Five Deadly Debt Sins

We are all guilty of committing sins when it comes to landing ourselves in debt but you can avoid those pangs of guilt by adhering to the following debt advice.

By staying on top of your finances instead of ignoring them, you can spare yourself the stress and heartache that comes from having to make drastic moves in the future, like bankruptcy or an IVA.

Keep a cheque on your finances
Always make sure that you are aware of the funds in your bank account to avoid bouncing into debt with your bank.

Do not make impulse purchases
Don’t suffer from ‘buyer’s remorse’ by splashing out on expensive items that can wait. If you really want that new plasma TV, save up for it, you will not die if you cannot have it right away!

The obvious debt tips are over but here are 3 more tips

Create a budget
Make a budget plan and keep to it at all costs. Allow yourself money for expenses that are not even due such as birthdays, new tyres for the car etc.

Live from payday to payday
If buying those extra little indulgences will put you into debt, go without or find a way of earning more money to pay for them. Otherwise, live within your means and from payday to payday.

Always put a bit aside
After paying all of your creditors, put aside a set amount for savings each month. Everyone should have a little nest egg to fall back on if things go from bad to worse and this will stop you from relying on credit. Also, it is much harder to spend hard earned savings which have accumulated over time and large savings mean that you no longer need that high interest loan for a down payment on a home or a new car.

Adhere to these debt solutions and you will keep on the straight and narrow.