Don't you just wish that
money could rain form the sky now and then? At least twice a year right? That
is only a wish and we all know that it will never happen. I know sometimes you
wake up in the morning and wish all your money problems were all gone, you
sometimes wish that you could just run or hide somewhere never to be found. I know it sucks, but that is what living on debts make you feel. I have done research
on it and got information from experts in the field and with my experience and
the knowledge I have managed to write an article for you.
When it comes to solving
your debts there are no real methods on dealing with it, but it does help a
deal to have some guide lines to follow.
A wise man once said the
rich get richer and the poor get poorer. This saying came from the fact that
the rich people most of the times get rich because they have mastered the art
of spending, they save more and spend less on the other hand the poor spend so
much that they even spend the money that they don’t have.
Well sometimes there are
situations that are so demanding that they drive you straight into debts. And
sometimes, most cases young people get into debts because they want to live a
leverage life, using credit cards, get designer clothes and expensive cars.
Which all come back and bite us at the end of the month.
Save Up
We should shift our
mentality of thinking that if we earn more it means we can afford more debts.
When you are planning to get out of debts it’s a good idea to first check where
you spend your money just to figure out how to have more of it around.
Now what to do you actually
save up money here is a list of 3 majors
Stay home for movies
If you going out on
movies every weekend it always ends up being more costly then planned for because
you end up buying few drink and maybe pizzas with your pals.
Get a roommate
If you are renting accommodation
cut out on your rent. Your rent is the biggest fixed cost you have. Look back
to the past year and add that up. Getting a flat or roommate will help cut your
rent cost into half and lend you more money to put on your pocket. It may be a
huge discomfort but it is necessary looking at the next few months.
Buy groceries instead of
takeaways
I know the thought of cooking after a long day
from work sounds crazy but takeaways prove to be much more of an expense then a
saving. It does save sometime but it costs you a lot of money in return. Try to
have groceries and reduce on buying takeaways.
Building a budget
The fact is nobody loves
the idea of a household budget. But it is a necessity to obtain one, merely for
getting out of debts and staying out of it.
If you are looking to
solve your money problems lose the no budget mentality because this is how most
of us end up in debts. Just like any other goal a budget is planned for and
is written down in order to track the money streams. That way it is easy to see
what to keep and what you leave out of your budget. What a budget does is to
assist you to live within your means or affordability. How do I daft one?
Compare your spending
with income monthly. From your observation create a budget. This is how you do
it:
- Write down the total amount of income then how much you spend every month. To calculate your spending just keep your slips on every purchase you made for that month.
- Cut down on your spending such that they less then your income
- Prioritize your income properly so that you are able to pay all your necessary expenses and debts.
To make it easy on you
for future and un expected events
- Make up your saving in order to have something to fall back on for unforeseen circumstances.
- Purchase big-ticket items without use of credit card
Help yourself get out of
debt. Make your dreams come true and free yourself from it.
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