Plan For The Future Before It’s Too Late

by Adam on April 25, 2017

today is soon the past, the future is foreverWhen we’re young, we can often be quite relaxed about our financial situation. In the current climate, the younger generation is struggling to find well paid jobs, and borrowing is just becoming a part of their lives. This level of borrowing is usually seen as a temporary measure so we don’t tend to be too worried about it. Unfortunately, the years creep up on us and before you know it, you might be wanting to buy a house or start a family. If you aren’t careful, then you will find that all of those temporary debts become long term obstacles as you move into the next stages of your life. It doesn’t have to be that way, as long as you start planning before it’s too late. Looking to the future now will save you a lot of trouble a few years down the line.


Paying down your debts is the first step to putting yourself in a strong financial position. Student debts are one of the biggest financial hurdles that young people have to face. If you have been through higher education, then you are likely to have substantial loans that you need to pay back. You are unlikely to be able to pay these debts off quickly, but the repayments are fairly small to begin with so don’t worry about it too much. These debts won’t affect your credit score, and the bailiffs won’t be coming around to collect, so you need to focus on any other debts that you have first. Owing money to lots of different people can be overwhelming. Trying to organize a budget that takes various outgoings into account, can be tricky. Consolidating all of your debts into one monthly repayment can make it much more manageable, although check the costs involved – you may end up having to pay back more over time. 
Look at
reviews of the best debt consolidation programs near you, and find one that is most suited to your situation.

ImportantOnce you have consolidated your debts, you will only need to make one monthly repayment on all of them, rather than multiple payments to all of the various creditors that you have. The next step is to
start making a budget. Write down all of your outgoings, including your debt repayments, and compare them with your income. Any outgoings that aren’t entirely necessary should be wiped off. You can always start paying for these luxuries again once you are more stable. By creating a sensible budget, you can maximise the amount that you are taking off your debt each month, and get rid of it as soon as possible.



Now that you’ve wiped all of your debts, you can start again with a clean slate. All of the money that you were using to pay those debts off, is now going to be disposable income. Resist the urge to spend this on frivolous things, save it instead. The chances are, you were spending a big chunk of money every month on those debts. By putting in a good high interest savings account, you can easily build up a large amount of money very quickly. This cash can be put towards a deposit on your own house, or a new car.

At the moment, financial stability might seem completely out of reach. But with a bit of clever planning, it is achievable for anybody.  

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