Manage Your Debt Essay

Managing your debt

Debt is a very personal thing, and some people prefer to handle it themselves. If you want to look at sorting out your own finances, here are a few tips that may help you.

But please do remember that help is available and it is completely OK to ask for help. Sometimes it isn’t possible to handle everything on your own, and for times when you could do with some advice – or if you just need a chat – PayPlan are always on hand to help.

Create a budget

One of the most efficient ways to start managing your money is to create a budget.

Write down the income you have coming in and all the bills and living expenses you have going out – and when. Work out how much spare money you have each month after all your usual expenses have

Have a look on comparison websites to see if you could get a better package.

Alternatively, look at ways you could make cutbacks. Do you really watch all those TV channels? If you used your home wifi connection more often, could you stop exceeding the internet data allowance on your smartphone?

Maybe you could get some extra income? Not necessarily by getting a second job or increasing hours, but you could be entitled to Government benefits you weren’t aware of, or you could sell some of your old belongings that you don’t need any more.

Look at where your money is going

Visit your bank and ask them to print off a bank statement showing where your money has gone over the last few months. Or print it off from your online banking account.

Have a look at the necessary and unnecessary spends – and look to see where you could make cutbacks. For example, consider taking breakfast and lunch to work rather than eating on the go. This could save you more than a few pounds each week.

Prioritise your debts

Look at which of your debts are priorities. For example, your rent/mortgage, water, utility bills and council tax should take precedence. Your cable provider is less