Taking The Stress Out Of Debt

If you have debts or bad credit, the last thing you need is more stress in your life. Therefore, when you are having the time of your life, why not levying some time and take some preventative steps? Simple steps that will put you in better shape or that at least show you are being educated and proactive towards managing your affairs. All it takes is some time and sound financial decisions to take. Here are some of the easy steps that you can take right away.


Sit down and look at your current financial situation. Trust me, it won’t be pretty. Review your income, your debts (if any), your repayment plan, and see how much you can put towards repaying your debts every month. Speak to your creditors to see if they can make any arrangements to help. Remember, a little help is all it takes to get you out of debt. Again, you must speak to representatives of the lenders instead of your debt collection agency. By sitting down and talking to your creditors, you can be more successful in reaching an agreement whether it is a debt management plan or a bad credit loan. Unsecured lenders such as credit card companies may be more willing to negotiate. That has as much weight as it is ever going to carry with a credit card company. Make it clear from the outset that you really do want to repay your debts and to come to some agreement. This can also work for business debt according to Sam who is a Piano Mover.

Contact your bank

This may not be the first thing you do as the first impulse of somebody who owes the money is to pay them back as quickly as possible. However, if you don’t have any debt, you probably do not need a bank account either. You can still contact your own bank and ask whether they can manage your payment. In the case of personal loans, your bank may help you to fix the loan where the interest can be reduced and the repayment term extended. If you are sitting on the bank’s loan, it would be wise to take this as a priority debt. Then you should cut up all but one account of your bank. You can also contact the local tax office for help.

Set up a budget

If you do not mind receiving mail from your creditors, sit down and write out a set of categories. The categories are family, household, groceries, medical, loans, utility, transportation, entertainment, savings, and miscellaneous. Place a value on each of the categories by calculating their value in six figures. This just acts as a visual reminder in your head of all the money you are dealing with. For example, if you have a budget of $2,000 per month and you have six debts at £$,000 each that comes to $40,000 per month. You will now be looking at possibilities of paying over that amount for a little while. You may have to do some ethical and moral counseling to accept to pay that amount. Once you have done this, you will have the money you need for your budget. Create a plan where you reimburse your debts immediately and so that you do not have to pay interest to suppliers that you cannot payback. For instance, if you pay £25 per month as repayment, you need to set a system of 10% and stick with it each month. By arranging a repayment plan with your debtors first, you can be assured that all interest will not eat up too much of your money. You can also keep track of how much is being paid towards repayment each day, you can check your progress online and when suitable, you could be re-arranging your budget. You will find that you end up being able to repay your debts with little problem and be back on a budget this quickly. If you have any debts, do not just move them around.

If you do not have a credit card, it is a good rule of thumb not to ever close it. There are special circumstances that may cause the need to do this, however, for the majority of us, it is just a good rule of thumb never to spend anything on credit that you do not have the money for. It is not always possible to allocate the money for something when you are on a credit card and you need to remain within your budget of your actual income. If you close your credit cards, you may find it harder to resist temptation, and this is not a good technique that will help you to become more enterprising and budgeted and will keep you focused on becoming debt-free once you eliminate your debts.


If you want your kids to be more financially independent at their age, you must start showing them online surveys and ways to be financially independent using some websites like Swagbucks. Through this, you will be able to create a sense of independence and give them power over their financial future and independence. The most important feature of these survey sites is that you are teaching them how to make money as a kid. It is just one way to learn how to make money as a kid. Let us discuss the other ways besides online surveys:


When kids are younger making money is quite difficult for them but most of them have parents to back them up and fantastic social networks to pull help from. This can help them find money-making opportunities. It is very important to have parents’ supports when underage kids want to make money because they can’t take this step or do anything without the parents’ consent.


In-person ways to make money as a kid include creating a yard sale. Have your children set up a yard sale of pre-loved clothes, shoes and toys and whatever money they make through this sale, let them keep it.


Organize people’s stuff if your child is 11- to 12-year-old and has an eye for organizing. He can offer his assistance to other. Mostly old people cannot do this kind of work for themselves. Taking the dogs on walk is one thing that children love to do. kids can also help water the plant of the elderly people. Yard work is something with which most of the people need help on regular bases. this would be a great source of making money as a kid. If you want to take out the creativity of your children, there are different approaches to making jewelry as well.


The children of the digital age are more inclined towards technology and online working so they can easily find ways to make money online through creative writing etc.


Illustration creation is one of the most creative ways to earn money. All the parents have to do is get them a good illustration tablet or intuitive software and they are then ready to earn their own money independently.


  • Making YouTube videos they can make videos on product testers, video games, etc. parents can help them in monitoring their avenue of money-making.
  • Making and selling of craft or jewelry line. The most popular site for this is etsy.com.
  • Starting a blog at a young age could potentially help the kids get their writing skills enhanced. And they can also take it as a long term goal and pursue that as a long term achievement.
  • Making music is one of the most enjoyable things a child can do for making money and Spotify.com is one of the best places to start with.
  • As most of the children of this era are much embedded in the digital world. And there are several places from where your children can start this and one of the best-known places is UberTester. This site lets you debut or launch your products so that authentic users can use them and give feedback. It’s a great QA platform through which you can make money.


Opening a bank account for your children and whether it’s an independent account or a personal account, gives you the following benefits:

  • Underpinning the basic banking concept of how to withdraw or add the funds.
  • Learning basic budgeting techniques and fund managing skills.
  • Teaches them the important lesson of saving which is lacking in the new generation.
  • Reinforces the short-term and long-term spending and saving techniques.
  • Communicates the value of financial goals.

The following types of accounts are the best bank accounts for minors:


In the joint account, both the child and parent can hold an account jointly. Mostly the married couples hold this type of account to look forward to their savings. Here, both the child and parent can make the deposits and withdrawals of funds. Parents can control the account, when the children are too young to do legal work, such as signing papers or reading the instructions and fulfilling them accordingly. Parents can also apply the spending limits on these types of accounts. After the desired level, the children must request their parents to give them the money. Joint accounts are useful for the day-to-day expenses or short-term financial goals.


The parents can hold or establish the custodial bank account without involving the trustee. Mostly, it is based on cash only. The minors can act as the beneficiary in these kinds of accounts, till they reach the legal age of maturity. The account holder acts as a custodial to the bank account for the minor. Normally a third person does this work for the minor and that person can be a parent, guardian, or any person within a legal capacity. The custodial must maintain the whole detail of the account so they can hand it over to the child when they reach a certain legal age. Here is an example of such kind of account.


In this type of banking, a debit card is designed to teach the children about basic budgeting or financial transaction management. Normally these kinds of bank accounts are for minors of the age of 5 to 17. The chase first accounts are like guidebook and can be called a guide account which will guide the children in the right direction in a controlled environment, to prevent any financial problems. These accounts give complete details to the parents about the spending of their children and all other transactions. Eric, who is one of the best masonry Baltimore contractors, did this for his kids and really liked the service. See this link for to get a good idea of Chase first banking.


The GREENLIGHT bank accounts make it easy for the parents to manage their young children’s funds and money management. It has kid-friendly debit card, so there is no need to involve the cash. You can be tension free by using this account when it comes to handling the cash. This account is also technology-friendly for both parents and children. It has a feature through which the required allowances would be transferred without making any manual deposit and it can also be managed through its mobile application.