TIPS TO AVOID DEBT AS A HOUSEWIFE

ALWAYS BROKE AND IN DEBT?

Maybe you simply don't earn enough or get enough money from your husband, enough to take care of all the things you need.

 Perhaps everytime you get your paycheck or monthly house allowance, it just slips through your fingers and you just can't figure out where your money is going or what you used the money for.

Do you find yourself amongst the category of women who constantly borrow from one meetings or "njangi house to another? paying debt here and there?

Well keep reading. Because in this post, I will be sharing with you some techniques I use and other women use aswell to help you break the chains of debt.

Check out some private confessions of housewives

Housewife number 1:

" Hello, my name is Miranda.I am a full time housewife. I live with my husband and 4kids. I don't have a job or own a business, although I have tried retailing provisions in my front yard but the business failed. Now, I completely depend on my husband for all my financial needs. As of the time I'm doing this interview, I owe almost 400k(frs) which I have to pay on the 18th of December latest. The worst of it all is that my husband has no idea about the money I owe. Honestly I can't even explain how I ended up owing that amount.I started borrowing little money here and there from my women meeting with the hopes that my small food provision business can pay off the debt. However the business kept going down and I kept borrowing to buy more stocks but still it failed.Now I am in this mess and I don't know where to get the money from or how to tell my husband especially now that he has alot on his plates.

Housewife number 2

" Good day, my name is Lucy. I live in Limbe with my husband and 4 children. I sell cooked food in a bar. My husband is a bus driver but 2 years ago, he had an accident and the bus has been in the garage under repair since. Mostly because we don't have enough money to get the part needed for the repair.Times are tough however, my husband still manages to work with friends and pay off bills at home while I assist with feeding and other things like the children transportation to school and clothing.

Now, my business is actually doing quite well, I can play my ngangi (save money), but the big problem is, I feel like I can't run away from debt and my savings goes to paying off my debt. I just can't explain how. I hate to admit it but at the end of the each year, when I go to collect my savings from the meeting, after doing all the calculation with the treasurer, I only come back with maybe 50k frs.

Not only that,so many times I have had problems with my husband because people come knocking at the door to collect the money I owe them.

After starting my business,I believed the money I make from could stop me from borrowing but It instead got worst".

This is the mistake alot of housewives who own small businesses do.

They borrow confidently believing that they can easily pay off the money with the gain they make from their business. And just like the housewives here,  they get into huge unexplained debt.

When you start borrowing, it starts small but it quickly builds up to hundreds of thousands. 

There is a saying:

 "It is always easier to spend money you didn't work for but harder to spend the money you worked hard for".

And it's true. The money you borrow don't actually come from your own pocket so you spend without much restrictions however, if you were to spend your own money, you think alot harder.

Nobody likes to be a debtor to anyone infact, the bible even calls a debtor A Slave to the lender. But just like these women, so many people slip into debt.

Debt can actually be defined as "Selling your future for your present".

Here are some tips to help you stay out of debt.

TIPS TO AVOID DEBT AS A HOUSEWIFE.

1) First of all, don't borrow again.

If you are already in debt, Don't generate any more debt. Don't borrow any money again until you've paid off every penny you owe.

 The reason I say this is because when you make it a habit to first of all pay off all your debt before getting into another, often times, you wouldn't want to be in that situation again and you will stop borrowing.

2) Only buy what you can pay cash for.

Never borrow to buy anything except it's a matter of life and death. For example a member of your family is Critically lying sick in the hospital and you can't afford hospital bills or maybe you're about to be thrown out of your house and you might eventually end up living on the streets. Those are some of the only critical reasons you might need to borrow money otherwise, live simply and minimalistic with what you can afford. If you can't afford it, it wasn't meant for you.

3) Don't compare yourself to other housewives.

We are all in different financial situations in life. There are women who gets allowances from their spouses or even from their rich family members while there are others who can't even get 1000fra from anyone without having to work from it. 

Know your place in life. There is this attitude of comparison amongst fellow housewives. Because a fellow housewife dresses fancy or cooks food with lots of meat and fish, you are tempted to want the same when you and your husband can't afford don't try to be like others, be content with what you have.

4) Live simply and Live cheap.

As a housewife, cut your coat according to your size. Learn to live in a minimalistic way and most importantly, learn enjoy the things money can't afford, like spending home time with your kids, watching tv with your family. Avoid doing things that will need you to spend money. 

5) Track your spending.

This is the most important point. Learn how to budget and track your spending so you'll know what you spend your money on and what you shouldn't be spending money on. It's going to help you save money.

Learn how to track your spending with this Budgeting trick I use. 

What do you think you can do to avoid debt aswell? I would love to know your idea. Please use the comment section to drop your idea.