52 Tips to Avoid Debt

52 Tips to Avoid Debt

We’ve compiled 52 simple and easy-to-use tips for avoiding debt. Take a look and feel free to share!

  1. It might be on sale, but that doesn’t mean you’re saving if you don’t need it.
  2. Buying on credit and keeping a balance eats up any sales discount you received.
  3. Knowledge is power. Teach your teens about credit cards. Help them avoid the debt trap.
  4. The debt trap: Never use payday loans to keep up with debt payments.
  5. Avoid eating out. Make meals at home or brown bag it.
  6. Learn to say no – to spending, to the salesperson, to yourself sometimes.
  7. Shopping lists help you stay on track at the store.
  8. Buying a car? Think beyond the monthly payment. Maintenance, repairs, it all adds up.
  9. Save on interest. Put every extra penny towards debt.
  10. Pay off high interest cards first. It’s money sensible.
  11. Extra income should equal extra debt payments.
  12. View dollars in hours. How many hours of work will it take to pay off this purchase?
  13. Pay for the small things, like coffee, with cash not credit.
  14. Never put a vacation on credit. Save first.
  15. Once out of debt, build an emergency fund first thing!
  16. Plan. Plan. Plan. Plan your spending, saving, and debt repayment.
  17. Think twice about impulse online purchases.
  18. Remember: if you can’t pay for it, you can’t buy it.
  19. Carry only one or two credit cards and keep the limits low.
  20. Make a 5% savings goal. You have to start somewhere.
  21. Eliminate duplication. Do you need Netflix and Crave?
  22. Don’t chase a credit score. Chase financial security = no debt.
  23. Avoid unnecessary cash advances. Show yourself some tough love and stick to your budget.
  24. What’s yours is yours. Don’t lend your credit card to anyone.
  25. Pay the minimum plus some extra. The more the better.
  26. Buy used. We live in a sharing economy where new doesn’t mean better.
  27. Think long-term: $20 in credit card interest can quickly add up.
  28. It’s OK to stay behind. Shop for clothes towards the end of each season while they’re on sale.
  29. Think like Santa. Keep your holiday spending in check. Make a list and check it twice.
  30. Give yourself a break. Don’t punish setbacks. Push ahead.
  31. Read the fine print. Compare your options. You have a choice.
  32. Purging pays. Sell your unwanted clothes, furniture, and books.
  33. Debt is 90% behaviour. Encourage yourself to stay on track.
  34. Take control. If you’re prone to overspending, reduce the limit on your credit card.
  35. Eliminate unnecessary debt. Are you using that service plan?
  36. Set priorities. 1- Necessities 2- Debt Repayment 3- Savings 4- Everything Else
  37. Compound interest works for you if you save, and against you if you owe.
  38. Meal planning: Saving you money along with your sanity.
  39. Think big picture. Avoiding debt is the best way to save money for your future.
  40. Big expense coming up? Make a budget and stick to it.
  41. Be aware of your balances. Put a sticky note on the fridge.
  42. Visualize yourself debt free. Tell your friends too.
  43. Skip it. Friends like expensive dining? Join them afterwards.
  44. Pay yourself first. Set aside a portion of each paycheque to your savings.
  45. Say bye-bye to ATM fees. They add up. Plan withdrawals ahead of time.
  46. Adapt, don’t break. Let your budget have some flexibility for life changes.
  47. Be practical. If you have to put something on credit, put it on the card with the lowest interest rate.
  48. Remove triggers. Unsubscribe from promotional emails.
  49. Have weekly meetings to keep your budget on track.
  50. Think long-term. Carrying some credit card debt might help your credit score, but it’s too costly.
  51. Stay current. Review monthly and annual service plans for things you no longer use.
  52. Know the score: Find out your credit score and see if there’s room for improvement.

Similar Posts:

  1. How to Solve Debt Problems
  2. The Benefits of Making Small Micropayments Towards Debt
  3. How To Minimize Debt as a Millennial
  4. Top Tips to Help You Create Your First Budget
  5. How to Minimize Debt Before and After Retirement

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