Lots of people plan a detox after Christmas, when their body is feeling sluggish and unwell after too much food and time on the sofa over the Christmas break... But any time of year is a good time for a Money Detox if your bank balance is feeling ill and your credit card bills are rising! In a Money Detox, you aim to: hunt down and clear out the things that are poisoning your financial … [Read more...]
Resolutions about debt - here are some practical ones!
Have you made a resolution to tackle your debts? Debt Camel is looking at one practical thing you can do each month to improve your financial situation and clear your debts sooner.
Happy New Year, everyone! Are you excited to have a blank piece of paper in front of you for your 2017 resolutions? Or is it a bit depressing as your list is much the same as last year... And last year half of them didn't make it to mid January and you didn't stick to any of them for three months... For 2017, go for SMART resolutions. SMART is a term from professional project management … [Read more...]
Whatever you want financially in 2016, it is going to be easier to achieve if you have less debt. Do you want to buy a house this year or next? Do you want to clear the mortgage as soon as possible? Maybe you want to go traveling or get married. Are you thinking of starting a family and maternity leave? Or simply sick of handing over so much of your salary to the banks each month? Less debt … [Read more...]
If you have 'lose weight' or 'get fit' as one of your 2017 New Year's resolutions, perhaps you are thinking about joining a gym? Think again! Every year thousands of people join gyms, often in January, and use them three times in the first month, twice in the second, then hardly ever - that's a really expensive monthly commitment for a year that isn't doing your body much good at … [Read more...]
Having a cheap holiday at home may not sound a lot of fun. If you are trying to blitz down your debts (is that one of your 2017 New Year resolutions?) it can be a huge gain. If your credit card is maxed out you may not have an option - but you can make a deliberate decision about what you do instead. I asked some friends when they had done this and what they did, there were a wide variety of … [Read more...]
If you want to cut your expenses, food should be high up on your list. Food shopping is a large part of most people's budgets and it's also one that you have a lot of control over. It's not easy or quick to cut what you spend on rent, council tax or transport costs, but adopting a few new habits can help you reduce your grocery bill and still eat well. Plan, plan, plan Planning is the vital … [Read more...]
Without a good budget it's really hard to decide how to tackle your debts or to keep on top of them as you try to implement your chosen plan. This article looks at what goes into your budget and the different approaches people use that help them. Why budget? I wrote a long section here but Dave Ramsey has said it shorter and better: "A budget is telling your money where to go, instead of … [Read more...]
If you feel your money just vanishes or you are worried your budget isn't realistic, a spending diary will give you the facts you need to take control. Without knowing what you actually spend, all too often plans to cut back are just good intentions that don't work in practice. Why you need a spending diary Many people have little idea about what they spend - it feels as though their income … [Read more...]
2017 is a great time to be doing this as credit card balance transfer offers are longer and have lower fees than ever . If you can cut your interest it will really speed up your debt repayments - but first you need to get all the information at your finger tips so you know what to prioritise. Make a list of all your debts Not just the credit card and loan that are worrying you the … [Read more...]
If you are serious about paying off your debt, this is the perfect first step to take. Until you have stopped adding more debt, you can't make a realistic plan to clear your current debt. As the saying goes, if you want to get out of a hole, then stop digging. If this is one of your 2017 New Year resolutions, with any luck it should be a little bit easier in January as people tend to cut back … [Read more...]