Three Tips to be Debt-Smart

Tip 1: Don’t panic-buy

We’re all in the same boat. These days, it’s a rarity to get by without borrowing money or purchasing on credit here and there. You’re certainly not alone. It’s true, it can be overwhelming, but there are different routes to take when debts creep up. So, take the time to consider which solution is best for you before you pursue it.  The temptation to panic-buy a ‘solution’ is avoidable. What do I mean by this? Well, it’s easy to become intimidated by numbers and reach for the fastest (and seemingly easiest) solution such as quick cash borrowing to tide you over. Until the next time, right? There’s the problem: some solutions are temporary fixes that tend to eventually add to the problem later on. These solutions can often be the more costly in the long term. So, do your research. Know where to start. Perhaps you’re considering financial advice, or debt consolidation. Either way, you’re on the right track.

Tip 2: Know the value of advice

Help is out there and asking for it can be an invaluable step. You just have to know where to look. Take your time. Remember, we’re not in panic mode anymore. It’s time to be pro-active. Choose a service that takes the time to speak with you and offer you bespoke solutions. Being money-smart is not always about saving and making a fortune, its about getting the correct advice and support when you need it. How much easier would it be to have a service on hand that manages your debts on your behalf? If this sounds like an option for you, consider an experienced, professional solution. The best way to do this is to look for transparency; a company or service that will offer you proper expertise and a realistic, manageable solution.

Tip 3: Be a Money Manager

Managing your money successfully can keep you on track for the future. Without the correct measures in place, before you know it, you could be juggling car repayments, credit cards, loans and credit on that new mattress and sofa. And that’s on top your mortgage and regular bills. The cost of living can be complex, but it can still be affordable. Take a moment to gather your thoughts. As the saying goes, Keep Calm and… money-manage. One of the biggest hurdles associated with money worries is the worry itself. Once you find a way to combat the stress that debt can often bring with it, you’re on your way. One way to do this is to take the time to look at your current financial situation. Take a pad and pen, or your trusty laptop, and start mapping it out. Measure your income against your outgoings and to set yourself a budget. Once you know what your personal forecast looks like, you will be better equipped to know what repayment options will be manageable for you. What’s even better is, there’s help out there for this first step too. It really is amazing just how far a little bit of organising will go. Knowing what is manageable for you, is the first step towards a debt-smart life.