Financial strain is on the rise, with inflation and the cost of living burdening Americans. Many rely on borrowing for essentials and struggle to balance debt and savings. Finding ways to cut back and increase income is crucial to tackling “survival debt.”

One effective strategy is to prioritize the Four Walls (food, utilities, shelter, transportation) and cut unnecessary expenses. Downsizing and avoiding high-interest debt traps like BNPL can also help alleviate financial pressure.

With wage growth lagging behind inflation, many Americans turn to side hustles to make ends meet. Monetizing skills or taking on on-demand jobs can provide extra income to pay off debt. Having a plan to tackle debts, whether through balance transfers or consolidation, is key to financial recovery.

Saving while in debt is challenging but possible. Building an emergency fund can prevent future debt and improve financial well-being. Starting small with savings goals can help develop the habit and eventually reach larger financial milestones.

Overcoming financial struggles and debt requires planning and action. By cutting expenses, increasing income, and setting achievable savings goals, individuals can break free from the cycle of “survival debt” and regain financial stability.

Read more at Yahoo Finance: 4 Ways To Break Free of ‘Survival Debt’ and Get Back on Track