Spending less than you earn will get your out of debt
Over at FiveStar Man, an old article talked about techniques for overcoming procrastination. It was amazing how simple and powerful the advice offered really is! This technique, although modified slightly, is also a guaranteed method of eliminating your debt.
From the article:
The first law states, “Standing objects tend to remain stationary.” The second law is the inverse: “Moving objects tend to stay in motion.”
When you stand still, you tend to remain in a procrastinated state. When you start getting things done, you tend to complete one task, then go onto the next one until your tasks start falling off your list at an amazing rate.
With debt, there are two simple and powerful rules you can follow to start moving your toward debt freedom. The first rule is to spend less than you make and stop accumulating more debt. Simply put, “Stop borrowing more money!” After you stop creating more debt, you can start with rule number two. The second rule is to pay extra on the debt each and every month.
These two concepts can be summed up in one simple phrase, “Spend less than you earn!”
No complex equation, no long boring lecture! Simply increase your income or reduce your expenditures.
What can you do to increase your income? What can you do to reduce your reduce your expenses? Share what you have done or are currently doing to create a larger gap between income and expenses.
Answer the question “How do I get out of debt?“.