Income is hard-earned and valuable in terms of future needs. Don’t think “it comes easy” as many people would like. To ensure that you can manage your needs and not go into debt, simply debt management. It is advisable to set aside something each day for income. This little one will grow over time and will be available in case of an emergency. On the other hand, if we have already gone through tough times and are consequently in debt, there is a way to manage it.
Need a special book for this exercise
This can be a binder with a few columns dominating, or a more specialized store-bought ledger. On one page, you should write down all of your debt for debt management, including rent, expected cost of purchase, etc. How much or how big doesn’t matter at this point. total down.
On the opposite page, write down all of your income. You’ll quickly see how much you missed between the two columns. Now here comes the hard part.
Subtract expected rent and purchases from the total expense
Now select the most important bills that you have to pay and their total. Call each company and offer a reduced pay per week or two for the next few months. Don’t overdo it and make sure it’s possible.
Take note of this debt obligation as well as the total amount of rents and purchases and make sure they are covered. Now take something else, whatever you can afford, whether it’s less than $5 or $10, put it in an envelope, and keep it somewhere safe. Don’t spend a single penny unnecessarily. Forget about coffee mugs and fancy items because they don’t fit the budget.
Work your way out of debt gradually
Do not buy anything you can’t pay for with cash. Cut out credit cards and only use cash to buy your products. Rent can be paid through the B-pay system as well as through invoicing of other companies. It will save you time and effort while running.
This program works and all it takes is discipline, a one-time budget, and sticking to it. Over time, the small income you set aside each day gives you the protection to deal with unexpected obstacles as they arise. It can also be enough for an occasional picnic or vacation. In no case do not take comfort in your debt management as you will never regret it.