Southbourne Tax Group Review - How to avoid incurring more debts

To begin, Southbourne Tax Group would like you to remember this specific quote by Colin Wright, “Debt is both anchor and agony. It weighs us down and makes gravity painful.” This might be a good addition to your resolve on not to add any more debts.

The Southbourne team began their research on the subject by having good conversations with a few financial coaches to know their own explanation of getting out of debt and their suggestions to people. Each of those experts has good characteristics and is dependable on their field. Surprisingly, some of them already hit financial rock bottom, however, their changed financial lifestyle and commitment brings back their personal finance on the right track.

The financial coaches said to Southbourne Group that they want to inspire people and help them to get out of debt by sharing their own stories and financial struggles. Enumerated in the following includes the summary of the team’s garnered data from their own research and from their discussion with those experts.

Be very responsible

Always be in control of your personal finance to avoid having debts. If you currently have a good financial situation and have no debts then that’s good, but don’t ignore the fact that “things don’t go as planned sometimes”. You may not know it but you’re already falling hard on your finances by having no control on your spending. Set a budget and follow it by all means with a strong disciplined mentality.

Life changes might catch you off-guard where you’re not ready to adjust to those changes. For example, your partner losing his or her job or your full-time work became a part-time work. With such changes, you must alter your financial lifestyle as well. Don’t be a carefree spender and still uses your money like you did before such events.

If you currently have huge financial problems, don’t give in to the thought of paying your old debts with new ones because it will only be a cycle that has no end. Don’t fall hard on your finances and be accountable for every cent you spend.

Seek that financial freedom

Your definition of financial freedom might be different from others, but to put it simply, Scott Young said that it is about “earning enough money and building the mental discipline to keep that money from controlling you”.

Don’t make yourself believe in false excuses such as you have the chance to win the lottery and then you can pay all your debts. Being trapped in your finances requires a stronger resolve to get out. Don’t be despondent but instead find a way to solve your problem and believe that there’s always a solution waiting for you.

Southbourne Tax Group suggests to every reader that you should plan and set a budget to monitor your spending and properly take control of your personal finance.

Don’t forget your emotional life

Don’t make money the center of everything. Indeed, you need to get away from debts by working hard and gaining more income, but at the same time, don’t forget you need to form camaraderie with others and create more wonderful memories with your family because those things make you feel alive.

Say “NO” to the idea of having more debts

You’re here because you wanted to get away from debts, not to make excuses to add more. Build a stronger and disciplined mindset so that you can always say “NO” to debts since there’s always tempting opportunity to incur more debts.

To end this article, Southbourne Group will leave this quote by Benjamin Franklin to you as a reminder that adding more to your debts is not a good thing, and so it says, “Rather go to bed without dinner than to rise in debt.”