Many will be starting the New Year with resolutions that they intent to keep
, however many make resolutions that are either very difficult to keep up with, or just plainly unachievable. For example going to the gym everyday-for most this would be a very difficult resolution to keep up with and your drive and motivation will eventually slide.
Debt problems are something that are on the rise in the UK, it was revealed last week by Santander that over 2.8 million people are planning to shift over 2.8 billion pounds worth of debt on to a new card as opposed to beginning to pay it off. Therefore being more careful with spending is often a popular resolution, however this also needs to be done in an achievable way. Here are a few tips for reducing spending and therefore debt problems that could occur in 2011:
-Cut down your number of credit cards to just one with a rate that suits you. This will make the credit you owe much more manageable and debt problems should be reduced. Furthermore, always pay the minimum payment on a credit card, this isn't usually very much and if you don't this can end up snowballing into much bigger debt problems than anticipated.
-Cut back on everyday luxury spending, for example buy supermarket value brands as opposed to their finest. Small changes like this can help with long term debt problems that can arise from careless spending in everyday life.
-Try to avoid eating out, bring your lunch to work and try to keep entertainment to in your own house or friends houses. Money that is spent on a weekend out can often end up being lavish amounts so cutting down in this area will be a big help with debts.
-Consider your transportation: If you drive or get the bus to work, look into car sharing or cycling possibilities as this could once again cut down on your daily living costs.
-Keep track of what you are spending money on-this can help with debt as you will be able to recognize where you are overspending and what you need to cut back on.
All these small steps can help with debts as they will give you extra money at the end of the month which you wouldn't previously have had and therefore allows you to start paying back any credit that you may owe. Take action today and ensure 2011 is debt free!