Being in debt can be one of the hardest situations to live through, for the everyday person. You have a backlog of money you need to pay, little money to live off of in the here and now, and you’ve got companies and their debt collectors breathing down your neck at every step. It can be a time of fear and anxiety, and it can be a time of stress and sickness – overall, debt can seriously affect your life, and in more ways than one.
You don’t know what you might lose, you don’t know what kind of physical and emotional toil you’re going to go through, and who knows if your credit score is ever going to recover. You might lose your job, you might not be able to get another one. You might struggle to pay the bills. You might even have a bailiff knocking on your door; no one wants to wake up and realise that’s something they need to get through today.
If you are told one day that you owe money, and it’s money you can’t afford to pay out right now, don’t let yourself lose your head over it. It’s a scary thing to be confronted with, of course, but it’s one you can steel yourself up to and prepare for! And here’s just a few ways to help you do just that.
You Seek Out Advice, First of All
No one should ever have to face debt alone, and thankfully, no one has to. There’s a lot of debt help out there these days, and services like these are filled to the brim with financial experts that can really make a difference in your current financial situation. They have the facts and figures you need to be aware of, and they know the best ways to pay off your debts as soon as possible. Be sure to search around online for someone that’s hopefully near your area, specialising in the kind of debt you’re having to pay off, before you do anything else.
Once you have a service like this on your side, you can start to tackle the issue. You might be able to consolidate your debts through their services, you might be able to explain some portions of the debts you owe away, and you’re definitely going to have some good negotiators on your side!
Then You Look Forward
Dwelling on the reasons you fell into debt in the first place isn’t going to help you, and it’s certainly not going to make you any less stressed over the fact that you owe money! Sure, look back on where you went wrong, and what deals you made that you shouldn’t have, but don’t let yourself spend too long reminiscing on these things. You can learn from your mistakes, to make sure you’re more careful of your cash in the future, but you shouldn’t be living with them!
So be sure to always look forward. Always keep your eyes on the horizon, to see what’s coming next, and to make sure you can plan for the future. You want to be able to pay your debts off as soon as possible, and you can only do so when your focus is in the right place.
You Make Yourself a New Budget
Budgeting is something we all need to do from time to time, especially if we live in our own homes and need to make sure there’s money for the mortgage payments as well. But when the time comes for you to prepare yourself to pay off debts, you’re going to need a budget more than ever! And it’s not just any old budget that’s going to do; you’ve got to make one that takes stock of your situation, on a year by year basis, and is completely and thoroughly personalised to you.
Of course, living off of a budget is something you can adjust to easily, as long as you’ve done enough research to craft out one that’s going to work. It’s the main reason most budgets fail: the person drawing up a payment schedule and adding up the pennies they’ll have left at the end just didn’t take the idea seriously enough. Don’t worry, when you’re in debt, the stress will help you to avoid a situation like this.
First of all, know what debt payments you’re going to have to pay, how often you’ll pay, and then work out how long it’s going to take to get rid of those marks on your credit record. Once you do this, you can work out your other expenses around it. Bills and utilities should take precedence next, and then comes food and clothing for you and your family, if you have one.
And You Don’t Let Yourself Sit Still
Sitting still lets us think a little too much, and when you’re someone who’s in debt and can’t stop thinking about it, you don’t want to be sitting still for too long. Rest up when you can, and use mindfulness or meditation techniques to try and calm yourself down when the anxiety gets too high – but aside from that, keep yourself on the move.
If you stay busy, you feel like you’re moving somewhere, and that you’re making progress. But if you don’t want to be more busy than you already are, make the time to go for walks or jogs around your neighborhood or down the park; exercise is wonderful for battling away the toils of stress on the body. Let yourself flood with endorphins every morning or evening when you go out to exercise, and you’re going to feel a lot more positive about paying off any debts you might currently have on your record.
So, how do you stay sane when you’ve got a lot of debt to ruminate on? Well, everyone is different in how they handle stress and anxiety, but tips like these are going to work for most of us out there! Seek help at least!