For young professionals, debt is inescapable. That is, if you’re not careful with how you spend your money. Maybe you think, because you’re young, you have all the time in the world to save for the future. But the future isn’t often safe and convenient. There are always a lot of emergencies. Unexpected things often happen. Your sister or dog gets sick and you end up with hospital bills or pet clinic fees.
There are many things you can do to make sure this doesn’t happen to you. Here are seven of the most basic debt management rules you can follow to make sure you survive your twenties—debt-free:
1. Live within your means: This is perhaps the most obvious rule that many young professionals definitely consider easier said than done—especially if there’s a shoe sale coming up or another hot new gadget to be released in the next few months. If you’re serious about being debt-free, there is no going around it—either you spend less than what you earn or find yourself in debt for much of your life.