What is Debt? Finance talks

I find it quite fascinating how the is a wealth of information about being financially free and an a open attitude to talk about how to overcome debt from our American friends. Just type financial freedom on google or youtube and you get videos about Dave Ramsey,Suzi Orman, The cheapest family in America and the likes of people like Mr Money Mustache. If you listen to all their advice it boils down the same message even though their methods of getting there are different.

What fascinates me is that debt is openly talked about in America so there is a lot of information available to help those who might be financially struggling. On the contrast, here in the UK a lot of people are burried under debt but yet no-one speaks openly about it. I feel as nation we need to speak about debt and help each other achieve financial freedom. I am currently on my journey to financial freedom but I'd like to help others achieve this as well. A lot of people when they hear the word debt they think of credit card debt or pay day loans but this is not the case. If you search the definition of debt..this is what comes up

debt

dɛt/

noun

1. a sum of money that is owed or due.

   "I paid off my debts"

   synonyms:

   bill, account, tally, financial obligation, outstanding payment, amount due, money owing;More

   • the state of owing money.

     "the firm is heavily in debt"

     synonyms:

     owing money, in arrears, behind with payments, late with payments, overdue with payments, overdrawn; More
   • a feeling of gratitude for a service or favour.

     "I would like to acknowledge my debt to my teachers"

     synonyms:

     indebtedness, obligation, liability; More

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Translations, word origin, and 

If debt is the sum of money that is due or owed then things like Store cards, Car payments or anything that has been financed or have not been payed outright is considered debt. A lot of us often feel like if we can afford the monthly payments then financing is ok. Most of us including myself would say things like "Why use up my life savings for a car when I can pay a couple hundred a month. Besides I can afford it so it would  make sense . "

In-light of this I hope you can realise what constitutes as debt and hopefully you are inclined to go on a debt free journey and get financial freedom. In the next posts I will be sharing how I live a debt free life and how I bought my 4 bedroom house at the age of 24.

I hope you enjoyed this post.

Pam
xxx

Why start a finance blog?

http://www.zastavki.com/pictures/1920x1200/2010/The_financial_crisis_Wallpaper_Money__Iron__of_the_Europe_020532_.jpg

I'll start with letting you know a bit about myself.My name is Pam, a twenty-something lover of skincare, beauty, fashion and generally beautiful things. I managed to purchase my first home in my early twenties on a one income budget. I have in recent times observed a lot of my peers find this difficult to achieve despite having similar income brackets.

As a Pharmacist I earn a decent income which puts me in the somewhat middle class category. Even though I earn more money than the average UK citizen, I have found it difficult at times to keep hold of my finances. Most of my income being spent on new cars, expensive night outs etc. This resulted in multiple store card loans which meant at the end of the month I was living from pay check to pay check.

In true 21st century style, I took it to the internet to get advice on how to manage my finances better. I found a lot of information on the internet but yet I struggled to relate to some of the information. What I found was most of the "frugal" bloggers on youtube where American so although they shared useful information on couponing or the envelop money saving system, I couldn't quite use this in my everyday UK life. The UK bloggers I found were mostly family bloggers so some information is better suited to those who have kids or multiple incomes .

In the end I decided to start a blog for young people like myself. This blog will benefit everyone but will most relate to twenty-somethings or younger looking to better manage their finances. Some people will say living frugally is easy but what I want to achieve is a balance of being frugal without feeling like I'm being deprived. I will share ways I save money for the things I really want without being in debt. If you have any tips along the way, i'm all ears.


I hope you can join me on this journey

Pam