Best Money Tips For Everyone by Malaysia Money Coach

There are only two ways to get out of debt.

i)  Spend less.

ii) Earn More.

It sounds so simple and yet anyone struggling to get out of debt will know that it’s easier said than done. It requires patience, determination and above all, an action plan. And as we like to say a journey of a thousand miles begins with a single step so follow as many of these tips as you can and start your long walk to Debt-Free Day:

 1. Work out how much you owe

List out your debts. You need to know precisely how much in debt you are and who you owe money to.

2. Find out what you spend your money on

Find out where your money goes every month. Just for a month, make a written note of every single cents you spent. It’s a bore but you really need to know what you’re spending on, so you know which areas you can cut back on.

3. Budgeting

Write down all your essential expenditure mortgage/rent, taxes, utility and food bills. And by ‘essential’, I mean the bills that absolutely have to be paid every month if you’re not to be cold, homeless etc. You need to know how much you have left over to put towards the debts.

4. Talk to your creditors

You only need to do this if you are in real financial difficulty. Most lenders would rather work out a repayment plan that you can handle, which could include reducing the interest rate you’re paying, than bring in an expensive debt collector. So call them, tell them you have a plan of action - and that you need their help to enable you to pay them back in full. If you can’t face it, you can get free help via various debt counseling agencies. If you reside in Malaysia, you can try contact www.akpk.org.my 

5. Look around for better deals

This is where you start to try and free up your money so you have more to clear your debts. Are you paying too much for certain household bills? Can you get a cheaper mortgage? Insurance? What about your utility bills?

6. Snowballing your debts

This involves throwing as much money as you can at the smallest and shortest debt you want to clear. Refer to my previous article for a clear explanation of snowballing your debts.

7. Use your savings to pay off debt.

Debts usually cost you far more in interest than you gain on your savings so if it makes sense to do so to prune the debts.

8. Cancel memberships you seldom use

If you don’t use your gym membership much, this is one expense you can cut.

9. Reduce your grocery bill

You can’t stop eating but you can prepare your own meals that cost you so much less and there’s no rule that says you have to have meat every day of the week. Another tip is to make sure you don’t go shopping on an empty stomach - being hungry while in a supermarket always makes you buy more.

10. Save money on petrol

It’s not always possible to walk or cycle everywhere and for many people cars are essential. Use public transport whenever possible.

11. Clear the house and sell the stuff

Remember that one person’s trash is another’s treasure so just because you don’t like something doesn’t mean someone else won’t. Try car boot sales that are very popular  in western countries, a wonderful way to get rid of your junk - and make some money while you’re at it.

12. Get a second job.

A couple of evenings a week working in a restaurant or taking up a part time job,  is a quick and easy way to make money to clear your debts.

13. Attend Debt2Wealth Programme conducted by me.

I really want to help. If you wish to attend the above course, please call Ms Marina of Utama Entrepreneur Academy at +6 019 276 1125 for registration.

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Snowballing is all about paying your debts in the correct order. I suggest you pay the debt with the smallest balance and the shortest tenure first. That can help you feel you’re getting rid of the debt quicker thus, creating the momentum.

The idea of snowballing is to single out the debt with the smallest amount and the shortest tenure as your target, and throw all the money you can at it whilst making normal monthly payments on all the other debts.

Once you’ve paid off your first target debt, you then use all that freed-up money to tackle the next one on your list.

You will see that the “snowball” gets bigger and bigger as you have more and more freed-up money after the earlier debts have been settled. If you’d just made the same payments on your list, it would have taken you much longer to clear your debts. By using this method, you’ll be debt-free sonner.

If you are considering a debt consolidation, think carefully about it. It is almost always cheaper to snowball your debt, and often people who consolidate their debts ended up in more debts because they haven’t addressed the main issue: they spent too much.