Ruining something is much easier than repairing it. The same also applies with our financial condition. By letting debt to build up, we will ruin it and building up debts is really easy. In fact, many lenders are eager to allow us loan their money. The most common method is by repaying interest and paying some of the principal. The whole situation may drag on for months or even years. In this case, we should look for ways to choose the best methods that can bring more results. In fact, many people have reached their breaking points, because repaying their debts also means a huge decline in quality of life.
Many of us simply can’t stand the Spartan lifestyle and we may be tempted to return to our old ways. They do this by paying only the minimum amount of the debt, so they still have some money to sustain much of their original lifestyle. In reality, by giving up a few small things in our lives, we could still reduce our debts. We should look for the best strategy to save enough money, without making a huge difference to our quality of life. As an example, we could turn the thermostat just one degree lower during winter and choosing lenders that provide a few percents of lower interest rate.
Overall, we should try to have one important component; that is our staying power. People would find it much bearable to deal with their debt elimination program if they can sustain many of the original elements of their old lifestyle. In fact, inefficient lifestyle is one of the greatest threats to our eventual financial freedom. There are actually many things that are not essential to our enjoyments that can be eliminated. We may adjust the heating or air conditioner just one degree higher or lower, depending on the season and our climate. We could wear one extra layer of thicker clothing at home, if it means that we can save more money.
We could also turn off the light on rooms that we are not using. This is a small detail that we often forget. It is a good idea to invest on low-energy light bulbs. This simple measure should allow us to cut our overall energy consumption, by as much 20 percent. Halogen bulbs should be able to provide the same amount of illumination at only 25 percent of the power used by regular bulbs. It is true that these bulbs are much more expensive, but they are also 10 times more durable; so we don’t have to replace them too frequently. Instead of taking a bath, we could take a shower.
By taking shower, we should be able to save up to 90 percent of water that we may need to fill standard-sized bath. This also means that we need less energy to heat the water. If we want to have a relaxing bath, it isn’t necessary to overfill the tub and we could choose lower temperature, instead of nearly scorching hot.