Having debt is quite normal these days, as it seems it is somewhat impossible to get things you would like, need or want without getting debt or accruing debt in the process.
But how do you cope? How do you manage with your debt? Hopefully the tips and guidance below will help you out a little bit:
1. Write down who you owe money to and how much money you owe to each person/company/business and so on. Most people don’t know what they owe and when so be on the ball and sort out your finances. Get on top of all of your bills and statements and try to organise your finances.
2. Work out your incomings and outgoings. Write down exactly what you have coming in on a weekly/monthly basis and what you have going out. Determine how much money, if any, you have spare/left over that can be used to pay off some of your debt quicker/in a much shorter period.
3. Ring everyone and anyone you owe money to. See if they are able to reduce the amount you repay, or the total amount due. Explain your situation and circumstances to them and see if they can help you out in any shape or form.
4. CUT BACK. Cut back on your spending. Don’t buy things you don’t need or wont use again. Try to save every penny you have spare/leftover and you will soon see how quickly this adds up.
5. Take advantage of free sources and resources both online and offline, get free impartial advice relevant to your situation, speak to others in the same position as you and so on.
6. Work out, create and stick to a budget/debt plan. Decide what you will pay off and by when. Set yourself goals, aim’s and targets and stick to them, then as you reach and surpass each one give yourself a pat on the back and move on to the next one until you are debt free. Set yourself small manageable targets and goals and you will achieve a lot more.
7. Make use of your contacts, speak to friends, family, associates and whoever else you feel comfortable with talking to, see if they can help in any way or form, not necessarily in monetary form more in the way of support, advice and guidance.
Good luck with managing, eliminating and getting rid of your debt, I wish you every success in being debt free.
* Please note that this article is based on guidance and help. There are no recommendations contained within this article/publication and it is always suggested and advised that you contact paid professionals before entering into any type of plan or contract.