How To Improve Your View On Life With Better Personal Finance

by Lance Ekum on · 6 comments

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If you’re strug­gling to cope with a grow­ing moun­tain of per­sonal debt, the like­li­hood is that you’re not feel­ing too good, which is under­stand­able. When you realise that your debts need to be paid back, it can be hard to find a way out of your sit­u­a­tion. How­ever, there is hope, as you can get some assis­tance with try­ing to get your finances in shape. With sim­ple Debt Man­age­ment uk and US cit­i­zens can feel bet­ter about their per­sonal finances.

There are many rea­sons why being in debt can bring you down. Aside from know­ing that all your debt has to be paid back at some point, there’s also the fact that, if you do start pay­ing it back, it eats into your weekly and monthly bud­gets, mak­ing it harder for you to live the lifestyle you’ve become accus­tomed to. Mean­while, debt can also make it harder for you to buy expen­sive prod­ucts like TVs, cars and kitchen appli­ances. Debt can also make you feel glum because, in the cur­rent cli­mate, if you find your­self out of work with no income, there’s no know­ing what will hap­pen next.

Being in debt can be very dis­tress­ing, but by being proac­tive, you can start your jour­ney on the road to finan­cial sol­vency. By work­ing out how much you owe to your creditor/creditors, how much you can afford to pay back on a weekly or monthly basis and plan­ning your bud­get accord­ingly, you have a great chance of even­tu­ally get­ting rid of your per­sonal debts. Once you’ve achieved your goal, you’ll have learned a les­son and will feel much bet­ter about your­self and your abil­ity to live within your means.

Lance writes sto­ries from his heart, aim­ing to inspire and moti­vate, as you align more fully with YOUR true peak. When he’s not here, you can find him hang­ing out with his fam­ily, rid­ing a bike, or just gen­er­ally act­ing goofy.   Sign up for the Thoughts from the Tree­house newslet­ter and get addi­tional inspi­ra­tion in your email inbox!
Lance Ekum
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Jon Mertz July 6, 2012 at 6:34 am

Lance, This is an essential message, and it is one that needs to be taught in high school and college. Life can be so much different (for the better!) when the burden of debt does not exist. Without that burden, life can be approached in much more purposeful and flexible ways. Jon
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Lance Ekum July 6, 2012 at 9:07 am

Jon,
Just recently, I participated in an event at our local high school – where the junior class had a simulated exercise in what real life might be like. Kids were randomly given a life status (married/divorced/single/kids/etc) and then a career and salary. It was fun to hear them as they went through the different things they needed – and how much it all cost.

I saw it as a very good learning experience for them – and done in an environment where it was fun…

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Jon Mertz July 6, 2012 at 9:52 am

That is wonderful! I am glad to see that type of exercise happening… I hope it rolls into other schools as well. Thanks!
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David Rodwell July 12, 2012 at 1:44 pm

There’s only two types of truly acceptable debt in my eyes, a home mortgage and student loans, but still try for those scholarships and consider more reasonably priced schools! Here’s a good rule of thumb: don’t finance anything that depreciates in value e.g. cars. Credit cards are necessary to build credit so you can get the best rate on a home mortgage, but they should always be paid in full each billing cycle. Follow this simple rules are your life will be much easier!
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Lance Ekum July 12, 2012 at 8:21 pm

Great tips, David!!

We have a son who will be headed off to college in another year – and so we’re just beginning down that path of planning for a college education.

And – something I believe very much – is in paying off credit card balances each month. Great advice in living a life that’s not debt-strapped…

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