Thursday, July 18, 2024

Save Your Family From Debt Disasters With These Savvy Tactics.

January 4, 2019 by  
Filed under Business, Money, Opinion, Weekly Columns

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(ThySistas.comHomeless, destitute, and with nowhere to turn. That is is the worse case scenarios that many people try not to think about when it comes to getting in over their heads when it comes to debt. Of course, by being more careful and knowledgeable about money, you can nearly always avoid getting to this extreme stage. A topic you can get some advice on in the post below.

Spending money on unneeded items is stealing from yourself.

So much of our lives are dominated by consumerism. Not only do we have to contend with the advertisements of customer goods on TV and the radio, but they are now all over the internet as well. The thing is that we rarely need the items we purchase but instead fool ourselves into thinking that want them, and that our lives just won’t be the same without them.

Of course, this is rarely the case in reality. In fact, by getting better at delineating between what we actually want and what we need we can help to head of debt before it gets unmanageable.

Debt is something that must be controlled.

Uncontrolled debt is like a disease that will negatively affect your finances if it isn’t checked. That is why it’s crucial that you keep control of not only your spending but what you already owe as well. After all, if you don’t keep an eye on the cost of your debt, you could easily find yourself in the worst case scenario mentioned above.

Of course, it’s worth knowing that even if things do get out of hand, there are still tactics you can use to regain control of your financial situation.

One of these is to file for insolvency something that a bankruptcy lawyer can help you to do. In fact for many people on the brink of debt disaster bankruptcy is an excellent choice because it cancels out a lot of what they owe.

This means they are then free to start again financially without all of the crushing pressure of unreasonable debt weighing them down. Although just like any debt solution it’s crucial to examine both the positive and negative effects before you make the decision to go through with it.

Give love not stuff.

Do you know what can help your family avoid a debt disaster right now, but also in the future? It is teaching your kids that money and love are not the same thing. Yes, that’s right many parents believe they can buy their children love and loyalty by giving them material items that they want rather than quality time and attention!

However, what children really need is to be listened to, and cared for, not the latest pair of sneakers or the most expensive bicycle! To that end, make it a habit of sitting down and spending some quality time with your kids whenever you can. Your family will be richer for it, both regarding love and happiness and in terms of money as well. Something else that may help to prevent you from ending up in a debt disaster.

Staff Writer; Lisa James

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