Paying a whole lot of debt can be difficult and unmanageable, but it does not have to affect your quality of life. Having extra money doesn’t mean that it should all go to paying off debts, and you definitely do not have to suffer just because you have a drawer full of bills to pay.
If you want to live a meaningful and healthy life despite your debts, then listen up and heed our advice.
Do Not Sacrifice your Health
A lot of people resort to doing side jobs and rendering long hours at the office just to have extra money for paying their debts off. There is nothing wrong with this, as long as you are sure that you can juggle everything and you won’t be jeopardizing your health.
However, if you feel like your body is getting weaker by the minute and you are physically drained, then drop your extra work as soon as possible. Letting your health suffer is not a good idea as you might fall ill, leading to huge hospital bills.
Working long hours can also take a toll on your mental health, and you probably would not be able to work effectively and efficiently because you are feeling burnt out. Never miss a doctor’s appointment just because you are worried about your bills adding up. Neglecting your well being can cause you to be buried in more debt.
Budget your Debt Payments
You budget your utility bills and such, but you never include your debt payments in your monthly expenses. This is a huge mistake, as you can go over your allotted budget once you forget about paying your debts.
Debts usually incur interests over time, and once you go over the given deadline and grace period, expect a huge surge in your interest. Revisit your budget and see if you have any extras until the end of the month. You might want to redo it if you find that you will be needing more cash (that you do not have). Enrolling your debt payment online can save you a lot of time and money, as you would not have to pay huge amounts of interest because you would not be missing any more payments.
Having a huge amount of debt can be debilitating and frustrating. You might feel like you are alone and that you did something horrible, but the truth is a lot of people are actually going through the same thing. We are not saying that having debts is totally normal and that it is okay to procure a huge amount of debt, but talking to people who are going through the same thing can definitely help.
Ask about their experiences and how they got through it, and listen to their advice. You will be surprised and relieved at how much you can actually relate to them.
Build an Emergency Fund
Emergencies happen - it’s just inevitable. Never put all of your extra money to paying your debts. Instead, set some aside for an emergency fund, so you will have somewhere to get money from if ever you need it. Here is a foolproof article on how to save money.