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Heres what they said are the keys toaffording basic living expenses.
Make a Budget (and Stick To It!)
First things first you better know where your moneys going.
Planning can alleviate stress and put you on the path to financial security.
Getting a realistic view of what you have coming in and going out will go a long way.
A vital reality check!
Cut the Small Stuff
Those little expenses add up fast.
Think about the $7 per day on coffee.
Get Some Expert Help
Think financial advisors are just for rich folks?
We have to bust the myth that only high-net-worth individuals can work with a financial advisor.
There are experts that specialize in a range of financial situations.
Everyone deserves to have quality financial advice, Mahajan said.
Save For a Rainy Day
An emergency fund is your financial safety net.
Mahajan suggested starting small.
Begin with a small savings goal and gradually increase it to cover several months expenses.
Treat your emergency fund as a non-negotiable bill you must pay monthly, he said.
Automating your savings can help you stick to this commitment.
$25 per week into your emergency fund adds up quickly.
Take advantage of 401(k) programs with an employer match.
Tackle Housing Costs
Whether you rent or own, theres help out there.
If you are struggling to make your mortgage payment, contact your mortgage servicer.
For renters, there are options as well.
If you rent,individual states, counties and citieshave rental assistance programs in place, he said.
Make Extra Cash
A side hustle can make a big difference in your finances.
Watch Out for Debt Traps
Its also important to watch out for debt traps.
Enright warned about one particularly nasty bang out of loan.
Whatever you do, avoid turning to a payday loan.
Keep Learning
Personal finance expert Erika Kullberg fromErika.comsaid that managing money is an ongoing process.
She also pointed out how debt can mess with your head.
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