The New Year Is Your Opportunity To Sort Out Your Finances!

It looks like we call it ‘silly season’ for a reason! Financial data indicates that households are up to $51 billion in debt after the shopping spree at the end of last year. The commercialisation of Christmas, Boxing Day, and even New Year’s sales are well publicised through the media. This is reflected in the shopping patterns in consumers, which is why dealing with debt is such a common problem during this time of the year.

But don’t worry, because like all things, we can recover from this! Can any of these practical steps below help you? Make some changes in your routine and bite the bullet; you’ll be out of debt in no time!

Let's examine some practical methods to bust households out of debt

  1. Calculate The Numbers – Find Out How Much You Owe

    If you eventually want a balance your account, you need to figure out a plan on how much you can reasonably afford to pay back on a monthly basis. You should always pay more than the minimum repayment for this tactic to work, which might mean a tightening your wallets and purses for a little while!

    If you have more than one credit card, identify the account with the highest interest rate and either pay it off first, or move as much of that debt to a card with a lower interest rate.

  2. Stick to A Weekly Menu And Budget

    Planning out your meals ahead of time is not only time saving, but serves as an inhibitor from buying food unnecessarily when outside. Home-made food is one of the simplest and cost effective measures when sticking to a budget; you know exactly how much you spend on your diet, and have a leeway to make changes if necessary.

  3. Pay Your Bills – On Time!

    This is more a preventive method. To avoid the bite of interest, make sure you pay all your bills on time to avoid any late fees or penalties!

    As a last resort, suppliers may sometime give you the option of extending your loan/payment periods in case of financial difficulty. Exercise that option only when necessary, and let your gas company, phone provider, or bank know that you’ll be a little short this month!

  4. The Value of Bundling

    A lot of services can be bundled to provide better value for consumers. It might mean taking time to research your options, but given you source something that is right for you, this move might pay dividends on a long term scale.

    Think of utility providers – companies offering to package water, gas and electricity. Major telecommunications companies can bundle your phone, mobile and internet services. Shop around for something better and see if you can take advantage of anything.

If it gets all too much…

Contact our friendly team at Debt Fix to see how we can help. We’ve managed debt control with a lot of customers, and you can rest easy knowing that we’ve got the experience and professionalism to handle this matter so you can come back on top. Call us anytime, or send us an email to see how we can help.