While debts are very easy to acquire, saving seems to refuse at all costs to be part of our lives; However, achieving a balance and having a healthy relationship with both of them is possible.
If you spent too much and then, when making accounts it turns out that you owe more than you should, you need to create a plan to get out of those debts and start saving. How to achieve it? Take note of the following basic steps:
Make a list from highest to lowest
Order debts starting with those with a higher interest rate, because the longer you take to pay them, the more you are spending. So canceling them will be a priority.
Evaluate a portfolio purchase
If your record has been good in recent years, it is possible to request a portfolio purchase, so that all your debts are combined into one, and save on interest, commissions, etc .; In addition, you can get a fee that you can cancel without putting your budget totally at risk.
Eliminate unnecessary expenses and redirect money
For a few months, it is best to reduce non-priority purchases, eating out and other tastes. That money can be used to make additional payments to your debt and thus finish faster to pay it.
And for the savings? The easiest points to start involving savings in your life are the following:
- Select a quantity
Evaluate your finances and, with a budget in hand, determine how much you can save monthly.
- Separate savings before other expenses
To avoid spending on something extra and running out of money, first separate the amount for savings, and then continue with the others on the list.
- Have separate accounts
Deposit your savings in a different account, that is oriented to that, raise money, and pay you good interest. That way your money will grow and in addition, it will be more difficult for you to spend the cash.
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