Get rid of your debts
Self-made billionaire Mark Cuban says that one of the best personal finance strategies is to become completely debt-free. The effective savings that you will make by way of eliminating your high interest costs would be significantly higher than what you can typically make by investing that money elsewhere.
Avoid maxing out your credit cards because that can turn into a serious debt trap, thanks to the high interest costs you would have to bear each month. If you cannot exercise restraint over credit card use, consider using a debit card. This will ensure that you will not end up paying for accumulated expenses over a staggered period at high interest rates.
