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Besides being low on funds, consumers are also racking up debt.
However, the amount of debt owed varies by generation.
The Experian data shows millennials (ages 27-42) owe more.
Another stunning figure is the number of people who dont have savings.
Here are four ways to manage your debt andbuild your savings.
Then, create amonthly budget.
Making a monthly budget might seem scary, but it doesnt need to be.
Think of it as a snapshot of your financial situation.
Finance expertDave Ramseyhas a 7-step program to get out of debt, and he first suggests saving $1,000.
Your emergency fund will cover those unexpected life events you cant plan for.
And there are plenty of them.
You dont want to dig a deeper hole while youre trying to work your way out of debt!
When you knock out the smallest debt first, you get motivation.
When you pile that payment onto the next debt, you get momentum.
Motivation plus momentum equals victory.
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