If you’re struggling with debt after the festive season, here are some tips to help you recover financially:
- Assess your financial position, including your assets, liabilities and monthly cash flow. Recognise where you need to make some changes.
- Temporarily cut back on unnecessary luxuries like satellite TV or streaming services, as well as dining out and entertainment.
- Consolidate your debt with a low-interest debt consolidation loan, and work to pay it off promptly (within 6-months or less).
- Talk to a chartered accountant or debt counsellor for professional help. LifeAssist provides you with access to a financial coach, so give us a call!
- Budget carefully and put some savings aside so you are well-prepared for the next festive season.