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Stop chasing instant gratification and get out of debt with these five easy steps

by , 15 January 2013

South Africans have coined the term “Jan you worry” for the month of January. Not surprising when you consider that January is the most difficult month financially. People struggle to make ends meet, having blown their budgets during the festive season. Here's how you can reduce your worries now by getting rid of debt and get into the habit of saving.
Recent data from the Reserve Bank states that South Africa’s household debt is increasing faster than disposable income. This means many South Africans have already spent next year’s income.

Here’s how to save now so you can avoid worrying next January

Gavin Fourie, Your Unconventional Millionaire says “We choose to spend and not save and we’re doing it with credit chasing instant gratification, instead of planning for our future goals.”

According to Credit Bureau records, there are 18.6 million credit active consumers and almost half (8.55 million) have impaired records. Are you one of them?

“Many of us view debt as a necessity. We buy homes with it, cars and some use it to buy the basics clothes, food and furniture. But what few of us never realise is that debt isn’t a necessity it’s a luxury,” says Mark Ford of The Palm Beach Letter.

“It’s unnecessary because there are always less expensive ways of getting what you want and it’s dangerous because it can sometimes be very expensive,” adds Mark Ford.

So if you get into the habit of saving and paying off your debt, your, money problems could be a thing of the past. You can also afford to rest easy knowing that your future and retirement is secure

Follow these five easy steps to beat debt:

  1. Pay off all your high interest, short term debts as fast as you can. This way you’ll be able to grow your wealth much faster.
  2. Never use your credit card or take a loan to invest! Don’t invest money you don’t have and can’t afford to lose. If you don’t have enough money in the bank to buy something, it means you can’t afford it.
  3. Find less expensive ways to get what you need.
  4. Pay off your debt even if the interest rate is low.
  5.  Avoid buying car on credit. Non-appreciating assets (such as cars) will never make you happy if you have to pay their debt to service.
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Stop chasing instant gratification and get out of debt with these five easy steps
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