up so you don’t have to run the heat as much. If possible, use a clothesline to eliminate or reduce the need for the dryer.

Consider how much money you may be paying others for chores you can easily do yourself.

Cut down or eliminate luxury costs such as subscription satellite or cable channels.

Conclusion of paying down your debt

Hopefully this article on how to pay off debt with no extra money has helped you come up with some new ideas to getting rid of that debt.  While the small costs can certainly add up it is also important to consider whether there are any larger costs you can eliminate as well. Consider whether it would be possible to trade in your car for something that would be cheaper and possibly better on gas and maybe any insurance costs as well.

Look into refinancing your mortgage, if you own a home. If rates are currently low you can really get a lot of bang for your buck.

Related Article Chapter 7 Bankruptcy Checklist

How To Manage Your Debt

How To Manage Your Debt By Spending Less

Manage Your Debt

How can you manage debt?  Many people feel as though debt is truly a nasty four-letter word and for some people it is—when it has gotten out of control and reached epic proportions. Debt in and of itself is not necessarily a bad thing; however. In fact, it can actually be a good thing. Like everything; however, it must be used in moderation. When used correctly, debt allows you to develop a good credit history which in turn helps you to make large purchases, such as homes and cars that most people cannot pay cash for at one time.

The problem with this theory; however, is that many people never learn to manage their debt and before they know it is out of control and ruling their lives. One of the first tips in learning to manage your debt is understanding how credit cards can affect your debt load. A good rule of thumb to keep in mind when considering charging something on your credit card is that if you can’t realistically see yourself paying off the charges within a two month time span, you shouldn’t charge it. The high interest rate on credit cards are the number one contributor to the debt load of most people. Don’t allow yourself to fall victim to this problem simply from lack of discipline.

Reduce Spending To Manage Debt

Reduce Spending To Manage Debt

Reduce Spending To Manage Debt

It’s also a good idea to routinely take a good look at exactly what you’re spending your money on. Ask yourself if you really know where your money is going. Consider keeping a journal to write down everything you spend for a period of time, such as one month, and then sit down to see which categories your expendable income fall into. This will help you to analyze how you’re spending your money and take one step closer to controlling it.

Of course we all know that emergencies can be a large factor when it comes to racking up debt. Something you didn’t plan for pops up and you feel you have no choice but to stick it on a credit card. When you’re analyzing your income and expenses be sure to figure in at least a small amount that you can put in savings for such emergency expenses, even if it means cutting out a luxury item here or there.

Also don’t forget how important it is to pay more than the minimum on the debt that you owe. You may not think that an extra $10 applied to your credit card debt could make much of a difference but in reality if you have an 18% interest rate on a balance of a few thousand dollars, by paying an extra ten bucks you could actually pay off that credit card much sooner than you might imagine. If you manage your debt, you’ll notice the behaviors quickly turn into effortless habits.