Having debts takes many people’s sleep. Furthermore, not having available credit and not being able to buy what you want is very disheartening.
Among the end-of-year resolutions, many people place debt settlement as one of the priorities. How about enjoying the beginning of the new year and scheduling the payment of all outstanding bills?
For that, follow our article and see our tips:
Learn more about financial education
This is one of the most important steps, after all, when you have more sense of how to spend your money, it becomes easier to organize your financial life.
Unfortunately, Financial Education has not been widespread since the early school years. But remember that it is something that will last not only in 2020, but for all other years.
With good knowledge, it is possible to avoid countless problems related to money. Precisely for this reason, understanding of Financial Education is indispensable nowadays.
Create a budget spreadsheet
To organize the accounts, you will need a kind of guide to help you in this endeavor. Create a spreadsheet containing all your accounts, fixed and variable expenses and your receipts.
Even if you do not have the exact amount of what you are going to pay or receive, place a forecast that will help you have an overview of the reality of your finances.
Evaluate your guide constantly and make changes when necessary.
Plan your purchases
Even if you need to settle your accounts, we cannot deny that it may always be necessary to purchase an item during this period.
Evaluate if what you need to buy is really essential and if possible, postpone the purchase. Avoid as much as possible buying from a credit card, as this can negatively influence your planning.
Avoid negative habits
Identify the habits that have hurt your financial life. In many cases, financial problems could be avoided if there was a change in the consumer’s way of acting.
- Avoid impulse purchases and, mainly, buy something you don’t need;
- Write down all extra expenses;
- Use your credit card consciously.
Is it worth paying off debts through a loan?
This is a great way to get rid of those unwanted debts. You can take out a personal or payroll loan on the total amount of your debts at a lower interest rate and pay off your bills, especially overdrafts and credit cards that have a very high interest rate.
With cash in hand, the chances of getting discounts when negotiating debts are very large, since any cash payment usually brings benefits to the consumer.
In order to be more effective, the ideal is for the debtor to contact the creditors and question the debt amount in case of payment in cash and in cash. Thus, it is possible to have an average of the amount needed to settle and thus seek a credit in this amount.
If your company does not yet have the benefit of offering private payroll loans to employees, go to HR and ask them to contact us.