In debt and dont know why? Heres some simple to follow debt management advice.
A great many of us are starting to realise its time to try to get out of debt. We work increasingly long hours in stressful jobs, and not always rewarding jobs, so it is little wonder we often feel the need to treat ourselves after a hard day at the office. But if you get a horrible surprise every time you check your bank or credit card statements, you could be shying away from facing up to how much youre really spending.
Below are some tips on becoming debt free. See how you could be making things worse by driving yourself further and deeper into debt without realising its happening and what you can do about it without sacrificing too much of the good things and hasten the get out of debt process..
Tip 1. Shopping for pleasure
Too many of us see shopping as a kind of sport or leisure activity. Obviously, we all need new clothes or household gadgets from time to time but nobody has to keep buying new things every other day. Take some time out to work out what you really need and phase out the things you dont. Then go out and shop for that specific, necessary item. You can still enjoy browsing around stores but you wont be frittering away your money a great way to get out of debt.
Tip 2. You cant resist so-called bargains
You love hitting the sales and snap up loads of bargains but paying 50 for a jacket that used to be 100 isnt much of a saving if you dont need or use it. Are you tempted by two-for-one offers? Theyre great if you can get two of something that you need to use regularly, otherwise theyre worthless. Before you go shopping, make a list of things that you need to stock up on and only allow yourself to be tempted by sales where you know you can get these items cheaply.
Tip 3. You take the first deal youre offered
Many people are afraid of haggling but its actually a very effective way of gaining discounts and a recent survey for a leading Debt Management Company, Paydayeffect.com, found that 57 per cent of us are now more prepared to haggle than we were a year ago. Electricals, white goods, furniture, mobile phone contracts and clothes are among popular items you can save a little extra on.
Tip 4. You find it hard to budget
Do you do the weekly food shop in a high-end deli and buy designer clothes? If so, you need a reality check. Most people in the UK earn less than 30,000 a year and this kind of salary does not support an extravagant, celebrity lifestyle. One piece of good, easy to follow debt advice is to be aware of what you can really afford. Check your financial statements regularly so you can see instantly what you owe and how well youre coping. If things are looking like they are getting out of control and you find it more and more difficult to keep up with various payments, contact an independent
debt management company for further guidance and assistance.
