All about the challenges of Midlife Finance

3 sure-fire ways to ease your debts

We’re all scraping the bottom of the barrel where finances are concerned. The bills are mounting at the front door, angry call centre operators are haranguing you on the phone, and your living on dried pieces of toast until payday. What is a pauper to do?

The answer doesn’t lie in desperation. Get rich quick schemes, as tempting as they sound, usually really are too good to be true. While Del Boy eventually succeeded to make his millions, that fiction is unlikely to become a reality for most of us – especially in your current predicament.

Your problem isn’t necessarily that you’ve got big payments to make. Smaller outgoings – a fiver here, a fiver there – could be the real root of your woes, snowballing without you even realising.

With that in mind, we’ve created a few fun-sized tips to help you cut back on unnecessary outgoings. Take a look.

Mail to your heart’s content

The festive season is under way – do you really want to send packages that cost you an arm and a leg? After all, we’re under enough pressure already when Christmas comes calling, and sending packages internationally seldom comes cheap.

We’d recommend a worldwide parcel delivery price comparison site, because not all deliveries have to give your wallet palpitations. Many will send your parcel for a cheap price, including fringe benefits like recorded delivery, real time tracking and first class delivery.

The take-home message here? Shop around when you want a package delivered.

Home budget

Budgeting is nightmarish, like being trapped in a Kafkaesque nightmare of incomings and outgoings and hidden costs and unforeseen expenses. When you write down the amount of cash instantly plucked from your wage packet, you’ll feel almost entirely at a loss.

Home budgeting calculators were designed specifically to help people struggling to rein in their expenses. Banks like TSB provide the calculators for customers at no extra cost. Stick to your budget calculator’s suggestions and straying from financial safety will be much more difficult.

Consolidate, consolidate and consolidate

Some think it’s all about that bass, but for us it’s all about that consolidation. Various debt consolidation companies exist to help you turn your major debt repayments into one neat chunk.

However, we’d recommend finding a mainstream company which can help you consolidate your debt through the legal channels. While less reputable firms aren’t exactly loan sharks, some aren’t far off, so be careful.

With consolidated debts, the amount you’ll need to pay off per month will decrease, taking a small amount of pressure off your expenses.

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