Take a deep breath.
Whether it’s because of poor money management, financial illiteracy, or unforeseeable circumstances.
Malalagpasan mo ito, okay?
Overwhelming lang talaga sa umpisa and it seems like there’s no way out.
And, if you really want to break free from all your debts, it will take real focus, self-discipline, and sacrifices on your part.
Willing ka ba?
If yes, read on for some tips.
- Organize all your debts.
Nakakatakot man harapin but you need to muster the courage to do it.
List down ALL the debts na kailangan mong bayaran including the creditor, total amount of your debt, monthly payment, and due date, sabi ni Latoya Irby of The Balance in her article How to Manage Debt of Any Size.
It’s up to you to decide which debts to pay off first. You could prioritize paying the lowest balance or vice versa.
Basta don’t forget to check and update it from time to time as you make a progress.
- Change your lifestyle.
Huwag ubos-ubos biyaya!
From now on, DISCPLINE yourself and STAY AWAY from bad debts or debts that cannot be recovered.
According to Chinkee Tan in his teaching video Utang Tips: Get out of DEBT, “If you always want to maintain a lifestyle and an image that you cannot really afford to please the people you do not like, chances are that you will be in debt.”
Make a decision now or you will forever be trapped in the debt cycle.
You don’t want that to happen, right?
- Pay off your debt slowly and consistently.
Set aside a percentage of your income to pay your debts.
Kahit gaano pa kaliit o kalaki ang amount na kaya mong ilabas, dapat determined ka bayaran ang mga utang mo until you reach your goal of being debt-free.
Sabi nga ni Chinkee Tan, “What’s important is not in the amount but your consistency and willingness to pay.”
- Generate more income.
You cannot rely on a single source of income.
Kailangan mo maghanap ng ways how you can earn more money para mabayaran agad ang mga utang mo, Pera247 explained in their article How To Get Out Of Debt.
Make use of your skills and talents. You can apply as an online English tutor, writer, or graphic designer – these are just some of the side jobs you may consider.
- Use all extra cash to eliminate your debts.
Hindi porket nakatanggap ka ng bonus, uubusin mo na ito sa mga bagay na hindi mo kailangan. Hindi ba sabi sa number 2 change your lifestyle?
Your priority is to get out of debt, hindi kumain sa labas, manood ng sine, o mag-shopping.
“This (extra cash) is key to getting out of debt quickly since it is these windfalls of cash that you didn’t normally expect that give you the progress you need to build momentum,” Pera247 explained.
Huwag mo na ito patagalin pa, ha?
Hiding from your debts will only make your situation worse.
So, start TODAY. Follow the tips above and let us know how you are. Feel free to call 737-0-777 or text 0999-227-1927, we want to pray for you.