by Wayne Leon Learmond

Created on: August 16, 2010

There are two questions that people should ask themselves before they go shopping: 1: Do you I need it? 2: Do I want it?  There is a world of difference between the two. For instance, society today is based on more more more. The more we have the more we want, and so it continues.

Chronic debt is based solely on this philosophy of greed and want.  It is precisely because of this philosophy alone that we find ourselves in the biggest financial crisis we have faced for many years.  While banks continue to rake up huge profits [because of our overspending, and bank charges due to late payment of credit card bills] we continue to fall into the same financial trap.

We spend beyond our means, spending money that is not really ours in the first place. We [as the stores advertise] 'buy now pay later' and damn the consequences. But the consequences can often be heavy, and can lead to ruin and even suicide through the worry of chronic debt. Indeed,we spend beyond what we can really afford. We apply for credit cards, and when we get them we treat them as if it is 'free money', to spend as we wish.

Only when the bill hits us later, through the post, do we suddenly realize our stupidty, and try to 'hide' from our bills by placing them in the drawer [out of sight out of mind]. But they are not out of our minds - even though they may be out of sight. There are many ways in which we can avoid the heartache of a future ruined by debts.

To avoid impulse spending is something that takes quite a lot of getting used to to people who have been used to spending what they want. However, for those who have experienced debt, and do not wish to experience it again. then to live within your means is the best course of action you can take.

Cut out any and all unnecessary spending. Be strict with yourself, and shop in stores that give value for money. Begin to support your local stores, by purchasing what you need. And that is the point: do you need, or do you want? If you want an item, then you will always be in debt, no matter what.

However, if you need an item, then purchase only what you need. Cut out shopping in the more expensive stores, and begin to look around for bargains to be had. Frequent your local antique store too, as there may be a bargain or two to be had there - in the line of furniture.

Cut your electricity bill in half and then cut it again. Purchase a wireless electric monitor. This will measure how much electricity each electric appliance in your home

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