Before going into debt there are a few things that everyone should consider. Taking on debt is a major responsibility that should always be taken seriously. If you are thinking about getting a loan anytime in the future, take a look at these key points that you should consider beforehand.
1- Is the debt necessary? Could you possibly pay for the item with cash? Could you save up enough cash in a reasonable amount of time in order to skip going into debt completely? Maybe you are buying a new car….could you get a cheaper car in order to pay with cash or get less debt? Are you getting student loans? Maybe you could consider getting a job during school so that you could get a smaller amount of loans. I am not saying that all debt is unnecessary. I agree, that in many cases debt might be the only way, but in all cases possible it is best to get only the amount of debt that is necessary.
Check out our new movie that quickly explains what a debt snowball is!!! Let us know what you think!
How often do you check your bank account? Do you check it EVERYDAY? If you opened it up right now would you be surprised by what you see? There is nothing worse than dreading looking at your bank account, not knowing what you are going to see. BUT there is nothing better than opening your bank account and knowing what you are going to see. If someone were to make a fraudulent purchase of $50 from your checking account would you notice? Here’s a story for you, one time we signed up for a free trial of Amazon Prime (which I highly recommend). The trial was for 30 days and after the 30 days were up your account was automatically charged $80 for a 1 year subscription. After signing up for the free trial I completely forgot that I was going to be charged. BUT I check my bank account EVERYDAY. When I checked my account and saw that I had been charged $80 for Amazon Prime, I knew something was wrong. Luckily I caught it in time and I was able to contact Amazon and they were kind enough to cancel the subscription and refund me my money. If I hadn’t checked my account I would have been out $80! That is $80 extra dollars that I could have put towards my debt snowball! I have to admit that is not the only time this has happened to me. I also signed up for a free trial of Dave Ramsey’s budgeting software, books, and budgeting tools. Long story short, the same thing happened and Dave’s company was kind enough to also refund me my money and they let me keep the book and budgeting tools that they sent me in the mail as a free gift! I can promise you that checking your bank account daily pays! You won’t regret it and it will help you with your debt snowball.