When you are in debt it can seem like you will never be able to become debt free, but we can help you. We have put together some ideas to help you start a plan on how to become debt free.

It is important that you set yourself financial goals, such as paying off a set amount to your creditors each month. You need to make sure that your goals are tough but achievable, as this will spur you on to pay off more of your debt when you see the amount you owe slipping down.

Reduce Your Spending With Our Top Tips

Here are some more tips to help you reduce your spending:

1: Set a budget and stick to it!
It can be too easy to overspend and have to rely on your credit cards at the end of each month. Set yourself a budget and leave your credit cards at home so you can’t spend on them, even if you have the urge to do so!

2: Bad Habits.
We all have our bad habits, and they can often turn out to be very expensive. Try and cut down the number of cigarettes you smoke per day or resist temptation for your expensive daily coffee fix.

3: Eat in more.
As a country we are eating out more often, which is increasing out debt as well as our waistlines! Learn how to cook your favourite meals, there are always lots of recipes online and you might even unearth some hidden culinary talents!

4: Socialising.
Socialising can take a big chunk of your disposable income, but we aren’t saying that you need to cut out all the fun. Instead of going out invite friends over for drinks, or rent a film instead of going to the cinema – you will save a fortune on the snacks alone.

Remember, if you are finding that you are struggling and can no longer afford to pay your creditors, One Advice can help you. We have an expert debt management team who will take you through your finances and help you reduce your monthly outgoings. If you get accepted for an IVA, you could legally write off a large proportion of your debt.