Ways to Save and Keep Debts at Bay

Hi all!

Today’s post is by one of my friends Michelle, an accomplished writer. Several of her write-ups are being published on prominent websites.

You can find her work at sites like DebtFreeMartini.com and ThinkingWealthy.com.

Today she’s talking ways to save and keep debts at bay:


Debts are any how bad. It can destabilize you financially as well as can create problems in your personal life. In a nutshell, the best way to lead a happy life is to save money on a regular basis. This line is applicable for everyone, no matter how poor or rich you are. Saving money will help you to stay on top of your finances and avoid getting rigorous debt problems. If you’ve already too many high interest debts that are enough to spoil your confidence, you need not fret as there are always some smart ways in which you can save money to handle the problem.

8 ways to save the most to settle debt troubles

How to keep the debts at bay? Well, the answer is not always that simple. By focusing on some proper and thorough ways, you can beat with the problems and can stay out of it. The first and foremost tips is to save maximum part of your earning so as to become successful in your goal. The other ways are as follows:

1. Try to save at least 10% of your income

According to all financial advisors, a person should save at least 10% of his/her monthly income. You should follow this suggestion to build up a fat savings. If you don’t have this fund to support yourself, you may have to take out loans for which you’ll again become liable to repay with hefty interest rates. So, cut off your unnecessary expenses and save the money to resolve the debt problems.

2. Create your own bank

Staying financial prepared is always a wise decision. Emergencies are unpredictable . So, you should save some money on a regular basis to build up a cash cushion. Thus, you can stop blowing your fixed deposit or other savings on an emergency.

3. Don’t spend beyond your limit

It is quite often seen that many of you spend more than what you are actually capable of. This creates a big hole in your pocket. It always pays to live within your means. This helps you a lot to save more.

Read more: 5 Secrets to save money by practicing good habits

4. Pay with cash to curb expenses

Anything from refinancing your present mortgage loan or skipping that daily coffee on your way to office can be a wise way of saving money every month. Make a list of the daily expenses that you make such as transportation costs, grocery costs, entertainment and others. Or carry some cash instead of your credit cards to hold your over shopping urge. Don’t miss any single area so that you may be able to curb expenses wherever you may feel it’s possible.

5. Get educated about finance

People should know some basic financial knowledge to keep safe distance from debt troubles. Reading good financial books, journals or taking classes of financial gurus will help you to avoid some common financial mistakes. The more you make yourself aware the better you’ll be able to avoid those and build a good financial future as well.

6. Use your plastics carefully

One of the main reasons behind personal debt problems, is careless usage of credit cards. It becomes quite normal to take out multiple credit cards and to use those cards extravagantly. And this leads many of you into acute debt problem. Remember, You need to pay off the bills of your each and every purchase with credit cards. Ignoring the payment dates or late payments are nothing but welcome more debts. So, it is advised that you should use your credit cards tactfully.

7. Take advantage of coupons, discounts and sales

When you’re looking to save money to minimize your financial obligations you should find out some ways to save some money. Try to shop thrifty while getting the groceries, clothes, school supplies so on. You can get deals, discounts and most importantly coupons on your shopping. Using coupons, shopping on a big sale can help you to save lots of money. But, to get such advantage you need to be organized in a proper way. Try to organize all useful coupons and use them accordingly, keep updated about sales, deals and discounts on your favorite store so that you can get items at your favorable price.

8. Review your insurance coverage

If you have enough insurance coverage on your auto insurance or health insurance policy and you’re going through a tight budget, you need to make sure that you’re just paying the exact amount of dollars for the necessary coverage that you may need. Negotiate with the insurer once you find your premiums are getting high. Ask the insurer to cancel the extra coverage for which the premiums are getting high. Thus you can save some money.

Final words

Remember, sometimes small things can also save us thousands of dollars each day. So, you should be financially diligent to catch each and every chance to save every penny in order to create a big savings. Getting organized with your money matters will help you to fight with financial obligations that you have in your life. Having a well planned budget is as necessary as a tooth paste in your toiletry. You need to follow the budget and other good financial practice consistently in order to avoid debt thousand miles away in your life.


Thank you, Michelle for this post!

Strengthening your financial game plan one post at a time…


6 thoughts on “Ways to Save and Keep Debts at Bay

  1. Michelle (and Alyssa)

    Good article with really good suggestions.
    My concern for Millennials is that they are overly debt sensitive, much like the silent generation after the Great Depression. Proper use of debt actually increases your net worth over time, as long as the after-tax cost of the debt is less than after-tax cost of your investments. Therefore, it would be great to see articles on cash management tied to investing, so that you spend wisely to have money left to invest for the future. Not just cash in the bank.
    Anyway, my thoughts
    Keep up the good work!


    Liked by 1 person

    1. Steven,

      Thank you for stopping by! Debt sensitivity is definitely a common factor for most. It is difficult to re-learn about debt and how you can leverage it to be used properly. Thank you for all your suggestions! Will have to look into this and potentially create a post for this. Thank you!


    1. Tonya,

      Emergency funds are definitely life savers! You never know when life may potentially throw some curve balls. Having an emergency fund allows you to step up to the plate with confidence. Thank you so much for stopping by! 🙂


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