Young and New to Finacial Debt

Tips on debt for ages 15-21

Avoiding Debt

There are many ways a new financial user can stay out of debt. It can be easy to get lost in the financial world when starting off. But I have five simple tips that can help anyone stay out and avoid the deep dark whole of debt.
  1. The BEST way to avoid debt is to not borrow money in the first place. If you only spend money that you have then you won't end up having debt.
  2. Only buy what you need and can afford. If you spend your money on wasteful wants on a regular basis then you'll end up being in debt by the time you have to buy necessary needs.
  3. Using cash will help you understand what you actually have and can spend. If you spend only with cards, then it is easy to go over budget and go into debt.
  4. Have a budget! If you set aside a certain amount per month or week, then you'll ensure yourself that you have a max amount to spend.
  5. Try and compare shop, if you compare prices then it'll be a greater chance of getting a better deal, and then you'll be spending less. The less you spend, the less likely you'll go over budget.
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U.S Debt Level

In the graph above, it shows that each year debt is rising drastically. By following my tips, the debt could drop and we can all be worry and debt free.

Managing Debt

If you're desperate and need help on managing debt, you came to the right place. Debt is scary, and if you're letting debt ruin you life, then stop. There are five ways that can help ease the anxiety and stress from being in debt.
  1. Avoid buying now and paying later. ALWAYS try and pay right when an item is purchased so it will not add to your debt list.
  2. Avoid applying for multiple credit cards. Only having one credit card will ensure that the debt is only coming from one place, and not multiple.
  3. Pay more than the minimum payment on credit card bills. If you pay more at a time then more will be paid off, instead of just dragging along and adding up.
  4. Use the 20/10 rule. Don't borrow more than 20% of your yearly income/ take home pay.
  5. Take as much money as you need when going shipping. If you have a set amount of money with you at the store, then you'll realize what you really can afford to buy.

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