Reading Time: 3 minutes
Living beyond means to match the standards of extravagant, flashy lifestyle of the rich or debt-rich may look momentarily tempting, warns Rupa, and suggests ways to lead a debt free life. An exclusive for Different Truths.
Unlike previous generations, our economy beckons to every youngster to be not left behind. Social standards compel them to avail of opportunity to live better, enjoy more, achieve personal and material goals; buy what heart desires – now, instead of waiting for them in time.
Many are ending up with loans and inundated with bills, interests and expenses causing stress before they are 30.
So, what does one do? Many are ending up with loans and inundated with bills, interests and expenses causing stress before they are 30. Link to loans starts with student loan, bike loan, house loan and so on. The weight of the cumulative interest on loans is a burden that last almost in perpetuity as wants and needs blur the line of distinction.
How can a person break the shackles of big loans? Can it happen when not earning big bucks?
I love the notion of a person paving way to a semblance of order and peace, by walking out to debt freedom when earning smaller salary.
It can be done either by earning more and paying off; other more importantly doable now when earnings are low is by pretending there is minimal disposable income to spend. I love the notion of a person paving way to a semblance of order and peace, by walking out to debt freedom when earning smaller salary.
We all are wired to send signals to the brain which will prod us to:
- Decide that it is doable
- Weather tough times with smile
- Withstand hardships which you know will pass
- Rough it out now so going ahead things are smoother and easy
- And it can be done with the right attitude of gratitude
- And an attitude of let’s play with it and have fun.
A few tips from some tried and tested methods from the happy debt free folks; what did they do?
A few tips from some tried and tested methods from the happy debt free folks; what did they do? The list includes some easy, fun, and some determined choices like:
- Pack lunch to work, instead of ordering out
- Make that coffee and take, not pick from Starbucks
- Instead of expensive outings plan economic and free options
- Picnics, games with friends, nature hikes
- Karaoke, board games, movies at home
- Get innovative with kind of parties at home that can be fun
- Gifts can be simpler, homemade or affordable items
- Clothes may be recycled with mix and match
- Exchange with siblings and friends
- Consider thrift purchases, avoid designer stuff
- Look for special deals
- Why a fancy car when a used vehicle can do the job
- Use public transport
- Stretch the buck to last longer
- Gardening, yoga, walks, runs instead of gym memberships
- Join like-minded group of people to exchange ideas
- Look at small amount of possible savings grow is encouraging
- Review the debt numbers going down is a thrill
- Not get carried away by fancy events, items people flaunt
- Remember to celebrate milestones of debt amount reduction
- Have fun at anniversaries, birthdays
- Candle-lit meals at home with fanciest china and frills should do the trick.
- Movie with pizza in front of home TV
The satisfaction of how past generations lived, within their means is a wise way to lead a stress-free life.
The satisfaction of how past generations lived, within their means is a wise way to lead a stress-free life. Living beyond means to match the standards of extravagant, flashy lifestyle of the rich or debt-rich may look momentarily tempting. More tempting is the choice of not having to pay chunky interests against loans longer. As is to be able to see the savings get invested in short and long term growth and be able to afford items which are yours to enjoy and paid for fully.
Wishing the younger generation to start with lower debts and work toward earlier debt free easy living of peace and enjoyment!
Photos sourced from the Internet
Awesome!!!
Thank you Chandrani