It’s no secret that debt is something that many people struggle with, for a variety of different reasons. In fact, according to the Office for National Statistics, debt in the UK is firmly on the rise. In the past few years, it has risen 9% to £9,400 per household.
Debt can have a real impact on your mental health, so taking action to take control of your finances is always a good idea. But where exactly should you start? Here, we’re sharing some top tips and advice for you to consider…
Attempt to switch to a single monthly payment
If you have debt from several different sources, then you could find yourself in a situation whereby you have many payments leaving your account every single month.
This can be stressful to contend with, and there may also be a serious issue with high interest rates if you’re not savvy and on the ball. One great solution here is to work with Jayhawk Advisors, a company which can prioritise what clients need by offering a single monthly payment with low interest rates.
Create a monthly budget to plan your expenses
If you don’t know exactly what you’re spending your cash on, it’s easy to spend way more than you’re realising. Of course, this can potentially lead to further and long term problems with debt. This is why it makes sense to sit down and carefully create a budget.
This will mean that you can spend your money on things that really matter and which important to you, and not end up in a position whereby you don’t know where your cash has gone. This kind of habit leads to better long term financial management, and also allows you to create the kind of lifestyle that you really desire.
Take action today
So many people bury their heads in the sand when it comes to taking control of their finances. They think that it’s just too complicated to tackle, they dread being forced to look at the reality of the situation, or they simply put it off until another day. Of course, this only makes things harder.
If you know that debt is a problem, then make it your mission to start taking action today. Make the phone calls that you need to do, do the sums and calculations, and take positive steps towards your debt free future. It might be difficult or uncomfortable, but there’s no denying that it’s the only way to make some really positive changes in your financial life.
Even if your debt situation seems insurmountable, know that you definitely have options, and there is a way out. Start with the things that we’ve covered right here, and you could be off to a flying start. It’ll definitely give you more peace of mind.
Have you ever found yourself struggling with debt? If so, what did you do to improve your situation and get it paid off? Leave a comment below and let us know about your thoughts and experiences.
*This is a collaborative post.