How do I tackle my debts?

You know as a kid, I remember telling myself over and over again that I will not run into debts. Sometimes, I chant it as a mantra, “Tayo, you will not be a debtor”!

My young brain plotted endlessly on how I would endeavor to live a comfortable life. The goal was to live a debt free life regardless of how meager my earnings were. 

Aha, who was I kidding?

Gifts any momwould love on Mother_s Day

At the moment, my young adult millennial living self would call that wishful thinking.

Now, I understand that sometimes debts are inevitable. Some debts incurred over the year might be over something absolutely stupid (in my opinion) like borrowing money to buy that “morphe eyeshadow palette” when you have another eyeshadow palette that you barely use (don’t worry this is personal) while some debts like paying school bills or buying that relevant textbook is quite important.

Whatever the purpose the borrowed money was, we need to understand that a debt is a debt.

Google defines debt as “the state of owing money.”  

The good thing maybe the bad thing (depending on your perspective) is that the debts need to be paid

So, how do we tackle these debts?

  1. Make a list: If by now you do not know that I am a list maker then welcome to the party. You can use the good old paper and pencil method or use an application on your phone or computer just know that you need to make a list.
    The list should include the name of who you are owing, how much you are owing, why you owe them and don’t forget to put the payback date.
    If you wondering why the reason for the debt is on the list it is because you need to know what you are spending the money you borrow for.
Name of Debtor Debt (Amount)  Why? Payback time
    The name of the debtor is obviously needed so you can know the person to pay back; the amount is also pertinent. Most importantly, you need to know who borrowed the money and also when it has to be paid back. See, paying back debts require disciple and
  1. Have a Plan:  As a debtor, it is important to have a payback plan. To make this plan work you need to be ready to analyze your income and this my friend takes discipline. Analyzing your income is paramount because it will help you understand how much you will be able to pay to your creditor. an important act in tackling your debts.  Knowing how much is coming in as an income for you will help you understand
  2. Pay the little bills first: Ok, this is from my personal experience I hope you still remember that I am no finance guru. Here is my logic, if the little bills are out of the way then you can focus on the enormous debts. Paying the fewer ones first helps to lessen the burden in my opinion and the list of the people you are indebted to grows smaller.
  3. Talk to your debtors: Human beings adore communication. Communication sometimes can be the fuel that keeps us moving. Picking up the phone to call or text the person you are indebted to do give them the impression that you are thinking about them and also thinking about the money. Now, when you communicate with them, do NOT make promises that you won’t be able to keep. Just tell them that you have them in mind.
  4.       Cut your coat! Why would you keep living like a king when you owe someone money? Why don’t you just pay off the debt before you start living the dream? Think about it this way, for every time you want to spend money on something you can live without put that money aside for a debt you owe. This will help you clear your debts and trust me by the time you are done you will be able to live your life without living in fear of being embarrassed.

Now, like I mentioned earlier, I am no expert but then I do know that the embarrassment that comes with being indebted to someone or to people is not pleasant.

So, if you have more tips on tackling this thing called debt please leave a comment in the comment section. 

Until next time,


One thought on “How do I tackle my debts?

  1. Great tips!
    Under plans :
    -Depending on the amount of the debit one can set up a direct debit to a different account for the purpose of saving up intentionally to clear off the debts.
    – random financial gifts can be saved up (eg like in a piggy bank) to help offset some debts


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