Emirates NBD, is the leading banking group in the MENAT region.
Are your finances a mess? Do you long to be able to live without the dread of upcoming bills and how to pay them? Getting out of debt and on the path to financial freedom will take time, determination, and some willpower but it is achievable.
Know Your Numbers
First things first - you need to know what your bills are. It pays to educate yourself on how to pay your bills on time. This includes monthly debts as well as other expenses that you may pay quarterly or twice a year like real estate taxes and insurance. Don't forget small monthly amounts like your gym dues or Netflix membership. Once you have all your expenses accounted for, figure out what your monthly income is. Hopefully, that income far exceeds your expenses. Otherwise, it may be time to trim these expenses. Maybe it's time to get rid of that.
At this point, it's all about priorities. If you're serious about paying off debts and stashing away some cash then you may have to live without certain "wants" for a while until you're in a better financial position.
Deal With Credit Cards
Instead of ignoring those bills every month and paying look at what you're spending on your credit cards each month. Then check out what the interest rate is - it's probably astronomical. The first priority to financial freedom is paying off those high-interest cards. That means any extra money you have should go towards those balances. Start with one card at a time and pay as much off as possible.
When they're finally paid off- stop using them. Keep only one card and use it only for emergencies. Be sure to pay it all off within the next month. That way you won't repeat the cycle of incurring high balances.
Get a Side Gig
Sure, you've probably heard this a thousand times but the last thing you want to do after a long workday is come home and do more work. While your debt could be paid off faster with an added part-time job, these side gigs we're suggesting are fairly simple and will require only small amounts of your time.
These side gigs aren't very time-consuming but could bring in some extra cash that you could use to pay down your debts. Get creative and find something that you like to do. Be sure to take the advice of some coaches or writers. You can read one of our articles, "How to Increase Your Income."
Create a Budget
It has to be done. No matter how much you'd love to avoid budgeting, to gain control of your finances you need to know what's coming in and how much is going out each month. By doing this you will be able to control your spending or better yet save more.