9 Mistakes People Make Trying To Get Out of Debt!

5) Using Savings for Bills

Experts advise you should always have a safety net of savings put aside for unexpected events. If you’re trying to eliminate debt, don’t use your savings to make larger payments on your debt. It’s advised you should have 3-6 months of living expenses put aside in case of something unexpected that affects your income. Being serious about getting out of debt may require some sacrifices. It will also require you to look at how you spend. Are you constantly living beyond your means? That’s more than likely how you accumulated so much debt in the first place. The key is to hold onto your savings and reduce your spending. It also means, as stated previously, not accumulating more debt while you’re paying debt off. They key is in your spending habits. You may be surprised what you can cut down on if you seriously scrutinize it.