At some point in our lives all of us have faced financial problems and to solve these problems we have taken financial assistance. This financial help normally comes in the form of loans from banks or debt on our credit cards. In the short term this may seem a viable solution but in the long run you end up suffering. Actually what you are doing is increasing your financial burden.

You don’t have any money in the first place and on top of that you take on more debt. Paying off these expenses can take a long time and throughout that time you have a psychological burden of the debt. So why put yourself in such a situation? The ideal solution is sound financial planning. This way you will be able to manage your finances better, curb your spending and live peacefully.

Listed below are some tips that will help you control expenses and debt so that you can achieve a financially secure future.


A budget will help you outline your expenses in accordance with your income. You will know where your money goes each month and it will be easier to control your financial affairs. For some people, the word budget has a negative meaning. They think that it means living on the cheap but really it means controlling your unnecessary expenses.

In fact, a budget allows you to live with more freedom. You can save for the long term and be better equipped for the future. Researchers have found that your focus should be towards debt reduction rather than debt accumulation.

Which Debts to pay first

Once you have outlined where the problems lie, it is now time to start solving them. If you have a lot of debts to pay then you are probably wondering where to start. Experts at believe that you should start off by paying those that have the highest interest rate. You can also go the other way round if you want. So make your mind up before you start paying.


Savings are crucial for better financial management.  If you spend everything you earn then you really aren’t preparing for the future. Only those people are successful who plan ahead. If your lifestyle is extravagant then consider changing it to one that suits your income.

Don’t fall for credit card offers

Credit card offers can be quite tempting. But you must resist them at all costs. Remember that you want a debt free life, not one where you increase your debts. The more credit cards you have the more debt you will acquire. Try to control your debt and use no more than 30 percent of your total credit limit.

Pay your Bills on Time

Timely payment of bills is very important. If you sink into a cycle of late payments then debt will slowly begin to accumulate and in no time you will be looking at a huge pile of bills. Avoid late fees and don’t blow up your budget.  You should try to setup automatic payments just in case you forget to pay the bills.

Pay in full or more than half

Only charge your credit card when it is absolutely necessary. Remember that it is an accessory, so don’t misuse it. You will be charged interest on your credit balance. So pay on time to avoid these extra charges. If you only make minimum payments over the long run you will pay more money whereas by making full payments you save thousands of dollars.

Debt Counseling

If you are in a pickle and there is no way out then consider professional assistance. Experts can help you curb your debt and help you recover financially. Look at refinancing options if the need arrives as you can save lots of money through these methods.


Only you can only help yourself when it is about “you VS debt” because realistically debt can never win unless you let it win. So take a stand today and start a debt reduction plan. With time you will eventually learn to eliminate debt and become strong financially. These tips will definitely guide you.

This article is composed by Elaine McPartland who is associated with “Consolidated Credit” as their community writer. She has an expertise in writing articles related to debt consolidation and how to pay off debts easily and smoothly. You can add her at her google+ profile.