How To Improve Your View On Life With Better Personal Finance

by Lance Ekum on · 6 comments

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.

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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{ 5 comments… read them below or add one }

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

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…


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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