Worrying money puts strain on your physical and mental health. Most Africans suffer from debt stress and not only them but also to some other people around the globe. Debt stress does not bring good health to you. If you are worried about personal loan debt, then there are smart ways to reduce it.
It is considered that debt is one of the reasons in life that could trigger stress. There are many healthier ways to manage money that could lessen the stress on personal loan debt that you feel. The following are several suggestions that you can apply.
1. Give Value for Your Money
Try to identify your money relationship. Dig a bit deeper to check the values that attribute with regards to money. Ask questions to yourself like;
• Why expensive brand names are important?
• Why is it that having enough money is important and keeps me awake at night?
Write the answers to these questions on a piece of paper. This can create a state of mind regarding money. This is also considered as the initial step in gaining control on how to use it wisely. When there is a proper state of mind, you can build a good strategy to solve the problem.
2. Recognise Credit
According to research, people that are stressed go into more debt to feel strong. So, even though people are maxed out of credit cards, they still feel a sense of freedom when they get a new credit card or perhaps increase their credit limit. This is an issue of short-term against log-term opinion.
3. Build Self-Control
Make sure to develop self-control when shopping. Control your urge in spending cash. You can buy inexpensive clothes that do not look cheap. Keep a record of all spending activities. This can help you gain self-control when it comes to spending money.
4. Do not Go Shopping when You are Down
According to study, you are in urge to shop for expensive items when your ego is threatened. So, when this happens, never to go shopping. It is better to stay at home and shop for the next day.
5. Focus on Sales Item
When shopping, choose sales items. They are sold at low cost and you can save some cash on them. You can also buy generic brands when it comes to medicine.
6. Cancel Unimportant Expenses
Newspapers, magazine subscriptions, and many more are unimportant expenses. You can avoid them by controlling yourself. Consider your needs and not your want to play safe. Your needs include daily food, clothing, and personal necessities. Your ‘want” is not really important and you can have them when there is an extra cash later on. It is important to consider your needs first.
7. Buy in Bulk
Buy groceries in bulk that could sustain for 2 weeks. You can save cash in buying wholesale rather than in retail. When buying bread, be sure to look for its expiry date if this can be consumed for 2 weeks or not.
By following the tips above, this can reduce personal loan debt and can avoid you from stress.