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Tips On Making Sure You Ain’t Drowning In Debt In These Hard Times

Guys, just a few more months to the end of the year. Can you believe it?

Mimi I have mixed feelings about the year. I feel like it’s been long but also really short. It’s like I blinked in January and when I opened my eyes it was September. How now? Anyway, all in all, nashukuru man, but I’m defo not oblivious to all that’s going on.

Wueh, it has been a tough one for all of us in one way or another. Kama bado uko job count yourself lucky. Na kama uko nje or you’re looking, manze usigive up.

Leo I wanna talk to ya’ll about debt. Mko kama mimi, yaani huwa mnashikwa na stress whenever you think of the deni’s in your life. Ah, there’s nothing I hate more than that but it’s the cycle of your financial life. Lazima you borrow sometimes… responsibly. Lakini let’s face it kuna matime things get out of hand. Deni zikianza ku pile up and you keep borrowing to repay other loans jua kuna shida. So, what are some things you can do in these crazy times to make sure your debts won’t be the death of you (pun intended woiye)? Peep these tips:

  1. Prioritize

Kaa chini, make a list of all he deni’s you have, with the most important being top of your list. So if you have a mortgage, that should be number one. Kuna venye you may have other debts that lenders are willing to compromise so you can work out a way on how to pay these without sooo much pressure.

  1. Put your investments on hold

Tricky, yes, but when you’re strapped on cash, this might be your best bet. Instead use those extra chums to offset some of your debts pole pole then you can get back to investing when things aren’t so tight.

  1. Contact your creditors

A lot of us are guilty of going MIA when we know we owe someone. However, instead of doing this, communicate with your creditors to find out what options they may have for delays in payments and the like. Finding out if your bank is offering breaks on payments can save you mob grief and give you some time to jipanga.

  1. Cut back

Now, there are some things you are probably paying for that are luxuries, kama that telly subscription nini nini, and these are things you can live without. Kuteseka ni kwa muda msee so don’t worry. Those extra thaos can come a long way in sorting out some of your debts.

Also, guys, don’t beat yourself up too much over this. Take it one step at a time as you borrow and spend wisely. These are not normal times but we shall overcome, sio?

Over & Out,

The Witty Banker.

Sep 03, 2020 Trending

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