FREE WAYS TO GET ON TOP OF YOUR DEBT

Being a mum is hard work, it's really hard work whether you're a stay at home mum or a working mum. One of the hardest things I've had to deal with since becoming a mum are my finances.

If you have debt, it is wise to make paying it off as soon as possible a priority. Being in debt can have a very negative effect on your life especially if things get out of control.

Unfortunately, that can happen very quickly. For example, if you were to lose your job. In that situation, most people start to miss repayments almost immediately and their debt suddenly becomes overwhelming.

Fortunately, there are lots of resources out there to help you to get on top of and eliminate your debt. Here are some to take a look at.

LEARN ABOUT MANAGING DEBT ONLINE

As with most problems, the better informed you are the more likely you are to be in able to solve the issue successfully. I suggest you start by visiting websites like Creditfix.co.uk and learning as much as you can about debt management.

This site is a particularly good one. They cover everything from setting yourself a budget and debt renegotiation and consolidation to filing for bankruptcy if that is the only option. If you want the full picture, they are a particularly good starting point.

But, before following any of the advice you get online, take the time to make sure that it is up to date and truly independent. That way you will know that the advice you are following is sound.

FREE TOOLS TO HELP YOU IDENTIFY HOW YOU SPEND YOUR MONEY

Understanding what you are spending your money on is an important part of getting on top of your debt. When you first sit down and work out where the money you have spent over the past three months has gone, it is a real eye-opener.

Almost immediately you will realise that you have been wasting a lot of money on frivolous things. For example, online and offline subscriptions for things you never use. Or, buying clothes you wear once and books you do not read.

Unfortunately, many of the fantastic budgeting apps you can download, do not allow you to add historical spending data. It’s annoying because it means you have to spend a couple of months tracking what you spend before you get a clear picture of what is going on. So, I suggest you map out your past few months spending using pen and paper or a spreadsheet.

KEEP CONTROL OF YOUR SPENDING

Download a spending app too. There are tons of good ones available. Most banks provide their customers with a bank app that has budgeting capabilities built in.

REDUCING WHAT YOU SPEND

There are lots of ways to save money when buying essentials. These include cash back apps like Shopmium and Checkout Smart. In addition, consider downloading price comparison apps like my Supermarket.

TOOLS TO HELP YOU TO SAVE UP SOME MONEY

Once you reduce the amount you are spending and start to clear your debt you will have more spare money available. Instead of just frittering it away, it is wise to save or invest some of it. Budgeting apps like Chip that have piggy banks built-in makes saving super easy to do. When the app identifies the fact that you have spare cash available, it invites you to deposit some of it into a savings account. It is surprising how much more you can save up when you are prompted to do so. You can read about it, here.

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