5 INNOVATIVE WAYS TO SAVE MONEY WHILST STILL IN DEBT
The quest of most Americans who heavily laden with the yoke of indebtedness is to get out of debt as soon as possible and regain their financial freedom. To these Americans and other people of the world in a similar situation, saving is a no-go area for them, in fact, some will argue that if there is an opportunity to save then they wouldn’t be in debt. However, I have a bit of good news for these categories of Americans; yes you can begin a saving plan whilst still in debt.
In this article, I will enumerate 5 innovative ways through which you can have extra cash to save while still in debt.
IGNITE YOUR FINANCIAL TRACKING SYSTEM: now is the time to set off a financial tracking system; track all your expenses and income, be as detailed as possible, make sure no expense or income is missed by your tracking system. Naturally, by igniting your financial tracking system you automatically gain the consciousness which subconsciously calls for prudence on your path thereby leaving you with a surplus to save. Start by tracking your income and expenditure for a month then a year and you will gain the foothold on your finances.
GROW YOUR EMERGENCY SAVINGS ACCOUNT: Another innovative way through which you can save while still in debt is to consciously and intentionally open an emergency savings account in which all additional or extra income are logged. Similarly, all savings from hitherto frivolous spending which have been cut off or eliminated are logged in this emergency savings account as well.
GET OUT OF DEBT FAST: This might sound ironical, by consolidating or renegotiating your loans with the objective of getting out of debt you can indeed have extra cash to dump into your emergency savings account. Various debt relief strategies that will leave you with extra cash are available in the market and you can consult a financial advisor for expert advice.
STOP THE RAT RACE IMMEDIATELY: In other to have an extra fund so that you can be able to save you need to get out of this so-called rat race. Stop living beyond your income, stop living a false life, stop bringing forward your future to spend, cut off all frivolous spending. The extra cash you now have can thus be saved in the emergency savings account.
ACQUIRE FINANCIAL INTELLIGENCE: the reason you are in debt and do not have substantial savings is due to your lack of financial intelligence. Acquiring financial intelligence will translate to tackling the scourge at its root. With adequate financial intelligence, you will be able to understand and implement strategies to making money, managing money and multiplying money. The surest way to save while in debt and execute a debt exit program is to get financially savvy to increase your capacity to earn income, to increase your ability to manage your income and to escalate your propensity to multiply your income. Simply put i.e. to acquire financial intelligence.