10 Ways to Bury Yourself In Debt
Lisa | Aug 20, 2008 | Comments 23
Guaranteed budget killers.
- Get Divorced.
Divorce court = lawyer’s paradise. Cha-ching. - Gamble.
This includes copius amounts of lottery tickets. - Play the stock market when you don’t know what you’re doing.
Same as #2. - Buy a Cadillac when a Corolla will do.
Repeat after me: I can’t afford it. - Spend tomorrow’s money today just for fun.
Only spend tomorrow’s money today if the bottom falls out of the barrel. Like if your washing machine crashes and burns. - Don’t put money into a retirement plan.
Not only do you lose the tax breaks, you’ll be working until your next life. - Pay only the minimum payment on current credit card debt.
Rule of thumb: Credit card companies want all your money. Unless you’re lucky enough to have a 0% interest loan, pay it down as fast as you can. Pay the highest interest loans off first. - Keep smoking too much, drinking too much, collecting too much (books, CD’s, movies, hats.)
Kick the habit and join the unhooked generation. - Live Paycheck to Paycheck.
If you create a budget, the money will be there for the big hits, like car insurance or your water bill. - Don’t use automatic Bill Pay or Direct Deposit.
Not taking advantage of these easy tools gives you more chances to forget to send that payment, deposit that check,
or otherwise mess up your money.
***
Some ways to get yourself out of debt include putting your money into an internet bank that offers good savings account rates. You should also refrain from signing up for credit card offers unless you know you can control your credit spending. These additional tips will help you stay in good financial shape.
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Filed Under: Debt Reduction
Linda
The Passive Dad
J. Money
Matt
Mr. GoTo
And if you’re married, get kids….lots of them! And so my wife and I decided one child is enough for us*laughs*. Though this may change if ever our financial status gets really really good.
Sam
Fix My Personal Finance
http://fixmypersonalfinance.com/
Sams last blog post..Figuring Out How Much Life Insurance You Need
@Sam - you’re funny. Yes, kids do dip into the bank account. Well, worth it, but too many could definitely kill the budget. Thanks for your thoughts - Lis
#8 Collecting or having many hobbies, can really hurt the pocket book. I recall going through items we had for our family estate sale and thinking about all the money spent on collectible “stuff”. Some of the items were fun and we kept some, but what about years worth of National Geographic? What do you do with these magazines? One or two is manageable, but hundreds?
Haha, nice post and I think that’s funny.
Anyway, I already add your link on my blogroll.
I’m waiting for you.
Thank you so much
Drunken Dragons last blog post..How To Test a Boat
@Drunken Dragons - you’re added! I didn’t see my blog in your blogroll, though. Am I looking in the wrong place? - L
@Scott - I’ve never been much of a collector, but I know people who collect all kinds of things, like my aunt who collects tea cups, or my brother who collects model Nascar racing car replicas. They really enjoy it, but, boy, the $$$$ adds up fast!
Thanks, guys - Lisa
Another great way to guarantee a life of debt is to focus on the monthly payment. Almost any big ticket item can be had for whatever monthly price you can “afford.” Just stretch out the term . . . and the total cost of financing keeps getting higher!
Beyond Paycheck to Paychecks last blog post..What’s the best way to get to work, financially?
thanks for bidding at my PW.
Go to med school or law school–Honestly, I don’t know how these kids ever climb out of the debt they accumualte earning these degrees
Good Stuff!
How about not paying into health insurance when your company provides it. I had a women at work today say she can’t participate in the 401k but yet she drives a Hummer. I thought oh the irony!
Rick Vaughns last blog post..Can Collectors Do That??
@ Rick Vaughn - that’s living in the moment a bit too literally! We’ll be a nation of homeless retirees in 20 years if we don’t start taking 401ks seriously. Best - Lisa
Its a nice post. Rather i would like to say it a funny one. Another way to get yourself madly in love with debts is start dating them!! And choose the one which is being offered on highest interest rate!! Ha Ha!!
I had a good laugh on this! but while I’m laughing, I know it is true. Treating yourself always like a one-day millionaire when the paycheck comes is also one good way in flushing down your finance.
@ Melvin- that’s a great one. We can make it number 11! Lisa
You forgot one: Take out tons of student loans for college when you could just go for free like me.
Good for me - I don’t gamble. But buying books can put me deep in debt? It’s all I can afford. Hehehe. Of course, the operative phrase is “too much.” Just ribbing you.