Financial stress is something we all have to deal with. It can be very easy to fall into debt and let it get on top of you. Rather than get into debt or even worse, become bankrupt, take control of your finances and reduce your stress today with our top tips:
Get in the right headspace
Before you even think about working on your finances, it is crucial to make sure you are ready to sit down and concentrate. There are many ways you can do this, including the 10-20-10 and pre-finance rituals. The 10-20-10 involves committing to 10 minutes of relaxation, 20 minutes of financial work, then another 10 relaxing. The rituals method involves getting you into a happy space before working, which could be doing yoga, push ups or even just dancing to your favourite music. Do the work while you are happy then do the ritual again afterwards to keep the good feeling going.
Find a budget that works
This means looking at what you get paid and making sure all your current expenses work within this. Write or type this up so you can easily refer back to it. Determine, where possible, you can make reductions and cut these out. This extra money could go towards any regular repayments, debts or even into your savings.
Optimise monthly payments and ask for reduced rates
Pay the most you can for debts with the highest interest rate and pay the minimum on all others. Some creditors will also happily reduce your rates if you ask – particularly credit card companies. Try to use offers from other lower interest rate cards as leverage (those ones that pop up in the mail) when negotiating.
Set goals and priorities
If you are planning to buy something, whether it be a home, a holiday or even just a birthday gift for someone, make sure you set realistic timeframes and goals. Don’t buy unnecessary items and set up a saving routine.
Talk to PDS
You don’t have to be alone. Professional Debt Solutions can help you find a way through debt and ensure you stress less and can move forward towards a happier, debt-free lifestyle.
For more tips and advice or to organise a consultation to discuss your debt, call PDS on 1300 353 203 today.