5 Tips on How to Avoid Falling into a Debt Trap
4. Learn to save
Keep a minimum amount as saving at all times. Make sure you list savings as something you need to so every month or every week. A few dollars every day would go a long way in helping you save. You can use this savings to spend and need not borrow or use your credit card.
5. Do not buy everything at the same time
Learn to finish off a debt before you can even think of buying another thing. When you buy everything on credit, you will end up paying for it all your life. You will have to factor in things like a job loss or a decrease in pay when you are borrowing.
Debt is a bad thing that can give you sleepless nights and a lack of freedom to experiment with your career or your life. Avoid falling into a debt trap with prudent saving and spending.
