One of the related causes of severe stress is personal debts. It feels as you are captured in a net of stressful duties. Well, you are not obliged to be in that situation. You can avoid this kind of stress if you know how.
Here are some helpful guides how to reduce personal debts:
Convince yourself that you do not have to be entangled with personal debts. Having yourself convinced, you will start thinking some solutions that will lessen your personal debts.
List down outstanding debts
List down all your outstanding debts like car loans housing loans and monthly payable bills like:
- Internet connection
- Monthly magazine
- Credit cards
- Electricity Bills and other bills you pay monthly, and many others.
Discuss it with your family
If you have a family, make sure that you tell them what’s going on. It is important that they will know so that they can help you lessen it by minimizing the usage of those things that made your monthly bills higher.
Decide how you are going to pay
If you have established your payment schemes, be consistent and stick to your program. It will become easier to reduce your debts if you are more dedicated to it.
Do a massive garage sale
Sell some unnecessary things at home. Then, whatever or how many proceeds you come up with with the sale must be paid directly to your outstanding debts.
If you still have extra time, utilize them by adding more jobs. Also, you can put up any business that will enable you to earn more extra income.
Minimize big expenses
- If you’re fond of dining in fancy restaurants, take some time to think. Going to the restaurant makes you spend more than triple of your budget. Why not try cooking and eating at home?
- Avoid using your credit cards. Using credit cards is one of the accumulators of substantial personal debts.
- Avoid buying ready-made food. Cook for yourself, the amount you’re paying for the food services will go to your thrifty box.
- When eating, avoid extra expenses like soft drinks and other beverages that are expensive. Simple and healthy fruit juices will do.
- Brew your own coffee at home rather than buy at the coffee shop.
- Minimize ordering from your work mates who sells cosmetics and other expensive perfumes – these are one of the factors in ballooning your personal debts. Try using good quality cosmetics with lesser price on a cash basis.
- Minimize going to movie houses. If you have to unwind and relax, you can try watching movies at home with your player.
Use appliances that are not electrically operated
Big personal debts usually come from monthly bills like that of an air conditioner, microwave ovens, rice cookers, flat irons and other related appliances.
Reducing your debts becomes easier if you have a concrete plan. Having a strong determination will also help.