14 important steps to help you quickly get out of debt

Whether your current debt is large or small, getting rid of debt is a big challenge, sometimes impossible to overcome. If you're constantly experiencing a situation where you can't balance your income and expenses in your daily life, you're probably facing a range of problems. Everything will happen very quickly and before realizing you are spending too much money, you have been in debt ever since you did not know.

It may be due to a lot of big debts that can't get out of debt; due to excessive spending or too little money earned. If you have not yet formed the right mindset about making money - spending money - saving then now is the time for you to change. Here are 14 important steps to help you get rid of your debt quickly.

1. Be aware of the financial problems encountered

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If you have a debt, you're actually having a problem. The level of control of the problem depends on whether you are anticipating the debt, such as student loan debt, consumer debt to purchase the vehicle, or debts incurred. predictable. Or other complicated debts like you have to pay too much for expensive drinks that are completely incapable. You need to acknowledge that problem and take it seriously. So raise your hand, shout your name loudly, confirm that there is a challenge ahead, pledge to overcome this challenge and free yourself from debt.

2. Review the situation

Ask yourself the question: Why are you in debt? What amounts have you spent your money on? How much money do you make each month? Is your debt growing or having problems with paying too high interest rates every month? Are infinite expenses the cause of debt or debt because you have to pay for living expenses? Don't worry about finding a solution to the problem right away - first determine the cause, scope and severity first!

3. Regulating emotions

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Spending habits are personal and personal issues because they reflect your priorities in life. We often feel ashamed, guilty and regretful when we mention our debts. However, those emotions do not help us solve current problems. Try to get rid of negative emotions and focus on the fact that you are the person in control of yourself and you have the discipline, focus on solving problems. That is all the positive emotions you have. Try to focus on controlling positive emotions, pushing yourself into the framework and finding ways to solve the consequences of debt in the past.

4. Use your "pen"

Shop for yourself a notebook and a pen to plan your own debt payment today. Write down everything you think will be useful for your plan. Be sure to make a full record of what you owe or who has borrowed your money and how much you have paid your debt.

5. Stop struggling

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While still assessing your spending habits and developing a process that includes actions that are expected to take place in the future to pay off your debt, stop spending immediately. Will it be easy to find the cause of a ship's leak and fix if water doesn't continue to spill? When you return to shopping, you will make better decisions.

6. Record all expenses

Spend an item in your notes section or on your personal computer to help you assess your spending over the past six months. Then print your credit bills, bank statements and keep them neatly in your wallet or purse. Besides, you also need to figure out the most accurate amount of money you have spent and if you have a debt, it seems that visualizing the debt is beyond your speculation.

7. Determine spending

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Can you determine your own spending standards? For example, have you ever complied with the standard when visiting a certain store or on the day of receiving wages? Have you ever spent a large amount of money on a particular activity?

8. Sort expenditures and arrange them in order of priority

Food, water, basic costs, travel costs and clothing costs are essential needs. And of course the rest are desires and preferences, not "essential". Get rid of unnecessary expenses, such as: cable TV, telephone, high-speed Internet and a wide range of expenses for other luxury items that a person is accustomed to having within hand.

9. Ready for big changes

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Is your rent or travel expenses accounting for all your expenses? Maybe you will have to move to smaller accommodation at a lower cost to reduce the cost of accommodation? Perhaps you should decide so to reduce these costs. Of course, you must also limit your interests for a while. Be committed to doing this until you finish paying off the debt.

10. Seek help from experts

Surely you are not the only one who has the feeling of bewilderment when falling into a debt spiral. Talk to your bank's financial planning experts or take part in debt management skills classes. In addition, there are many similar options for you but on the condition that you have the determination to repay.

11. Self-study of debts

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Whenever the topic of money is mentioned, take the initiative to use the brain to review all the information you receive to confirm whether to keep it or leave it to help finance. yours. Buy yourself a library card and take the time to study the basic principles for managing personal finances, as well as giving yourself considerations. Moreover, the library also has financial classes for those who want to learn and expand their knowledge.

12. Increase income

The extra money will help you at risk, such as not being able to repay the debt. No chance is too trivial, too demanding or the cost is too low for your time. If you're still in debt, then you still can't afford and the opportunity to make money. Make yourself a second job like babysitting, walking your dog, washing dishes or making money online. Actively look for work for you to earn extra income and capture them when you have the opportunity.

13. Repay as much money as possible monthly

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Do you have to pay any penalty if you pay the debt before the deadline? Pay the minimum payments as much as possible each month and make sure you pay on time!

14. Be patient

Of course it takes a while to make yourself fall into debt and make sure you want to get rid of it, it takes a lot longer than you think! At times like this, try to be patient and try to find a way to repay. At that time, you will be relaxed and no longer have to worry about those troublesome debts.

Refer to some more articles:

1. 7 signs that you still haven't earned enough money to spend
2. If you want to pay off your debt soon, you have to know these 6 numbers
3. 6 tips to help you get out of debt

Having fun!