Today’s Flashback Friday edition offers a refresher on how to avoid the enticing temptation that is credit and be debt-free.

Stick to Budget

Financing your purchase is equivalent to not following your budget or creating a budget at all. Cringing already? Don’t. If you do not have any budget, start making one. Or if you follow one, stick to your budget. This is a great tool to rein in your spending. Plan and write down all your expenses. It can be done by jotting all the items down on a piece of paper or an excel spreadsheet. If you have taken into account all your expenses and determined how much money you have left, then you will know the amount of money you can spend.

Do Not Overspend

We spend to fulfill our needs or wants, or both. We purchase more items or expensive items when using a credit card. Let’s say you are eyeing an iPhone 6 Plus which costs $399. Which is easier: buying the gadget using cash or credit card? It is way easier to sign a piece of paper than pay in cash, right? Think of this situation each time you are tempted to overspend.

Shun Credit Card

Looking for a peace of mind? Cutting your credit card is perhaps the answer. If you do not ascribe to any financing, you won’t be worrying about interest, annual fees, late fees, and the like. The best way to treat yourself is to save, save, and keep on saving, and then purchase the item when you can really afford it.

Ditch Poor Financial Habits

If you wish to maintain a good relationship with anyone, may it be your parents, siblings, friends, or significant other, bid farewell to your unproductive financial practices. This is a sensitive subject and incidentally one of the main reasons why families and married couples fight. Going back to the first advice, discuss this matter with your family or spouse.

Practice Self-Control

Exercise not self-control and you will hit the road to financial destruction. Guaranteed. Same thing with impulsive buying. Instill discipline on how you use your hard-earned money. It is difficult yet rewarding in the long run. Prefer long-term financial goals over instant gratification.