Thursday, 16 January 2014

Tips For Managing Debt

I hate being in debt and for a long time have made sure that I keep my debts to an absolute minimum, I have one credit card that I use for emergencies and I try to pay it off as quickly as I possibly can afterwards other than that if I can't afford it I don't buy it. I wasn't always as careful with my money though and when I was in my early 20's I ran up quite a debt on store cards, they're so tempting to have but the interest rates are so high it's ridiculous. To find out some great advice on managing your debts take a look at the debt map from payplan.

I managed to pay off my debts over time and I thought I'd share with you my top tips on how to do it.

  • Sit down with a pen and paper and work out all of your income and outgoings so it's all there in black and white in front of you, that way you can see if there are bills going out that could be cancelled to save you money (like a mobile phone bill) or reduced (maybe you can get a better deal somewhere else). I cancelled my phone contract and moved to pay as you go and saved a fortune.
  • Review all of your outgoing bills like home insurance, car insurance etc and see if you could save some money there, it always pays to shop around.
  • Draw yourself up a budget and try your best to stick to it, I find it so much easier to save money when I give myself a budget to live off rather than just spending money without a limit.
  • Save money on your food bill by shopping around, find out which supermarkets have offers on and try to buy supermarket own brands instead of branded items, this alone can save you money and you'll find that the quality is pretty much the same.
Hopefully these tips are helpful and 2014 will be the year that we can all get ourselves debt free or at least well on our way to being debt free.

XXX

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1 comment:

  1. Great tips! After years of being in debt in a few months I will be debt free!!! Hooray!

    ReplyDelete

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