9 Year Mortgage Shares 5 HORRIBLE HABITS To Conquer
Hearing the words “debt addiction” may sound like a joke given that addictions are commonly associated with food, drinking, and drugs but it is an issue that is rising in America and across the world that should be addressed. 9 Year Mortgage is here to help with 5 horrible habits that you can overcome before it develops into a bigger issue.
Are you that neighbor that borrows a lawn mower or casserole dish and never returns it? Do you frequently ask others to borrow money and don’t pay it back within a reasonable amount of time? The borrowing mentality can be a really strong first step to debt addiction. Figure out how to do things without constantly relying on others. Borrowing every now and again is understandable but ensures that you return the item in a timely manner and that you’re not constantly procrastinating. Although this does not seem like a big deal (the way that you handle small debt, like a casserole dish or power tool) think of it this way, if you can’t handle taking care of small debt than it is most likely larger debt will get the best of you.
2. Binge buying
It’s tempting to use your credit card at the end of the month when your allotted amount of spending money is gone, but this is an awful habit. If you can live without it… then live without it until you have the money. Using your card in these shopping impulse moments will lead to more accumulated debt and over time can make or break your financial status. Even if what you want is on sale put it off for a little bit and come back when you have the money in your pocket. You and your future credit scores will be grateful that you did.
3. Stay in control
Don’t shop for groceries when you’re hungry. Have you heard that one before? You ALWAYS end up buying more than you anticipated and everything looks so much more appealing when you have that craving. Well the same thing goes for any category of spending money. Don’t go out on a spending spree when you’re emotionally unstable or in need of comfort. You will inevitably spend more money on wasteful unneeded things in your time of emotional distress, and then regret it later. Wait until you are stable and have your budget in one hand and your shopping list in the other.
4. Cash Back?
Some people budget best when they have the money in hand and can monitor how much they are spending while others find it more practical and efficient to use their debit card on a shopping run. Find out which is best for you and stick with it. Another way to manage your money is to avoid depending on a “cash back” card. Supposedly you spend money and then earn points and even get some of the money back but in reality you are only earning a very miniscule percent of the money that they claim you are receiving and all the money that you were “given” will barely even cover your interest for that one shopping spree. Break this habit of instant gratification. Replace it will a mindset of your monthly budget and expenses and spend wisely along with saving wisely.
Wrapping it up with 9 Year Mortgage
Avoid the debt cycle. Don’t pay one credit card off with another one. In the end you will become more and more overwhelmed and finally cornered with all the debt that you have simply been moving around and not taking care of. Pay off your balances and stop this cycle, it is a big step towards falling into debt addiction.
If you can see yourself in any of these habits make the changes that you need in order to keep yourself financially in check for now and in the future. You may be surprised how little changes can make a big difference.
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