As a reader of this site (along with many average Canadians), there is a good chance you are working on getting rid of some debt. As you responsibly rid yourself of the red section of your financial spreadsheet, here are some killer habits to avoid.
While there are many out there, here are the top three that can hurt your chances of paying things off quickly and easily.
Too Many Credit Cards!
When you’re already in debt, using credit can be a dangerous game. Credit cards are easy to use, and sometimes tough to monitor. Especially when credit cards have gotten you into debt, it is a great idea to leave them at home when you can. When you’ve got multiple cards, it’s easy to spread your expenses across various accounts – in an effort to trick yourself into the idea that you’re spending less.
Keep your debt and credit card usage in one space when you’re dealing with debt!
Forgetting About your Balance
One of the biggest factors – and seemingly one of the toughest to do – is to keep a solid eye on your accounts when you’re in debt. Don’t put your head in the sand! Check out your accounts on a minimum of once/week to assess your current situation. Even if you need to set a reminder in your phone, calendar, or bathroom mirror, you’ve got to check in on your accounts.
The more often you review your information, the more tangible your debt will become. It’s easier to pay off a number you know, instead of an idea that you fear.
Falling for Deals
A sale is only a good thing if you were planning to buy that item anyways! Be sure to ‘shop with purpose’ instead of heading to the mall to aimlessly hunt for savings. Keep your spending low and avoid the temptation of deals and coupons when you should be saving and paying off.
Got any more tips and bad habits to avoid? I know there’s more out there, so let us know!
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