Get rid of debts in 2021 through the following tips provided below. They may seem hard but doing them step by step will definitely eliminate all your debts and provide you with a clear financial path.
We are humans, we get attracted to a lot of marketed items/services and we pay for them. Purchasing items are not unadvisable but buying unnecessarily is highly unwise.
Why would you buy an extra pair of socks when you already have a dozen? You just buy basically because of its appearance and how it’s packaged. If you keep on doing this especially when you don’t earn as much as you spend, you will keep on buying on credit and this leads to piling of debts.
To get rid of debts in 2021, we all need to spend less on trivial items and save more by not purchasing things we already have. Even if you are the type of person that visits the hairdresser’s or barber’s shop weekly, you could try doing this monthly. This will reduce the expenses spent on your hair and you will be able to use such money to settle other piled debts.
Cut back on take-outs/eating out
In Nigeria, the majority of workers eat their lunches out. That is, rather than packing food from home to take to work, they prefer to have lunch in a buka or a restaurant. Some of these workers may not be able to pay immediately for the food they buy daily, so they tell the vendor to wait till the end of the month. This is because they rely on their salaries thus they are already spending ahead before the salary even comes.
Imagine in a week, a regular Nigerian buys food, once daily on credit excluding the weekend; that’s five times in a week. And that’s twenty times in a month. The debts piled for this will be huge and eventually such a person won’t be able to use his/her salary for anything substantial.
If you are the type of person who doesn’t have time in the morning to cook, then create that time. You may not stop buying food entirely but you could reduce it by using the resources you have at home to prepare something for yourself. Besides, homemade meals are proven to be more nutritious than restaurants’.
Stop impulse spending
Buying items without planning to do so is very common among Nigerians. Discontinuing the act of impulse buying is another way to get rid of debts in 2021.
When a typical Nigerian goes to the market to purchase a specific amount of goods, he/she will not return home with those exact items. It’s either such a person buys more or less, though buying less is better. Buying more than what you intend is not advisable especially if you’re popular among the sellers. Being known among the sellers makes it easier for you to purchase items on credit which eventually becomes a pain in the ass for the sellers.
To avoid this, always make a list of the necessary items you want to purchase, then stick to that list. I know it’s not that easy for a lot of people to not be impulsive in spending but discipline yourself enough to do so and you’ll see how a large part of your debt will diminish.
Reduce your wardrobe contents
This applies primarily to women. Women love clothes and accessories. Though some men do as well. Some people can’t afford to buy clothes every season, but they still buy. They spend their salaries or any money they earn to buy flamboyant and quite expensive clothes. They pile up the expenses spent on these clothing and at the end they won’t be able to pay up.
Clothing can and should be managed. You can work with the ones you have to achieve a great appearance. Combine your clothes well and you won’t have to spend unnecessarily on buying new ones every time.
In addition, buy more quality goods as they tend to last longer. Thus, minimizing the tendency of you spending twice if you buy something of lower quality.
Invest your money
Investment today guarantees a better future and it is the most lucrative way to get rid of debts in 2021. Everyone needs an investment plan in order to grow financially.
If you’re the type that has debts piled everywhere, you can use this to do away with them all. Investing in the right system sets you free financially and you are able to pay all debts with ease. As a wage/salary earner, you can use a portion of the money you earn to invest.
There are various investment platforms on which you can invest with as low as a thousand naira. And at the end of it all, you reap the benefits. All you need is patience and the right mind.