So many of us are in a situation where our salaries are barely covering our bills and because these kinds of situations seem to just creep up on you, you are not prepared properly in how to deal with them and save yourself from drowning. If you follow this very basic idea over a period of time you will slowly and surely see your debt decreasing and your surplus income increasing.
The most important thing to do is to keep track of everything you spend your money on. The best way to do this is to open an Excel Spreadsheet and make a Monthly Budget for a 12 month period. For each month list all of your definite expenses that you do not expect to change over the next year.
(Insurance, Medical Aid, Gym membership, subscriptions, rent etc) Then list all of your expenses that fluctuate monthly (food, toiletries, entertainment) You need to decide a realistic budget for these items that fluctuate. If you decide to set aside 500 for entertainment then you need to stick to that, be strict with yourself.
It will also force you to find more creative ways to entertain yourself and your friends/family without spending too much money. Then list all of your debt and the minimum payments due and what the balance will be after each months payment has been made.
(also list the total outstanding payment so that you know how many payments you have left before the debt is clear) When your spreadsheet is finished and contains all of the info needed, you can come back to this section and see how quickly your debt decreases as your add an extra 100 or 200 hundred to your minimum payment each month.
Keep some blank spaces open under each month so you can add unexpected items (doctors / vet bills etc) Then add your monthly income. This spreadsheet will allow you to view all of your finances in one place and gives you a realistic idea of where you will be in one year if you limit your fun' spending and rather pump your extra hundreds into your debt. Looking at your spreadsheet and updating it every time your make a purchase or a payment gives you all the information you need in black and white.
There is no margin for lying to yourself about those shoes I bought last month' or the new golf club' that you didn't realize you really couldn't afford and could do without. Be honest with yourself and be strict by sticking to your budget.
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2024-12-4 15:35
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