We all have that moment when we need extra funds, and we certainly know it can’t be from our pocket. We then take the leap of reaching out to a person or institution for money. This leap definitely has its momentary ease but when the pay date draws near, anxiety and fear begin to set in. There is a question we all need to ask ourselves before popping the seven words “Please can you lend me some money?”

Before asking for money, do some soul searching and deeply inquire if you really need the money that you are about to request for. While it is true that there are some unprecedented issues that spring up, propelling us to request for urgent funds like an accident, sudden car break down, chronic illness, inflation in prices of goods and services, or others, the reality is that some debts people are currently in could have been avoided by simply walking away and waiting for pay day to come.

Let’s explore some causes of debts that could be avoided.

• Urge to purchase the latest device or appliance
• Frequent/ expensive hang out with friends
• Living above your income
• The persistent habit of wanting everything

Debt can be likened to a man whose pocket has a hole. No matter how much he keeps putting into his pocket, the money he has or saves up will never be enough. Therefore, immediate action needs to be taken before the debts become insurmountable.

STEPS TO BE DEBT FREE

Pay your debt on time: Rather than waiting to get a bonus or an increase in your pocket money, pay instantly or in installments. Resist the urge to do it later because this will lead to a drastic increase in what is to be paid (if borrowed from an institution) and you will certainly not be at rest when you see that person you borrowed every single day of work or at school.

Create a daily budget: This is a key that works like magic if followed dogmatically. It instills discipline and regulates your spending pattern. You assign yourself a particular amount and you are fully aware of how much to spend and the negative impact of your overspending.

Stay contented: We all have unlimited wants and I wish we could have all the latest devices. That is why we use the phrase want and wish. We don’t necessarily need these things they are mere desires. Take time to do some self-relaxing daily to concentrate on the things you truly need and try to look at the bright side of how lucky and blessed you are to have the things you currently have. The act of gratitude purges you from feeling incomplete or longing for what others want.