Groupe Serpone Offers Sound Advice on How to Prevent Excessive Debt
Prudence and Discipline
With the evolution of technology and the emergence of new means of consumption (credit cards and online shopping, for example), our consumer habits have changed. We focus more on the immediate acquisition of goods, while creating artificial needs for ourselves. Traditional shopping at the store is becoming a thing of the past. With so many ways to spend our money so fast, we have to be very careful and practice discipline to resist temptation.
Over-consumption leads to over-indebtedness. Below are some things you should do to avoid getting into this predicament. Our experts have put together these tips to help you avoid the pitfalls of consumption, and keep your debt under control.
- Pay in cash
- Use only one credit card
- Make your payments by the due date
- Avoid impulse buying
- If possible, sleep on it before you buy anything, to make sure you really need it
- Avoid buying anything from telephone or door-to-door sales people
- Buy used goods rather than new ones to save money
- Borrow items from family members or friends to save on some expenses
- Analyze all the obligations contained in a contract before signing it
- Calculate how long you will have to work to pay for a purchase
- Monitor the status of your personal finances
- Analyze your spending habits so you can make the appropriate resolutions
- Prepare a budget and record all your income and all your expenses
- Prepare a balance sheet and analyze your financial situation each year
Implementing these tips can help you restore some balance to your budget if you are having debt problems. However, nothing can replace a consultation with a qualified member of our team.