There Are Also Saving on Debt
Certainty is uncertainty. The author believes that Because of the reason that each day we don't know what we will wake up today Uncertainty can be certain if well planned before beginning that day. And planning for the future is the same
Lack of planning also brings obstacles. Especially the matter of money The lack of good plans leads to debt. Living systematically, orderly and with plans Regarded as the best solution Having debt can save Start saving from today, it's not late.
Many articles will focus on saving. For the reason that the author became aware that Savings are an important issue after starting to invest in mutual funds. Savings do not just save money. But must use some savings to invest in certain things that increase revenue, such as investing in mutual funds Or invest in various debt instruments, etc. But many people also miss out on making a big debt Don't know how to start saving Alone, just paying the debt each month is almost never enough to pay. The author would like to suggest solutions for those who have debt but want to start saving as follows
Make a plan for income and expenses and cut unnecessary expenses.
Taking notes or scheduling income and expenditure each month will help the debtor know how much their income and expenses are. And will be clearly visible when making income and expenses Because it shows unnecessary expenses Or expenses that we can reduce costs and fences of unnecessary money such as water, electricity, telephone bills, installments that are not needed. Because if you try to check the unnecessary expenses in each month Will find that the amount is not quite small After deducting all expenses from income How much is left to collect. Do not care if only 100 baht or 200 baht is left because at least that is the money you have tried to save with diligence. The most important thing that you have to do is to be determined and disciplined in spending.
Procedures for dealing with debt
When organizing your income and expenses It's the process of dealing with debt. Especially the debt created with the informal creditors Debtors must deal with informal debt first. Because there is a higher interest rate than the debt in the system
Transfer debt with high interest rate to low interest rate
For example, credit card debt At present, debt can be transferred to financial institutions that have lower interest rates.
In the event that there is savings, the savings will be used to pay all existing debt first.
Because of the fact that the interest you will receive from saving on savings is less than the interest you have to pay for your credit or debt. However When he realized that he was going to create debt Should cut in order to limit the debt that may escalate with the collection of debt first If that's not enough, continue to the next step.
Negotiate with creditors or financial institutions
To request an interest reduction or an extension of the repayment period
Prioritize costs
When negotiating and financial institutions agree to extend the period or reduce interest Debtors must reduce unnecessary expenses. Prioritize costs
Finding extra income is a good way. To increase income from full time jobs And also helps increase revenue for debt repayment
At all From all of the methods presented above May not have a clear picture of the debt and how to have savings. Which actually was in debt The duty of the debtor is to take every baht and every satang to pay the debt when the income comes in. But savings can occur during debt if reducing unnecessary expenses. That is your initial savings. Then when you are able to successfully release the debt You can start saving more peace of mind and more substantial money. But in the end, you will not be able to save or release the debt if you lack the discipline and intention to save consistently.
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