{"id":6052,"date":"2023-01-04T10:41:00","date_gmt":"2023-01-04T10:41:00","guid":{"rendered":"https:\/\/rakshithpai.com\/?p=6052"},"modified":"2023-01-05T14:23:30","modified_gmt":"2023-01-05T14:23:30","slug":"become-debt-free","status":"publish","type":"post","link":"https:\/\/rakshithpai.com\/become-debt-free\/","title":{"rendered":"Become Debt Free &#8211; Easy &#038; Quick Way to do:"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-662cb371c8763\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\" style='display:none' id=\"ez-toc-cssicon-toggle-item-662cb371c8763\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#What_is_Debt\" title=\"What is Debt?\">What is Debt?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#How_to_have_a_Debt-Free_Life\" title=\"How to have a Debt-Free Life?\">How to have a Debt-Free Life?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Build_Savings\" title=\"Build Savings\">Build Savings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Credit\" title=\"Credit\">Credit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Consume_less\" title=\"Consume less\">Consume less<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#How_to_Avoid_Debt\" title=\"How to Avoid Debt?\">How to Avoid Debt?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#50-30-20_Rule\" title=\"50-30-20 Rule\">50-30-20 Rule<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Emergency_Fund\" title=\"Emergency Fund\">Emergency Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Insurance\" title=\"Insurance\">Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#SIP\" title=\"SIP\">SIP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Side_Hustle\" title=\"Side Hustle\">Side Hustle<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#10_Steps_to_Become_Debt-Free\" title=\"10 Steps to Become Debt-Free:\">10 Steps to Become Debt-Free:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Make_Budget\" title=\"Make Budget\">Make Budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Maintain_Spreadsheet\" title=\"Maintain Spreadsheet\">Maintain Spreadsheet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Be_Informed\" title=\"Be Informed\">Be Informed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Prioritize_Debt\" title=\"Prioritize Debt\">Prioritize Debt<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Avoid_Expensive_Hobbies\" title=\"Avoid Expensive Hobbies\">Avoid Expensive Hobbies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Avoid_Credit_card\" title=\"Avoid Credit card\">Avoid Credit card<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Raise_Income\" title=\"Raise Income\">Raise Income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Plan_your_Expenses\" title=\"Plan your Expenses\">Plan your Expenses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Concentrate_on_Health\" title=\"Concentrate on Health\">Concentrate on Health<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Invest\" title=\"Invest\">Invest<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Conclusion\" title=\"Conclusion:\">Conclusion:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#For_More_Information_Check_this_Video\" title=\"For More Information, Check this Video:\">For More Information, Check this Video:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/rakshithpai.com\/become-debt-free\/#Also_read\" title=\"Also read:\">Also read:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Debt\"><\/span><strong>What is Debt?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Personal debt is a debt for which you, as an individual, are legally accountable. In this context, &#8220;personal&#8221; simply means &#8220;non-business,&#8221; as when you and your spouse take out a loan to buy a house, car, educational loan, etc.&nbsp;<\/strong><\/p>\n\n\n\n<p>Individual debt can also be either secured or unsecured. When you put up collateral (such as security) to get a loan, it&#8217;s called &#8220;secured debt.&#8221; Unsecured debt is based only on your word that you&#8217;ll pay it back. The use of personal debt to finance expenditures rather than capital expenditures is inevitable.<\/p>\n\n\n\n<div class=\"wp-block-buttons alignwide is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/zerodha.com\/open-account?c=PR4768\" style=\"border-radius:50px;color:#0f0027;background-color:#e4fa00\" rel=\"nofollow\"><strong>Open Zerodha Account Now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><strong>Personal debt is also a common problem due to unforeseen events like losing a job or unfortunate events such as medical expenses. <\/strong>Even when people work full time, their pay often isn&#8217;t enough to cover such unexpended expenses. And, when people don&#8217;t have the discipline and knowledge to handle their money well, they often find themselves in debt.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-rakshith-pai wp-block-embed-rakshith-pai\"><blockquote class=\"wp-embedded-content\" data-secret=\"XPuBxRfKlV\"><a href=\"https:\/\/rakshithpai.com\/debt-financing-importance\/\">What is Debt Financing? Features, Advantages &#038; Disadvantages:<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;What is Debt Financing? Features, Advantages &#038; Disadvantages:&#8221; &#8212; \" src=\"https:\/\/rakshithpai.com\/debt-financing-importance\/embed\/#?secret=jEva1T6AtF#?secret=XPuBxRfKlV\" data-secret=\"XPuBxRfKlV\" width=\"200\" height=\"200\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_have_a_Debt-Free_Life\"><\/span><strong>How to have a Debt-Free Life?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Living Debt free is not only good for your wealth, but also for your health. Hence, it is of utmost necessity for each and every individual to thrive to live debt free or at least take upon a manageable debt. The following are some tips &amp; suggestions for you;<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Build_Savings\"><\/span><strong>Build Savings<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Saving money for emergency periods is highly underrated. People often tend to live pay-check to pay-check.<\/strong> Infact, making barely enough and living on the edge has become a financial pandemic of its own.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit\"><\/span><strong>Credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Credit is a tool, if used wisely, can be a great help for individuals.<\/strong> But, unfortunately, 90% of individuals with credit cards and such other facilities do not know how to take full help of the same. If you are one of those who do not know how to use credit, I suggest you cut down your credit consumption.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consume_less\"><\/span><strong>Consume less<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Spend that which you can pay. <\/strong>Our economy is mainly consumption driven. But, that doesn&#8217;t mean, we consume more than we can pay.&nbsp;<\/p>\n\n\n\n<p>Living on tomorrow&#8217;s income is one way to put it. Many do it without any knowledge of doing it. To make yourself realize, just take note of all the purchases you\u2019ve made in the past 3 months, now see what are those and how useful were your purchases.<\/p>\n\n\n\n<div class=\"wp-block-buttons alignwide is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/zerodha.com\/open-account?c=PR4768\" style=\"border-radius:50px;color:#0f0027;background-color:#e4fa00\" rel=\"nofollow\"><strong>Open Zerodha Account Now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Avoid_Debt\"><\/span><strong>How to Avoid Debt?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>If you follow these five rules, you&#8217;ll be less likely to get into too much debt and risk losing your financial stability.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"50-30-20_Rule\"><\/span><strong>50-30-20 Rule<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Putting the rule into effect requires relatively little effort. Your cash flow is split into three categories for this exercise. <\/strong>Needs account for 50% of the budget, wants account for 30%, and savings and investments account for 20%. Everything will be put into predetermined bins, and you can decide what to do within those bins.&nbsp;<\/p>\n\n\n\n<p>Such planning will help you manage your utility expenses, investment, and leisure spending. For more information, <a href=\"https:\/\/rakshithpai.com\/50-30-20-budgeting-rule\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>CLICK HERE!<\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-rakshith-pai wp-block-embed-rakshith-pai\"><blockquote class=\"wp-embedded-content\" data-secret=\"liBwdyKNft\"><a href=\"https:\/\/rakshithpai.com\/50-30-20-budgeting-rule\/\">The 50\/30\/20 Rule of Budgeting. Its Features &#038; Importance Explained:<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;The 50\/30\/20 Rule of Budgeting. Its Features &#038; Importance Explained:&#8221; &#8212; \" src=\"https:\/\/rakshithpai.com\/50-30-20-budgeting-rule\/embed\/#?secret=v1804V3ZnX#?secret=liBwdyKNft\" data-secret=\"liBwdyKNft\" width=\"200\" height=\"200\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Emergency_Fund\"><\/span><strong>Emergency Fund<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>You should always have some spare cash on hand, and this is the money you should put away in an emergency fund.<\/strong> Things like auto repairs, house repairs, medical costs, and income loss are classic examples.<\/p>\n\n\n\n<p>Such expenses come at any time. Especially, to overcome unfortunate times, one must have an emergency fund.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insurance\"><\/span><strong>Insurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Having health insurance prevents you from having to use your funds to pay for unexpected medical expenses. <\/strong>The quality and ease of life may quickly become prohibitively expensive due to the unpredictability of medical emergencies and, with the ever-increasing cost of healthcare, it is the cost of medical care without health insurance that can quickly deplete personal funds.<\/p>\n\n\n\n<p>To know more about Medical Insurance, Check this article &#8211; <a href=\"https:\/\/rakshithpai.com\/health-insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>CLICK HERE!<\/strong><\/a><\/p>\n\n\n\n<div class=\"wp-block-buttons alignwide is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-3 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/zerodha.com\/open-account?c=PR4768\" style=\"border-radius:50px;color:#0f0027;background-color:#e4fa00\" rel=\"nofollow\"><strong>Open Zerodha Account Now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SIP\"><\/span><strong>SIP<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>A Systematic Investment Plan (SIP) is a tool provided by mutual fund companies to help their clients invest regularly and consistently.<\/strong> Investors can choose a mutual fund scheme and set up a systematic investment plan (SIP) to invest a certain amount of money at regular intervals. Intervals can be on a weekly, monthly, quarterly, semi-annual, or annual basis. It can also be done whenever the investor pleases but at a pre-defined interval.<\/p>\n\n\n\n<p>To know more about SIP or Systematic Investment Plan, Check this article &#8211; <a href=\"https:\/\/rakshithpai.com\/systematic-investment-plan\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>CLICK HERE!<\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-rakshith-pai wp-block-embed-rakshith-pai\"><blockquote class=\"wp-embedded-content\" data-secret=\"MszaKM4MMH\"><a href=\"https:\/\/rakshithpai.com\/systematic-investment-plan\/\">What is SIP? Its Types, Benefits &#038; Drawbacks explained<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;What is SIP? Its Types, Benefits &#038; Drawbacks explained&#8221; &#8212; \" src=\"https:\/\/rakshithpai.com\/systematic-investment-plan\/embed\/#?secret=qKsBSudhRr#?secret=MszaKM4MMH\" data-secret=\"MszaKM4MMH\" width=\"200\" height=\"200\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Side_Hustle\"><\/span><strong>Side Hustle<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Extra income is always welcome, and I believe that everyone should have a second source of income. <\/strong>You can reach your financial goals, like paying off debt or saving for retirement, faster if you do something on the side to make a little extra money each month.&nbsp;<\/p>\n\n\n\n<p>To know more about Ways to Make Money Online, Check this article &#8211; <a href=\"https:\/\/rakshithpai.com\/best-ways-make-money-online\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>CLICK HERE!<\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rakshithpai.com\/wp-content\/uploads\/2022\/08\/Become-Debt-Free-Easy-Quick-Way-to-do-1-1024x576.jpg\" alt=\"\" class=\"wp-image-6053\" width=\"1057\" height=\"595\" srcset=\"https:\/\/rakshithpai.com\/wp-content\/uploads\/2022\/08\/Become-Debt-Free-Easy-Quick-Way-to-do-1-1024x576.jpg 1024w, https:\/\/rakshithpai.com\/wp-content\/uploads\/2022\/08\/Become-Debt-Free-Easy-Quick-Way-to-do-1-300x169.jpg 300w, https:\/\/rakshithpai.com\/wp-content\/uploads\/2022\/08\/Become-Debt-Free-Easy-Quick-Way-to-do-1-768x432.jpg 768w, https:\/\/rakshithpai.com\/wp-content\/uploads\/2022\/08\/Become-Debt-Free-Easy-Quick-Way-to-do-1-150x84.jpg 150w, https:\/\/rakshithpai.com\/wp-content\/uploads\/2022\/08\/Become-Debt-Free-Easy-Quick-Way-to-do-1.jpg 1280w\" sizes=\"(max-width: 1057px) 100vw, 1057px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_Steps_to_Become_Debt-Free\"><\/span><strong>10 Steps to Become Debt-Free:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Make_Budget\"><\/span><strong>Make Budget<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Examine your monthly budget carefully to get started. <\/strong>To keep tabs on your spending, you might want to download budgeting software. The finest budgeting applications often provide either a free version or a free trial period followed by a modest monthly price. You may use these applications to help you find ways to save money that you can put toward paying down your debt.<\/p>\n\n\n\n<div class=\"wp-block-buttons alignwide is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-4 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/zerodha.com\/open-account?c=PR4768\" style=\"border-radius:50px;color:#0f0027;background-color:#e4fa00\" rel=\"nofollow\"><strong>Open Zerodha Account Now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p>Spending reductions of any size will help. If you can find Rs. 1,000 every month to reduce from your regular budget, you will have Rs. 12,000 at the end of a year to apply toward your financial obligations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Maintain_Spreadsheet\"><\/span><strong>Maintain Spreadsheet<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The complexity of a spreadsheet is entirely up to the user.<strong> You may use it to keep track of your repayments to creditors and to revise your account balances accordingly. <\/strong>One major advantage is that it helps maintain a tidier financial recordkeeping system. In addition, it works well with various monitoring systems.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Be_Informed\"><\/span><strong>Be Informed<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Be informed regarding the investment options available in your vicinity.<\/strong> Be informed regarding the debt you have taken or are planning to take upon. Being informed is the first safe step to take in Personal Finance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prioritize_Debt\"><\/span><strong>Prioritize Debt<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>At this point, you have officially started making progress toward your goal of debt freedom.<\/strong> Prioritize those loans that charge high interest on the debt.&nbsp;<\/p>\n\n\n\n<p>Because it&#8217;s best to pay off these loans first if you want your EMI payments to go down by a lot. Unpaid balances on credit cards, personal loans, and other forms of unsecured debt will dominate this category. Put some money aside and go to work on the loan prepayments of the rest of the debts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Avoid_Expensive_Hobbies\"><\/span><strong>Avoid Expensive Hobbies<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Have you checked your bank account lately to see whether you actually have spent it on expensive items, the need for which is very slim? You can&#8217;t be serious about budgeting if you are spending excessively on your hobbies!<\/p>\n\n\n\n<p><strong>Do check your bank statement at frequent intervals. Check for those expenses that you&#8217;ve incurred but wish you hadn&#8217;t. <\/strong>This is not a practice to make you feel guilty about your spending.&nbsp;<\/p>\n\n\n\n<p>In fact, this is to make you understand how financially mature you are. Remember, the first step to financial freedom starts with saving. And, in order to save, one must go through every option available in terms of cutting expenses.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-rakshith-pai wp-block-embed-rakshith-pai\"><blockquote class=\"wp-embedded-content\" data-secret=\"OrkuiMD2Ra\"><a href=\"https:\/\/rakshithpai.com\/best-ways-make-money-online\/\">10 Best Ways to Make Money Online:<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;10 Best Ways to Make Money Online:&#8221; &#8212; \" src=\"https:\/\/rakshithpai.com\/best-ways-make-money-online\/embed\/#?secret=HEI5ds4E3t#?secret=OrkuiMD2Ra\" data-secret=\"OrkuiMD2Ra\" width=\"200\" height=\"200\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Avoid_Credit_card\"><\/span><strong>Avoid Credit card<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>To really get out of debt, you need to stop treating debt like a way of life. <\/strong>You&#8217;ll find plenty of suggestions online from financial experts advising in favor of the use of credit cards. But not many people really understand how credit works, and even fewer make the best use of it.<\/p>\n\n\n\n<div class=\"wp-block-buttons alignwide is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-5 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/zerodha.com\/open-account?c=PR4768\" style=\"border-radius:50px;color:#0f0027;background-color:#e4fa00\" rel=\"nofollow\"><strong>Open Zerodha Account Now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p>Wherein, the vast majority still do not know how to use credit cards. You could be one of them. The only thing credit cards accomplish is perpetuate the debt cycle. So, in regards to the 90% of credit card holders and those who use the &#8220;Buy Now, Pay Later&#8221; (BNPL) system, it is suggested to throw away your credit cards and BNPL accounts and forget about them.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Raise_Income\"><\/span><strong>Raise Income<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You can raise your income by asking for a raise or going for a side hustle. <strong>Remember, if you don\u2019t ask, the answer will always be no!<\/strong><\/p>\n\n\n\n<p>If you wish to ask for a raise, which I absolutely suggest you do. Take your time, make yourself available for the work, be visible and try to be as hardworking as possible in order to increase your chance of getting approval for a raise.<\/p>\n\n\n\n<p>As far as a Side hustle is concerned, I suggest you read this article, <a href=\"https:\/\/rakshithpai.com\/best-ways-make-money-online\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>CLICK HERE!<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Plan_your_Expenses\"><\/span><strong>Plan your Expenses<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Prepare a plan of action and stick to it. <\/strong>While window shopping, check your spending with the calculator software on your phone to avoid going overboard. Especially when you frequently buy things on a whim! It&#8217;s possible to pick up your online grocery purchase at the store&#8217;s curbside.<\/p>\n\n\n\n<p>Plan where you spend, what you spend it on, and when you spend it.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concentrate_on_Health\"><\/span><strong>Concentrate on Health<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Health is the most precious of all Wealth. Hence, it is said, \u201cHealth is Wealth\u201d. <\/strong>Prioritize your Health, both Mental and physical. If your work and personal life are affecting your health, you are supposed to make the required changes.<\/p>\n\n\n\n<p>Remember, no one individual has ever regretted having good health. I personally know a few who do regret having the huge wealth they have. Wealth has a knack for trapping us in a unique manner.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Invest\"><\/span><strong>Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>I cannot stress enough this aspect. <strong>The best way to attain wealth is to Save as much as possible, Invest the saved money and repeat the process as far as feasible.&nbsp;<\/strong><\/p>\n\n\n\n<p>Saving money requires a certain kind of discipline. But, what really makes you rich is investing the money.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe loading=\"lazy\" title=\"3 Simple Habits To Get Out of Poverty and Become Rich! #Habits\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/2nPieCRnAWk?start=59&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Creating a reasonable budget and keeping track of spending is the single most effective strategy for paying off consumer debt.&nbsp;<\/strong><\/p>\n\n\n\n<p>The general consensus among financial experts is that you should prioritize paying off the loan with the highest interest rate first, allocating as much of your available funds as possible there, while still making at least the minimum payments on all of your other debts.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons alignwide is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-6 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/zerodha.com\/open-account?c=PR4768\" style=\"border-radius:50px;color:#0f0027;background-color:#e4fa00\" rel=\"nofollow\"><strong>Open Zerodha Account Now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p>However, if all other options are lost, <strong>you can get a new financial start or reduce your debt load through options including bankruptcy, debt negotiation, debt settlement, and refinancing.&nbsp;<\/strong><\/p>\n\n\n\n<p>But, while using these strategies, you may be able to get rid of some of your debt, but it comes at a cost. change your interest rate due to an impact on your credit score.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"For_More_Information_Check_this_Video\"><\/span><strong>For More Information, Check this Video:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe loading=\"lazy\" title=\"Five (5) Types of PERSONAL LOANS &amp; Their Feature That You Must Know! #personalloan #personalfinance\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/Cwq10mp9vgc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p><strong>Disclaimer: <\/strong>All the information on this website is published in good faith and for general information purposes only.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Also_read\"><\/span><strong>Also read:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><a href=\"https:\/\/rakshithpai.com\/dividend-reinvestment-plan\/\" target=\"_blank\" rel=\"noreferrer noopener\">Dividend Reinvestment Plan: Everything You Need to Know<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/rakshithpai.com\/inflation-stock-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Inflation and its impact on the Economy &amp; Stock Market:<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/rakshithpai.com\/magic-formula-investing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Magic Formula Investing:<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/rakshithpai.com\/health-insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\">Everything You Need to Know About Health Insurance:<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/rakshithpai.com\/multi-asset-allocation-fund\/\" target=\"_blank\" rel=\"noreferrer noopener\">Multi-Asset Allocation Mutual Fund &amp; Its Importance:<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>What is Debt? Personal debt is a debt for which you, as an individual, are legally accountable. In this context, &#8220;personal&#8221; simply means &#8220;non-business,&#8221; as when you and your spouse take out a loan to buy a house, car, educational loan, etc.&nbsp; Individual debt can also be either secured or unsecured. When you put up [&hellip;]<\/p>\n<div class='heateor_sss_sharing_container heateor_sss_vertical_sharing heateor_sss_bottom_sharing' style='width:44px;right: -10px;top: 100px;background-color: Dark Blue' data-heateor-sss-href='https:\/\/rakshithpai.com\/wp-json\/wp\/v2\/posts\/6052'><div class=\"heateor_sss_sharing_ul\"><a aria-label=\"Facebook\" class=\"heateor_sss_facebook\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Frakshithpai.com%2Fwp-json%2Fwp%2Fv2%2Fposts%2F6052\" title=\"Facebook\" rel=\"nofollow noopener\" target=\"_blank\" style=\"font-size:32px!important;box-shadow:none;display:inline-block;vertical-align:middle\"><span class=\"heateor_sss_svg\" style=\"background-color:#0765FE;width:40px;height:40px;margin:0;display:inline-block;opacity:1;float:left;font-size:32px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box\"><svg 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