If you’re in debt and want to alleviate the stress while working towards financial freedom, here are some tips for managing debt stress that you might find helpful. It’s important to remember that financial advice is not a one-size-fits-all solution; it varies depending on individual circumstances. <\/p>\n\n\n\n
Carefully evaluate your personal situation and if necessary, consider consulting a financial adviser for professional guidance. You can also try Beem<\/a>\u00a0for guidance on credit score monitoring, financial planning or choosing the best personal loan<\/a>\u00a0to meet your needs.<\/p>\n\n\n\n Take a chill pill. Don\u2019t stress. Check-in on yourself before you check your balances. And make sure you maintain a healthy mental space. A healthy mind makes healthy financial decisions.<\/p>\n\n\n\n When you aren’t in a good mental space, simple basics can seem like a task, like brushing your teeth, showering and opening your bills to make payments on time even worse so.<\/p>\n\n\n\n Debt causes anxiety, depression and low EQ (emotional quotient). So, do yourself a favor and check in on yourself now and then to maintain your health. Because the bottom line: health is wealth and being free from debt is the first step towards financial freedom.<\/p>\n\n\n\n Whether you like seeing it or not, you\u2019ve got to pay your debts. And ignorance is not bliss, here in this case. It\u2019s better to know how much you owe and put a payoff plan in place than work off an ambiguous number. How? All you need to do is simply write down all of your balances so you know exactly what you owe.<\/p>\n\n\n\n Because not knowing how much money you owe can also add to your anxiety. Sometimes, having that number in plain sight can make things feel more manageable and in control for you. In most other cases, it’s not as bad as you thought it would be!<\/p>\n\n\n\n Take some time to comb through all of your accounts and statements. Grab a notebook and write it all down then total it up. You can repeat this process every three months as a quarterly check-in with yourself to watch your progress.<\/p>\n\n\n\n You can proactively create a budget to make room for larger payments toward your bill. If you\u2019re money savvy, try budgeting to see how much extra cash you have after your necessary expenses. That way you can use the extras to pay down debt. <\/p>\n\n\n\n Also, shift things around \u2014 cancel unnecessary subscriptions and spend less wherever necessary. This will free up extra cash for you to use towards your payments. And you\u2019ll be able to pay off your debt twice as fast and be one step closer to being free. The sooner the better!<\/p>\n\n\n\n You know you don’t have to wait for your monthly due date to make a payment! Making extra payments whenever you have extra money can lower your balance and the interest you pay before the next billing cycle. So, go ahead and throw in an extra $20 or $30 at your debt whenever you have. It does not sound like a lot and it can really help in the long run in going debt and stress-free.<\/p>\n\n\n\n A balance transfer is a type of debt consolidation. Yes, we get the confusion, while \u201cconsolidation” implies combining multiple debts, when you consolidate your debts to a single debt you only have to pay one interest rate (and it can be a lower interest rate). A lower interest rate is easier to pay off\u2014for obvious reasons! You can open a new card with a lower interest rate and transfer your balance to that card if you can. Even better: find a card that doesn’t have any balance transfer fees!<\/p>\n\n\n\n Freeze your credit cards \u2014 quite literally and figuratively! By literally we mean stick your credit card<\/a> in the freezer until in a bowl of ice. That way you curb impulse spending.<\/p>\n\n\n\n On a serious note, one of the most effective ways to pay down debt is to avoid using your credit card too often. And if you froze the card in a bowl of water, you’ll have to defrost the ice around it \u2014 that way you\u2019ll have enough time in your hands to second guess your buying decision. Jokes aside, freeze your idea of buying unnecessary items and you\u2019ll be debt and stress-free.<\/p>\n\n\n\nStay Healthy, Stay Safe <\/h2>\n\n\n\n
Write it Down<\/h2>\n\n\n\n
Pay Outside the Box<\/h2>\n\n\n\n
Not in Time, but Before<\/h2>\n\n\n\n
Make the Transfer <\/h2>\n\n\n\n
Freeze \u2014 Hands Up!<\/h2>\n\n\n\n