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How to handle your debt and get your life back on track

July 10, 2014

If you are one of the millions of people, who have reached the point where their debt has overwhelmed them, do not worry. There is a way out.

Firms like Creditfix can help you to regain control of your debt and life. They have the expertise to show you what your options are and put together a plan to get you back on track.

Start immediately

In fact there are things you can do right now. The sooner you take action, the sooner you will be free of the cost and worry of having to live with a mountain of debt.

Download and set up a budgeting app

The first step is to get a handle on your expenses. To do this I suggest that you download and start using a budgeting app. 

Money Dashboard is a relatively new one. But, it is getting great reviews. So, why not pause reading this article and set it up straight away. It should take you less than an hour to do so.

Make sure that you choose an app that has budgeting features. You will be able to use these to keep your spending under control.

Work out where your cash goes

Next, you need to get hold of all of your bank statements and work out how much you are spending on average, each month, on day-to-day essentials like food. In theory, you could wait for a couple of months of data to build-up on your budgeting app. But, in reality, that is not the best approach. 

You will just end up carrying on overspending for two more months. In fact, the chances are you will overspend more than you usually do. You will be conscious of the fact you are about to start a more frugal way of living. As a result, you will likely give in to the temptation to treat yourself to a couple of really expensive items while you still can.

So, start right away. To help you with this process, I suggest you use one of these downloadable templates.

Look for ways to save money

Once you know where your money is going, you can start to identify how to reduce those bills. There are lots of ways to do this.

If you have not investigated switching power providers, do that first. It is easy and you will see the benefits instantly.

Get into the habit of looking for vouchers and discount codes for everything you buy. You can find them online and there are some really great phone apps that will help you to do it on the fly. 

But, be sure to avoid the ones that send you special offers on things like spa days. Sure you will save money on your food shopping. But, if you are easily tempted by frivolous offers all of your hard work can be wiped out in an instant. You’ve only got to spend £30 or £40 on something you do not really need to start racking up the debt again.

Paying down your debt will take time and you will have to be disciplined. But, it does get easier. The sooner you start the process the earlier you will be debt-free.

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