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Those numbers help explain why there has been a recent surge in internet searches that deal with being broke.
Here are fourreasons Why I am broke and such searches have skyrocketed.
That figure is up from $11.7 trillion a decade earlier.
Transunion found that the average consumer has more than $6,300 in credit card debt alone.
This typically happens when your spending exceeds your earnings.
The latter problem is especially prevalent among younger folks, according to a survey byEduBirdie.
It found that 42% of Gen Z shoppers give up essential needs to keep up with trends.
Put money into your savings before you pay your other monthly expenses, the blog said.
If you havent already, create a budget so you know exactly where your money is going.
Then treat saving as a bill itself and soon you wont miss the money taken out.
This money can be used for emergencies, purchasing a future home, or saving for retirement.
Cutting expenses is crucial, but theres a limit to how much you could completely cut out.
To get ahead financially, focus on finding ways to boost your income.
One of those ways is to find a side hustle that brings in additional money beyond your main job.
you’re free to also put money intopassive income sourcessuch as investments and high-yield savings accounts.
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