This is a collaborative post.
This year I have spoken about how I’ve been transforming my finanical future by clearing debts and making our lifestyle more affordable. The decision to become financially free for my thirties has been inspired by the fact I no longer want to carry my past financial decisions on my shoulders. This has been a mix of store accounts, credit card debts and old utilities accounts. Companies like Alamo Associates assist clients with their monthly financies, particularly when it comes to clearing credit card debt, with single monthly payments and low interest rates.
Why Use Companies Like Alamo Associates?
Some people find it more manegable to make one payment instead of many. Having a company take care of this for you can really help negate some of the stress and anxiety that often surrounds finances, particularly those of us that seem to have more going out than coming in. Speaking to a professional person experienced in handling credit card payments can help put your mind at ease and you know exactly what is coming out, how much and on what date. This helps allocate more freedom in your monthly budget.
Clearing Old Debt Requires Time and Patience
When you have a plan in place to clear old debt and it’s affordable for you it really makes a huge difference. I have chosen to clear my debt individually which has required really changing our budget from month to month. Thankfully I have the time to sit and work that out but not everyone does. Sometimes having a professional to give you a helping hand with your finances such as Alamo Associates can really help ease some of that stress. Those that are time poor will be relieved that someone has worked it all out for them and can offer clear instruction on how to make the rest of your payments. With a single monthly payment you know each one is taking you closer to your goal of financial freedom.
When you are trying to clear up individual accounts it’s easy to continue racking up debt which is something I’ve noticed. Especially because as you clear more debt and your credit rating and file improve you are then offered the chance for more credit. This can be incredibly tempting but does increase the length of time you will paying off debt and it’s a personal decision. If you can’t afford the minimum monthly repayments you are going to be stuck between a rock and a hard place until everything is cleared.
Throughout 2019 I have cleared the majority of my debt accounts with debt recovery agents which I am so proud of. It has allowed me to have credit cards which have made things more accessible to us, particularly when things have broken or been misplaced. Sometimes it’s been a real emotional struggle having to pay bigger payments on debt accounts just to get them closed quicker but the feeling I have when they’re closed is such a huge relief.
What are the benefits of using Alamo Associates or other existing companies?
- Less stress & anxiety around finances
- A dedicated experienced person to help you with your finances
- Regular payments at an affordable amount for you
- Many, including Alamo Associates, have low interest rates when collating credit card debt which helps in the long run
- Much easier to control one single payment than four or five.
- Will help clear you of credit card debt once and for all
Becoming Financially Free is Liberating
Because I have focused so much on clearing debt accounts this year I am now faced with more disposable income each month. For 2020 much of this disposable income will be used to clear my own credit card debts or alternatively I could decide to ditch the credit cards altogether and use a company like Alamo Associates to provide me with a plan to pay everything off and be completely debt free. It’s particularly important for us as a family to clear this debt so that when Adam finishes University and can no longer rely on the extra boost of Student Finance we are in a much healthier place, financially.
However, I do like having credit cards and think they can really help your financial situation when used properly and in the case of an emergency. One of the benefits to having credit cards and paying them off regularly and keeping the balance low is improving your credit rating as it shows you are a responsible lender. Eventually I would like to be able to have a purpose for each of my credit cards to make small, affordable purchases that I pay back in full monthly or save for bigger things like holidays and emergencies.
Becoming financially free is liberating and I’m very fortunate being self employed that I am only limited to my own work in terms of income. Whilst my income fluctuates I have so much more flexibility which has of course allowed me to clear off the debt I’ve had since my early twenties. This is absolutely something I could, and should, have done earlier but something about turning thirty has obviously pushed me forward into no longer having to worry about debt.
Each time I have closed an account I have felt incredible relief and every account closed has made the next month so much easier for myself and my family.
My Top Tips for Clearing Debt in 2020
- Have a clear plan
- Be honest with yourself and your incomings and outgoings
- For one week write down everything you spend so you can see where money is falling through the gaps and can be used more wisely
- Make small regular payments to everything and focus on making bigger payments to one debt at a time.
- Alternatively you can speak to a company like Alamo Associates to assist you with your payments to relieve some stress and increase your time management
- Use a budget planner each month and stick to everthing
- Have no spend days, weeks and months where you don’t buy anything new that you don’t need
- Try and step away from shiny object syndrome and purchasing everything you see on social media ads
- Sell things you no longer have need or use for if in good enough condition
- Be smart and start saving some money. Even a small amount will help get you into the habit of having savings which will benefit you in the future.