From time to time some people come across with the situation when they are indebted. It can happen to anyone, but when the idea of having a debt becomes a haunting one and a person starts to shake and tremble receiving a letter or hearing a door bell or phoning, it is a cause for problem solving which is connected with a debt. It is not the way out to escape from those letters of notification; it will cause in future only stress and heaviness. Solution to the problem is to pay the debt off, of cause. You can resort to the help of your friends or relatives, find side job, make your hobby to work for you. And today’s topic we would like to dedicate to the following issue: paying off the debt, how not to handle it. Hope that the information placed below would be useful for you.
First of all, we would recommend you to control the budget.
What you have, what you want to buy, how much money you have at disposal, is it affordable for you to buy? If your response is “No, I can’t afford it, I don’t have enough money for it,” you’d better try to save money and buy it in future when for sure your response to the questions asked above would be “Yes”. There’s such a nice app which is called Spendee which helps you to control spending. As you start to control your budget. You can begin with planning playing off by giving priority to your debts, which should be paid back first, second and so on.
Your next step is to contact your debtor.
Following our previous piece of advice, there’s no need for you to bother, because the process of saving money and giving priority to your debts has already been launched. Together you can plan how you can gradually pay off the debt. Here we can also recommend you one more useful app “Mint” which has been developed for the management of your budget. Using this app, you can control much money you spend, pay off the debt and decide where you can save money.
As the previous steps have been complete, start paying off as soon as it is possible.
Also you can arrange the process in such a way that it will be convenient for you to get rid of the financial burden. For example it can become your pay day; the money can be transmitted from your banking account to the debtor, so as you can see you even shouldn’t worry about it. To control your bank account, you can resort to “Money Dashboard”; it is a good application for those who want to be financially aware. Again you can control the way you pay off.
Don’t repeat your previous fail. By saying this we mean that there’s no need to deal with credits if you cannot boast good paying capacity, if it is a challenge for you to pay it back. Having paid back, don’t even try do it again. Try to rely on yourself, save money, earn but don’t fall into a trap again.
Continuing the previous idea we should say that budgeting is a tremendous thing on the way to succeed and forget about your debts. Of course, we realize that it might have been challenge for you to get used to it, but it is an incremental process, as you have started to save money once, gradually you will continue the process. You will fall in the process, but it takes some time, just imagine how easy your life will be if you are to start budgeting right now. At this stage we can recommend you some useful apps for it. “Moneyhub”, for example, permits you to control your spending, and you can see your spending habits. Also you can monitor your banking or business accounts. If you spend a lot of money while shopping there have been introduced another wonderful app which is called “Quidco”.The profit of its use is in the following: you can earn while spending. Products that you wish to be redeemed for cash back are to be taken. What is needed from you is to upload the photos and cash will be transmitted to your banking account. “Topcashback” works in a similar way, just like “Quidco”. To save money by comparing the price for goods you can rely on “My Supermarket”. Waste a lot of money on food? “Big
Oven knows how to help you by providing with new recopies for old products. Again you can bargain with this app.
Returning back to the topic of getting rid of debts, it would be such a nice idea to create emergency funds. Save money and one day you’ll have such kind of a fund which will cover your unexpected expenses. In situation like that you‘d probably take one more credit, but having emergency fund you won’t resort to it.
Being financially squeezed, don’t forget about the existence of financial institutions which have been developed to solve such difficult situation. Escape is not the way out; remember that there are services and institutions which can help you. Don’t stay alone with the problem.
Ending the article, we would like to introduce you one more wonderful app. If you spend lots of money on traveling, “Trainline” is for you. Using this app the best travelling offers are available for you.
And finally, never give up. Hoe that you know what to do now if you’ve happened to be financially challenged.