Facebook Twitter Instagram
    Facebook Twitter Instagram Pinterest
    BAUCE
    SUBSCRIBE
    • Hustle

      Here Are The Top 10 Websites Black Women Can Use To Find A Remote Job

      January 30, 2023

      Financial Influencer Reni The Resource Shares 8 Saving Hacks For Chronic Spenders

      January 27, 2023

      These Are The Best Companies For Black Women To Work And Build Their Career At

      January 23, 2023

      Franchise Expert Kechia Taylor Shares 5 Benefits Of Starting A Franchise Business

      January 25, 2023

      How To Create An Effective Open Enrollment Communications Strategy

      January 18, 2023
    • Believe

      What It Means to Retire as a Self-Made Woman

      January 11, 2023

      Entering Your 30s And Feeling Less Sure Of Yourself Than Ever? Consider This

      November 9, 2022

      10 Ted Talks To Help Black Women Entrepreneurs Grow Their Businesses

      October 14, 2022

      4 Ways To Set Yourself Up For Success After College

      September 29, 2022

      How To Build Your Confidence in 30 Days

      August 30, 2022
    • Earn

      How to Grow Your Investments at Home

      January 27, 2023

      5 Best Credit Cards For Black Women Entrepreneurs

      January 20, 2023

      Planning For Retirement Early Matters — Here’s Why

      January 27, 2023

      Financial Expert Octavia Conner Shares 5 Ways Women Can Prevent Foreclosures And Repossessions Amid A Recession

      January 18, 2023

      Here’s How Investing In Gold IRA Can Prevent Inflation After Your Retirement

      January 11, 2023
    • Live

      These Are The 5 Must-Have Accessories for Your Swimming Pool

      January 30, 2023

      The Difference Between Soft And Full Glam Makeup

      January 27, 2023

      6 Ways To Date While Traveling And Working Abroad

      January 26, 2023

      5 Tips for Increasing the Comfort of Your Home Office

      January 27, 2023

      The First Step: A Traveling Guide For Beginners

      January 23, 2023
    • Profiles

      The Founder of Gyrl Wonder Is Connecting Gen Z Women Of Color With Life Changing Opportunities

      February 3, 2023

      How This 28-Year-Old Made $11M From Founding Her Own E-Commerce Academy

      December 23, 2022

      How Aysia Hilliard, Founder of Trapstix, Leveraged TikTok To Accelerate Her Business’ Growth

      November 29, 2022

      Meet Kelley Jamison Who Is Opening The 1st All Black And Woman Owned Adoption Agency

      November 28, 2022

      Here’s How Beth Smith Redesigned Her Life: From Corporate CPA To Top Interior Designer For Home Goods

      November 27, 2022
    • About
      • Advertise
      • Jobs
      • Contact
    BAUCE
    Earn

    How To Truly Break The Cycle of Debt

    By BauceMay 26, 20224 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    People are often amazed to learn how much of life is governed by habits. That coffee you drink every morning, the space in which you like to park when you get to work, the way you say good morning to your co-workers — all of these actions are driven by habits you’ve developed over the years.

    Recognizing this about the way we function is crucial for those considering how to break the cycle of debt. Just like everything else, the way we spend, save and invest is predicated upon habitual behaviors. The good news is just as all habits are learned, they can also be unlearned — and replaced.

    With that in mind, let’s look at some ways to reconfigure our money habits.

    1. Get Your Ego in Check

    Our egos can be our worst enemies when it comes to doing something that will be good for us in the long term.

    Ego will tell us, “We work hard every day. We deserve something nice as a reward for all of the effort we put in. And, we should get it by any means necessary.”

    However, when those means include taking on potentially unaffordable debt, it’s time to tell ego to shut the front door and take a nap. There is nothing wrong with admitting you have to change your habits, and you don’t need to do it all by yourself either. Consult a professional like these insolvency practitioners London so you make sure you build a solid debt management plan.

    2. Ignore Social Media and TV

    If a faster method of convincing someone their lifestyle isn’t all it could be exists, it has yet to be revealed. TV is saturated with images trumpeting the message your life is less than it should be. Ditto-social media, its pages overflowing with people touting all the zing and bling their lives can bring.

    Looking at our existences in comparison, we’re often left thinking we are lacking.

    So, we go out and get some of those things — on credit — to feel better. Unfortunately, though, we can’t enjoy what we purchased because now we’re working too hard to pay the bill we created.

    Meanwhile, here’s the dirty little secret few people will share: Those lives we’re admiring on social media and on TV are debt-ridden too — for the exact same reason.

    3. Keep Your Mind on Your Money and Your Money on Your Mind

    Being mindful of our means is a solid step toward breaking the cycle of debt.

    It’s far too easy to engage in frivolous spending when we’re not being attentive to where our cash flows. If you keep a running tally of every penny you spend for a month and look back at it afterwards, you’ll be amazed to discover how much of what you think you need is actually stuff you want — and can live without.

    Along with that realization will come the ability to direct more funds toward the eradication of debts. This, in turn, can position consumers to work with an organization like Freedom Financial Network if their finances have become too unmanageable to address on their own.

    4. Kill Your Credit Cards

    Changing our response from “credit” to “debit” when a cashier asks how we’re going to pay helps keep debt at bay. Every item we charge digs the hole that much deeper. Every time we pay cash (or make a debit transaction) we take one more step toward daylight.

    Simply put, paying cash eradicates the creation of new debt.

    Cut up credit cards, remove their numbers from online shopping sites and change subscriptions services to draw payments from debit cards rather than credit cards.

    Now, with that said, there is such a thing as good credit and we need strong credit scores to take full advantage of it. Keeping accounts open will help boost a credit score, as long as we make using them as inconvenient as possible.

    5. Earn More Money — And Save It

    Lots of articles like this one will advise taking on a side gig to pull in some additional cash to deal with debts. However, to truly break the cycle of debt, we also need to put money away for that proverbial “rainy day.”

    Using that side money to build up an emergency fund of at least six months’ worth of household expenses gives us the ends to deal with unexpected expenses with as little debt as possible.

    Again, you’ll be surprised to learn — when you stop and think about it — how much of what we do is determined by habitual behaviors. These tips can help break the ones keeping us in debt.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Reddit WhatsApp
    Previous Article10 Celebrities Who Always Fly Private (And Can Afford It)
    Next Article How CBD Can Help Reduce Your Anxiety and Depression
    mm
    Bauce

    Bauce is a lifestyle site for the self-made woman. We provide empowering, informative, and entertaining content to help ambitious millenial women reach their goals, look fly, and stay confident. BAUCE is not just a publication -- it's a lifestyle.

    Related Posts

    How to Grow Your Investments at Home

    January 27, 2023

    5 Best Credit Cards For Black Women Entrepreneurs

    January 20, 2023

    Planning For Retirement Early Matters — Here’s Why

    January 27, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Your Go-To Resources

    How To Truly Break The Cycle of Debt

    It’s Time To Stop Sleeping On Your Credit Score, Sis – Here’s Why

    These Are 15 of the Highest Paying Careers To Pursue

    15 Good Jobs That Women Can Do From Anywhere Without Experience

    Here’s How To Trick Yourself Into Saving More Money

    Facebook Twitter Instagram Pinterest
    • Advertise
    • Privacy Policy
    • Contact
    • Jobs
    © 2023 BAUCE MEDIA LLC

    Type above and press Enter to search. Press Esc to cancel.