This is a good question that I asked myself and I suppose the answer is to get smarter with my money and work towards a debt repayment plan. While I would say I’m not the most reckless person with money I do like to spend it and £65,235 is a lot of personal debt for any young person to carry around.
The problem with money is it’s easier to spend than earn and if you’re not watching it just disappears. With your money gone and your desire to buy things still strong that’s when personal debt happens. And debt makes your money disappear and slip through your fingers even quicker due to the interest payments you have to pay back.
Debt has had a negative effect on my life and tied me down for too long. So what can I do about it? How do you begin to find ways out of massive debt?
I know I’ve made financial mistakes and that there isn’t a magic solution to get rid of this debt. In order to pay off this debt burden I’m going to have to evaluate my personal finances and change how I manage my money.
I admit I have got myself in this mess and I’m the only person that can fix it. To tackle this debt problem that has built up over the years I’m going to have to face it head on.
Here are some ideas that will help:
• Be more financial responsible, no more crazy spending.
• Start using a budget and overhaul my bad habits.
• Focus on needs not wants.
• Payoff as much debt as I can afford by cutting my expenses.
• Shop around more for better deals.
• Less of those treats.
• Increase my minimum payments.
• Read up on personal finance.
• Waste less money and look after those pennies.
• Work some overtime and put the earning into my debt.
• Find people and resources that offer debt advice.
• Master the art of frugalness.
Doing this will aid me in eliminating debt forever and help secure a better financial future. Breaking the bondage of debt and reaching financial freedom is possible. You have to dedicate the time to learn how to manage your money, change your money habits and form new financial disciplines.
