In our previous post, we explained some different money saving tips for Millennials looking to be frugal. So take charge of your debt and keep reading!
Follow the three-week rule
There is a lot of temptation to follow each and every trend that comes out, but this can undoubtedly add up. So follow the three-week rule and wait three weeks before you commit to buying anything. This can go for anything from that new coffee maker you have been eyeing, a new outfit, or even hitting a really trendy bar. If you know that it is going to set you back a good chunk of change, hold off on purchasing to see if you really want it. If the urge is still there after three weeks, go ahead and splurge.
Invest in a support system
The easiest way to manage your debt is to have others support you. Bring up the idea of going on a spending freeze with your partner, your group of co-workers, even your family. Having people around you with the same goal will be an incredible reinforcement for when you want to order in lunch or head out on that weekend trip.
Check your paycheck
Debt management pros will all be first to say that one of the best ways to invest in debt consolidation is to manage your paycheck before it goes into your account. Instead of manually transferring money every pay period, see if you can set up a portion of your check to automatically go into a savings account. Even if it is a small amount, such as $15 a month, it will be money that you don’t even know you have until you need it the most.
Use those apps to your advantage
Don’t have time to go visit a debt management company in person? No worries, you don’t have too! They will come directly to your in the form of a small, smartphone application. With the push of a button, you will be able to set budgets, pay bills, see the interest rates you’re paying, and ask for credit counseling if need be.Considering the average American has on average 3.5 credit cards, this will keep them all in one place.
With these tips in mind, you are set to live a financially stable lifestyle. Have any questions? Call our debt management company today.