Debt is a growing problem with families around the world. A lot of this problem comes from an impulse buying. You go out, see something you like, and if you do not have the money in your pocket you put it on a credit card or finance it. This is one of the biggest reasons why people are drowning in debt. This is just a simple idea that may help with this problem.
This idea is created to help you stop buying on impulse. It is also geared towards keeping you from grabbing that credit card or finance application every time you see something you just can’t live without. This plan will take some self control that if you follow it you will find that you will have lesser debt.
This method works but taken a loan out with yourself instead of a bank or a loan company. If you’re walking down the street tomorrow and see an item you think that you cannot live without do not grab for that credit card. Instead make an agreement with yourself that you will pay yourself the full amount of the item before you buy it.
Figure out how much the item will cost and in what time period you want to pay off the loan. When you have paid the loan off, to yourself, take the money back to store and buy the laptop for cash. You will not be able to get the laptop today but you will save and load of money in the end.
Make yourself your home loan company to make your payments to. You can pay to a bank account, online debit account, or a cookie jar on your kitchen counter. Just create a place where you have to take your payment to. This will make it seem like a real bill and keep you encouraged to keep making the payments. In no time at all you will have made your last payment and be ready to go pick your item up.
This is also a great way to make sure you are not making an impulse buy. If it is going to take you to three months to pay off the loan to yourself you will have plenty of time to make sure you really want the ring. If you get three payments and find out it is not something you really want then you either have the extra money to spend or you can save it for the next ring that you see.
It will be a great day when you pay the loan off and are able to take all that money and go pay for the item that you been wanting. You will not have to worry about monthly payments, that marks a new credit for missed a payment, or the credit company coming back to get your merchandise . Once you have paid for it is all yours and that in it self is a great feeling. There are times when you will need a loan company. But if you are not making a purchase over $1,500.00, then there is no reason to go get indebted to a loan company.
This is not a plan that will take a rocket scientist to work. This is just plain common sense put in a method. Now this will take some self discipline and control to keep on track but if you set your mind to it you should have no problem.
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