Everything is becoming too instantaneous in this world these days, with the advancement of technology. Things like instant coffee, instant food, instant relationships, instant credit and what not?. Gone are the days where you order for something and wait patiently for weeks or months before you could actually lay your hands on it. The more instantaneous everything in life becomes, the more humongous is the trouble that comes along with it.
Instant gratification is a phenomenon, where one tries to achieve everything in life without much planning and forethought. It is just quenching that underlying emotional thirst at that instant without thinking about the future.
It applies to each area of our life, and the most important one is finance. Think how many times we have been trapped in debt just because we wanted to purchase or invest in something instantaneously without thinking. Just when we do window shopping, a very cute LED television or an awesome attire attracts us. Though we don’t have the funds to purchase it on our own, we go for hire purchase with credit cards just to satisfy that trigger for an instant pleasure.
After a few days of taking it home, we are engrossed with the worry about clearing the incurred debt. Sounds familiar? I have experienced this many times in my life, where I purchased things that attracted me on the first sight but found them to be of no use later. Believe me it is really painful and it makes you a slave to debt and takes away your freedom.
But, take heart, nothing is over until we give up. If you are trapped in such a situation, just make a master plan to come out of it. Follow these steps to help yourself out of the dangerous debts that you have heaped upon yourself
1. Avoid another unnecessary purchase at least till the existing debt is cleared off. It could be a very small step like reducing the frequency of eating out.
2. Try to mobilize funds to clear off the high-interest loans first, followed by the low-interest ones and in that order complete paying all the loans.
3. Put a check on your spending habits by making sure you don’t splurge onto anything unnecessary. Purchase only things that are absolutely vital.
4. Try to meet up a financial counselor and take professional help. They would have a lot of ideas specific to your situation
5. Don’t replace any of your existing items like car, furnitures, TV or other electronic gadgets, if the existing ones can be used for some more time. Hold off that urge to buy it immediately.
So, the next time when something flashy captures your attention while walking in your favorite shopping mall, make sure that you have the funds for it, even before having a second look at it!
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Author: Brucelin Kithion
software professional with a flair on writing articles and stories that motivate people to live a better life. Blogs at http://lifejottings.org