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Oct 11, 2014

Are You Sabotaging Your Financial Freedom?               

If you shop in order to boost your mood, excuse your use of credit card with earning reward points or keeping up with the Joneses, definitely you are sabotaging your financial freedom. Many of us are unaware of these bad behaviors. But the only way to stop this behavior from drowning us in a deep pool of financial problems is by recognizing them.

To help you recognize whether or not you are sabotaging your financial freedom, check out if you are guilty of any of the list of bad financial habits below:

1.   Expecting someone else to handle your debts

People who are oftentimes in debt are too desperate to find solutions that they leave their problem to a lottery win, a help from a friend or a hire in the highest-paying job. Although, these are solutions which if it would happen would solve a debt problem, these scenarios are not common. Only 1 in a thousand people would win a lottery and believe me it will not be you today. So rather than depending your debt problem solution on someone else, start examining your debts and build up manageable and realistic solutions for each of them. Starting up a budget could be your first step.

2.   Buying more than you can afford

What separates financially stable individuals from those who are not is how they spend their money. The latter always end up spending more than they earn. Spending within your means is a very effective way to stay financially afloat. The moment you start spending more than how much your paycheck is each month, take a step back because if you won’t you will end up drowning in debt.

3.   Ignoring your debts

Are you guilty of any of the following behaviors?

  • Not answering phone calls from credit  card companies
  • Tearing off bills statements without actually reading them
  • Unconsciously being defensive when the amount of your debt is being talked about

If you have ticked off at least one from the least above, then you are guilty of ignoring your debt. But just so you know, constantly not minding of your debts won’t make you debt-free. The only way to pay off your debt is by acknowledging it. Once you realize how much you owe, the next thing will happen – you will be planning on strategies to repaying your debt.

Are your debts too much to bear? Resort to Niagara-on-the-Lake Auto Title Loans today and get instant cash access by using your vehicle’s equity as collateral.