Here is what you can do to help put your finances back on track:
1. Create a plan of action to pay off your expenses within the first two months.
Develop an action plan to guide you on how to pay off your debt within the first two months of the year.
2. Make a list of all of your expenditures including your rent and utility bills.
Making a list of all of your expenditures will give you a good picture of your overall financial health and help you to determine the best way to allocate your income.
3. Try to identify areas in your plan where you can save.
Identify and reframe from spending on anything that is not a necessity or essential to your everyday living until your debts have been paid off.
4. Reduce the amount of money that you are putting towards your savings until your expenses have been paid off.
Reducing the amount of money that is going towards your savings can help you pay off your debts sooner.
5. Keep track of your plan on a weekly basis to see how closely you are following your plan.
Keeping track of your plan on a regular basis will help you to stay on track and make any adjustments to your plan as needed.
6. Increase your savings after your debt has been paid off.
Once you have completely paid offer your credit card bills you should increase the amount of money that you are putting towards your savings.
Please remember to consult your financial advisor for a more comprehensive financial plan.