4 Ways to Remain Debt Free

Ways to Remain Debt Free

There is hardly anyone who would like to be associated with the word ‘debt’. Nobody likes to have the constant feeling of owing money to someone, and ways of extracting the money is not all that the lender wants to think about all day. It is a hassle-filled situation for both the debtor himself, as well as the person on the other side of the deal. Here are 6 ways to remain debt free.

1. Use as much cash as you can

Most of us get tempted to spend through our credit cards, without realizing the fact that the money is not coming out of it magically and you will have to pay up ultimately. Although credit and debit cards are a modern day convenience, yet making it a habit to pay for your stuff in cash will help you remain grounded and debt free.

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2. Cut down on the number of credit cards

The more plastic cards you have, the more you are likely to spend recklessly. Limit the number of your credit cards. Try keeping just one, or two, at the most. That will make it easier for you to keep a tab on your expenses. For the little things, like buying two or three items from the grocery store, clothes and the likes, try paying in cash. You can always save the credit card for the bulkier expenditures like traveling, car renting, gadgets, cars and the likes.

3. Plan the monthly budget

Take some time out to sit down and plan the monthly budget. Calculate an approximate amount of the fixed chunk of expenses you have each month in, say, the monthly groceries, traveling, food and entertainment. That way you’ll have an idea of how much you can afford to spend and save.

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