It is so easy nowadays to fall into debt, especially with so many online money lending platforms coming up.
When these lenders start knocking at your door, you begin wondering why you took the loan in the first place.
It is even worse when you actually need money, and you can’t get it from anywhere because you have over borrowed even from relatives.
1. Start a budget and stick to it
Creating a budget and sticking to it is one of the hardest things to do.
However, if you want to get out of debt, make one and stick to it.
Also, avoid impulse buying which often leads to acquiring unnecessary things and wasting money.
2. Observe the 50, 30, 20 rule
This basically entails spending 50% of your income on things such as rent, loans and bills, 30% on foodstuff, and lastly 20% on savings.
Strict adherence to this rule will surely enable you to slay the monster of debts.
3. Create a 'goodbye debt chart’
Make a list of your debts in order of prioritising, that is, which ones are due, or the lender who has the worst rates first.
Then pay them accordingly until you are done.
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