Blog

Are you feeling foggy headed, not from Christmas cheer overindulgence but from debt acquired during your Christmas shopping frenzy.  

Santa has left, the decorations are down, and the Christmas tree is carefully stored away but the debt isn’t.  Debt, it’s hanging about giving you a horrific headache.

You are beginning to feel the strain and struggle of financial stress and understanding the bleak impact it is having on your life. It's daunting!

What to do! Who to turn to? 

Keep reading

We have compiled our 8 Best Tips to help cure your financial woes. 

1. Get Help if needed: If you are feeling overwhelmed or distressed seek  help from a professional financial advisor. They have the expertise to guide and support you. Don’t wait until debt collectors are knocking on your door.
2. Consolidate your Debts: If you are juggling multiple accounts, debt consolidation may be an option. For example, with several credit cards there might be the opportunity to move balances into one. Speak to your credit provider.
3. Tackle your Debts: Arrange your accounts in order of demand. That is legal action is threatened, is overdue or what is due now. Importantly, don’t ignore bills and make contact with any creditors, you may be able to arrange payment instalments. Seek guidance from an expert if needed they can help plan going forward. Debt can be reduced with time and commitment. 
4.  Implement money-saving strategies: Begin by reviewing the number of subscriptions you currently have. Identify which are essentials.  Streaming services, lifestyle membership and entertainment all cost money. Avoid entering ‘buy now pay later’ platforms and schemes.  These offer quick access but usually come with late fees and penalties. It's about getting back to the basics.  
5. Budget time: Not an announcement from Government Canberra, this starts at home. Take stock of your finances. This means taking an honest, close examination of all your regular expenses and payments and then exploring ways to reduce and manage them. Include all outgoings and essentials such as Insurances, Mortgage etc and discretionary spending. It's vital, to plan, set a Budget and stick to it! 
6. Cultivate healthy financial habits. Create habits for short and long-term stability. With cost of living pressures now more than ever living within your means is critical. It’s about being smart with your money, separating needs from wants, that is spending on essential items and on non-essential discretionary purchases. 
7. Frugal living is something to think about. It’s an old-fashioned concept but is back in fashion for all the right reasons. It's about living simply, wasting little and giving a more considered approach to money, use of it, spending and saving. It's about making more informed decisions and spending habits that ultimately create a more sustainable way of life.
8. It's never too late to start afresh.  Begin by taking the first step, if needed get professional financial advice with budgeting. Plan your year to reduce debt stress. 

Overcoming Debt Hangover – Tips to cure your financial woes! 

Adopt these strategies and if needed, seek professional Financial advice. 

Speak to Blackburn Accounting if you have questions or concerns about your accounting matters, personal or Business related we offer professional services.