Have you read articles on 6 behavioral traits successful people have? Or 6 things successful people have in common? What is that one thing that separates the successful from the failed? No, it’s not wealth. Well, not everything is dumb luck, and there is a lot that depends upon your behavior. Now when you have talked about being successful, here’s one of the most common traits among them: They all manage their debts amazingly well and try to remain debt-free.

Not only is it important for our financial health but is also necessary for our mental peace and a healthy state of mind. Plus, you will rejoice in the freedom and embrace healthy financial behaviour. This is what the wealthiest in the business believes in. On that note, let us begin with 6 behavior hacks to help you stay debt-free:

  1. Don’t be impulsive

Every once in a while we need to set our foot out (or go online), to buy what we need. But how many of us actually stick to our defined budget and only buy what is needed. The few who nodded in yes: you guys have redefined self-control. And for the majority who said no: I feel you.

When we are at shopping malls, grocery centers, or even scrolling through our phone screens, the displayed products are enormous half of which are of no use to us. Infact, stats suggest, Amazon alone offers 119 million products (as of April 2019)! Well, I know it’s TOO MANY to avoid. But, if you keep adding your cart with unnecessary products, you will soon fall out of the necessities.

To dodge impulsive buying, make a list in advance of everything you need, and stick to it. Trust me, it appears to be a small amount in the present, but once it becomes a habit, it’s just time when your debts start piling up.

  1. Follow your budget STRICTLY

The hint of the word budget must have popped up seeds of spending on limitations in your lifestyle, but that is not what it is. Infact, it is quite the contrary, it actually helps you stay guilt-free and spend as per plan.

If I ask you how much do you spend on food monthly? Most of you will answer is one of the two answers: one, you don’t know (highly probable) or two, a figure, which is a lot underestimated. The very fact you aren’t aware of how much you spend on food shows how ignorant about your budget.

You spend a lot more than expected on food and a budget will limit the unnecessary items in your fridge. But, not just food, you must have a budget for all your other expenses. If you follow your budget without moving an inch, you will observe how liberating it is especially from the debts that keep piling up in your account.

  1. Review your bill EVERYTIME

All of us ask for bills while wrapping up in a restaurant or checking out from a retail store. But practically none of us bother to give it a detailed check.

Here’s what you do: Pick up the bill, see the net amount, offer our credit/debit cards or cash, make the payment and leave. We don’t even consider reviewing the bill a part of the process. I am not questioning the waiter’s or grocery store’s cashier’s honesty towards their work, but mistakes can happen any time, and one mistake can pinch, or rather bite your pocket real bad. Besides, it hardly takes 5 minutes to review bills before you leave.

  1. Don’t shy away from asking questions

Before I head on to explain why, understand that it is your money, and you have the right to ask about everything related to the product or service, and there is no need to be ashamed of it. Answers to your questions can clarify a lot of things.

Like, whether the product is useful or if the features offered are worth it. You will understand whether you are being overcharged or is the payment a total waste of money, because if it is, only you are to be blamed.

  1. Use only cash or debit

Undoubtedly credit cards are amazing with the kind of freedom that it comes with but they must be handled with a sense of responsibility. If not, it can push you into a debt trap, the return from which becomes almost impossible. Thus, it is in your best interest to avoid credit unless absolutely necessary and stick to alternatives like cash and debit cards. Stay close to a debt collector for all your finance management. The debt collectors know the possible reason of you falling into the debt crisis and can easily save you from falling into one. Check one of the most known debt collection agency’s reviews here.

  1. Motivation is the key

Like you needed an extra push to lose the extra inches from your belly fat, the same way motivation is needed to stay debt-free. Create a debt reduction strategy that works the best for you with maximum motivation to remain debt-free. For instance, repay the debts that you share with your family or pay-off the high-interest debts on a priority basis followed by others.

To foster wealth, staying debt-free is a necessity. And if you have read the points mentioned above, you must have understood that it is not as difficult as you thought it might be. On that note, here’s bidding adieu to debt!