Month: February 2017

Paying off debts should be a primary concern for everyone whatever your status is. Although, it might be true that there are millions like you who are facing the wrath of debt out there in the world, this should not be an excuse to let it accumulate and leave it unattended for a long time. It is not healthy to live off month after month by owing people money.  If you are this neck-deep in your debt, it will start to take its toll on your relationships with children and family member, as well as your health.

Keep A Record Of Your Debt

If you are in debt, it is wise to be on top of things by keeping a record of all your debt. This way you can easily assess the clear picture of how bad your debt situation is and formulate a plan to work your way out of it. It pays to keep a record of all your IOU’s, as well as of your monthly bills, including your mortgage or personal loans, car loan, credit card bills, as well as your medical bills. Everything should be taken into account. Get a credit report if you must to make sure that all your debt statement is accurate and up-to-date.

Being a single mum does not mean you cannot enjoy a good life and live without debt. Even if you have one income, it is possible to stay out of debt as well. With a little bit planning, responsibility, and diligence, even single stay-at-home mums can get to enjoy the fruits of their hard labor and stay off of debt, and raise kids, too!

Here are a few useful and easy ways to stay debt-free:

Start An Online Shop

You can start off by selling things that you can get for free from several online shopping stores. Collect them and find buyers to whom you can sell these items off at a much lower price. Since you did not have to pay for them, you can sell them at dirt cheap rates. You can also start an online business by selling essential or trendy items like baby stuff, oils, or make up. An online shop is easy to start as you won’t need big amount of capital to put it up. You can also start off as a reseller to bigger online stores in case you do not have sufficient money to stash up your own products.

Make Wise Decisions

It takes time, as well as conscious effort to spend your money wisely and save up, to be out of debt in the future. But know that simple measures go a long way in saving up cash and finally bidding goodbye to your debt.

• If you own a car, consider selling it and taking public transportation, instead. Owning and maintaining a car can be very expensive. Unless your car is essential for work, you might as well sell it and use the money to pay off debt, for investment, or to build up your savings.
• Define your needs as opposed to your wants so you can still live comfortably.
• Plan your trips to the malls and shops and do not go unless it is absolutely necessary. You will only end up making unplanned and unnecessary purchases when you visit the mall while killing time or during your spare time.
• Carefully plan your shopping and wait for those sale and promos so you can get items at a fraction of the original price. Make a list of the things you need to buy if you must, make sure to stick to your list, and see how much you can save this way.