5 Life Hacks for effective debt management

Budget your savings: It’s very important to be strict with yourself when it comes to preparing a personalized budget. Budget your savings weekly and monitor it. For instance, you can start with chalking down a chart for the week, deciding the necessary  expenditure so that you can keep a track of what are you ‘really’ spending on and what is not relevant!

Refrain cash cards: We do accept that a credit card is one of the best financial inventions one can think of. But people tend to use it regularly which leads to overspending and crossing your budget. To stay on the safe side, one must budget your purchases and use your cards within this limit! Else, it is always better to use cash or debit cards.

Do not take loan from friends and family: It isn’t a good idea to borrow cash from your friends and family. If done once, that’s completely okay. But if it becomes habitual, you would get used to be dependent financially on others and take this ride for granted. Therefore, the same should be avoided at all costs.

Regularize your expenditure: We earn our money to save as well as to spend. Maintaining a balance for this is very crucial. Whenever you step in a mall, ask yourself, “Do you really need this?” If it’s a necessity then go ahead and spend on it, but if it’s irrelevant and something that you can buy later, then shape your savings accordingly.