Image : Sticker Stacker
As we are getting close to the new year many of us reflect on the last 12 months good or bad and look at ways of making the next 12 months even better. During this festive month people have gone crazy shopping as you do yearly and the Black Friday sales hit 1.3 billion this year with over 50% of the spend being online. I even read a tweet earlier someone saying they were skint but spend now and sort it out in January.
January is a good time to gather your list of outgoings and plot it all on an expenditure sheet and actually seeing what is essential and what is nice to have and start cutting those non essentials. At the end of October 2016 people in the UK owed £1.508 trillion and the average debt per household. If you only have a small amount of debt but really struggle to discipline yourself in paying it back it's worth looking at options such as credit card interest free or a *small loan.
The key points to stick to for a debt free 2017 is:
- Making a monthly budget or payment plan and stick to it.
- When you buy something always ask yourself - do you need it and most importantly can you afford it.
- Set up automatic deductions soon each month e.g: soon as your salary hits your bank
- Cut costs - this is what most refuse to do but your debt will only increase.
- Once debt is cleared you need to change your spending habits. It your habit that got you into debt in the first place.
- Lastly it's never too late....
One of my top 10 most popular blog post is Money Management - click here.