How You Can Get Yourself Out Of Debts

Posted by: lukwago J in Uganda news November 8, 2020

What would you say today if you are one of those people who are deep in debt? You work everyday but at the end of the month you no longer enjoy your salary because it’s all consumed by debts. It could be the debt you took to buy the bed you are sleeping on, the car you are driving, the television your kids are watching or the fridge you are using in your house.

What must you do to regain control and see value in your salary or any other earning.

The first thing we should agree on is that it is very wrong to borrow money and buy house property or even a car.

Now the fact is those things are required in a person’s life. Mark my words, I said “required” not “needed” because something that is a need in your life is something that you can’t live without.

I know this debate can go over and over, let’s leave it here for today and discuss about how may you get yourself out of the debts.

Few tips on how you can stay out of debts

1). You need to adjust your cost of living. Live with as low income as possible. Allow this to happen just for a phase of time. You can do it by changing your shopping style and the type of grocery you buy.

2). If possible negotiate with the person or company that you borrowed. For example if you were paying an installment of $200 and you feel is too heavy on your salary, negotiate for a lesser payment, yes it will increase the payment period and even attract more interest but if reduced you will remain with a better amount from your salary to just balance the costs of living.

3). Stop pretending to your neighbors and colleagues by living a lavish life that you cannot afford. Be true to yourself and live within what you can afford.

4). Find a second job to sustain your salary. In Africa people don’t promote the culture of double jobs because we are used to a culture whereby a shift is known to be 8 hours. In Europe people work 2 jobs or more. There is no time for leisure unless may be once in a while.

5). Start a small business to supplement your salary. The business of buying and selling is easy and requires a very minimum amount. It is possible to start as small as possible. With just a $10 it’s possible to start a business of buying and selling.

What you should not try to do is to seek a prayer for the man of God for your debts to be miraculously canceled.

Accounts does not work like that. Reconciliation of books needs payments.

By B. Marambire

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