Good day fellow steemins!
I will be giving you tips on how to reduce and eventually eliminate your debts.
It’s very easy to lend a money but it’s very difficult to get out from it. It only takes one day to borrow a money and would take decades for you to pay for it. Each one of us has different ways or strategies to remove bad debt.
This might help you in reducing your debts.
1.Spend less than you earn
2.Cut down credit cards
3.Stop spending or spend only if you have extras
4.Don’t borrow a money to pay your debt
5.List down all your expenses
Most importantly, make a budget, keep trying and don’t give up until you are DEBT FREE!
This is also the secret I learnt from someone.
In essence - what you must learn to do when you have a fixed income is to divide your income up to the following budget:
70% - Learn to Live on this amount - this is your food expenses etc.
20% - use this amount to pay off debt or to pay back borrowings for an asset.
10% - this is your savings that you put away for a rainy day / emergency / or a large investment - like real estate.
I hope this helps :)
-chrisssy-
