How to Practice Debt-Free Living
When it comes to money and our finances, one aspect that has not been given much attention is our mindset toward it. We know from psychology that behavior, whether about money or anything else, is greatly influenced by our thoughts, beliefs, emotions, and attitudes. Our financial habits are no exception. How we choose to spend or not spend money is directly linked to what we believe and how we view money. All of this has been shaped by our upbringing, fears, past experiences, and education. Our understanding of money and financial matters also influences our relationship and understanding of debt. In America, debt has been seen to be a way of life. Most people and households are living with debt because, for the longest time, it has been taught and believed that one cannot function or live without debt. This is not true. A debt-free life is possible, it’s not easy, but it is possible. Each person’s journey with debt is different and it is important not to blanket everyone’s reasons for debt, however, it is of vital importance for us as individuals to ask ourselves honest questions about why we are in debt and how we can achieve debt-free living. Below are some common reasons why people find themselves in debt. Student loans. Unplanned expenses. Lack of financial literacy. Job loss. Impulse buying. Consumerism. Gambling and addictions. Income loss due to disasters or emergencies. How to live debt-free Go against the grain Dave Ramsey is quoted as saying “Debt is normal so be weird!” It has almost been ingrained in us that it is impossible to live without debt unless you are super rich, but that is simply not true. With the right education and changing attitudes and beliefs, many people are choosing to live debt-free. This is [...]
