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Staying Out of Debt: Part 1

When it comes to debt, everyone wants to stay far away. Debt can be a huge debilitating force in your life if accumulated, so it’s best to be proactive and find ways to dispel debt or avoid it before it even starts. It’s not always that simple, however. But PayHub is here to help! Below we’ve listed 5 simple tips that can help you avoid debt.

Peruse Funding Options: When thinking about taking out a loan, don’t fully commit to the idea without considering if you will realistically be able to pay it back. If you are on the fence about committing to taking out a loan, you should check out investing in multiple loans or different funding options that help avoid high interest rates.

Have an Emergency Plan: Having an emergency back-up plan ready is always a smart proactive move. Planning before an unexpected incident will save time, effort, money and allow you to be fully prepared if an emergency event does indeed happen. This gives you some cushioning and wiggle room should there be an emergency. Chances are, if there is an actual emergency, you won’t have the necessary means to give funding your full attention if you’re under stress or duress. An emergency plan will provide funds in a time of uncertainty, help you tackle foreseeable problems quicker, and avoid abrupt debt.

Stick to Shopping Lists: When visiting the grocery store, make a list and stick with it. It’s common to veer off our designated path and buy unnecessary items, and that’s how excess spending occurs. Oftentimes, this is how many people find themselves in debt. It’s far easier said than done, but sticking to a list can help tremendously. Prepare your mind to beforehand!

Talk Money: Discussing money with friends and family in an appropriate way can provide new insight you may have not known of before. You can find new financing ideas and have important questions answered. Besides just talking about them, reading about financial matters is also significantly important, because new advancements in the finance world are constantly appearing. Stay up to date and even ahead of the game.

Establish Credit: Establishing good credit is extremely beneficial, as it aids gets you many perks like saving on interest rates, loans, cell phone plans and much more. If you credit is not as high as you would like, try decreasing your credit card balances, narrowing down new credit lines, and avoiding errors on your credit report.


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