Debt Free Living Made Easy
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| Name: |
Debt Free Living Made Easy |
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Common Interests
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Self-help |
| Type: |
This group is open and anyone is free to join and invite friends. |
| About: |
Debt-free living is a dream for many, but a reality for few. This isn't because it is unachievable, it is because it involves personal sacrifice. It is a lot easier to use a credit card than to save up before making a purchase. The more money spent on credit, the more will be needed to service it in future months. The most effective help with debt comes from breaking the cycle of credit dependency and working to a budget.
Debt-free Living Involves Working to a Budget
Money worries originate from a failure to work within budget. Consumers have unlimited wants, yet only a finite amount of cash available. It is this desire that leads consumers to turn to credit. The first step to debt-free living is forming a budget.
Put together a spreadsheet documenting all sources of income and expenditure. If expenditure exceeds income, work through outgoings to identify areas where savings can be achieved.
List all bills where there is limited scope for identifying savings. These include a fixed-rate mortgage, rent and council tax.
Now list the areas where there is scope for saving money. These include social spending, food, drink and utility bills. Try to cut back on drinking and smoking, consolidate debt and find less expensive sources of entertainment. Also, switch to generic foods and use an online comparison site to identify savings on insurance products and utility bills. Work out how much these savings achieve and make a decision whether debt-free living is now possible?
If it isn't, identify ways to increase monthly income. This could be achieved by working over-time, a second job and selling unwanted items on eBay or at a car boot sale.
Help with Debt
Whilst making family finances balance is an admirable first step, debt-free living is the ultimate objective. Money worries can be tackled through one or a combination of the following:
Those who have credit card debt should perform a low interest balance transfer. There are also a number of interest-free deals available. Avoiding interest means that a higher percentage of a payment helps with debt clearance.
Take out a low interest loan to consolidate high APR credit card debt. Try not to extend the term.
Avoid taking out a credit card cash advance or a Payday loan. Whilst it may help with money problems in the short-term, it will leave less money for bills the month after.
Try to increase the amount that goes towards clearing personal debt. The less owed, the less interest will be paid.
Read more: Link
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