Rather Go to Bed Supperless than Rise in Debt

Benjamin Franklin’s timeless wisdom—“Rather go to bed supperless than rise in debt”—still holds weight centuries later. Back in 1739, it was common to place a meal on credit at the local tavern. You’d eat well that evening, but if you couldn’t settle the tab, you’d wake the next day with a heavier burden. Fast forward to today, and while the methods have changed, the cycle of debt remains.

In the age of easy credit approvals and online impulse buying, it’s tempting to swipe a card and deal with the cost later. But that short-term satisfaction can become long-term strain. A $25 shirt bought on credit might not seem like much—until the interest kicks in. Pay the minimum over time, and that shirt could cost $100 or more. It may have been a smart deal if paid in cash. Instead, interest becomes the hidden cost you didn’t bargain for.

Franklin’s advice isn’t about deprivation—it’s about discipline. No one’s saying you should skip meals, but when it comes to credit, think before you spend. If you must use a credit card, have a repayment plan. Check your statement for the payoff comparison chart—it’s now a legal requirement. For example:

• Minimum payment ($40/month): 11 years to pay off $3,040
• Slightly larger payment ($60/month): 3 years to pay off $2,170

That’s a savings of $870—just by paying a little more each month. And those savings multiply with every balance you tackle.

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Plan Ahead—In Finances and Taxes

Just as careless spending can lead to credit debt, poor planning can lead to tax debt. Too often, people are caught off guard when tax season arrives, owing more than they expected—plus penalties and interest for late payments.

Here’s how to avoid rising in tax debt:

• Set money aside throughout the year—especially if you’re self-employed or earn irregular income.
• Review your tax situation regularly—so you can adjust withholdings or estimated payments as needed.
• Make an appointment mid year—to help project what you’ll owe and avoid underpayment penalties.
• Don’t delay payments—missing IRS deadlines comes with costly consequences.

At Gleason Tax Advisory, we’re here to help you manage both your personal finances and your tax obligations. With the right strategy, you can sleep well knowing you’re prepared—and debt-free.