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How to avoid getting into debt in 2019

With the new year often comes fresh aspirations of who we want to become. Every human is often striving to grow or else frustrated in their state of complacency. However, the temptation is to disregard wise financial advice at the emotional response to what we perceive will meet our needs. A new workout gadget, an expensive gym membership, and a new vehicle, just to name a few.

Setting the intention for a healthier year should include your finances as well. Your financial well-being is just as important as your physical health. It is what gives your life stability and structure. However, high amounts of debt will sink your joy and peace of mind, if you let it.

Here is some advice on how to avoid getting into debt in 2019:

  • Own the day- When you own the day, your days accumulate to the habits and consequences that result. When you let the day own you, you are its slave and you are pushed by each wave and tide that dictates your reactions. Choose to own the day. Be proactive about what you want your day to look like and how you make that happen by planning and executing your intended schedule. You can avoid getting into debt when you live by a budget and when you can trust yourself with the money you have and save.
  • Live off half – Can you live off half of your income? Try to make it a goal to live off half of your income and invest the other half in your debts and savings. What can you do to save money? What can you do to earn more money? Answer these questions and examine your spending habits and what you need and want and how you can apply half of your income to your debts and/or saving for a new home or large purchase.
  • Emotional spending? – Do you find yourself spending money out of emotion? If so, you are not alone. There are many people who spend money when they are angry, depressed, happy, etc. Emotional shopping can create a burden on your financial health. If you notice this habit, re-direct yourself to process your emotions differently. Consider trying journaling, calling someone, exercising, or anything else that doesn’t require spending and still helps you push the emotions out of your body.

A new year can symbolize a new start and a new chance at living a higher-quality life. You are not alone in your quest for greater things in 2019, and much of that is determined by the amount of money you are able to generate and invest it wisely. The advice above is more conscientious ways you can begin to transform your financial health. You are the CEO of your life and your finances. You allow money to leave your wallet, depending on your values and needs. It is worth reflecting on these aspects to prevent debt problems and bankruptcy in the future.

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Columbia, SC 29210

Phone: 803-807-2565
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