Dear Debt, It’s Over. We Need to Break Up

By Simon Cooper
October 14, 2020

They say that breaking up is hard to do — not so much if we’re talking about debt.

Getting rid of debt is one of the biggest favours you can do the future you. Here are some tangible ways to address debt and change your relationship with it.1. Take Stock of Your DebtThe first step is to get a clear view of how much debt you’re in and its details. Once you have all your documents in front of you, it’s time to get to work.2. Rank Your Debt

You need to decide which debt to pay off first. Only focus on one debt at a time. We suggest starting with the smallest account. Once you pay that off, transfer that monthly payment to the next bill. This will snowball until your biggest debt is getting the cumulative payments of all your paid off accounts. 

3. Find Extra MoneySounds ridiculous, right? Not so fast. The first step is to have an airtight budget. Use a budgeting tool to make it easy. You may just spot glaring areas of overspending. Transfer that saved money to the debt account you’re focusing on.

If you have extra time, consider a side hustle. You can pick up one or two ride-sharing gigs each weekend or deliver food one night a week. Instead of playing games on your phone at night, check out these legitimate sites for making money taking surveys. 4. Cut Your Cards” use_theme_fonts=”yes”][vc_column_text]

This is the ultimate breakup ceremony. You can keep a credit card hidden away for an ACTUAL emergency, but cut the rest. You’re far less likely to frivolously spend when you have to lay out cash or dip into savings. 

Want more advice? Reach out here to speak to one of our financial experts.

Simon Cooper

Co-Founder, Managing Director, Financial Adviser

Simon is a financial advisor who takes his work seriously. He ensures that all of his clients receive the best possible advice, so that they can reach and exceed their financial goals, both personally and professionally. Simon has been in the business for many years, and has a wealth of experience to share with his clients. He is known for being friendly and approachable, and always puts the needs of his clients first. Simon Cooper is an Authorised Representative of Reedy Capital Pty Ltd (AFSL No. 495539), Authorised Representative Number 1248807 and a financial adviser at Forward360.

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