Are you in debt? This recent study found that 77% of Americans currently have some form of debt. Therefore, finding smart ways to pay down debt is essential for many people.
Growing up, debt was a way of life for our family. Although my parents worked hard, we had bills and were conscientious about money. If I wanted something, I was taught I must save up for it. So around age twelve, I started babysitting at $2.00 per hour. Keep in mind this was back in the ’80s and babysitters make much more today!
It was nice to have my own money, but as I got older and went off to college, I was offered a free T-shirt to sign up for a credit card on spring break. It wasn’t always fun having to save up for things so this sounded like a great idea! As you may know, college students love free stuff, so I quickly filled out the form and my credit card arrived promptly.
Soon I started using it and it felt great to be able to buy what I wanted. Until the next month when the bill came in and I realized I owed money to the credit card company and I was now in debt.
Now that I am older, I pay my credit card bill off every month to score points, but back then, I was making minimum wage working at a daycare and didn’t have the cash flow to pay off my debt every month.
I quickly learned that being in debt is stressful and came up with some tips and tricks to get out of debt the smart way (and you can use these tips to get out of debt too)
Are you thinking of trying a new budget, but are wondering “What is the 30-30-30-10 budget rule?”
You may have heard of the popular 50-30-20 budget, and perhaps you even tried it. If it wasn’t for you, luckily there are many other budget options to help you keep track of your money. And the 30-30-30-10 budget may be a great alternative budget to help you stay on track. Moreover, this budget may just be what you are looking for to help stop overspending, yet feel less confined.