Last week I was watching suze’s orman show about ”Suze, Help My Parents!” and something which came to my mind was how a 31 year old woman was struggling to detach herself from her parents support.
I came to realize that a lot of youth who are under the age of 35yrs are still getting huge financial support from their parents and yet our parents have loans to pay and some hidden debt that are keeps on haunt in our financial status.
When I was analyzing the issue being discussed, one of my friends asked me, what’s your take on bad debt vs good debt? Out of the blues, i stated giving him the standard answer about how good debts are generally considered to be debts you incur to buy things that can go up in value, and immediately i stopped and i looked at him, You know something? i said The ideal truth is that this is recession has changed everything.
Additional Resources: How I Paid Off $14,000 and Became Debt Free
Homes are going down in value and people with college degrees are looking for good jobs. To cut the long story short, it doesn’t matter what you’ve borrowed the money for.
How do you break free? Below are some fruitful tips that will help you to break free from your forks
- Believe that you’re debt free and the rest will follow
- Get a professional degree that will help you get a good job
- Get extra work by cutting down your expenses
- Start a home based business that will help you at least buy you some personal stuff
- Look for networking clubs that will help you get a good job
Additional Resources: 9 Ways to Pay Off Debt
What about if i have huge debt and i want to break free from my parents? Well, and then do the following with confidence;
- Cut vacation expenses
- Reduce dining out restaurants
- Stop going to theatres to watch movies
- Reduce your salon visit or barber shop
- Create a spending plan that will help you spend wisely
- When get some extra income make sure to appreciate yourself
- If you’ve any debt make sure to pay on time otherwise you’ll continue to pile huge debt without knowing
- Get out of debt automatically with debt wise
- Negotiate your debt; this will help you reduce your interest rates
- Analyze your weakness as this will help you to acknowledge your spending plan
- Do one thing at a time as this will help you make thing better and it will help you from shooting off in all directions and achieving nothing
- Take small steps at a time what i call ”baby step strategy”. Establishing a No Shop day is one way to start slowly. No Shop Saturday can grow into No Shop Friday and Saturday.
- Demonstrate stick-to-it-ness: If you don’t have the persistence to stay the course it’s pretty hard to succeed. A lack of gumption is the only barrier between you and what to achieve. You’ve got to be a hard-headed hard ass and demonstrate determination. Each step you take will create the momentum for the next step.
- Decide what you really want before you execute your debt
- Figure out where you stand
- Make a plan that will help you budget that balances and help you lose the debt
- Prepare for the future as this will help you save for the long-term
- Take control of your situations
- Cope when the caca hits the fan
- Plan like a pessimist
- Change your habit
Over to you
What you’ve learn from the above story; will help you to break free from your parents supports, that’s if you implement the strategy effectively.
To the parents, if you have a daughter or a son who wants to be free from your lovely support, kindly share the story with him/her and do a follow-up and see if there is any changes. If you have any questions kindly leave them on the comment below.
Thanks so much for reading the content.