There’s a very high possibility that if you
are earning a small income, you will borrow money to sustain yourself. It does
not have to be this way because being in debt can be very stressful and
frustrating especially if you earn a small income.
As a
result, instead of planning how to improve your life with your hard earned
money, you are making arrangements to settle your debts. This is why it is
mandatory for you get out of debt and halt this monthly trend. Jumia Travel,
the online travel agency shares five ways to get out of debt on a small budget
or slim income.
Commit to
stop borrowing
If you are
serious about getting out of debt, you should commit to stop borrowing no
matter the amount you earn. This will no doubt end your indebtedness. The truth
is if you continue your lifestyle that leads to your indebtedness, you will
continue to borrow money and service debts monthly.
Make a
payment plan
Making a
payment plan to settle your debts is like making a resolution. You have to
write it down and ensure that you stick to it. The plan should be all-encompassing
to include what you spending your money on and the percentage you intend paying
to service your debt monthly.
Change
your spending habit
Your
spending habit is a key reason why you are always in debt or may be unable to
settle your debts. If you spend more even after settling your debt, you will
keep borrowing money and you before you know, you are a chronic debtor.
Work hard
to earn more money
If you are
not ready to squeeze yourself to settle your debt with your
small income, you should be willing to get a side hustle to cushion the effect
of your indebtedness.
Set up
automatic deductions
As far as
you are humans, you are susceptible to procrastination. It follows that it is
possible that you may not stick to your budget or change your lifestyle. Then
the best option for you is to request your boss or bank to
make the deductions and pay your creditor at the end of the month. The balance
will be paid to you.
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