This is the wish of many people for 2017. With this, promises are born to exercise more, to change jobs and to catch up.
If you are part of the group of Brazilians who started the new year full of debts in 2016, today’s post will help you. We’ve broken down some tips for settling your bills in the coming months and getting out of debt in 2017. First of all, define how much you want to save for months and when you pay your debts. If you have a well-defined goal to pursue, you will have more motivation to pursue your goal.
Make a plan
Now that you have set your goal, it’s time to design a strategy to achieve it. Now is the time to think about which points in your budget you will save, which bills to cut, and which ways you can go for extra income.
Cut nonessential expenses
You need to review all your bills, from coffee to cable. You are indebted and unfortunately should limit yourself to essential spending such as basic bills and food.
Rethink Your Lifestyle
If your debt is large, you will have to make more drastic cuts. It’s time to think about selling your car and even moving to a smaller apartment and saving your rent. After all, there’s no point in just cutting your coffee: you need to revise your standard of living to fit it. on your current income so that you can afford to pay off past debts without getting new ones.
Involve your family
Not ahead will cut you spending if other family members continue to push the credit card limit. Everyone needs to be engaged to reach the goal of getting out of debt! Talk openly with your family and share our tips with them.
Use financial spreadsheets
To be able to follow your plan, it is essential that you have complete control of your budget. To do this, create a financial spreadsheet to know exactly how much money you have, how much and where you spend, and at the end of the month, how much is left or left over.
Banks often give discounts to debtors who want to pay their bill. Try to negotiate and reduce your debt as much as possible.
Get Cheap Credit
There are credit lines with much higher interest rates than others. The overdraft, for example, ended December 2016 at a rate of 314.51% per year, the highest since March 1999. Therefore, you can borrow with better terms. . Ramsay family has recently launched a lending platform where it is possible to contract offers from different places in a transparent manner. You already know the amount of interest rates and installments. With the cash in hand, try to settle debts with higher interest rates first.
Look for an extra income
Besides cutting expenses, another way to get out of debt is to increase your income. There are a number of alternatives to increase your income, such as producing something to sell and looking after work, such as an Uber driver.
If you can implement all the previous steps and get out of doubt, no more relaxing and spending wildly again! Continue the discipline and keep a constant track of your finances, planning your spending to achieve each dream.
See? The way to get rid of bills is difficult but with our tips you can get out of debt in 2017! So, ready to put your hand in the dough? Do you have any other suggestions or questions about this? Leave your comment and tell us.