Category Archives: Debt Management Plan
Simple Ways To Manage Money and To Clear Depts
Money becomes the most important part of everybody’s life. It is necessary that we must clearly understand from where the money is coming, going to and regarding their efficient management.One can control his/her life and lead a peaceful one only if they manage money properly. Money management lays the basic foundation for clearing off the debts.
4 Simple Ways To Manage Money:-
1. Saving Money – To handle both certain and uncertain costs, savings account is a must. Minimum of 6 months’ salary in a savings account is good to handle uncertain situations. Try to even slowly increase your savings.
2. Knowing Your Income – Clearly understand what net money you will have at the end of the day so as to manage it correctly.
3. Credit Card Usage – Using a credit is nothing but borrowing the money that you must settle at the end of the month. Initially you have to select those credit cards wisely and understand the responsibilities of owning a credit Card and thereby use them efficiently.
4. Forming Budget List – Maintaining a budget List is very much necessary where you must know your Income first, know your expenses, make a list of your expenses, paying for yourself first and at last
handle your expenses through budget based method.
5 Simple Ways To Clear Your Debts:-
Here are some of the few simple Ways through which one can very easily clear their debts.
1. Every month, a certain amount must be paid to clear the debts. But have a practice of paying more than the minimum amount for easy clearance.
2. Bankruptcy is an important method through which debts can be shared and cleared equally.
3. Cut short your entertainment and other unnecessary bills for fewer months until you clear off all your debts and come into stability.
4. One of the most popular methods that people follow these days to clear their debts is Snowball method where you can use the money to short down your Debts by taking that money from a previous cleared debt.
5. Lastly, Try to make a saving from whatever way you can. But do not stop your practice of saving even though these debts get cleared as money may be needed during any emergency situations.