Don’t Ignore the Basics When Getting Out of Debt

Getting out of debt can be an all-encompassing pursuit. People tend to start their journey to debt free after a moment of crisis. Maybe it’s when you realized you couldn’t get the loan you needed because you had more debt than the lender would tolerate. Maybe it’s when your total debt balance crossed over into 5 or 6 figures. Maybe it’s when your marriage entered a time of crisis because your finances were so out of control.

No matter your reason for getting out of debt, it’s important to work extremely hard at this pursuit to get the best results possible. However, some people go overboard, cutting corners and making sacrifices which hurt them in the long run. Here are a few of the things people shouldn’t go without, even if they are working hard to pay off their debt.

  • Life Insurance. If you are a parent or if other people depend upon your income, you really need life insurance. Not only does life insurance provide peace of mind, it will give your family and/or loved ones financial support if something were to happen to you. TermLife2Go life insurance has plans and policies which will work for almost any need. This might seem like an expense you can go without for awhile, but if your family needs it one day, you don’t want them to be without an active policy.
  • Health Insurance. Many Americans continue to go without health insurance. While there is a penalty for most people who do not choose to buy health insurance, and this form of insurance is available through some career options, there are still many people who don’t buy it because they feel they can’t afford it. For many of the reasons discussed in the last point, health insurance is something you need, especially if you have a family. You’re not the only one for whom health insurance has important implications.
  • Healthy Food. Don’t just live off of ramen noodles and hotdogs if you’re trying to get out of debt. Remaining healthy and feeling good are key aspects of going the distance with debt reduction. What’s more, healthy food doesn’t have to be expensive. Beans, greens, rice, and veggies can all be had for not very much money. Buy what your body needs and don’t spend too much is the way to go.
  • Exercise and Sleep. Some people who are going frugal for the purpose of paying off debt have a way of battening down the hatches and staying inside all the time. Staying home is more affordable than going out, in most cases, but if you get to a point where you’re not exercising, having trouble sleeping, or feeling depressed, you’ll have to get out more if you want to keep up your energy to pay off your debt.

Paying off your debt ASAP is one of the most important actions you’ll make in your life, but it’s possible to go too far. Don’t cut back on things you actually need. Stay healthy, stay active, stay focused and your debt will be long gone before you know it.

photo credit: wuestenigel Erdbeeren via photopin (license)

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