We are living in a time of economic uncertainty. Prices across the board are rising, from gas and electricity to the loaf of bread at the supermarket. Unfortunately, if you are someone who does not know how to live without their means, you may well start to really suffer now. Debt can be a crippling thing. First, it sucks away all your money, causes you an undue amount of stress, your relationships can be affected, and your health can decline. The knock-on effects of money problems are far and wide. If you want a happier and healthier life, then you need to learn to live within your means.

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Seek Help

If you do have a lot of money problems and you don’t know what to do about it, it may be a good idea to seek professional help. Financial advisers are a great first port of call. They can help you understand your financial situation and work with you to develop a path out of debt. You need to be honest and open with them. But when it comes to debt, a problem shared is a problem halved, and you never know, maybe it’s not so unmanageable after all. 

Budget

Setting a budget is one of the first things you need to do to reach an ideal financial situation. Make a list of all your essential costs, rent, utilities, etc., and then work out exactly what you have left over. Knowing how much you have to play with can help you stay within your spending limit.

Banking App

If you haven’t done it already, download a banking app and make a view to look at it every day. If you have to, set a daily reminder on your phone to monitor your account. You can also set up alerts on your online account. Get your account to message you when you have gone below a certain limit or alert you that you have an expensive item. Reminders like this can be a useful tool when trying to save money.

Use Cash

A great way to stop overspending is to use physical cash. Every week or month, whatever works best for you, draw out your sending money and only use that. This will help you understand how much you are spending day to day and can definitely prevent you from overspending.

Delayed Gratification

Don’t impulse buy anything with your credit card. This is how you get into debt. You may not even want the things you impulse buy a couple of months down the line. So, wait, save up and see if you still want it when you have the cash. If you don’t, then you have not only got a bit of money to save, but you have managed to fight temptation and won. If you want money, then this is one of the first things that you must learn to do. Advertising companies may be trying to get your cash, but if you can resist, then you are stronger for it.

for may of us debt is causing us more hardship given the current economical climate here are 3 practical ways to get out of debt if you’ve already acquired it.