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Simple Ways to Save Money and Stay Out of Debt

Saving money and staying out of debt can be a daunting task especially if you have a lot of expenses to cater for. In this article, we will look at some easy ways to help you save money and stay out of debt.

The first thing you need to do is to set your financial goals that will always motivate you and keep you on track with your finances. Include an emergency fund to your budget in order to cover for unexpected expenses. With a planned budget, you will be able to know what you need and what you don’t need.

Before going out for shopping, make a shopping list and stick to it. If you know exactly what you want from your shopping, you will focus on getting only that. Also, making a list will ensure that you optimize your trips to the store.

If you want to cut down on your spending, freeze or cut down your credit card and instead use cash to pay for your bills. This is because compared to cash, you won’t feel money leaving your hands when you swipe your credit card.

There is no need to purchase products that you can live without while you can purchase products that you can’t live without, thus, set your priorities straight. In order to increase your savings, cut down on most luxuries and try as much to live within your means. When you prioritize, you won’t live off credit but instead, you will increase your savings.
Make use of the various budgeting apps that will help you establish a monthly budget so that you know what you are making and what should be set aside for expenses each month. The budgeting apps will keep you on top of your finances and you will know what amount of money was used on what type of expense. If you are running out of finances, some apps have a feature that will alert you in advance.

Make online shopping difficult since you are likely to spend vast amount of amount when you log into shopping websites. If possible, do not put your credit card information to curb you from clicking on the buy option.
Additionally, try not to borrow money because paying it back can land you into a big debt. In a situation where you need urgent money, use your savings account or an emergency fund because it requires no interest. If an emergency fund or savings account is not an option, consider borrowing from your family and friends at a low or no interest rate.

Another great strategy to help you save money and spend less is the 30 day rule where you give yourself 30 days to see if you still want something.

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