Comment rembourser rapidement vos dettes ?July 11, 2019

How You Can Pay Off Your Debts Quickly

We all have debts, they’re part of life. But do your debts keep you awake at night? Are you stressed out every time the phone rings? Are your debts out of control? Here you will learn how to take control of your finances, and how to get rid of them quickly.

Make a Budget

The first step to taking back control is making a budget. Keep track of your income and expenses over a month or two. You can use the good old method of pen and paper, or use a spreadsheet or a budget app. Try to make it as detailed as you can. It will make the next step easier.

Make a Plan

Now that you have a budget, you know where your money goes. It’s time to make a plan. Look at your debts. Which one do you want to pay off first? The one with the highest interest rate, or the one with the smallest balance?

Look at your expenses. What are you willing to sacrifice to pay off your debts quickly? Can you skip your morning coffee shop stop? Can you do without cable TV for a while? Can you cut on restaurants? It’s important that you don’t cut off everything that you enjoy because you won’t be able to stick to your resolutions. Cut expenses gradually and give yourself time to adjust.

Are you earning enough money? Is there a way you could make more? You could get a second job, ask your boss for more hours, or sell some of your things.

Kill Those Debts

Now that you have a plan in place, start paying off those debts.

When you use coupons, put the money you saved aside, and use it to bring down one of your debts at the end of the month.

Every time you pay for something in cash, put the change in a jar. Once the jar is full, count it out, bring it to the bank and pay some debts.

Did you get a raise, a bonus or a tax return? Instead of going on a spending frenzy, put that money against your debts.

Stop using your credit cards. You’re trying to pay off your debts, not build new ones. Give them to a trusted friend or family member for safekeeping if you’re unable to control yourself.

Once you’ve paid off one debt, put that same amount towards the next debt.

When a credit card is paid off, call the company to lower the limit to a minimum.

Don’t Forget to Save

Now that you’re well on your way to pay off your debts, you want to remember to save some money for unexpected expenses. An emergency fund is not an option. It’s a must if you want to stay out of debt in the months or years to come. An emergency fund allows you to face the unexpected without resorting to credit. Plan to put a certain amount each week in a savings account. Once your debts are paid off, continue putting that amount in your emergency fund for a while. Once you’re done saving for your emergency fund, you can start saving for your dreams.

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