So youâ€™ve finally made it â€“ youâ€™re now debt free. Congratulations. However, now that youâ€™ve achieved your dream, you need to be extra careful not to fall back into the bad habits that got you into trouble to begin with. Hereâ€™s what you need to know to maintain your new debt free lifestyle:
Keep a Reminder of the Pain
I always suggest to people to hold onto some of the most outrageous bills from when they were deep in debt. Keep the worst of them in a picture frame in a kind of collage of debt. It will serve as a constant reminder to you of why you need to remain debt free for the rest of your life.
Treat It Like an Addiction
Another suggestion I give people who have been through the trauma of being in serious debt is to treat it like an addiction. Think of your bad debt as being something which you may easily fall back into, just like drugs or even like having been on a diet and then falling off the wagon. Get friends and family involved to help you stay debt free. Explain that you have a problem with spending money and you want their help to make sure you donâ€™t fall back into debt.
Just like with any addiction, you will need to have a plan of action, and form newÂ and healthy habits. Find the pleasuresÂ of financial planning and becoming responsible with money.Â Saving money can be just as addictive as spending it, but it isÂ an addictionÂ thatÂ comes with betterÂ consequencesÂ for your life.
Join Online Communities
There are lots of forums devoted to helping people recover from serious debt problems. You can join such communities and help others. Not only will it feel good to help others with their problems, but it will also help you to stay strong in not falling into the debt trap that you had been in until now.
Donâ€™t Go Crazy
Just like when you go on a diet, you need to allow yourself a treat once in a while or youâ€™ll end up binging. This means that itâ€™s okay to splurge once in a long while and go out to eat or get yourself that cute dress you had your eye on. Just put yourself on a schedule and budget so that you know you have to save up the money to buy the thing that you want instead of wasting piles of cash buying something on credit.
Leave Credit Cards At Home
When you go out window shopping, leave your credit cards at home so that you arenâ€™t tempted to spend money buying things you donâ€™t need. If you really need to shop for something, bring along some cash so that you can splurge without going crazy on the credit cards.
Avoid Opening New Credit Card Accounts
You do need to hold onto a credit card or two in order to make sure that you wonâ€™t have problems later on if you want to buy a home or rent an apartment. However, at the same time, avoid signing up for those store credit cards which offer you 10% off your first purchase. While that can be a good deal when you want to make a big ticket purchase, it may be a problem for you as someone who wants to remain debt free.
Find Free Things That Make You Happy
Spend more time hanging out online at free forums, visit free museums, learn to take a walk in the park somewhere, do whatever you enjoy that doesnâ€™t cost money. By doing so, youâ€™ll find yourself avoiding spending money on your credit cards and youâ€™ll be able to keep from falling back into your bad debt habits.
Save The Money for Retirement and Emergencies
Finally, now that youâ€™re debt free, youâ€™ll find that you have more disposable income since the money you had been spending to pay down the debt is no longer getting spent. Instead of spending the money on things you donâ€™t need, put it away and build yourself a bigger retirement savings account and or an emergency fund so that when you do have problems youâ€™ll be able to remain debt free for life.
Need help with bad credit? Try Bad Credit Personal Loan Source..
Here's a good product to help with credit repair and bankruptcy: The Attorneys Guide To Credit Repair.
The 30 Day Credit Miracle Credit Repair System! Get A Huge (75% Commission) From One Of The Most High Paying Credit Repair Systems On CB!