Top 4 Lies about Money that Could Be Keeping You in Debt

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By : Admin
Money 27/02/2018 11:36am
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According to report, more than nine million people all across the UK are living with serious debt issues. It was also revealed that only a few people were trying to get professional assistance to get out of debt. More than 40% of UK’s population is struggling to pay their debt. By simply accessing free advice, millions of people could easily escape the spiral of debt. But before that you should try to indentify the lies that you often tell yourselves about money that can help you to contribute to your debt. It will not only help you to stay out of debt but also start a business and reach some other type of financial goal.

The top four common money lies that are likely to keep you in debt are-

You Do Not Know Anything About Money

In the era of Google, there is so much information about money available that there is no excuse of being ignorant. You are likely to find good as well as bad information, but you cannot say that you do not know anything about money and debt. Do not get caught up in evaluating every principle for finances. Instead, take one small step at a time. You do not have to become an expert and you do not need to know everything. All you should do is try to learn as much as you can. The more knowledge you will have, the more beneficial it will be for you and more opportunities will start arising. It will wholly depend on how you manage your money that will help you to determine where you live, what you eat, what you drive and how you dress.

You Work Hard, So You Deserve It

No one is ever going to say that you do not work hard or you do not deserve treats. Instead you should ask yourself why you need a reward. When it comes to your job and career, there may be times when there might be lack of fulfilment. Besides, it will be easy for you to just justify why you need to purchase things to make yourself happier. The real problem might be something else. So, instead of making excuses and working hard at something that you do not enjoy doing, try to make a shift.

It Is An Emergency Situation

The real definition of an emergency is when you face any sort of unexpected or unplanned situation that calls for immediate action. Not all expenses can be categorised as emergency. Some of actual emergencies can be such as losing a job or car breakdown. But most of what people consider to be emergencies are expenses that one could have planned ahead for. So, it is not only about finding out what goes in and out monthly, but costs which you can plan ahead for.

You Buy Things On Sale

When you say that you got 50% off, it is not about the money you saved, but the 50% that you have paid for something that you did not really need. Besides, if you are already in debt and do not have enough saving, it will never matter if the things you have bought was on sale or not. If you didn’t really need or if it wasn’t an investment for your professional or personal development, then you are only lying to yourself. Such decisions will never let you get rid of your debts. Instead of spending money on something that you didn’t need, you could have used that to pay your debts or save for your future.