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7 Ways to Avoid Debt

Avoiding debt can be challenging, but there are several steps you can take to prevent it:

  1. Create a Budget: Creating a budget is essential to help you manage your money and avoid overspending. It helps you track your income and expenses and allows you to allocate your money accordingly. CHECK OUT: 10 Practical Budgeting Tips
  2. Live within Your Means: Living within your means is one of the most important steps to avoid debt. Spend only what you can afford, and avoid making purchases that are beyond your budget. CHECK OUT: Living Within Your Means
  3. Save for Emergencies: Emergencies can arise at any time, and it’s essential to have a financial cushion to fall back on. Start saving for emergencies as soon as possible and build up an emergency fund that can cover at least 3-6 months of living expenses. CHECK OUT: 7 Ways to Build an Emergency Fund
  4. Pay Bills on Time: Paying your bills on time is critical to avoiding debt. Late payments can result in late fees, higher interest rates, and damage to your credit score.
  5. Avoid Credit Cards: Credit cards can be a useful financial tool, but they can also lead to debt if not used responsibly. If you must use a credit card, try to pay off the balance in full each month.
  6. Avoid Impulse Purchases: Impulse purchases can quickly add up and cause you to overspend. Before making a purchase, take some time to think it over and determine if it’s a necessary expense. CHECK OUT: Things I Stopped Buying (to Save Money & Stop Waste)
  7. Seek Professional Help: If you are struggling with debt, seek the help of a financial advisor or credit counsellor. They can help you develop a plan to pay off your debt and avoid future debt.


I am Kiran and I'm a Lifestyle Coach, Podcast Host, Vegetarian Nutritionist, NLP Master Practitioner, Author and an Interior Designer.

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