Avoiding debt is a key to long-term financial stability, but when the cost of living is high, staying above water can be difficult. However, various strategies may be employed to help individuals avoid falling into debt.

Unforeseen expenses, whether major auto repairs or unexpected medical bills, can quickly land consumers in financial hot water, so it important to have an emergency fund. People should resist any temptation to tap into their emergency fund during non-emergencies, and they should continue to grow the fund with routine contributions each month.

One way to steadily grow one's emergency fund and other savings - and thus avoid debt - is to utilize automatic transfers via a bank. Consumers can examine their finances and determine how much from each paycheck they can automatically transfer into a savings or retirement account. Once that number is identified, people may set up the transfers so they are not tempted to spend the money come payday.

In addition, a strong credit rating is advantageous for those who want to avoid debt, in part because of the cost savings associated with good credit. When borrowing money for big-ticket items like homes and vehicles, individuals with high credit scores generally receive better lending terms, including lower interest rates. Over time, the money saved by earning a lower interest rate on a mortgage can equal tens of thousands of dollars, and those cost savings can help consumers avoid racking up debt for other expenses.

People should also become disciplined consumers. Online shopping has made it easier than ever to spend beyond one's means, as a new wardrobe and expensive concert tickets are only a few mouse clicks away. By resolving to remain a disciplined, savings-first consumer, individuals may avoid the pitfalls of debt.

These are among the simple strategies that can decrease the chances of individuals spending beyond their means and going into debt.