If you are in a situation where you are struggling to pay your debts, this means that you have more money going out each month than you have coming in. Writing down what you pay out each month can help you save money in areas you may not have considered before.
Taking a look at your utility bills as well as expenditures that you may not necessarily need to be paying each month could save you money and enable you to keep up with the more important things that you need to be paying out each month.
If for example you do a weekly shop and donít take much notice of what you spend on your shopping bill, it may be beneficial to look around for what offers a supermarket have on which could cut your shopping bill by half.
Looking at what you save in one week, could make a big difference over a month and free up funds to keep on top of your priority payments.
If you have never budgeted before, writing down each month exactly what you are paying out, including social activities could play a big part in helping you to spot areas that you can save you money. For example, looking at areas such as how much you spend on cable TV, mobile phones, utility bills, shopping, social activities including going out, gym fees, will make up a big part of what you spend each month.
Writing on paper what you spend in comparison to what you earn is the best way to help you spot areas where you could reduce your spending and keep you out of debt. If the problem is a little larger than cutting down on spending, then there are other solutions available.
If you have lost a job which has made a big difference to your income which means cutting back on saving isnít going to help, then this is the time for looking around to see what debt solutions are available to you.
Speaking to a debt advisor could help you see what you need to do in order to tackle your debt situation. Although you do need to inform your creditors of any change in circumstances which prevent you from keeping up your monthly repayments, it is advisable to talk to a debt advisor, as your creditors do not usually take into consideration other debts you have to pay out to other creditors, where as a debt advisor will look at the whole picture to help you find a solution.
Whatever situation you are in, do not keep it to yourself. If you have lost a job and are hoping to find another one shortly, it is still important not to keep the situation to yourself or bury your head in the sand. This is because you do not know how long it will be before the situation improves and by not informing your creditors, you could end up with action taken against you which you could have prevented.
Debt can bring alot of stress to families, but by talking to each other about it, it is one less headache rather than keeping it to yourself in the hope your partner doesnít find out. If you share the problem, then the situation will be easier to manage with a solution just around the corner once you have spoken to an advisor who can help you find a solution which can resolve the problem.
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Nicky Bullimore has been writing articles on various topics for a number of years. For more information about Debt advice and solutions please visit www.goodbye2debt.co.uk
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