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The Importance Of Getting Out Of Debt

Housewife stress over bills and debts

Debt – the word itself can give a feeling of having butterflies in your stomach. It is one such word that each one of us wants to get rid off. Many of us make various plans and strategies to ensure a debt free life but it is easier said than done. A debt pay off plan depends on various factors such as the amount of debt, nature of debt and the amount of your income. However, it is rightly quoted that, “Nothing is Impossible” and thought of getting rid of debt is no different.

What leads to Debt?

Your behavior and spending patterns are very crucial factors in deciding the amount of debt that you have. It could very well be your emotionally driven behavior and attitude that has an impact on your financial state. Are you an impulse shopper? Do you make purchases just to feel better? Do you try to keep up with the Joneses even if you can’t really afford to? Do you buy what you don’t really need?

Lack of proper financial planning can also lead to accumulation of debt. Budgeting plays a vital role in controlling and maintaining your inflows and outflows. If you have not sat down and created a budget, it is to your advantage to do so. Do your best to stick to it. If you lack of proper budget plan, it will lead to poor financial stability and create more debt. Read More

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5 ways to save more money this month

fast food

If you would like to save more money this month, the following tips and you may be surprised at just how much money you can pocket with some wisdom and effort.

1.Cut out fast food and eating out.

Many people do not realize that eating out adds up big by the end of the month. Even if you only eat at fast food joints, which are cheaper than restaurants, before the end of the month you could easily have spent $100 or more. I challenge you for one month to cook your own meals, skip eating out, and see how much money you can save in one month. Tally up what you normally spend and compare numbers at the end of the month. You may decide to stop eating out once and for all or just for special occasions once you see the savings.

2.Make a grocery list.

Planning your meals and making a grocery list can save you more money this month. Without a list or a plan you are likely to spend at least 1/3 more money than you normally would. Also, try to keep grocery trips to one per week. Compile your list and perform your shopping in one day. We all know that a trip to the grocery store for one or two items, such as milk and bread, tends to result in milk, bread, and a host of other foods that looked good at the moment. One trip per week will save you more money for the month. Read More