My Credit Card Debt | Credit Card Debt Solutions Sydney | No Defaults Melbourne
Reduce your Credit Card Debt, Stop the Calls, Debt Solutions for small business, Families, Protect your Credit Rating, Avoid Debt Agreements, Debt Management, Debt Consolidation in Sydney, Melbourne, Brisbane, Perth, Australia
Money Managing Tips To Help Students Avoid Debt And Other Financial Issues
A lot of today’s generation, whether they are working or studying, are relying heavily on credit on a day to day basis. Rather than understanding basic money management habits, many lock themselves into a lifestyle of heavy spending and minimal saving.
Having said that, it’s not a lost cause for young adults throughout the country to live within their means and avoid complicated credit contracts which can affect their standard of living down the track. By following these simple, yet often overlooked steps, you can set yourself up for a life of smart money management and take the burden of worrying about finances off your shoulders, for good.
Draw Up A Suitable Budget | Budgeting Inner West Sydney
Plan your expenses, budget correctly in Sydney & Melbourne
Nothing too complicated, just a simple strategy to spend less than you earn, by reducing expenses and making more in-depth decisions on how you spend your money.
The go-to method for a simple budget is the 50/30/20 split. This method involves using 50% of your pay check for essentials such as food, transport and rent, while 30% is spent on your wants or leisure activities, leaving the remaining 20% for savings.
It’s a straightforward budget for those who want to keep things simple, while staying sensible about their financial situation.
Having financial goals is a great way to edit this budget. If you are planning a trip or moving to a more expensive area, you can adjust the split to suit your requirements. Just having simple rules to follow with your money will lead you to making smarter decisions and avoiding impulsive and often regrettable purchases.
Paying Back Credit Cards Fast | Credit Card Debt Negotiation Sydney
Avoid credit card debt in Sydney & Brisbane
Credit always needs to be paid back. Often times, young people see credit as ‘free money’, which is the furthest thing from the truth. This mentality can lead to overwhelming credit debts that can seem impossible to pay back.
Interest rates can be as high as 20-30% for each purchase. Having a constant balance that needs repayment, while a steady flow of interest is being added can lead to a sense of helplessness, leaving you unable to escape the monthly payments.
If you truly need a credit card, insist that your limit is low, and keep it only for emergencies when there is no other alternative. Keep track of your credit every month, knowing exactly how much is on the card at any one time, managing your repayments on time.
Invest Your Earning For Your Future | Investing In Sydney
Investing for your future while studying in Sydney
If you are in debt, whether it be for a car loan or student loan, a good idea is to consolidate that debt into one loan with one single monthly payment, making your debt easier to manage and preventing you from neglecting any financial responsibilities.
While you may only be in your early 20s now, you won’t be young forever. It’s never too early to put some money away in investments or long term accounts for the future. Nothing too substantial, just a small amount to get the ball rolling towards your retirement which you’ll thank yourself for later down the track.
Prepare For Unexpected Financial Expenses | Emergency Funds Brisbane
Make sure you are prepared for financial emergencies Brisbane
According to a report by Forbes millennials expect to stay in their jobs for less than 3 years at a time, meaning they could end up with close to 20 jobs over their life.
With this trend of ‘career hopping’ so common, it’s never been more important to save for transition periods between jobs or unemployment. In order to follow your career goals you may have to take risks, whether it be moving country or working for yourself. These risks cost money, and rather than locking yourself into credit debt, save ahead of time so you can fund your own passion and remain debt free.