Out of Debt by Being Thrifty

Get out of debt by changing to a Thriftystate of mind. This law says you’ll spend less than you make.

But don’t confuse Thrifty with Cheap. It’s important to know when and how to spend money.

For example: You don’t need to buy the latest tech toy while the older version is doing just fine (which could accomplish another scout goal of conserving natural resources).

It doesn’t do any good to skip a doctor visit because of a $20 co-pay, if you end up in the hospital a few weeks or even years down the road.

When you go buy clothes or a pair of shoes Thrifty would say buy a year in advance at the nicer retail stores. Buy just when things are going out of season and you will have them for next year. That way you buy quality, stylish items at a good price.

Being thrifty when you have less money is relatively easy. The tough part is remembering to stay thrifty when money isn’t a problem. And convenience might tempt you to spend more money than necessary.

Let’s look at this a little closer.

Being thrifty can help you get out of debt. This is a lifestyle change. The more I look at this the more I see that getting and staying out of debt is about how you think about everyday things.

You have to think further and say what debt assistance will I use to change my mindset and lifestyle? What will I do to make sure that I use all the different ways to get out of credit card debt and every other debt?

The saying goes “a penny saved is a penny earned.” You could be saving hundreds of dollars each month that can go toward debt by being thrifty. Shop sales, plan ahead, don’t eat out when there are leftovers in the fridge, use gasoline wisely, maintain your car instead of paying for huge repairs, etc.

I have found that being thrifty is fun. I am excited every time I go to the store and see how much I saved!

"A man in debt is so far a slave,"
Ralph Waldo Emerson.

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