• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Lifestyle Personal Finance

5 Ways To Manage Your Debts

The decision to get out of debt is a life changer if you are willing to make the commitments required. Getting out of debt is tough because it means changing your spending habits, prioritizing debts, learning how to budget, knowing who and how much you owe them and knowing where you will get money to […]

Jess Young by Jess Young
2018-07-20 12:22
in Personal Finance
Piglet Piggy Bank Economical Finance Save Ceramic

Piglet Piggy Bank Economical Finance Save Ceramic

FacebookTwitterLinkedinEmailWhatsapp

The decision to get out of debt is a life changer if you are willing to make the commitments required. Getting out of debt is tough because it means changing your spending habits, prioritizing debts, learning how to budget, knowing who and how much you owe them and knowing where you will get money to settle the debts. Therefore, reducing your expenses and increasing your sources of income are the two ways you can get out of debt fast. But, how do you achieve that? There are so many people who are getting out of debt every single day, and not only that, they are now focusing on saving or investing their money elsewhere.

The following 5 ways can help you manage your debts in a short period of time:

1. Reduce what you spend on clothes

Spending a lot of money on clothes can get you into debts because you will be using a lot of money on things you don’t need. Clothes are a basic need but there are extremes. For instance, you should avoid buying designer labels because they are quite expensive and you may not afford them. You don’t have to please other people by the way you look while you are in debt for buying the same clothes. Secondly, if you are looking to spend less on clothes, consider buying clothes at the end of the season when they are less expensive. Finally, learn to sew and launder your clothes properly to last longer.

2. Spend less on food

You will have to eat but sometimes you spend a lot on food especially when you have money. You should consider saving by cooking at home instead of going out, take your lunch to work and prepare a shopping list of the items you need and stick to the list. Even if you dine out, estimate your budget to avoid spending a lot.

3. Manage your banking and finance

Most people are in debt because they are poor managers of their finances. For instance, when you take a loan, use the loan for the purpose intended to avoid misusing borrowed money. In addition, you should avoid bad credit loans even if you are in dire need of money. The main reason why you should avoid these loans is that they are very expensive because lenders charge higher interest rates. Instead of taking such loans, get financial help from friends, family or even workmates because there will be no interest rates. Alternatively, you can look for lenders that have reasonable rates to avoid huge debts. While managing your finances, pay your bills on time to avoid late charges, cancel subscriptions you don’t need and stick to the budget you have made.

4. Reduce your transport costs

Whether you drive your own car or depend on public transport, there are numerous ways you can cut transport costs to reduce expenses. If you own a car, get it serviced regularly to optimize mileage, avoid unnecessary driving and buy the right gas for your car. If you can use public transport or run all your errands in a single trip, it is recommended to save costs and time. Finally, walk or ride when you can but if it is not possible, drive safely to avoid tickets while driving.

5. Lower your housing costs

A shelter is a basic need but if you are having financial difficulties, you should lower housing costs. For instance, get a roommate to split rent, move to an apartment with lower rent and rely on DIY when it comes to cleaning and repairs to avoid hiring a professional. Finally, if you own a home, consider refinancing your mortgage for a lower interest rate to save on your mortgage.

RelatedPosts

What is a Safeguarding Account?

Cryptocurrency Has Reached a Tipping Point; Where Do We Go From Here?

DeFi is Changing the Face of Finance

Should you get a car on finance?

It is evident that food, clothing, and housing are basic needs but you can still save a lot of money by managing your expenses. You need to plan in advance, have a budget and stick to the budget to avoid spending money on things you don’t need. Once you are out of debt, you will find out that you can start saving and making more money because debts have additional charges (interest).

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Boris Johnson remains ‘very much in charge’, says minister

New BBC political editor announced

Six month driving ban for Chelsea star

Watch – Man ditching his walking stick and breaking into dance by a busker

Ex Chelsea boss was unfairly sacked by the club

How Robots and AI Will Improve Business Solutions in The Future

LISTEN: New album on the way from Memnon Sa, new single ‘Healing Chamber’

Farming: Tories showed ‘total lack of understanding’ post-Brexit as 40,000 pigs killed & thrown away

UK’s second largest private landowner adds to collection snapping up luxury Highlands estate

Top 30 signs of a perfect neighbour

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.