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Future needs require income that has been earned hard. It is not an ‘easy come, easy go’ situation as many would have us believe. It is advisable to set aside some of one’s income each day to ensure one can manage one’s needs and not get into debt. As that grows, you will always have it at hand when an emergency occurs. Those who already have debts due to bad times may be able to manage them if they are already stuck. Learn The Personal Finance and Debt Management course.

The Personal Finance and Debt Management course
The Personal Finance and Debt Management course

A special book is required for this exercise. A ledger can be an exercise book that you use to rule some columns, or from the store, you buy a specialized ledger. Your debts should be listed on one page, like rent and shopping expenses. It does not matter how much you owe at this point. At the bottom, add the total. At the top, list your income. It will help you identify where you fall short. It’s time to get creative.

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Deduct the expected spending on rent and groceries. Which of the most pressing bills are you responsible for paying? What is their total amount? Make smaller payments per week or fortnight over the next couple of months to each company. Be realistic about your ability to make these payments.

Ensure that the debit side of your statement has covered the rent and shopping commitments. Then, whatever extra you can afford, even $5 or $10, put that into an envelope and store it safely. Avoid spending unnecessary funds. The budget does not allow for expensive coffee and luxury items.

You should slowly work your way out of the debt situation and avoid purchases that cannot be paid in cash. Get rid of the credit card and only use cash for purchases. It is possible to pay rent and bills from other companies through the B-Pay system. Rather than running from one place to another, you can pay through B-Pay.

It only takes a little discipline and time to come up with a budget and stick to it for this program to work. You will have the security to deal with any unexpected humps that may arise over time as long as you set aside a little bit each day. Additionally, they may be enough to provide a holiday or an outing now and then. It is always better to manage your debt than to let it go.

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