LifeSkills Academy Blog
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Written by David Dixon – 8/29/22
Part of adulting is the potential to go into debt. Managing debt effectively takes planning and management. You should not be ashamed to take out a loan, or to buy a car or house on credit. Just remember, this has to be paid back and interest is added.
Easy tips to manage debt effectively:
Create a savings account for unexpected life events.
For example, debt does not always have to do with your choices. A costly medical emergency or a natural disaster striking your home can cause you to have debt.
To manage debt:
When you’ve paid off your debt, put those same monthly amounts into savings funds for future purchases:
By managing and planning your debt, you can get on a path to a better future.
"Wars in old times were made to get slaves. The modern implement of imposing slavery is debt." - Ezra Pound