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Debt EliminationIt is the best part of debt elimination, reducing and eliminating your debt to budget your finances. If you set a budget you will find it easier to establish how much money you have coming in and going out each month. You must make your budget realistic or your debt
elimination plans will not work, and you could find yourself in
further debt. Make a list of all of your incoming finances, these may include wages benefits child benefit tax credits child maintenance rent / contributions from lodgers or children Then make a list of all of your outgoing expenses these may include mortgage / rent payments council tax household bills (gas, electricity, water rates, telephone, television licence, etc) Insurance's (house contents, buildings, car, life etc) Child maintenance payments food car expenses (fuel and running costs) child minder school / work dinners bus / taxi fares clothing socializing This will help you to assess what money you do have and show you where you are spending your money. It is a good idea to assess how you spend your money, you may be able to reduce your spending. What can you cut back on? Certain bills are not going to alter but how you pay them can effect how much you pay. If you pay by direct debit many companies will reduce the payments slightly. You can look at how much you spend on things like food and may find that you can cut back by choosing a cheaper brand. You could consider socializing less or looking at cheaper alternatives, like having friends come to your house or going to theirs for a meal of drink instead of going out. You might consider making a packed lunch instead of buying your lunch. You can cut back on your telephone bill by limiting your calls to the cheap rate (this is after 6pm with most telephone companies) Instead of paying for child care could you take it in turns with a friend or allow a relative to help you Could you walk or catch a bus instead of getting a taxi If you catch a bus or train to work it may be cheaper to get a travel card The more expenditure you can avoid, the more you will be able to repay your creditors. This will mean that you can repay your debts more quickly and become debt free! |
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