3 Stunningly Simple Ways To Avoid Being In Perpetual Debt

Money, money, money, that is the problems most people have. Some people are having too much money that they don’t know how to spend them. Some people have very little or no money to even sustains their own life and the life of their dependents.

However, my focus will be more on the questions of not having enough or no money at all. My discussion is directed to the wage earners and not so much to those who are having their own business. However, some of the materials discuss could be applicable to both groups.

Money, money, and money these are sensitive and very personal to each of us. There are saying that don’t ask a man how much he earns and don’t ask a woman how old is she, especially if she is not your mother or your daughter. Even wives sometime cheat on their ages.

Nonetheless, these questions need to be address especially for those folks who live pay checks to pay checks every month and for those folks who need to keep borrowing money just to make ends meet. These are very real issues and especially in involving life and death situations. Imagine if you are so desperate and in need of money and nobody to turn to, to ask for help. The situation is so critical and desperate that the only people you can turn to are the loan sharks.

I think this is the worse choice a man can make to solve his cash flow problem, because he will be in the worst situation than his original position. Imagine being charge interest of up to 4 % per month that is equivalent to 48 % per annum. If anyone were to be in that situation they will be in deep trouble.

I think they are other alternatives or source someone can borrow money instead of going to a loan shark. However, I think the most important thing to do is to avoid being in this situation in the first place by:
1. Adopting a workable budget:
Develop a monthly cash budget, which show where the money is coming from and where is going.
2. Adopting a workable saving plan
3. Get insurance policies to prepare for unfortunate events
Of course the above approaches are not the only one applicable. I will discuss the above issues in the next article.

By: Abby Majid

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