Become Debt Free by these Proven Ideas
There’s no denying money can be slippery and difficult to manage, and debt is one of the topics that’s the most difficult to speak up about. But there is an answer to how to become debt-free.
More people than ever are currently benefiting from suitable debt advice. We all understand that debt is a problem, and it affects you financially and emotionally. There are solutions to debt problems. You need to speak to a professional debt adviser for your suitable debt solution to become debt-free, and you will soon realise why you did not take this advice a few months ago.
Manage your debt or Keep debt tornado tamed to remain Debt Free
Manage Your Bills to Stay Debt-Free
- Re-check your car, home and life insurance to see if you can bring down your payments. I have noticed that we all pay approximately 10%-15% of our net income towards insurance costs.
- Check your TV, broadband, and landline packages. You might be paying a higher price now in comparison to initially taking a cable package for 18-24 months at half price.
- We continue to pay for home phone numbers, although many of us do not need them now when the mobile phone is handy. It may be useful to discontinue your landline contract if you have adequate mobile phone service at your home or downgrade to a cheaper package.
Manage Your Household Items to Stay Debt-Free
- Buy and sell clothes so you can keep new clothing. You may sell your unused clothes online or to local shops that buy old clothes. Do not be a hoarder, you will feel good about it overall.
- Do not hesitate to enjoy a garage sale if you have a lot of unwanted items, as these items may be useful to someone, and you may get some money for them.
- You may advertise higher/medium quality gum-tree items on Facebook or your local newspaper to get better prices.
- You may avoid buying famous brand items all the time (some do). There is a way of buying mostly sale items at a grocery store or generic brands to reduce your costs.
Manage Ongoing Direct Debits and Standing Orders To Remain Debt-Free
You may cancel unnecessary expenses (Direct Debits on your bank accounts) like unused gym memberships, magazine subscriptions, newspapers, manicures, pedicures, etc. It is better to consider a “need” than a “want” when you are already in debt.
- You can go to movies on Tuesdays and Wednesdays (which come with insurance deals like buy one ticket, get one free), or if you go to movies frequently, consider a monthly movie pass, which is less expensive than paying the full two-movie price in a month.
- You may apply for Netflix, Amazon Prime, BT or Virgin Media full-house movie membership for at-home movie entertainment and save money on cinema tickets.
- It is good to consider work or seasonal part-time work to boost your income, especially during Christmas time.
- It is better to read books from the library than to spend money on them.
Manage food and groceries to remain debt-free
- You should buy your most expensive groceries in bulk at Aldi, Lidl, Costco or wholesale grocery stores which offer better value for your money: meats, loaves of bread, cheese, produce & paper products. Establish a monthly grocery budget for the additional needs at regular grocery stores.
- If you decide to take the family for a restaurant meal, skip the mocktails /cocktails and stick with water. Skip the extras too (dessert, etc.).
- When eating out, share a large entry or have small appetizers instead of a costly meal.
- You may plan your errands more efficiently to conserve gas.
- You may find friends with whom you can trade services like hair cutting, handyman, photography, babysitting, pet-sitting.
- When attending any family/friends party, you may give homemade gifts, baked goods, or services rather than expensive presents.
- It is a fact that boxed and branded cereals are expensive; switch to oatmeal, eggs or fruit for a more nutritional and financial bang.
Manage your utilities to remain debt-free
- It is recommended to call the utility companies at yearly intervals and check better low energy cost deals and get on a budget plan to give you more consistency with expenses each month.
- It is a good idea to set a spending limit with family at Christmas and/or draw names.
- You may use exercise videos, walking or hiking instead of paying for the gym.
- If your haircut is too expensive, find a less expensive stylist or see if your hairdresser will cut you a break on price temporarily hours did.
- There should not be hesitation in saying “no” to hosting and/or attending in-home parties where you feel pressure to purchase.
- Does your family live nearby? Once a week dinner with mom or dad saved us a meal out of our shopping budget. Additionally, it usually led to leftovers and our parents looked forward to our visit each week.
Manage your food habits
- You may make your coffee at home instead of buying it each day.
- Try to pack your healthy lunch not once a week, but regularly.
- You may make extra dinner servings on purpose to have leftovers for lunch.
- Our dentist advised us to skip the fluoride treatments if we were using a daily dental rinse, which we did and bought on sale.
Control Your Addictions
- It is a good habit to programme your thermostat for savings on heating/cooling when you’re not at home.
- Do you get tempted by certain retail stores? While digging out of debt, avoid window shopping these places where you’ve failed to control your impulses before.
It’s easy to say, “don’t get into debt,” but with the uncertainty of the job market and banks “throwing” credit at you, it’s easy to do. It is very worrying for people.
My advice is that as soon as you find yourself in a position where you cannot afford the bills, and in particular, credit/charge/debit card debt, contact the debt adviser as soon as possible. Your debt adviser will get a debt plan at a reduced instalment and freeze the interest accruing on the debt, and the sooner your debt adviser informs your creditors, the less they are likely to get aggressive with you.
Do not bury your head in the sand and think it will go away; debt does indeed follow you, quite literally. Don’t think that by moving addresses it will disappear it won’t. Be honest with the creditors and they are likely to be helpful.
Rajnish Tyagi is an experienced and Cert DR qualified debt adviser at Acme Credit Consultants Ltd. He specializes in offering suitable debt solutions to clients. He can be contacted at firstname.lastname@example.org
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