How to avoid getting into loan in 2023

[Carpon]

Being a debtor is certainly something nobody would love and therefore people always strive to avoid getting into loans in whatsoever ways possible. That may not really be an easy task but then I have some few tips that may be helpful for those who wish to get out of the habit of loan in this new year.

✓ Find more ways to make money: this may not seem a good advise at first but what makes you collect loan is lack of funds to do what you want to. Getting more income means will make you earn more and reduce your susceptibility to debt.

✓ Imbibe good savings habit: sometimes even when you earn a lot, you will still find yourself getting into debt because of improper usage of funds. Something you should consider this year added to the above is to begin saving properly. Have a good savings plan and also practice good financial habits.

I think these two will go a long way helping you avoid debt this year.

 

[Imran Noori]

I am always against loans for starting a business, investment and even daily expenses because what will happen if your business fail? or the investment price decreases?

This can make bigger problems for you, as you mentioned finding more ways to make money will help you to raise money and start a business, invest it or use it for your expenses.

Saving is also a great way to avoid loan, if you have a plan for your monthly income then you should definitely have savings for your rainy days.

I personally divide my income into three portions, one for investments, one for savings and the other portion for expenses, with this method I can avoid loans.

 

[Shaf]

There are many reasons people go for loans, but if it's not something that will make you more money or for an emergency, it's not worth it at all.
Like the original post stated, the best way to avoid loans this new year is to have proper finances, and avoiding the things that will force you to take loans.

Planning for emergencies by having a savings set aside, getting more pay either by getting another source of income or working harder help.

It also requires discipline to make money and to not spend it recklessly. You don't need to impress anyone with your lavish lifestyle. If you want to start a business, look for other alternatives to get capital and only go for loans if all else fails.

 

[eldavis]

One of the best ways to avoid taking loans is to first know your needs from your wants. Once you have been able to do this this would help you buy only the things you actually need and as well cutting down your expenses. Another things would be to get a job or hand work then while doing this, make sure you have other side hustles as well, this would help you not places on your expenses on a single source of income.