Things You Can Do to Maximize Your Chances of Never Amassing Debt Again


The most common subjects in school are math, science, reading, and the occasional music class. While these topics are necessary for obtaining your diploma, unless you’re pursuing these fields specifically, they don’t come in handy during real-world situations. This has been the running complaint concerning young adults who are trying to navigate their newfound responsibilities. Instead of learning long-division, they wished they cultivated practical skills like saving, writing checks, creating effective job resumes. This concern has prompted many young adults around the nation to band together and poke fun at their lack of real-world knowledge. Countless memes and funny videos have been created glorifying this significant loss.

Financial Insecurity

While it’s common for others to assume that newer generations are entitled complainers, there is some validity to their anguish. Young people have a real issue with basic life skills. The most challenging of feats is that of money management. This lack of knowledge in the area of financial stability forced many people to accrue loads of debt.  This accrued debt doesn’t account for the millions of students and graduates virtually swimming in student-loan debt.

debt management

This sad reality not only impacts younger people; it hits the older generation as well. In 2017, Americans reportedly had a combined $13 trillion in debt. Surprisingly, individuals aged 45 to 54 had the largest amount of debt; starting at $134,600. Those under 35 only accrued about $68,000. Unfortunately, with the tuition and property prices rising, it’s safe to assume that number will only rise. In order for people to keep up with their spending, salaries and the average cost of living would have to go up. With the economy in such a disarray, it’s highly unlikely we’ll ever reach an equilibrium.

So, if it’s extremely challenging trying to pay off accrued debt currently, how can we prepare future generations to avoid this issue? To begin, awareness of money management is vital. Understanding how credit, loans, and money works are vital skills to cultivate. If younger people understand how to save and manage their money, they’ll be able to avoid accruing a high amount of debt. If you’re wanting to know more about cash and financial stability, read about CashNetUSA here.


If you’re someone who wants to learn more about money management or educate others on how to get out of debt, consider this comprehensive list of nine ways you can eliminate debt and live a financially free life.

  1. You Can Still Live Your Life…Within Reason

So, you’re currently in debt but you want to begin tracking those numbers and paying it off. To begin, congratulations! You’re well on your way to financial freedom. Many people think that when they start working on their debt, they have to suddenly give up their treasured Starbucks or monthly subscriptions. While many plans suggest going “cold turkey” and cutting everything to the bare minimum, the truth behind that mentality is bleak. If you cut off everything you enjoy, you’ll only give in to those temptations during desperate times. The trick is to still keep what you enjoy but remain balanced. Instead of going to Starbucks every day, limit it to once a week. Keep the subscriptions you like while cutting back on the ones you don’t necessarily need. Then, take that extra money and apply it to your debt. Soon, you’ll see your monthly balance slowly decreasing.

  1. Debt Begins With Poor Decisions

Many people who accrue a lot of debt probably didn’t think about their choices all the way through. They may see the gratification as opposed to the fine lines. When contemplating a major purchase like a car or a home, don’t just envision yourself driving with the windows down or relaxing in your 12 bedroom condo. Instead, think about what the best financial investment is. Write out, realistically, what you can afford and develop a strategic plan to pay it off. This will keep you in control.

  1. Consider Where Your Money Goes

stock photographs to make money

This speaks to the initial tip of keeping your lifestyle the same, just within reason. If you’re struggling with debt or even trying to make wise financial decisions, think about where the majority of your money goes. Then, make the necessary adjustments where you see fit. If you notice that most of your money goes towards eating out, try cooking at home. If you’re blowing your checks on online shopping, set reasonable spending. Determine the areas of your life that need an adjustment and take action.

  1. Make a Written Budget

When you write your spending and bills out in an organized fashion, you are able to take control of your financial status. There are many templates available that help people visualize their spending and develop strategic solutions to alleviating debt. Make time for setting your own personal budget and really try to stick with it.

  1. Avoid Credit Cards

While swiping that card may seem like a fun idea, if you struggle with impulsive behavior, it may be a terrible financial decision. Instead, use your credit cards for purchases you can easily pay back in full. Things like gas, groceries or your phone bill are excellent areas to start.

  1. Speak With Your Debt Companies

If you are struggling with making the suggested payments, speak with the companies you owe money to. If you have a positive history and explain your financial situation, they will work with you to develop a payment plan that won’t hurt your credit.

  1. Organize Your Debt

In order to effectively pay off your debt, you must know where you stand. Don’t be afraid to check your credit score online. Often times, they’ll provide you with curtailed tips that’ll help you raise your score and alleviate debt.

  1.  Pay Extra Each Month

When you’re making your monthly payments,  try to pay a little extra each month to build a positive rapport. This will help you pay off your debt quicker and even build your credit.

  1. Stay Positive

When dealing with financial woes, it can be easy to get overwhelmed and distressed. Keep calm while you’re fixing your finances. This will make the process easier and keep you from stressing out.

The road to living debt-free is long but worthwhile. By following some simple rules, you cannot only pull yourself out of the debt you’re in, but also prevent any future debts from accumulating.

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