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How To Save Money And Pay Off Your Debt

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Debt is seemingly almost inevitable in modern life. From college loans to credit card payments, debt may seem nearly impossible to pay off. This is especially true if you’re already living on a tight budget, and are nervous about the current state of economics. Ensuring that you’re safe in the future, that you’ll be debt free, and that you’ll find your way to financial freedom is all possible, even on a tight budget. This article will help you figure out what you should do to reduce your debt and save money. So pay attention to the fiscally responsible advice that is doled out below, it might just teach you a thing or two.

Pay Off Your Debt

The first thing you should consider is to stop getting credit cards. If you have them, then simply stop using them! This is because credit cards usually have a very high amount of money that you’ll have to pay back if you’re late. This is one of the worst ways to get extra money when you’re in need, but is one of the most common, because it’s fast and convenient. Alternatives to getting a credit card is getting a small loan from your bank, and making extra money in a side job, a hobby job, or just general overtime at work. Blogging is one obvious way to earn extra money. Or I have known others that deliver pizza at night after their day time jobs.

Another thing you should consider to reduce your debt and save money is to budget your money. This is an important step towards financial freedom, yet many people do not do it. It’s simple, easy, and free, especially if your expenses are not that complicated. You should track your spending for a month or two, and then organize that information and make sure that you’re putting everything in and double checking. If you’re looking for some extra help with tracking your spending and planning out a budget, you can visit different websites online as well as apps on your phone that can do it for you! I often use apps like Mint that allows you to link all of your financial accounts in one place. You can have a work-related 401k, a side business SEP IRA, and then 10 different bank accounts and still keep on top of them all. A simple click of a button and I can get a daily update of my overall net worth by category.

You should also consider being a minimalist and making your own garden. Becoming a minimalist means not relying on consumerism to get by, and being as self-sufficient as possible and living with less. This is a great way to save money because you won’t be spending extra money on things you don’t absolutely need for your survival. You’ll need a couple staples, like clothing that will last that you can get from JCPenney, and food, which you should garden for a great low cost alternative to grocery stores.