Simple Ways To Start The New Year Without A Ton Of Debts!

As we reach a new year, our mind is turning to our finances. After all, we would rather head into 2017 with as little debt as possible. Therefore, it’s worth looking into how you might clear your debts now. Here are some simple ways to start the new year without a ton of debts!

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Examine your statements

The best way you can see where you went wrong this year is by looking at your statements. Print out the last 12 months and check out when and why you started incurring debts. You might notice a pattern which you can stop doing in your daily life. Also, take a look at your direct debits and decide if there is anything you could stop which will reduce your debts. For example, could you perhaps take a break from Netflix? Or you might want to change your phone plan so that you don’t pay out so much every month. Just by making a few changes, you could potentially save some money which will help to reduce your debts! And try and keep on top of your statements in the new year; read them properly before putting them in a draw!

Get a loan to cover your debts

For a lot of people, it can become quite overwhelming when they have a ton of debts to pay. After all, you are getting final warnings from all angles, and you don’t know what to pay first. You should sit down and work out which debts are most important. For example, you might have ones which are going to turn into bailiff situations if you don’t pay them off soon. That way, you can pay these off first to help you get back on the straight and narrow. You might want to look into getting a loan such as an overdraft loan from your bank. That way, you will have some extra money that you can pay the debts off with. And you can learn more about bank overdraft loans online. Also, you could consider looking into grouping all the debts together and just paying one monthly amount. It can make it much easier to pay than having to sort out debts from all over the place.

Put money aside in a savings account

Another thing you should consider doing for the new year is you should set up a savings account. Even if you can only put 20 or 30 dollars in there a month, the money will soon add up. And then if you run into debts, you will have money aside that you can use to pay them off quickly. That way, you won’t have a ton of debts with no backup plan in the new year. You should choose a savings account with good interest so that you can sit back and watch the money build up over time!

And remember to make some cuts if you want to start the new year without a ton of debts. For example, you might want to switch to budget stores rather than heading to expensive shops. Also, you ought to turn down your heating and use the water less so that you can ensure household bills aren’t sky high!

 

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