Being in debt is something most of us have experienced in one way or another. For some people this becomes a way of life but it is immensely stressful and lonely. There is an element of shame attached to being in debt that keeps us quiet and makes it an isolating place to be in.
As more and more people are opening up about their experiences and their journey to become debt free the conversation is getting easier. You really don’t need to feel alone or deal with debt on your own. It can really be necessarily damaging to people’s self esteem. But thankfully there are lots of ways to get out of debt and here are some of our top tips.
1. Speak to a professional
There are people who are trained to help people in debt and by making contact with a professional who has years of experience dealing in financial management, you will be placing yourself in the very best position to get the help you need to get out of debt. It is difficult to dig your way out of debt without the right support to keep you on plan. But there really is light at the end of the tunnel and with professional advice, you can be sure that you are heading in the right direction with your finances. For further information click here.
2. Create a budget
Analysing all the incoming and outgoing payments on a regular basis is vital if you want to get out of debt. It is easy to bury your head in the sand but believe me, it will be massively worth it to create a budget and see where you are at.
You will need to make some cuts and savings here and there but make sure you don’t make your budget so tight that you are miserable. It is ok to still have a treat every now and then but make sure you plan for it and don’t go crazy, it’s not much of a treat if you get a feeling of guilt after.
Whilst you may be tempted to put every spare penny towards paying your debt off you also need to face the fact that sometimes you need to spend out some money. We can plan for the expenses incurred at Christmas or for birthdays. By thinking about these regular occasions we can put some money aside each month which reduces the impact and gives some peace of mind. You’ll need to figure out for yourself whether some things are essentials, non negotiables or could potentially wait…
4. Earn more
It isn’t always easy to find time for a second job but there are some things that can be done to earn a little extra. Try looking through all your old clothes or computer games, perhaps sell them online or try a boot fair. If you need something to do while you’re at home in the evenings you could sign up to complete surveys, it’s not fast money but it does add up.
I hope your found this blog post useful? Being in debt can sometimes seem catastrophic but with careful planning and advice, there is always a way of becoming debt free. Please do comment below if you have any tips you would like to share too…