Few months ago, we were just starting a new year so we have surplus funds to get things done. but survey has shown that the amount of money in circulation is actually either increasing or decreasing as the days goes by, at some certain time the richer people are getting richer and the poor masses are getting poor. I heard someone saying even taxes are not helping. I think we should just face reality just as the ways it is, money can not be held constant; it is either increasing or decreasing . I will be discussing five fastest ways to pay off your debts ; either private, public or official debt, there are certain ways to easily pay those debt off without it weighing you down.
1. Consider being a one-car household.
One big problem with us Africans is we believe having plenty cars makes you rich meanwhile it makes you poor or be an average person in the society; you got to fix several issues which is likely to occur to the car and most times you have to get gasoline to keep the ride moving , having more than one car makes the responsibilities more; in fact research has shown taking public transport is more cheaper than owing a car. But most Africans wants a sense of ownership which of course is not a problem but if you have debt to clear and you own so many cars, the first thing that is wise to do is consider being a one car household.
2. Consolidate your debt.
This sometimes actually works more to favour official workers but there ought to be a way that can make it easier for the average income earners; you need to get information on whether the bank orthe company you are owing can help you consolidate your debt into one lump sum with one payment at a lower interest rate, trust me some banks do these but you will not be offered this option except you asked for it. This is a helpful step in getting your debt paid and you really need tofix a certain amount of saving into consideration monthly to ensure you are able to pay up fast.
3. Track your spending.
Early this year I realised I was not saving much and neither do i know where my money were going into; so I fixed a week into researching on what i spend my money on daily and at the end of that week I realised I spend much money on certain things I could do without ,then I stopped. A lot of people out there keeps complaining about how their money gets finished and they do not have an idea of what they used it for, the first thing you need to do track spending then you can save enough to pay off your debt.
4. Speak with financial advisors.
If you are great debt and you really do not know what to do about it, the most interesting thing to do is speak with people who are expert at solving problems realating to debts and debt issues. Find out what programmes is avaliable in helpinh you pay off your debts, an expert in thefinacial section would definetly put you through options that will guide you through taking the right steps.
5. Creating a spending plans.
Truth be told, African is the country with people who earn lower than they spend. A budget is the best thing anyone should go for, whether you are in debt or not; it helps you stay up straight and even when you are on the narrow path,you are more convince on either buying a thing or letting it go. I have heard people say they do not have a thing for budgeting , well, the best way to stay out of debt or pay off debt very quick is to make a budget and a wise budget for that, you don’t have to make budgets like the Nigeria government. Lol.
written by; Temi Badmus