Tackle Your Debt Hangover in 2013
MAKE reducing debt your priority in 2013, says Nicola Standen of Campbell Dallas, chartered accountants.
It’s amazing how much motivation everyone seems to have at the start of the New Year, even though our kitchen cupboards and wallets are pretty bare.
Most people resolve to join a gym – just as soon as they’ve polished off the steak pie and the cheese board.
Think of the money wasted on unused gym memberships each month. So this year, why don’t you make a resolution that doesn’t involve physical exertion?
How about one that will let you sleep a better at night? How about giving your finances the TLC you promise your body every year?
Debt problems can be a real worry. If you have a debt hangover, it will always be at the back of your mind niggling away, usually at 3am when you’re trying to sleep. So, how can you fix it?
Accepting that it is not going away and that you have to deal with it would be a good starting point. Be honest with yourself about how much you owe and don’t be too good to yourself when it comes to deciding on your budget.
Remember, it’s not for ever and, if it’s going to lift that massive weight you’ve been wrestling with for years, it will be worth it.
Draw up a plan and stick to it! If you can afford to spend £30 a month on clothes, don’t buy those £100 designer jeans just because they are half price. They are still over budget!
That said, be realistic. No one can live on boiled rice, so be sensible or you’ll fall off the wagon. Start as you mean to go on, make it easier on yourself by drawing up a budget you can stick to.