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Getting out of debt can feel daunting.
Thats known as lifestyle creep.
However, Buffett has been able to avoid this throughout his illustrious career.
He firmly believes in buying quality products, instead of wasting your money on cheap items that wont last.
However, he advises trying to find quality items you need when theyre discounted.
You may know this as pay yourself first, but theyre the same thing.
By prioritizing saving, youre ensuring money is put aside each month.
However, he does advise tracking your small expenses.
Purchases such as a daily latte, twice-weekly food delivery andmultiple streaming subscriptionscan add up fast.
You probably could look through your monthly expenditures and find at least afew non-essential items.
Cutting even a few of these costs will give you more money to tackle debt.
This might even feel so good youll be inspired to keep going.
Pay With Cash
Its hard to rack up debt when youre paying in cash.
Even Buffett follows this rule.
He has said he has an American Express card, But I pay cash 98% of the time.
This can be both a great way to tackle debt and to remain debt free later on.
Buffett believes in spending in moderation, as finding a balance is key togood financial health.
Just check that youre selective with spending, so you dont get sidetracked from tackling debt.
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