One goal of healthy personal finances is to be debt-free, especially if debt becomes unpayable over time.
If you want to pay your debts, but what you earn is not enough, there are some tips that you can apply to improve your financial statements and meet your commitments.
Create your budget so you know how much you are spending each month and how much you have left at the end. If your balance is very fair or you have almost nothing left, then you have to reorganize your expenses.
Analyze which ones you can temporarily eliminate and which ones to save on, for example, outings with friends, change them for a meeting at home, cancel subscriptions, or reduce telephone and television plans.
Remember that everything you can save adds up, no matter how small it may seem, and that this measure is temporary, as you finish paying your debts and have liquidity again.
If you are already saving on expenses and have a little more solvency each month, make a plan about how much you can pay and how long you should have certain debts paid off.
The plan must be broken down by months and amounts, so you will know more or less how long it will take to have a loan paid off and you can use that money for something else or to pay another debt.
If despite all your efforts at the end of the month you have nothing left, you will need to look for additional income, be it a weekend job or the sale of a product.
Also, consider that goods are to solve evils, if you can sell an asset, such as a car or a computer, do so.
Avoid pawning an object since these are debts that you will have to meet in the short term and with very high interests. If you do not pay on time, you can lose what you pawned, as well as money that you would have obtained if you had sold it.
Institutions offer some ways to renegotiate your loans and avoid delinquencies, such as refinancing, debt consolidation, or restructuring.
To access them, you need to contact the financial institution and be as honest as possible about how much you can pay each month.
To have better conditions it is important that you are up to date with your payments and that you have not had delays.
Asking for one more loan may not sound very good, but if with it you can pay all the debts you have and keep just one, it would be optimal.
Keep in mind that you would be avoiding the interests of different credits, as well as the payment of commissions or other penalties.
In addition, you can seek to pay less than the monthly payment, even if you extend the term of the credit a little.
Dedicate the additional money that you have left when paying off a debt in the payment of the next one, in this way you can finish paying faster.