Even though dept is a happiness stealer, many debtors are not ready to give up parts of their lives to unchain themselves from debts.
Over 50% of debtors say that they wouldn’t give up their cars. Moreso, up to 30% say they would not give up their vacations for up to 12 months for the sake of debts.
However, if getting off the debt chains is one of the top priorities in your list, knowing the Things You Can Give Up to Pay Off Your Debt is the first step to achieve a debt-free life.
Below are expenses that are worth cutting off if you want to pay off your bills and live debt-free.
If you are entitled to a monthly salary, your monthly subscriptions on the other end strive to pull it down. When was the last time you checked on your recurring expenses and cut off the less needed ones? Services like Cable TV, gym, and other monthly subscriptions can add up to an unimaginable amount. But you pay them independently so you may not realize.
Moreso. Since you may have an auto subscription feature on the platforms, you may be paying for subscriptions that you no longer use.
Many debtors argue that eating out saves time which in turn improves productivity and then returns. Assuming you spend $10 on breakfast and $15 on lunch that is $25 per day and $125 in just five days. In a year that is over $6,000 on just eating. If you substitute this by carrying your lunch box to work and making a cup of coffee every morning you would cut this figure by over three quarters. The problem gets worse for those who dine and spend weekends out.
This is another area where many think it helps in cutting down costs. But sometimes it just does the opposite. Buying in bulk makes you buy extra eyeing on the short term savings. Rather than buying everything in bulk, think of the amount that is just enough to push you for a specific period of time. It doesn’t make sense buying a bunch of avocados, only to go bad at your place.
In the modernized social media era, everyone is posting themselves showing their fancy clothes and quality phones. Vacation pictures on Instagram may make you feel pressured to spend money on one.
Social media creates a tendency of comparing oneself to others in unseen battles of a more ‘cool’ life.
Avoid overspending for the sake of the ‘gram’. Prioritize your goals and not the ones set by the society.
Having an understanding of things you can give up to pay off your debt will guide you on what to spend on and what to flag as not-necessary. Tracking your expenses and having your priority list updated regularly will also enable you to achieve a debt-free life.