MONEY
Forgive us for our debts
So it is a new year, you might
still be in debt from last year
and that is still hanging over
your head (definitely not a
plus on your new year’s
resolutions). How then do
you resolve your debt issues
in order that they do not
encroach into your 2014
finances?
Here are some simple steps to
getting you out of debt
1. Have a specific goal towards
decreasing your debt. For example,
set your goal to decreasing your
debt by 40% within the next four to
six months. That way you know
what you are working towards.
2. Strategize how you are going to
reach your goal e.g. I will save $50
every month. This will give you
focus and direction so that you
won’t go off-track.
3. Give yourself a specified deadline
for when you want to completely
clear the debt. It is vital that you set
a deadline for every monthly
clearance so as to evaluate how far
you are.
4. Remind yourself on your goal
by writing your plan down and
sticking it somewhere visible
like the fridge, or dresser
mirror, or desk. It would also be
wise to diarize your goal and
the deadlines.
5. When you have achieved
your goal, do not BORROW!
Make sure that you plan
your finances
well and invest in profit
making projects or
products so as to keep
money spinning.
Money saving tips: Save your loose change. Putting aside fifty cents a day over the
course of a year will allow you to save nearly 40% of a $500 emergency fund.
Groove Magazine Zimbabwe
65