If you have ever watched an episode of “til debt do us apart” then you already know that it is a reality TV show that helps couples get out of debt. The show focuses on married couples mostly as it has been seen that first major cause of divorces and failed marriages are the financial issues the couple has to face. Because everyone has a different individual nature, no two people can agree on how they should go about managing their financials. As a result, what happens is that the marriage goes through hell and eventually the two people go their separate ways.
The show follows the financial guru Gail Vaz-Oxlade from home to home so she can help couples who are either in very deep debt, or who are headed there very soon. Although she offers a variety of tips to these couples according to their situations on the TV show, there are some basic ones that you can apply to your life if you are having financial troubles as well. They are as below
- Get rid of credit cards
The first thing that Gail Suggests is to get rid of those menacing credit cards. Cut them up, burn them or do whatever you like but the key to debt free bliss is to throw the cards away. Instead of keeping cards and getting higher into debt, depend on actual money. Keep a record of any items that you purchase so that you know where your money is going.
- Make some more money
It is important that you try to bring in some extra cash even if you and your spouse are working full time. Give in extra hours at the office or give tuitions in the evening or something similar that interests you. Whatever you do, you have to remember that for you to get out of all of the debts you need to start taking things very seriously.
- Straighten out your priorities
Okay, so you are in debt, you have realized this long time back, but realizing won’t get you anywhere unless you do something about it. So, sit down with your spouse and straighten out your priorities. Decide what’s important and what can wait until you are out of debt.
- Relax and get back to life
Accept the fact that you are in debt and that you are doing something about it and move on. Remember that your debts cannot be lifted magically in a single night, it will take some time and until then you need to relax and be patient. If you are facing problems because of the finances with your spouse then the two of you need to sit down and have some alone time so you can start figuring things out.
- Pay debt and save as well
Paying your debt doesn’t mean you have to stop spending altogether. If you had plans for travelling then don’t cancel them, just strategize something for sometime later. The objective is to save even when you are paying off all that debt.
- Don’t spend needlessly
One of the primary reasons why families and individuals alike end up in debt is because of needless spending. If you can cook food at home and enjoy it with your family around the table, why go to a crowded restaurant? Once again, having a credit card makes us buy things we do not need to, so if you have followed the first step, you have already stopped spending needlessly.
- Manage your files and folders
You may not realize it, but having the files and folders accessible at the right time is extremely important. Don’t leave important files of interests and other important stuff just lying around. Keep everything filed and within reach so you know where they are when the time comes.
- Be prepared to sell
Parting with things that you have had for a long time is hard. Particularly things that you have become very attached to, but you need to remember that getting out of debt is also a very serious matter. If, you are not able to pay it all off with what you have saved up, then it’s time for you to think about selling goods such as jewellery, furniture, automobiles etc.