Having a financial plan is the first step you should take to start paying off your debts. You might say: first I need to have money, and then I can plan, but that’s not the case! According to experts on the subject, you need to have a strategy first, and then you can start paying.
The latest data from Serasa showed that more than 60 million people have a negative credit rating, especially during this coronavirus period that the world is going through.
This is very bad data, it shows how people are getting into more and more debt. However, today you will learn some valuable tips that will certainly help you in this difficult task.
Financial planning for those who need to organize their finances.
You may start to think about how much you earn, but most experts say that you need to be clear in your mind about what you do with what you earn. Whether all your money goes into your personal accounts, or whether you spend it on frivolous things.
Many people say: I need to save money, but the vast majority don't. They can't save or they just spend it.
Other important financial planning advice
- Always try to keep control over your expenses and income.
- In a spreadsheet, enter your monthly income and your monthly fixed expenses. …
- Compare prices of products and services. …
- Use your credit card strategically.
- Set goals and objectives. …
Who is the big villain of our debts?
Many people answer this question with credit cards, or a lack of money and the need to take out a loan. However, this is not what the research reveals. The big problem, or rather, our biggest villain, is consumerism. Our desire to always want something new, to be part of a status quo.
Yes, the lack of money is the result of snowballing debt, however, we have to be responsible for our actions, we need to value our hard work.
So what should I do to pay off my debts quickly?
First, keep in mind: I will pay! How? Analyze your possibilities, conditions and go after it so that it becomes possible. Are you unemployed? Don't despair, there are ways for you to get around this.
Make spreadsheets, spend only what is necessary, cut out “extras”, and be determined with your purpose.
Finally, decide to organize and plan your life once and for all.”
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Source: Economic Value