Debt Management Tips From 4 Pillars

At 4 Pillars Debt Consultants, we provide services to individuals and couples of all ages and in all different types of financial situations. As a highly respected debt consulting service, our goal is to assist our clients to address their current debt situation, as well as to provide them with education, support, and strategies to live a financially healthy life moving forward.

Learning how to manage debt and how to effectively control spending is something that most people find as a very significant advantage in working with the professional debt consultants at 4 Pillars. As some basic advice, here are 4 tips anyone can use to more effectively manage their finances.

Avoid Buying Based on Potential Income

A common issue for many individuals and couples is to make a large purchase, such as a home or new vehicles, assuming a promotion, raise, or a job offer is just on the horizon. This can create a problem if it does not occur, and it can be difficult to undo these types of purchases. This is often one of the issues that bring people to 4 Pillars for debt consulting services.

Instead, wait to make these large purchased based on the reality of your income and your financial situation. This may mean putting off a large purchase, but it’s a strategy that also prevents the possibility of increasing debt.

Save for Emergencies

It can be difficult when in debt to find additional funds to start an emergency savings account. However, even $25 a week can add up quickly, and it takes less than a year to save up a thousand dollars.

Ideally, try to build up an emergency saving account for three months of living. This is a long term goal, but it builds in protection and prevents people from having to use high-interest credit cards if there is an emergency, loss of employment, or another type of an unforeseen event.

If you are concerned about your debt and want to talk to one of our debt consultants, call us today at 866-690-3328 or contact us online.