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The moment you decide to leave a debt behind, you are actually deciding to do everything you can to make that account zero. However, many times we do not know where to start, let alone how to generate extra money.
Ok, I'm sure the first thing that came to your mind was: I need to sell or start my own business. But no, that is not the most immediate option. There are many things you can do before ...
Tricks to "win" money to pay debts
A few days ago I was talking to a lady, who just wanted to save and pay a debt. However, for her it was very complicated because she did not know how to start and distribute her salary better. So I recommended some tricks (very simple things that if you use skillfully they will save you a lot of money).
Explore how much you spend on food.
This has happened to everyone, sometimes we spend spending on food, because sometimes we do not consume what we buy in the supermarket and it becomes waste. It is also easier to go to a restaurant for lunch or dinner, consider the following tips:
Review your account statement and analyze how much you spend on meals, desserts, groceries, etc. Surely you will find some you did not remember.
It never hurts to take a look at the pantry, how many things are there and how many do not? Do you need to buy more food, are you really using everything you buy?
Decrease your consumption of meats and opt for vegetable proteins. Be careful, I am not saying that you become a vegetarian, simply decrease the purchase of products of animal origin and you will see a change in your final account.
Every time you go to buy pantry, make a list and stick it.
Avoid looking at candy, things that are near the cash register or vending machines in your office.
Now check your transportation expenses.
If you have a car, the price of gasoline brings you crazy. And rightly so, since for a few months it has remained much more expensive than other years and this probably will not change. What you have to do is adapt to the changes.
Some things you should contemplate:
Buy the right gas for your car, not because you want to save a few cents you put a fuel that is not for your car. If you do, in the medium term, repairs will be more expensive.
If you go to a place that is less than 15 minutes from your home, do not use a car. It will cost you work because you are already used to the ease of driving everywhere, but believe me it will be worth it.
If you use public transport, explore other routes and analyze how much they cost so you can choose the one that best suits you.
If you work in the city, the safest thing is that you have the opportunity to walk instead of taking Metrobus or Metro.
In previous publications we have commented on which are the most expensive areas to rent in the CDMX, also that saving while saving the planet is possible. Some things you might consider:
If your income absorbs more than 30% of your salary, it is time to find another place to live, in the long run this could affect your economic stability and end up in more debt.
When you are looking for other places, take into account the routes that you will have available for your mobility to your work, this will make you see how much your monthly transport expense goes up.
Turn off the lights! This is true, disconnect devices that do not occupy, turn off the lights of the rooms that you are not using, restrict your bathroom to a duration of 5 to 8 minutes, among other things will help you reduce your payment of water and electricity.
Do you have many things that you do not use? If they are in good condition and seriously you do not want them anymore, then do a garage sale. Remember that the rubbish of some is gold for others.
Avoid small luxuries
Many times we acquire services or products that make our lives easier or that simply make us feel good, but they are not essential for our existence. If you really want to save, then start cutting back on this type of expense.
Wash your car on your own, leave for later the car wash.
Manicure, pedicure or monthly haircuts, spa, etc. You can stop paying for these services for a while, there are alternatives such as let your hair grow or paint your nails at home, masks.
Cancel your membership in the GYM, exercise is free. Going to a gym exerts pressure on you to encourage you and achieve your goals. But if you really want to be in shape, you will do it with or without a membership.
Check your finances
Ok, debts are part of your day-to-day life, but that does not mean that everything is lost. So put into practice the following recommendations:
No more cards, please.
Avoid expenses not contemplated.
If you have a card with a small debt, try not to get late and pay as soon as possible.
List your daily expenses, you can do it in your calendar or on your cell phone.
The money that is collected from your spending cut, save it for the payment of your debts.ere to edit.
Other things that you should not forget:
Every time you have an achievement in your personal finances, do not forget to celebrate it. If you think you have not done very well then analyze what was the problem and what you should change so that everything flows in the best possible way.
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During your credit life, many people have had problems with financial institutions because of credit cards, we recommend you carefully follow these suggestions:
It is important to have budgeted payments for handling fees and commissions.
Some cards offer you as additional benefits, medical assistance services, road and travel accident insurance; These can increase the minimum charge to pay, if you do not need them you can cancel them.
We do not recommend having many credit cards, it is more difficult to control them and you will pay more in commissions.
You must know how you can block your card in case of loss, theft or theft and how you can replace it. You should also verify that your card is valid abroad and what fees apply.
Schedule the payments of your credit card before the deadline, as if it were one more of the monthly expenses, like the payment of the energy, the water or the telephone; this way you will avoid late charges.
Check the account statement monthly, so you know that the initial balance matches the previous account statement and spent with vouchers or proof of purchase.
The credit card is money that ultimately belongs to the bank and not to us, and that sooner or later we will have to pay with interest and commissions; therefore, only what can be paid is spent.
If you have any claim or disagreement with the financial institution they will ask for all the corresponding documents and vouchers, so keep them.
At the time of making a purchase with your credit card it is important that you keep in mind the date on which you receive your income, the cut-off date and the date of payment of the card, thus you have more time between the purchase and the payment.
If you already have several cards, we recommend consolidating them into one card, offering greater benefits and lower interest rates.
Always keep in mind the expiration date of the card, so you will avoid being rejected just when you need it.
The money paid for interest increases with the amount of installments in which you defer your payments.
Never give the card to take it to another place to do the operation, you should always be able to see it.
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If you are having a challenge when paying for credit cards, lines of credit, business debts, tax debts, private student loans, medical bills, payday loans or other unsecured debts, you are likely to seek a solution for your debts.
When the amount owed reaches the point of seeming hopeless to pay it, the IRS or the state tax authorities come after you for amounts you did not know you owed, this creates a lot of stress.
Emotions accumulate, sleep can be lost, relationships suffer and other areas of life can be negatively affected. The great news is that your situation can be solved with the proper help of debt solution.
If you are tired of making minimum payments and realize that it will take ten, twenty or more years to resolve your debts, if you are already in default and tired of receiving calls from creditors to collect your debt or if you need a solution to pay The lowest legal amount possible, then you need to take action with a debt negotiation program as soon as possible.
Many people stopped taking action because they are afraid of what might happen or what other people might think. However, life can be much easier and you can have much more inner peace. Worrying about paying bills, being able to pay off your debt and paying for necessities like food, transportation and education can be a thing of the past. Do not let the stress of debt get in your way and be able to live life.
The debt could have accrued because he had a reduction in his income, a divorce, medical problems, business reversals or that the credit card companies encouraged him to spend and spend. There could be many other reasons to have it. Whatever it is, we understand and we are here to help.
Even if you have spent a lot and maximized your credit cards, the fault is not in you. Ultimately, credit card companies make it very easy for people to incur debts, however, they make it very difficult for them to pay it off. The fact is that credit card companies are very happy when you make the minimum payment and a lot of interest each month. This is how they make most of their money.
Now that you know there is a solution, the situation is not your fault and credit card companies want people to be in debt, the next step is to take action.
There are debt settlement programs available that are designed to help you release the money on a monthly basis and help you pay off your debts in a fraction of the time it takes to pay only the minimum payments. There are also tax debt settlement programs that use tax laws based on your financial situation to pay the least amount of taxes legally required. These programs give you flexibility and when they are successful, they do not have the negative effect of having to answer for the rest of your life when asked if you have been bankrupt.