Ways to get out of debt

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With the increasing inflation rate, I guess that there will be many people are looking for ways to get out of debt.

I was in Chennai, India last week; I’m shock to see in the local newspaper, stating that the inflation rate is at 13%. In Malaysia, our current inflation is reported at 7%, to the low and medium incomes families, they already feel the punch of the inflation of increasing food prices as well as fuel price. I just cannot imagine what will be the impacts with such a high inflation rate in India.

Even the global fuel price has been reduced and government is also reducing the fuel prices subsequently, it doesn’t have much impact to the increased food and household item. Take my 4 months old son for example; the formula milk powder has increased around 8-10% from its original price. This is just one of the items out of so many items which increased in price. It’s really a burden in my opinion.

If you didn’t control your expenses budget wisely, once you over spends, you are going to look into ways to get out of debt, which I think is a bit too late. Do it before it’s too late.

I do agree that some of the expenses are unavoidable. I’m sure that very less parents are going to reduce the milk intake of your lovely infants or children. Then what shall I do…to control my budget and also one of the good ways to get out of debt?

Prepare your own meal at home; especially dinner. You will notice that by this alone you are able to save the amount of money that you needed to cover the increased price of formula milk powder for example. Cook at home not only save your money, it also a healthier way of your diet. You can control your diet intake like sodium, sugar level, less deep fried food; at the end of the day, it lower you cholesterol level. How nice will that be?

If you used to buy a cup of “high quality” coffee on your way to the office daily, try to prepare your own coffee instead. Even 3-5 bucks a day will save you up to 150 bucks in a month.

All the money you saved will be able to help you to settle you debt quickly. Of cause, the fastest and yet most efficient ways to get out of debt is to explore for other side income.

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