Debt Is Your Mortal Enemy

Having to pay off debt, no matter how small the amount, is something you would want to avoid at all costs but there are instances where we simply can't avoid debt. For buying a house, most of us can't afford to pay the entire amount at once. We take out mortgage and we start paying that off for the next 20 - 30 years. Buying a brand new car could be another example where debt seems inevitable.

However, there are times when we may be able to avoid debt if we plan ahead and start saving for a purpose. It's also advisable not to incur debt unless you really have to and pay off your debts as soon as you can. The longer you hold on to it, the harder it gets to pay off. On the money you've borrowed, you may need to pay heavy interest on top of the principle.

Without clearing your debt, it becomes hard to even think about saving. If you have a debt to clear, pay it off on a regular basis- on a weekly or a monthly basis and stick to your repayment schedule. Your debt must be one of your topmost priorities on your to-do list.

Plan ahead and start saving for a purpose

One way to avoid debt is by strengthening your savings. Debt is also a mental torture. Until you've cleared it, it sticks with you like a shadow.

If you want to buy something but you don't have enough money, tame your desires. Start saving for the thing that you want to buy. Avoid spending on a cup of coffee on your way to work. You can drink coffee at home or at work. If you make a coffee at home, it's a lot cheaper. If you drink at work, it's usually free unless your boss charges you for a cuppa.

There are plenty of things you can find where you can cut down your daily, weekly or monthly cost. You may be spending on things that you simply don't need to.

Contemplate for a while.... Are you spending on things that you simply don't need? With that money you can probably pay off your debt or even avoid debt easily.