Getting out of debt is not an easy task but, with hard work and commitment, it can be done. Our financial advisors in Johannesburg know that debt can be a slippery slope and, therefore, we offer debt management as one of our financial services.
Living a debt free life means that you live a stress-free life, and whatever money you have to spare can go towards something constructive such as savings, your retirement, or an emergency fund.
Getting out of debt requires a shift in mindset and a change in lifestyle. This journey requires you to make some sacrifices along the way and adjust your priorities, but you will be glad you did once you are living free from debt.
Below is a simplified list of the steps you can take to getting out of debt.
Before you try and get out of all your debt, you must get a clear indication of how much debt you have, what kind of debt it is, who the credit provider is, and what your repayment terms are.
If you are not sure where to start, our financial advisors can assist you.
If you are feeling overwhelmed by your debt and you are not sure where to start paying off or how much you should allocate to each creditor, you may need to seek professional assistance from a financial advisor.
Financial advisors can help you prioritize payments and find smart ways to pay off your debts as quickly as possible. Additionally, we can help you set up a budget to help you improve your spending habits going forward.
We briefly mentioned that our financial advisors can help you set up a budget. However, having a budget and sticking to it are two different things. In order to get yourself out of debt, you will need to commit to sticking to your new budget at all times. This will take a lot of discipline but is a fundamental step to paying off your debt and staying out of it in the future. Also remember, that your budget will need to be reviewed on a regular basis to make sure that it is still working for you.
Once you are out of debt, it might feel like a ton of bricks has been lifted from your shoulders, but this is not a time to relax and start spending again. In fact, now is the time to learn from your mistakes and to put all your spare money to good use.
Our financial advisors can help you save, invest, and plan towards a healthy and sustainable financial future so that you can stay out of debt’s unforgiving grip for the foreseeable future.
As another year comes to a close, it’s important that we review our personal finances, our budgets and goals for the future. This is a great time to reflect on the last 12 months and to figure out where we can improve.
Our financial advisors can assist you with your personal financial planning strategies and we aim to help you make your money work for you.
However, our offices will be closed from the 24th of December to the 3rd of January 2022 and will only be available telephonically for emergencies.
Until then, we would like to wish you and your loved ones a safe, wonderful, and memorable festive season. See you in 2022!
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