RISING cost of living is putting a lot of financial pressure on families and some are depending on credit cards and personal loans to help make payments, including for housing loans.

But if you do not pay your credit card bills or personal loans on time, it is going to cost you a lot more to settle later.

Whether you are a parent or a single individual, it is time to put a plan in place to avoid unpaid bills.

Here are some tips to get you started:

CREATE A BUDGET

Write down your income and expenditure for the month and plan your budget accordingly.

RECORD EXPENSES

Keep all your receipts or note down what you are spending on every day. This will help you to understand where the money is going and there may be some areas you could cut down on.

SAVING MONEY

Try to save a little every week for a house down payment. You may even use it in case of emergencies.

BORROWINGS?

If you really need to borrow, make sure that you only borrow what you can comfortably afford to repay. Stay away from moneylenders, credit cards and personal loans.

SHOP FOR BEST DEALS

Shop around and compare prices. You may end up getting a product of the same quality, but cheaper at a different store.

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