Financial Freedom

These Top Tips will Help you to Dig Yourself Out of Debt

This post may contain affiliate links and/or it may have been a partnership. Please view our policy page for more details.

It’s very easy to fall into debt. This is especially the case if you are constantly trying to support a growing family. You have to remember that just because you are in debt right now, doesn’t mean that it needs to stay this way. In fact, by following the below tips, you can be sure to turn things around quickly and efficiently.

Complete a Financial Inventory

The first thing that you need to do is work hard to create a financial inventory. Finding out how you managed to get into debt will help you to find the tools you need to get out. If you want to help yourself here, then calculate your financial inventory by working out your net worth and by building your own spending plan.

Put Away your Credit Card

Do you ever find yourself using your credit card more than you should? Then now is the time for you to stop. Curb your dependence and stop using them immediately. When you do, you will soon find that you become more financially free and that you are also able to handle your debt much more efficiently.

Call Your Creditors

If you know that you are going to have to skip payments, then make sure that you call your creditors in advance. If you do, then they may be able to work out some kind of payment plan and they may also be willing to help you much more too.

Just because you are in debt right now, doesn’t mean that it needs to stay this way. Following these tips will help you to dig yourself out of debt.

Source: Pexels (CC0 License)

Work with a Debt Counselling Service

You should always think about working with a debt counseling service.  If you do, then they can help you to explore the options that are available, and they can also help you to avoid getting into a situation that’s much worse than the one you’re in. If your debt is because you are unable to work, then it may also be worth consulting a personal injury attorney. They can then help you to get the compensation you need.

Focus on High-Interest Debts First

Another thing that you can do is calculate how much high-interest debt you have and then pay that first. Set a goal to pay a specific amount towards it every single month. It’s also worth trying to pay more than the minimum payment if possible as this will bring your debt down much faster and it will also make it easier for you to free up some capital. When you have paid off one debt, use any money that you now have spare, to pay the next biggest interest.

Send Payments Early

If you know that you are going to have to send your cheque in the post so that you can make a payment, then you need to try and send it as early as possible. The last thing that you need is for your payment to be delayed because your debt company didn’t receive it in time. If this happens then you will be paying way more interest and you may even find that you are not able to cover the fees.

Leave a Reply

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Being a wife to a hard-working man has some challenges of its own. Do you feel this pain points too in your life?
Being A Wife To A Hard Working Man

My husband wakes up at 3:30 AM for work, while our...

Choosing a nursery is one of the biggest decisions you'll make for your kids. Here is some advice on helping you decide the right one. #parentingtips #parenting #parentingadvice
Advice for Parents Choosing a Nursery

When the time comes for you to start choosing a nursery...

Learning to live in the moment is a skill that many don't have yet. This skill alone is a positive life-changer. Learn more here.
4 Tips To Live in the Moment

You’ve heard the common phrase, it’s important to be present at...

My journey to self-discovery has been quite a ride. There are several parts to it. What has your journey been like? #selfdiscovery #lifejourney #lifeimprovement
Journey of Self-Discovery

I watched the movie Nappily Ever After on Netflix and it...

By using these budget ideas for lazy people you'll get yourself on track to saving money and even earning more of it. #budgeting #savingmoney #budget #moneymanagement
Budget Ideas for Lazy People

A budget is a necessary evil, even for lazy people. If...

Use these seven tips to help you manage your money during the holidays. Which of these money management tips are you using? #moneymanagement #money #holidaybudget #savemoney #sharinglifesmoments
7 Tips To Help You Manage Your Money During the Holidays

Managing your budget during the holidays can be a challenge. More...

Knowing the principles of personal financial management will help you to have financial freedom faster. These simple tips will help you get started.
The Principles Of Personal Financial Management

Being able to manage one’s finances should be incredibly simple; but...

Student loan debt affects so many people in the US. Here are five tips for clearing student loan debts quickly.
5 Tips For Clearing Student Loan Debts Quickly

So many people leave college with a mountain of debt and...

Here is some helpful advice from the experts on how you can start protecting the foundations of your building.
Top Tips for Protecting the Foundations of Your Building

Over time, poor drainage, tree roots, and soil shrinkage can all...

Be sure to explore the various kinds of furniture out there. Here are some features in design a sectional sofa that you might want.
Design Features to Look for in a Sectional Sofa

When buying furniture, it’s always a good idea to know what...

Keep your house comfortable with these climate control tips. Which of these climate control tips are you using?
Stay Comfortable with These Climate Control Tips

When the weather is at its most extreme it can be...

Electrical Problems Won't Slow Life Down for Long If You Follow These Three Tips to save yourself time and money.
Electrical Problems Won’t Slow Life Down for Long If You Follow These Three Tips

Energy drives almost everything we use in our daily lives, from...

Juggling everything can be a challenge. Read these tips to pull off working at home, parenting, and marriage.
Tips to Pull off Working at Home, Parenting, and Marriage

Working from home can be a liberating experience, especially if you...

Make sure that you check out these business books for entrepreneurs to help you gain the right business mindset and tools for success. #entrepreneurs #mindset #businesssuccess
Top Business Books for Entrepreneurs: Part 2

I’ve got a huge list of business books for entrepreneurs lined...

Transform your life with these top books for entrepreneurs this year. These books will help you have life-changing experiences.
Top Books for Entrepreneurs: Part 1

As an entrepreneur who has been working independently off and on...

Here are some tips on how to make money letting a property. These tips are going to help you make more money.
How to Make Money Letting a Property

Putting your savings into property is a great way to invest....

Enter to win the Christmas Jars amazing family friendly movie in this giveaway. #ChristmasJarsL3 #giveaway
Christmas Jars Movie And Giveaway

There some family-friendly movies that are well worth watching. Zeva and...

Prepare to be moved by another Kendrick Brothers' movie, OVERCOMER this weekend August 23, 2019. Get your movie tickets now! #overcomermovie #Flyby #ad
OVERCOMER Movie Thoughts

I’ve been a fan of the Kendrick Brothers Production movies since...

Get your family ready to watch the UGLYDOLLS family movie this weekend. Learn more about it here!
UGLYDOLLS Family Movie May Change Society

We live in a society where a person’s appearance is one...

DUMBO movie is coming to life. Learn more about this movie and a bit of information about myself here.
DUMBO New Edition Releases Soon

One of my favorite movies growing up was DUMBO. I was...

shares