Category: Finance

How To Get Out Of Debt Legitimately


Debts are scary and at the same time also cause stress. But getting out of debt is not something that is impossible. All that you need is a good plan and the discipline to execute that plan. Following your own plan will save you from the financial burden.

You need to start by making the adjustments to the budget so that you do not end up overspending and go back to what you were doing before. Also in case you do not have an emergency fund then save for that first.

How to be debt free

You need to judge yourself about where you stand to get out of the debt. Look through your loan and credit card statements. Identify all your debts and also find out if there is a way that you can lower the interest rates that you are paying towards your debts.

Start by making a list

Have everything that is there for you to know to manage your budget in front of you. Write them down. It should contain names of all the debts that you are in. List out the amount, which you would require to pay towards your card outstanding statement. Also, include any other loans that you may have.

Lower the interest rate

You may be paying a high rate of interest on your loans. If it is possible then talk to the lender to tell you about some scheme that will lower the rate of interest. If you have a good credit then you could approach the bank to lower the rate of interest on your credit card. You may also wish to change the lender in case you are getting a better rate of interest somewhere else.

Have a strategy

When in debt don’t turn to loans sharks. There are many methods and tools that let you archive this. Can you pay off towards the monthly payments? Then plan a budget for your necessities and also set aside some money on treats. The remaining should be paid off to close any debts. Also, keep planning and adjusting your strategy from time to time and make amendments if need be.

5 Simple Steps to cut your expenses


There are occasions whereby you have cash in your hand and the temptation to spend gets triggered. However, as with every other aspect of life, financial management requires great discipline. So, without much ado, we shall take you through 5 simple steps by which you can cut your expenses

Consider your purse and your lifestyle

First off, you have to take stock of your spending to see those extra stuff you are spending money on, and as the saying goes, cut your coat according to your cloth. And if possible, just do away with the coat and save some cash.

  • Consolidating your debts and lowering your interest charges

According to a report in the Financial Times, made available earlier this year, credit card debts among UK consumers rose by 10% which translates to an addition of £746m being accrued in January alone. This goes to show that credit card usage is one of the likely ways one can plunge into debt. Owing to this, it is best to consult a counselor like Trust deed Scotland to help liaise with your credit card company in order to work out modalities towards helping you pay off what you can afford while the interest rates are lowered.

  • Energy saving

Energy bills could ‘zap’ a good sum from your purse hence it’s advisable to save energy whenever you can. You can choose the energy efficient light bulbs instead of the power consuming alternative. Turn off the lights and/or air conditioners in rooms that are unoccupied and make sure you always switch of the lights whenever you are leaving home and for emphasis sake, winter season is indeed a great time to save the energy cost.

  • Go for public transport

Let’s face it: owning and using a car could make out for a burden on your budget. From parking charges, money spent on gas purchase and general maintenance, the expenses never end. To put this in check; you should let the car alone in the garage and use public transportation or walk the distance if you can.

  • Stay off Social media

This may not sound so simple but it’s something you ought to consider. In the first instance, considering that time is a ‘currency’ on its own; you could save a whole lot by staying off the radar from time to time. Moreover, you will get to save data cost by doing so.…