You are probably in significant stress to hear your landlordcalling for rent arrears and live in fear hearing him/her knocking your door,then you turn your phone off, try to cut connections from the world and buryyour head in the sand. Being a property manager, when we chase up rent arrears,this often happens. Cutting out connections won't help nor improve yoursituation, it can only get better unless you want to change, IMMEDIATELY.
Don'tbe ashamed with yourself and defeated by life has brought on you. According to a financial planner, regardlessof how much money he/she made, everyone has different money problems, see, weare all equal just facing issues with a different scale. All you need is toplan and budget your money well and spend it wisely.
Hereare some tips:
1. Simply not to spend more thanyou earn.
Firstof all, when you get paid, always save a portion aside. I recommend at least20% of your income. If you have debt,10% goes to your debt, 10% goes to your saving for your emergency fund, youshould not touch your emergency fund unless life and death problem ishappening.
Secondly,list all the expense you spend each month: it may be your mortgage/rent, power, water, internet, travel, food,clothing, entertaining, gym membership, gifts, etc. You add all those up andsee if it exceeds the remaining 80%, simply cut out the unnecessary ones likeyour gym membership, stop buying the clothing you don't need, going out fordinner, or maybe your rent is too much, considering downsizing or sharing a flatwith friends. Just remember to pay rent on time to get a roof on your head.
2. Automate your saving.
Ifyou find it too hard, just set up an automatic payment to your other accounteach month right after you get paid, you will be amazed how easy it becomes.
Beingself-employed, I would like to pay $1042.86 to get the max member tax credit$521.43 from the government. Every year when the deadline is approaching, Irealized it is hard to withdraw the money as a lump sum. I started setting upan automatic payment $25/week to another account. I still make the similar amount of money eachyear, but I don't feel limited or stressed to have the $1042.86 ready and itstays there once the date is due to pay for my kiwi saver.
3. Budgeting
Whenyou go grocery shopping, you buy things intentionally and organize meals afteryou get home and plan out the whole week. This is not only to reduce waste butalso to save a lot of time during the week.
Ilearned a technique from another blogger Jordan, and I think it is brilliant.We probably knew the envelope method. Instead of using ten different envelopesto hold Grocery, Clothing, Entertaining, etc., we get confused and give upquickly. we only use two envelopes containing the money for the month: GROCERYAND OTHER
GROCERYis for all consumable items which you can purchase from the Supermarket, itcost $100/week per person, for OTHER you can put $50- $100 depending on yoursituation. Once you run out of the $100 within the seven days, you can onlyborrow from OTHER, not from the following week's GROCERY $100.
Givethis method a shot, it works and can help you to save.
4. Kill your credit card debtfirst and possibly discontinue to use a credit card after you pay it off.
Ifyou don't want to live between paycheck to paycheck, the first step is to killyour bad debt. In all debts, credit card debt is the worst. The interest rateis 15-20% if you don't pay it off each month, it accumulates fast. Unless youhave good discipline, I would suggest you don't use the credit card atall. We can only use credit cards forthe points in my opinion and pay it off each month or set money aside inadvance.
5. Treat Money as a tool
Ifyou are trapped in debt, most likely you don't have a good relationship withmoney.
Howdo you position money in your life? Ittook me quite a while to realize:
Moneyis a tool.
Insteadof letting money control you what to do and what to choose, you need to use themoney just like you use as a screwdriver. We look after our tool, put it in the right place.
5. Start a side hustle and workharder
Starta side hustle, don't be lazy.
Tryto analyze what skills you can use to make a living and make a start NOW.
Keepstudying to get student allowance to make a living won't work, plus you need topay your student loans once you start working. It is not a side hustle unlessyou genuinely want to learn some skills. Honestly, so many resources are madeavailable in this digital world, you can learn from a short course, webinar,Youtube, bloggers, books, etc.
6. Stop the behaviors that trappedyou into debt.
· Instead of going shopping during the weekends, going to the parkand have fun with your friends.
· Stop buying lunches every day, bring your lunch with you when yougo to work at least 2-3 times a week.
· Stop buying staff to impress other people, ask yourself what isyour intention to buy it.
· Stop lying to your yourselves and hope it will get better tomorrow.You have to ACTIVELY do something to change your current situation.
7. Setting a goal
Settingup a goal is essential, so you know what you are working towards. Working hardwithout a direction will lead you to nowhere. Make a promise to yourself tostart paying off your debt, at least 15% of your income goes to your debt whenyou get paid. Otherwise, your life will never turn around.
8. Believe you can do it
Lastbut the least, overcoming self-doubt is the essential part before you doeverything.
Believeyourself and start to make a change today……
Inconclusion, here is the seven tips:
1. Simply not to spend more thanyou earn.
2. Automate your saving.
3. Budgeting
4. Kill your credit card debtfirst and possibly discontinue to use a credit card after you pay it off.
5. Start a side hustle and workharder
6. Stop the behaviors that trappedyou into debt.
7. Setting a goal
8. Believe your can do it
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