Is tackling your Christmas debt going to be a challenge? Is it one you are up for or do you want to find the nearest sand pit to stick your head in? If you are up for tackling the Christmas debts you’ve racked up, great read on! If you are not up for it, read on anyway and we will motivate you to avoid the cat surprise filled sand box, thus avoid that dreaded debt collector.
Lets get financially honest
Ok, the first bit is a bit painful…..you have to pull out all your financials and get honest with yourself. Credit card statements, bank statements, bills, budget expenses all pilled on the table laid bare. You don’t have to wait for the mail man these days to have this information. Internet banking means you can print off the cold hard financial facts and have your post-Christmas heart failure right this minute.
If your partner doesn’t do the finances with you, then maybe this is a good time to invite them to join you. You both may be financially responsible or it may be a case of one runs up the credit card and the other sweats the bullets trying to figure out how to pay for it. Either way, coming together will help generate an awareness of over spending and the poor financial habits that need to change to achieve debt freedom and the goals you made for your future.
Coming together over the finances doesn’t need to be stressful or harmful to your relationship if you both make a choice to accept the past and work towards a more financially empowered future.
Start by calculating all you owe
Find that number and have a discussion. Do you need to seek professional help to dig your way out of a dire situation? Do you have manageable debt that can be worked down over a period of time? Best way to find out how long that time will take is to work your budget out then really crunch the numbers to find those cuts that will get you to the goal.
I recommend reading our previous blogs on snow ball or stack your debts to work out some debt pay down strategies that might work for you. However, if your debts have gotten totally out of control and you have no idea where or how to start tackling them then go get advice. Find a financial counsellor and book an appointment.
Make 2015 your year to be free of debt.
If you’ve come into the new year facing financial hardship we are here to talk about a solution. Call us on 1300 887 211 or Book a Free No Obligation Phone Consultation with our friendly team and we can discuss debt management options specially focused on your personal situation.