Tips to Stay Away from Debts
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Tips to Stay Away from Debts

Living a life full of debts is a big headache. Stay away from it as possible.

• Spend only on things that you can afford. Don’t dwell on the idea of borrowing just to finance the things that you want even if it is beyond your earning capacity and purchasing power. Live and spend only within your means.

• Learn how to save by getting a certain percentage from your salary every payday for savings purposes only. This small portion of your salary, if not put into savings, might only be spend in some unnecessary things. So, you might as well make it a habit to allocate a portion of your salary to your savings. In times of emergency, you need not look for other means like borrowing , applying for loans or obtaining credit cards because you can always depend on your savings. And of course, you can use your savings not only for emergency cases, but also if you have special projects that involve large amount of money. If you have the savings, the idea of borrowing or using your credit cards will no longer be an option.

• Get rid of bad habits like gambling. If you are hooked into gambling, there is always the tendency that if you run out of cash, you will recourse to borrowing. Gambling is an addiction. And a person addicted to gambling will always find a means to finance his habit. People incur debts obviously because they have no more money on hand. They borrow because they want outright cash. To keep yourself away from the chances of incurring debts, one way to do it is to stop bad habits early.

• If you own a credit card, be responsible and see to it that you monitor your spending. Don’t be a slave to credit cards and don’t get tempted to make expensive purchases on things that you don’t really need and things that you can do without. Use the credit card on important purchases only and make sure that if you use it, you can afford to pay for the monthly dues. If you think you cannot control your spending habit because you easily give in to the temptation of using your credit cards, the best alternative and wise thing to do is to totally get rid of your credit cards or store cards.

• Your desire to stop incurring debts can be made possible if you act responsible and couple it with discipline at the same time.

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