Having said early on in this series that I would not be telling anyone what to do, I will now say this to anyone who has a store card - If you would like to bring it to me I will cut it up for you. They are nuts! You are paying 28% to 30% interest on any balances owed on those cards – that’s madness! Such easy credit can lead you into trouble – you need to know yourself and your own level of self-control. Some people make this self-assessment and decide to have only a debit card and then only spend what they have in the bank.
To get out of debt and reduce your expenditure by £100 a month is really going to bite. But in order to pay off your debts, though you have cut back, clearing it can take longer than you think. A plan is essential – ask someone who is experienced and trustworthy to sit down with you to help you put a plan together if you are in that situation. You will have to make some tough choices – generally you will either need to make some more income or you will have to cut back on your spending - or maybe both!
My experience in handling money is that to do so at all well takes time. It takes more time than you think. I would advise that each week you set aside time to deal with your finances. So - in any week, when is your money moment? Sometimes you might need to set aside two hours, other times it could be less. But the important thing is - do not leave things to accumulate. Deal with bills, bank statements or financial matters in the moment otherwise they will build up and will cause you unnecessary worry.
This series is based on the content of the annual Stewardship seminar from King's
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