Various debt relief programs to overcome your financial blues
If you are a debtor and suffocated by an overwhelming amount of debt, there are various debt relief options available for you. Among the numerous debt relief programs, the one that’s mostly preferred is the debt consolidation program. If you need assistance in coming out of debt, there is a number of debt consolidators enlisted over the Internet that might help you. Some of them may provide you with low interest loans so that you can pay off the entire unsecured loans and credit cards that you possess. However, before you go for any debt relief program, you need to first collect details on every available option and decide to choose the one that suits your requirement.
The different debt relief options available are:
Self repayment procedure - For this, you need to detect the overall number of debts that you possess and the net outstanding debt amount. When you are facing monetary troubles, you may have a talk with your creditors regarding the economic hardship you are confronting. Offer a repayment plan and request them to agree to it so that you may continue to make your payments. However, you may be required to show evidence of your earnings and expenses to your creditors.
Debt settlement - It is the debt relief option that reduces the outstanding debt amount. There is a considerable decrease in the net debt amount, thus making it easier for you to pay back the debts. The outstanding debt amount is let off by the creditor. Nevertheless, there are certain tax outcomes of debt settlement. You might have to pay tax for the forgiven amount. Debt settlement may also have a negative effect on your credit score since you’ll miss payments on your credit cards.
Debt consolidation - In case of debt consolidation, the rate of interest on your debt is reduced and the multiple debts that you possess are consolidated into one combined debt. You may consolidate your debts in various ways. You have the option of either transferring your balance or obtaining a new consolidation loan in order to consolidate your multiple debts. Again, you may either acquire a secured consolidation loan or an unsecured consolidation loan depending on your fiscal situation and requirements.
Credit counseling - Credit and debt counseling may also help you to get out of your debt problems. It is a kind of debt assistance where the debtor is recommended different ways by which he can come out of his debt problems. Moreover, a credit counselor guides you on how to manage your debts more capably so that you don’t have to face the same debt troubles in future.
How to Manage Your Thirteen Salary Money
Companies will give thirteen salary for employees who celebrate Christmas, Eid Mubarak etc at least 2 weeks before due date of these religious events. Employees who receive these thirteen salaries will spend money for preparing religious events like purchasing new cloth, cookies, giving parcel and so on.
Employees should have good financial management after receiving money, so the money doesn’t go without saying. Firstly, employees should separate money for giving to the mosque or church etc according to their religion. Second, use this thirteen salary money for paying all debts. This will make you smile to pass victory day without any debts. If you still have rest money then you can use it for consumptive purpose like purchasing new clothes, new shoes and buying parcel.
In order to reduce your cost for giving parcel, it is better if you arrange the parcel by yourself. You can buy bamboo basket to arrange cookies, soft drink, candies and so on in the basket. Use nice ribbon to decorate the parcel and complete with meaningful card. It is true that religious event is only celebrated once a year, but it doesn’t mean that you have to spend all of thirteen salary money for this event.
Money Management after Receiving Salary
It is so common in many companies that employees are absent on the middle of the month because many of them will search side jobs since their salary money has run out. On the day you receive salary, it is for sure that all of your friends in the office will present too even they are sick. They don’t want to wait payday until next day. All of eyes will be so bright when receiving salary.
You have to manage your salary money, so you don’t get out of control after receiving this money. Good salary management will make you easy to spend money on priority scale. Start with your duty that you have paid each month like vehicle installment. Make sure that the debt is not more than 30% of your salary. Your meal, transportation and utility bills must not more than 30% too. You can separate 30% for purchasing insurance and investment.
The rest 10% must be a spare budget. It is for preparation in case you have emergency situation which force you to spend money. Nevertheless, you need to enjoy life too. Don’t forget to separate money for holiday purpose. This will make you enjoy meaningful life.
Money Management for Students
Although students have to focus in their study but they are able to earn money with side jobs after class. Look around to your colleague. Surely you have canteen in the colleague. You can sell some snack there. Perhaps you don’t need to stand by many hours after class and renting a space. Just put your snacks on the canteen and tell the sellers about the price. The sellers in canteen may increase the price, so they also have profit.
After class, you can calculate the rest quantity of your snack. You also can calculate in weekly or monthly depends on your time. You can fry some tasty snacks on the weekend then put them on the fancy plastic. For example: making potatoes fried chips 200 pcs then calculate the rest quantity of these snacks at the end of the month. Don’t forget to calculate the omzet and profit. Put several percentage of your profit into your bank account. With this simple money management, you can earn money and use it for purchasing books or even continue your education. .
Do not make this side jobs as a reason to leave your lesson. Students also should manage money which they receive for their parents. Don’t spend all of the money!