Debt advice: how to protect yourself

Today I bring you a guest article from the writers at http://www.dacscotland.co.uk

Many people will tell you that the best way to avoid problems to debt is to avoid getting into debt in the first place. This is good advice, but in today’s world it’s often unrealistic for most of us.

Most of us borrow money from time to time – in the form of mortgages, overdrafts, credit cards, etc. Without credit, many of us would be unable to go about our daily lives.

All debt can carry some risk, regardless of how financially comfortable you are now. A sudden change in your circumstances, such as unemployment, could make your debts unaffordable.

So what can you do to lessen your risk of future debt problems?

Budgeting

Budgeting is undoubtedly one of the most important things you can do if you’re serious about protecting your finances. Start by writing down a list of all your regular monthly costs, and adding up the total – this makes up your total outgoings. Subtract your essential outgoings from your monthly income, and what’s left is safe to spend on non-essentials (or save).

Remember also to budget for less regular costs – things you only pay for once every three, six or twelve months, for example. Ideally, you’ll want to put aside an equal amount every month – so for three-monthly bills, put aside a third of the total each month to make sure you’re covered.

If at any stage you find your outgoings are higher than your income and you’re falling further into debt, you should consider seeking debt advice from an expert.

Saving

Even if you budget your finances well, it’s extremely useful to have a ‘second line of defence’ in case anything unexpected happens. One of the best defences you can have is a good savings account.

Experts tend to say that you should aim to have at least three months’ salary in savings at all times – but less than this is better than none at all. We all have to start somewhere, and even a few hundred pounds could potentially get you out of a sticky spot.

However, repaying debt should almost always take priority over saving, since the interest rates on debts tend to be far higher than on savings. In other words, you’ll almost certainly save money in the long run if you focus on clearing your unsecured debts first – and then start saving once those interest charges aren’t eating into your money.

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Debt advice: how to protect yourself

Today I bring you a guest article from the writers at http://www.dacscotland.co.uk

Many people will tell you that the best way to avoid problems to debt is to avoid getting into debt in the first place. This is good advice, but in today’s world it’s often unrealistic for most of us.

Most of us borrow money from time to time – in the form of mortgages, overdrafts, credit cards, etc. Without credit, many of us would be unable to go about our daily lives.

All debt can carry some risk, regardless of how financially comfortable you are now. A sudden change in your circumstances, such as unemployment, could make your debts unaffordable.

So what can you do to lessen your risk of future debt problems?

Budgeting

Budgeting is undoubtedly one of the most important things you can do if you’re serious about protecting your finances. Start by writing down a list of all your regular monthly costs, and adding up the total – this makes up your total outgoings. Subtract your essential outgoings from your monthly income, and what’s left is safe to spend on non-essentials (or save).

Remember also to budget for less regular costs – things you only pay for once every three, six or twelve months, for example. Ideally, you’ll want to put aside an equal amount every month – so for three-monthly bills, put aside a third of the total each month to make sure you’re covered.

If at any stage you find your outgoings are higher than your income and you’re falling further into debt, you should consider seeking debt advice from an expert.

Saving

Even if you budget your finances well, it’s extremely useful to have a ‘second line of defence’ in case anything unexpected happens. One of the best defences you can have is a good savings account.

Experts tend to say that you should aim to have at least three months’ salary in savings at all times – but less than this is better than none at all. We all have to start somewhere, and even a few hundred pounds could potentially get you out of a sticky spot.

However, repaying debt should almost always take priority over saving, since the interest rates on debts tend to be far higher than on savings. In other words, you’ll almost certainly save money in the long run if you focus on clearing your unsecured debts first – and then start saving once those interest charges aren’t eating into your money.

8,442 Responses to Debt advice: how to protect yourself
  1. Katrina
    April 19, 2019 | 8:36 pm

    I visited many web sites but the audio quality for audio songs existing at this web site
    is in fact excellent.

  2. http://nanoo.net
    April 19, 2019 | 8:56 pm

    And that is an investment risk worth taking.

  3. Deeanna
    April 19, 2019 | 9:06 pm

    you ave got an awesome weblog here! would you like to make some invite posts on my weblog?

  4. Greta
    April 19, 2019 | 11:42 pm

    You made some really good points there. I checked on the net to find out more about the issue and found most individuals will go along with your views on this web site.

  5. tinyurl.com
    April 20, 2019 | 1:05 am

    Good day! Do you know if they make any plugins to help with SEO?
    I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good gains.
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  6. Giovanni Rosenbush
    April 20, 2019 | 1:53 am

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  10. Kléber Leite
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  11. http://tinyurl.com/y6xtvmur
    April 20, 2019 | 3:10 pm

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    I need a specialist on this space to resolve my problem.
    May be that’s you! Looking ahead to see you.

  12. Kattie
    April 20, 2019 | 5:00 pm

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    So great to find somebody with some unique thoughts
    on this topic. Really.. thank you for starting this up.
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  15. Carlos Eduardo Veiga Petrobras
    April 21, 2019 | 12:24 am

    When I originally commented I clicked the
    “Notify me when new comments are added” checkbox and
    now each time a comment is added I get four emails with the same comment.

    Is there any way you can remove people from that service?
    Thank you!

  16. Curt
    April 21, 2019 | 12:45 am

    Howdy! This is my 1st comment here so I just wanted to give a
    quick shout out and say I genuinely enjoy reading through your posts.
    Can you recommend any other blogs/websites/forums that deal with the
    same subjects? Thanks!

  17. tinyurl.com
    April 21, 2019 | 1:30 am

    Howdy, I do think your website could be having
    internet browser compatibility problems.
    When I take a look at your web site in Safari, it looks fine but when opening in I.E., it’s got some overlapping issues.
    I merely wanted to give you a quick heads up! Apart from that, fantastic website!

  18. Scotty
    April 21, 2019 | 1:36 am

    Do you have a blog site? I have a poetry blog site. =-RRB- If so, what’s your web link so I can inspect it out as well as follow you. =-RRB-. I currently have one started. =-RRB-.

  19. tinyurl.com
    April 21, 2019 | 2:04 am

    Howdy just wanted to give you a brief heads up and let you know a few of the pictures aren’t
    loading correctly. I’m not sure why but I think its a linking issue.

    I’ve tried it in two different browsers and both show the same results.

  20. Leandro Martins de Almeida
    April 21, 2019 | 5:43 am

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    I was looking for this certain information for a long
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  21. viagra warszawa
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    Revatio i Riociguat – leki stosowane w kuracji leczniczej przy nadcisnieniu plucnym. Zazywajac ktorykolwiek z nich, nie mozesz jednoczesnie stosowac leku na potencje

  22. Freeman
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  23. Eartha
    April 21, 2019 | 8:53 am

    I do not know whether it’s just me or if perhaps everyone else
    experiencing problems with your site. It appears as though some
    of the text within your posts are running off
    the screen. Can somebody else please provide feedback and let me know
    if this is happening to them as well? This might be a issue with my
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  24. http://tinyurl.com
    April 21, 2019 | 5:13 pm

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    with Lady gaga! Your individual stuffs great.
    Always handle it up!

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  2. smilforalifetime
  3. sync warehouse clocks
  4. xxx sex service
  5. سامانه تعیین قیمت خودرو دست دوم
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  9. ppc outsourcing
  10. 먹튀검증 웹툰
  11. دوربین مدار بسته
  12. wireless products
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  14. Best digital clocks
  15. کارشناسی رنگ لکسوس
  16. elapsed time clock for operating rooms
  17. essential oil for indigestion
  18. 그래프 메이저사이트
Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/debt-advice-how-to-protect-yourself/trackback/