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If you’re living with debt, you’ll know that it can be a constant cause for concern and worry every month when your bills arrive. But if you pay your monthly instalments on time, having debt does not have to make life difficult. If you’re feeling overwhelmed by the amount of debt you have, here are a few tips to effectively manage your monthly repayments.
#1 Record your income and expenses
Either talk to a financial advisor or draw up a budget yourself. If you’re spending too much of your disposable income and available balance on your credit cards or Personal Loans, you’ll be able to see this clearly through your records. From this you’ll be able to see where you can save money and better allocate it to paying off your loans.
#2 Make the move to spend less
While you may feel there are certain luxuries you cannot live without, you will find that there are areas where you can cut back on extra expenses. Do you really need another handbag? Can you fix that shelf yourself? You’ll start to find the difference between need and want.
#3 List all your debts
List your debts from lowest to highest, and start from the bottom. Once you’ve cleared your first and smallest debt, you can start to use the money you would have used for that debt to increase the amount you pay on the second one. Another way to make this easier is to consolidate all your debts into one Personal Loan where you have one, instead of multiple payments to make a month.
Compare quotes online with Hippo.co.za to find the right fit for you. Make sure you never leave a payment unpaid, as interest rates will increase the amount you have to pay every month and your creditors will mark you as a slow payer.
Once you have taken these first few steps, you’ll be on the right track to paying off your debts.