Commit today to reversing the trend and avoiding unnecessary stress – saving not only money but your health as well. Simply start off by having a plan.
Track your personal or family’s spending to determine where all of your so-called “spare” money goes and create a detailed monthly budget. Do you really need all the things you spend money on? A budget allows you to see how much of your income can realistically be applied to your outstanding debt. You would not want to get caught in the cycle of paying too much to your creditors and wind up using your credit cards for living expenses (groceries!) before your next salary.
You might then be able to save for those important, enjoyable expenses, such as vacations, education or other personal goals. In doing so, you can avoid the unfortunate stress caused by debt, which can impact all areas of one’s life, including personal relationships and career.
Consider an old-fashioned idea -- saving for major purchases! Resolve to hold off on major items. Rather, save for future comfort and unexpected expenses. If you put your money towards credit card payments instead of unnecessary purchases, you’ll save thousands of pounds in interest that could be spent on big-ticket items such as vacations and other family goals down the road.
It’s important to realise that you can’t borrow your way out of debt. Stay away from payday loans, cash advances and other loans/deals. The interest on these debts will wind up costing you too much in the longterm.
Most importantly, be patient. You will not see any changes overnight. It makes no sense to compromise your health by stressing about it day in and day out. Make a commitment to becoming debt-free, and stick to it. You’ll be so relieved you did.