Money Diaries: Have you heard of the 10-20-70 rule?

How many of us are paying debt at month's end, raise your hands.

Unang Hirit on Tuesday interviewed financial expert Jay Mark Anuta, who not only gave a few tips on how to successfully manage and pay off all our debts but who also shared some tricks on how to budget and build financial discipline.

"If you earn P20,000 a month, don't spend P30,000," he began.

Anuta quickly brought up the 10-20-70 rule, which is really a good way to budget and live within our means.

Also known as the Abundance Formula, the 10-20-70 rule will have you allotting 10% of your monthly salary to donations and other charitable offerings, 20% of your money to investments, and 70% to monthly expenses — whether that's paying debts, paying bills, or enjoying more of your life.

While incurring debt is usually the result of living beyond our means, sometimes, we really just can't help it — a health emergency arises, tragedy strikes, you get the picture — and our debt grows and grows.

When that happens, Anuta suggests taking control of the situation with the Snowball Method.

List your debts from smallest to biggest and then put all your focus and energy on paying off the smallest debt first.

Having paid that one off does not mean you can borrow money again. Instead, move on to the next item on your debt list and pay off that one. Do this until you've crossed out and paid off all your debts. — LA, GMA News