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The fact that they are spending more on unnecessary expenses like dining out, shopping and entertainment is concerning.
Having debt can be overwhelming, but prioritizing it is the only way to get out from under it.
According toUSDA research, food prices went up 25% from 2019 to 2023.
How can Gen Z save money here?
Try meal prepping and planning meals in advance to reduce the urge to eat out.
There are many coupon sites and apps available to help you find the best deals near you.
This will help you reduce your spending in this category.
Kovar suggests that you create a shopping budget and stick to it.
You should also do your best to track your spending to ensure that you dont exceed your set limits.
Look forfree or inexpensive entertainment optionssuch as local events, community activities and outdoor adventures, shared Kovar.
Many cities offer free concerts, festivals and cultural events.
Heres the best way to approach this.
Paying off high-interest debt before anything else will reduce the amount you pay toward your debts overall.
Kovar added, Consider consolidating or refinancing options to reduce interest rates.
Develop astructured debt repayment planwith clear goals and milestones.
Automate payments to ensure consistency and avoid missed payments.
Its worth pointing out that anything you cut from your budget now can be added back in the future.
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