Escaping the Jaws of Debt- Part 2

In order to relieve myself from the stifling hold of debt, I employed eight useful strategies and four of these were presented in Part 1.

Part 2 presents the final four strategies which are seen below.

5. Seek Wise Counsel Before Major Financial Decisions

I made a vow that before I run out and purchase that new car or make that next big investment, I will seek out the wisdom of others. No one person knows everything or sees the picture from all angles. The perspective of the wise can prevent us from falling into financial pitfalls. Not only financial, but the pitfalls of life. I have seen the benefits of doing this as it has helped me to not make many wrong decisions in my early stage of life, such as, buying that brand-new car.

6. Sacrifice is Required

When I realized that my entertainment budget was almost maxed out and my friends called me to go to the movies, sacrifice was required. If I could not afford it, or a friend would not sponsor, I stuck to my budget! If something important came up that required my finances, and the budget for that was maxed, I took the money out of another budget (for example food).

7. Just be Patient

You can get into debt in a moment but to come out of debt takes a process. It did not take me long to realize this, and that a change in my lifestyle was required. My spending habits and urges had to be managed and changed. I had to take this in baby steps, and ensure that I did not become frustrated. I learned to be encouraged by the slightest signs of progress event if it was $1 less in debt at the end of a period. I had to be patient with myself and contented with what I earned. This process was meant to change me, to become a better manager of my finances…so I embraced it!

8. Still I followed my Heart and Gave!

There is a law of the universe: “Give and it shall be given back to you”. Even the largest of businesses and organizations follow this law and reap the benefits. Even while in debt I made it one of my priorities to give into the good causes that deserved my finances. It’s not good to keep all that we earn and possess to ourselves instead we can distribute some to others or a worthwhile cause. I ensured that I gave every single month and I still do it!