I know firsthand it’s hard to stay debt free and many of my friends laugh at how committed I am to living within my means. What they don’t understand is the freedom I experience in owing absolutely nothing, and how hard it can be to dig your way out of debt accumulated over many years. Being stuck with monthly payments eliminate any benefits they could experience of living debt free, but more and more people are slowly waking up to the advantages and starting to adjust their lifestyles and are moving towards financial freedom.
Avoid using your credit card online
One of the easiest ways to go into debt is to use your credit card online and because sites make it so simple to pay for goods and services on offer, you often won’t weigh up the costs of using your credit card before it’s too late. Credit card purchases have some of the highest associated fees and there’s also that nasty little catch called interest. Every time you use your card online you will accumulate interest on your balance, and the only way to avoid debt and still use your card is to settle the balance in full before the end of the month. If you want to game or shop online rather use ewallet or EFT services where funds are deducted from your actual account and not from your credit card, meaning you are always aware of how much you are spending.
Set a limit and stick to it
Let’s imagine you are an avid online slots player and enjoy a couple of games every evening. In order to stay debt free you will need to set yourself a limit of how much you can afford to spend and stick to it. Credit cards create the temptation to exceed your limit and spend more, however then you are breaking the essential rule of buying something you can’t afford. If you don’t have the cash to spend, don’t play any further; it’s not always easy, but try and understand that this principle is important as it’s there to help you.
If you are determined to stay debt free stay committed to avoiding debt from online purchases and only spend what you can afford. Financial freedom will be one step closer if you show your commitment to avoiding the online debt trap.