Being stuck in debt can be one of the most difficult situations a person can go through. There is a reason why debt can be referred to as crippling debt. It’s because debt can have such a massive impact on your life and can hinder you in many ways. Though many people who are stuck in debt feel consumed by it and can’t see a way out. If they can see a way out, the thought of getting there just seems daunting. Yes, getting out of debt can be scary, especially in terms of knowing where to start. However, we know that it’s not impossible. It just takes a dedicated commitment to decide to act to turn your life around once and for all. So, that’s why we’ve put this blog together. To help show you how to get out of debt so that you can take control of your financial future.

Why do people get into debt?

The list of reasons people can get into debt can vary, depending on a person’s individual situation. Though, the most common reason is because of bad spending habits that have built up over a long time. One of the most common forms of debt is the accumulation of credit card debt. Here is a list of some of the main reasons people get into debt:

Spending more than you earn

The number one rule for personal financial management is to spend less than you earn. So, if you are getting into the habit of spending more than you earn, over time you will find yourself accumulating debt. Though overspending is not always a result of bad spending habits and having little self-discipline. It can also be a result of emergencies or unexpected expenses. These can inevitably force you to spend more than you earn.

Reduced income

Unfortunately, sometimes debt can occur as a result of circumstances outside of our control. If you are let go from your job or if you become unable to work due to illness or injury this may result in a significantly lower income. However, your expenses are likely to stay the same. This will result in you having to spend more than you earn and potentially falling into debt.

Gambling

An addiction to gambling can be a fast cause of debt and an incredibly devastating one. People have lost their homes because of gambling debt. Gambling may be a fun way to win cash fast. However, it can also be a way to lose cash fast.

Saving too little or not at all

When people don’t put aside money from their income it means that they can be unprepared for when unexpected expenses arise and may fall into debt as a result.

Medical expenses

You could end up falling into debt as a result of having to pay an expensive medical bill. This might happen if you or someone in your family falls sick and you don’t have private health insurance. In addition, if you have a medical emergency and can’t work, this could result in a reduced income. Meaning you will have to spend more than you earn.

How can debt affect you?

If you’ve experienced debt, you’ll probably know how it can affect your life. Debt can have tangible effects on your life but it can also have serious emotional impacts – making life incredibly difficult. Some ways that debt can affect you include having difficulty affording to buy a home, you might not be able to travel, or even afford to send your kids to good schools.

The emotional impacts that debt can have on you include depression and anxiety. Making you feel as though you can’t face everyday life. Resentment is another emotional impact debt can create. Especially if you are in a marriage or partnership where you share finances. It can result in one person feeling negatively towards the other. Especially when one partner has worse spending habits than the other. Another impact that debt can have on a person is denial. Rather than facing the issue at hand, many people would rather bury their head in the sand. Even though it is hard to tackle debt, denial just makes things worse.

Despite the negative impacts of debt, it is not the end of the world. There are ways to get out of debt. Read on to find out exactly how to get out of debt.

How to get out of debt

There are several strategies you can adopt to get out of debt. If you take them all on board, you’ll be assured that, before you know it, you’ll be free of debt. It may just take some time. It could even take years. But the sooner you start, the sooner you will be free of debt. Even if it is going to take a long time, you’ll feel pride in the fact that you are working towards getting out of debt. On top of that, you’ll be adopting spending habits that will become second nature. Ultimately, you’ll be changing your life for the better. Here are our top tips on how to get out of debt:

Work out your budget

This is the absolute first step of how to get out of debt. Establishing a budget means working out exactly how much you earn versus how much you spend. This will help you to determine where you can cut back on some unnecessary costs, by making paying debts a priority. It will show you exactly how much money you can allocate to paying off debts and how much you will have to live comfortably. A good tool to help you budget is ASIC’s Money Smart Track My Spend App https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps/trackmyspend. This app is an excellent tool to help keep a track of your spending and to stick to your budget.

Decide to stop borrowing money

When you decide you want to get out of debt, this will come hand in hand with deciding to stop borrowing money. When you borrow money, you get yourself further into debt. Decide that borrowing is not an option for you anymore and it will force you to look for alternatives. Ultimately, this will put you in a better financial situation.

Always make your repayments

When you are paying off any debts it’s important to never miss any repayments. Missing payments results in you having to pay expensive penalty fees. It also means you are not making any progress towards achieving the goal of getting out of debt. Though, if you have worked out your budget, you shouldn’t have a problem with making your repayments.

Increase your debt repayments

After establishing your budget, you might realise that there are expenses you can cut out. Instead, this money could go towards increasing your debt repayment amounts. It means that you’ll get out of debt faster.

List your debts in order of highest interest rate

Part of planning how to get out of debt is to organise all your outstanding debts. One way to do this is to list them in order from the highest interest to the lowest. It means you are putting the highest interest debts as a priority. These are the debts that you should work towards paying off first. Pay as much as you can towards the debt with the highest interest rate and work your way down the list.

Consolidate multiple debts

Alternatively, a way how to get out of debt, if you have multiple outstanding debts, is to consolidate them. The way this works is by, instead of paying multiple interest rates, you get one personal loan that pays off all your current debt balances. That way you only need to work on paying off the one loan repayment with the one interest rate. This can save you loads of money in the long term. In addition, this will take some of the stress away from managing multiple debts and keeping a track of them all.

Downsize your living costs (at least temporarily)

One way of how to get out of debt is to reduce your living costs. When you create a budget, it will help you to see where you can cut back on some things. It might mean you need to move into a cheaper apartment if you are renting. Or if you are a home owner you could consider renting out your place and rent somewhere cheaper. Perhaps your budget has shown you that you spend too much on eating out. These are costs you could cut back on (at least temporarily) until you are debt free and back on your feet.

Consider re-financing your home loan

If you are paying very high interest rates, it’s worth doing some research to see if you could find a better home loan. Re-financing to the right home loan could end up saving you thousands of dollars in interest rates in the long term.

Use your tax return to pay off outstanding debts

When you get your yearly tax return, it’s a good idea to put it to use as a way how to get out of debt. Tax returns can vary between a few hundred to a few thousand dollars. This could be a great contribution to paying off your debts.

File for bankruptcy or enter a debt agreement

If your debts are seriously out of control and you are struggling to keep afloat, one option could be to declare bankruptcy. Alternatively, you could consider entering a debt agreement which is a less severe form of bankruptcy. Essentially, bankruptcy is a legal agreement that you enter, with the purpose of paying off your outstanding debts. Your situation is managed by a trustee, and there are restrictions because of bankruptcy. However, it does free your debts up and allows you to keep on living again. You must pay off your debts over a long term, usually between 3 – 5 years. It will be a manageable monthly amount.

Have a garage sale (sell any unnecessary items)

Having a garage sale is a good idea to help you sell anything that you don’t need anymore. Not only will this help you to reduce clutter in your life but the money you make from the sale can go towards paying off your debts.

Look to increase your income

Another way how to get out of debt is to consider increasing your income. You could look for a job that pays a higher wage or salary. Alternatively, you may want to consider starting a side project that will earn you a side line income. One example would be to try and turn a make money from your hobbies.

Get help or financial advice

Finally, something that is worth doing when you want to get out of debt is to seek financial advice. A financial advisor will be able to recommend the best thing for you to do. Whether it’s to get a debt consolidation loan, enter a debt agreement or file for bankruptcy. They will be able to assess your individual situation and give you an idea on what the right thing is for you to do. If you are looking for free advice, Money Smart’s website has a great source of free debt advice.

Ultimately, being in debt can be incredibly difficult. Though, it’s not impossible to turn things around for yourself and start a fresh. If you are ready to turn your life around and be debt free once and for all – this is a totally achievable goal. Just follow our tips on how to get out of debt above and, before you know it, you’ll get out of debt. Don’t be afraid and think you are alone in this, there are plenty of people and resources out there to help you achieve your goal to be debt free.

Many people are getting interested in the idea of growing their own food. People are becoming more aware of the negative impacts eating processed foods can have on one’s health. Thus, a trend is emerging where people are taking an active role about where they get their food from.

Growing your own food, it ensures that you are getting healthy food into your diet. It’s also physical activity that gets you outside, amongst nature and in sunlight. In addition, growing your own food provides you with a strong sense of satisfaction. Knowing that you have worked hard to produce the food you are about to eat, you will appreciate it that much more.

Not to mention the financial benefits of growing your own food. While, it may not be so cost effective when you are just starting out, in the long run growing your own food can save you up to thousands of dollars per year! So how do you start? Let’s find out….

Tips on how to start growing your own food

Start small

When you are first starting out with growing your own food it’s important not to start   too big. The best way to is to start small. Buy a few plants at first. Then gradually add to your crops as you become more comfortable with the plants that you have. It does take time to build up gardening skills, so it’s better to build up these skills gradually.
You are bound to make mistakes, and they will be easier to deal with on a small scale. If you get too excited and buy many plants and they are unsuccessful, you are likely to become discouraged.

Plant easy plants

it’s a good idea to start with plants that are easy to grow and look after. Lettuce and other green leafy salad veggies are easy, and you will get high yield from them. In addition, they are quite easy to grow in pots and in containers.

Get an urban compost

use a compost or urban compost if you live in the city. Compost is a good way to dispose of organic scraps in the most environmentally friendly way. What’s more, is that it creates an amazing source of nourishment for your crops.

Create a vertical garden

especially if you live in an Urban environment this a good way to grow herbs and leafy greens.

Choose the right sunlight spot

ensure that you choose the best space for your plant in terms on sunlight. The best place to plant is a spot that receives sunlight in the morning. If you plant in a place that receives more sunlight in the afternoon you might need to water it a little extra in the afternoon.

Plant veggies that you like to eat

this might be obvious, but still there is not much point planting something that you will never eat anyway. The harvest might end up being wasted.

Get the right soil

it’s important to start to grow your own veggies. You probably won’t have a successful harvest with the existing soil in your yard, so you will have to source a good quality soil from a local soil supplier to start with. Eventually you can start creating your own soil, but it takes a bit of time to learn how to do it.

Buy starter plants from garden stores

instead of growing your own food from seeds, the best way to start is by getting starter plants. These are vegetables plants in their infancy. While they cost slightly more than seeds, they are good way to start on gardening. Starter plants will give you a higher success rate than seeds. This will give you more confidence when you are starting out growing your own food.

What should you plant?

When you are first starting out with growing your own food, it’s important to start with easier crops. Here is a list of some the easier veggies and herbs to start growing in your garden in Australia:

Vegetables:

• Tomatoes – they are great to grow because they easy. They just need access to sunlight and a support to grow on. To protect them from pests, grow basil next to it (which is also easy to grow).
• Cucumbers – another amazing vegetable to start with. They like sunlight, warm temperatures and need a support for climbing. With regular watering, they will grow like weeds!
• Carrots – carrots are simple to grow, but it may be difficult to produce beautiful long ones unless you have a good soil that isn’t too rocky. They grow best in raised beds and grow best in an area with plenty of sunlight.
• Radishes – they are super easy to grow and only take 20 days to reach full size. Growing them from seed is easy too, they just need regular watering. The great thing about radishes is that you can sow seeds and grow them all year round.
• Green beans – one the best homes grown vegetables, because there are heaps of different varieties to choose from. They are a great source of protein to add to your meals. You can find bean types that are vines or small bushes that support themselves.
• Zucchini – these are one of the best vegetables you can grow because they grow so well – especially in a warm climate. The other great thing is that they grow easily from seed. They just need to be grown in soil with good moisture.

Herbs:

The great thing about planting herbs is that they each possess their own medicinal properties. They also help to make your food taste amazing and can have a variety of positive effects on your physical health.

• Basil – it’s a great herb to start growing in your garden since it so versatile. You can use it in virtually any meal. In salads, pastas, soups and you can also make a great pesto out of it.
• Chives – herbs that taste slightly like onion. They are also a great addition to any meal. Some foods that chives pair well with are potatoes, fish and salads.
• Coriander – this is a great herb to grow in your home garden, especially if you live in a warmer climate. Coriander is easy to grow from seed.
• Dill – otherwise known as Dilweed, this herb is great to have in your garden. Dill does wonders to flavour foods and are a great addition to fish, soups and potatoes. Some of the medicinal properties of Dill include that it prevents insomnia, helps to manage diabetes, boosts immunity, plus much more.
• Fennel – is another great herb to have when you start growing your own food since its bulb can also be eaten as a vegetable. It has a unique flavour like aniseed, and is a perfect addition to salads. Some of the health benefits of consuming fennel is that it leads to increased bone strength, lower blood pressure and reduces inflammation.
• Mint – this another amazing herb to have growing in your garden. Mint is perfect for brewing into a tea, and can be made into mint sauce, or can be a great addition to deserts or fruit salads. Some of the medical properties of mint is that it helps with digestion. It helps with indigestion and gas, gastric ulcers and is also great for oral health.
• Parsley – is another great herb to have growing in your home garden since it’s an amazing addition to your cooking. Some of the health benefits of parsley is that it has anti-inflammatory properties, it strengthens the immune system and has anti carcinogenic properties.
• Sage – leaves have a very strong flavour which make it a great addition to any dish. Sage grows best when it has a lot of access to sunlight. Sage can also be dried and preserved to use later.
• Thyme – another easy herb to grow in your garden is thyme. This is a great herb to add to soups and roasts. Thyme is best grown from cuttings, since it is difficult to grow them from seed. Alternatively, you could plant them from starter plants that you get from the garden store.

What are the benefits of having a food garden?

There are many benefits of growing your own food. So here we’ve outline them for you so you can decide for yourself if starting your own food garden is something you would like to do:

Improve your overall health

one of the obvious facts of growing your own food is that you will improve your health as well as your family. It means you will be accessing vital nutrients and minerals that will have a positive impact your body. Not to mention the physical benefits. Growing your own food requires physical labour which is good exercise. Plus, it means you get outside and in the sun, which is always beneficial to your health.

Save money

while it does take a bit of time to start saving money from your food garden, eventually your groceries expenses will shrink as you begin harvesting your own food. If you start growing pumpkins and other starchy vegetables you can store them and use throughout the winter months.

Lower your carbon footprint

growing your own food is not only beneficial to you but it also benefits the whole planet. When you take responsibility for growing your own food in sustainable gardens. When you don’t use pesticides or herbicides you are saving the earth from the damages of chemical pollution.

Eat food that tastes amazing

The fresher the food the better it tastes. So, if you are growing your own food, the time it takes to get from the garden to your plate is only very short and means it will taste better. Studies show that organic vegetables tastes better than generically farmed vegetables since the synthetic fertilisers compromise the taste.

You take control of your own food security

when you grow your own food, you are taking food security into your own hands. The global market place means that food prices can fluctuate at a moment’s notice meaning you are not in control when prices sky-rocket for some reason. When you take control of growing your own food you are not leaving yourself at the mercy of the food market. You provide your own food.

Learn about nature

growing your own food gives you an opportunity to be in touch with nature. While you are reaping the rewards in terms of health benefits you are also giving yourself the opportunity to learn about nature, specifically about growing food. The whole process of growing your own vegetables is a hands-on learning experience.

What are the disadvantages about growing your own food?

While there are many benefits that can be enjoyed from growing your own food, there are some drawbacks:

Takes time

unfortunately it’s not possible to create a successful food garden without spending a decent amount of time working on it. You need to consistently tend to your garden and make sure every plant has what it needs. In addition, it does take time before you will be able to be fully self-sufficient with your vegetables.

Start-up costs

while you can save money from growing your own food, there are some costs involved with starting your own food garden. You need to buy soil, seeds, starter plants, pots, gardening tools and perhaps a compost bin.

Holiday costs

if you go away on holiday you may also need to pay someone to look after your garden while you’re away, particularly if you are gone for long periods of time. If you don’t pay someone to tend to your garden could start dying which be a waste of your hard work and energy.

Nevertheless, the overall benefits of growing your own food a so great, its likely to outweigh those few disadvantages. Though, if you would like to start you own vegetable garden and need help with the start-costs you could consider getting a small personal loan. At We Find Loans we can help you to find one that’s right for you http://35.201.15.107/