- 1). Manage well the money that you have. You may have to see a professional to help you understand your budget and investments. For instance, if you are making good money and want to retain financial security, you can see a wealth coach.
- 2). Become debt free. You might want to consider the snowball plan of debt reduction, which means that you pay off your smallest debt first and continue to pay off the smallest debts until you are debt free.
- 3). Choose a place to rent or buy that is affordable so you do not blow money on your living space. Your living space is one of the least flexible parts of your monthly budget. You want the money you spend toward your living space to take up around 24 percent of your income.
- 4). Make a budget that is realistic. According to utahmarriage.org., spouses need to sit down and work out a budget that they can stick to for the month. If you have a significant other, determine which person in your relationship is the saver and let that person take charge of the finances.
- 5). Consider asking your parents for an interest-free loan to help you pay off credit card debt. Although financial advisers do not typically advise going in debt to pay off debt, you should save a lot of money by avoiding credit card interest rates and late fees.
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