Credit cards, extra allowance, borrowing money and before you know it you are debt ridden! Many women get into financial trouble for not looking into their means and spending huge amounts to look, feel perfect. Debt (if amassed in huge amounts, along with the interests is difficult to get rid off). Here are some excellent ways to avoid that debt trap:
Budget: Budgeting is difficult for most women but it is really helps. Just divide your salary into 4 parts emi’s and bills, savings, expenses and miscellaneous. Stick to this and see your debts decrease.
Manage: Sure we all want the champagne and macaroons lifestyle but wasting your salary acting is a bad idea. Be smart and know what you can afford in your pre-decided budget and then spend.
Stop copying: Kareena’s wedding attire was amazing but getting a similar one for your best friend’s function is not a rational decision. Too much exposure to celebrity lifestyles has influenced our dress up and fashion sense. So much so that we find getting a twenty thousand suit stitched normal!
Follow your parents: Our parents grew up at a time when they were instilled with the importance of money. Parents prefer to save so ask them how they avoided debt and still raised two children, it might give you an insight about saving and prioritizing.
Prioritize: Every time that urge to spend hits you, think twice if your buy is worth your money. Also think if it is really required or a whim to shop.
Think about emergencies: Always be prepared for unexpected emergencies and save for any purchase that costs 50% of your salary.
