Many Americans are trapped in a vicious debt cycle. According to the Federal Reserve, the average U.S. household carries more than $137,000 in debt.
If you’re one of them, paying off credit card debt and other liabilities should be your top priority. Otherwise, interest rates can wreak even more havoc on your balance sheet. TGDaily’s Jimmy Pham shares two ways to limit your liabilities:
1. Budget Smart
With today’s technology, there is no excuse for forgetting to make a payment or miscalculating how much you can afford to spend in any given month. There is a large variety of finance and money saving apps you can use to make a budget, calculate expenses and schedule payments, to help you navigate through your monthly finances. Make sure that you’re including every expense, even minor ones and set aside a food and entertainment allowance for yourself each month so that you don’t go over each time you go out with friends or go for a bite after work.