If you’re like most people, debt is an unfortunate fact of life for you, and thinking about how to pay off your debt – sometime in this lifetime – likely occupies a good deal of brain space – and not just when it’s time to make another set of New Year’s resolutions.
For some perspective, and to help you feel a little less alone in your debt journey: the average person’s household owes over R200 000 in credit card debt, and two out of three millennials have at least one source of long-term debt, like student loans, home loans or car payments.
But just because debt is normal doesn’t mean it feels any less intense, frustrating or even demoralising. The good news is that debt doesn’t have to destroy or take over your life. The key is to form a plan for how to pay it off, take stock of your finances and really understand what you’re working with. Small steps to big results. Here’s how to get started.
1 KEEP TRACK OF YOUR SPENDING
It’s surprisingly easy to go through life with no clue of how much you’re spending or where your money is going each month. If this sounds familiar, try recording your habits. There are easy systems to help with this, like Mint (free on iOS and Android) or You Need A Budget (free on iOS and Android).
2 THEN MAKE A BUDGET
You’ve heard this advice a million times, but it’s time to actually do it now. To help get an idea of how you want your budget to work for you, think about your short-term (in this case, anything lasting less than a year) and long-term goals (lasting one or two years, or more). Be aware of ways you’re spending money without even realising it. Consider what kind of debt you’d like to pay off and how much. Write your plan down, and if you feel like you need extra accountability, consider a cash envelope system to set boundaries. Spend only the amount designated for that particular envelope.
3 CUT COSTS FROM BIG EXPENSES BEFORE FOCUSING ON SMALL ONES
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Denne historien er fra May 2019-utgaven av GLAMOUR South Africa.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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