10 Tips How to start 2024 DEBT FREE in UK

As we step into 2024, let’s make it the year you liberate yourself from the shackles of debt—both financially and mentally. This blog unveils 10 straightforward steps to guide you on the path to financial freedom in the UK. Plus, discover an exclusive, actionable step-by-step guide available only in our program. Let’s not just overcome debt but also pave the way for a brighter, debt-free future.

Nr. 1 - Face the Numbers

Table of Contents

“The first step in solving any problem is recognizing there is one.” – Albert EinsteinConfront your financial reality. List your debts, their interest rates, and minimum payments. Knowing the numbers is the foundation for effective debt management.

Nr. 2 - Create a Realistic Budget

“A budget is telling your money where to go instead of wondering where it went.” – Dave RamseyCraft a budget that prioritizes debt repayment. Allocate a portion of your income to tackle debts systematically while covering essential expenses.

Nr. 3 - Utilize Experian Boost to Improve Credit Score

“Your credit score is a reflection of your financial health.” – Suze Orman Boost your credit score with Experian Boost. Link your utility and telecom bills to your credit report to showcase positive payment history.

Nr. 4 - Optimize Credit Card Usage

“Credit cards are like fire. Handle them right, and they’re a useful tool. Mishandle, and they can consume you.” – Mr. Money Mustache Prioritize paying off high-interest credit cards. Use low-interest or zero-interest balance transfer cards strategically to save on interest. Check Top rewards credit cards and use them wisely plus get bonus and perks by doing that

Nr. 5 - Strategically Manage Bank Accounts

“Your financial wellness starts with choosing the right financial institution.” – Unknown

Explore banking options that offer perks like cashback or rewards. Consider switching banks if better deals are available, boosting your overall financial health. Remember not to close your oldest bank account – this will help with your credit score and future lendings/borrowings. Create a “burning” account; it is an additional bank account that you are going to use for switching deals.

Nr. 6 - Trim Unnecessary Subscriptions

“Simplify, then add lightness.” – Colin Chapman Evaluate subscriptions; cancel unnecessary ones and opt for more cost-effective alternatives. The savings can be redirected towards debt repayment. Summarize all you outgoing and think twice if your Netflix-like subscriptions are really necessary for you.

Nr. 7 - Swap Expensive Subscriptions for Cashback

“Saving money isn’t about being cheap; it’s about being resourceful.” – Unknown

Explore cashback platforms when switching subscriptions. Earn money back on essential services, making the transition both financially savvy and rewarding.

WeShop
Quidco and TopCashBack are among the top cashback apps to use while shopping.

Combine one of them with

Capital One Shopping

to maximize your potential cashback savings.

Nr. 8 - Negotiate Bills for Savings

“Every penny saved is a penny earned.” – Benjamin Franklin Negotiate with service providers for better rates on bills. Savings here can be redirected towards debt payoff. You can even ask your provider to reduce bill or delay bill for later so you have time to get back on your feet.

Nr. 9 - Switch to Cheaper Alternatives

“Frugality is enjoying the virtue of getting good value for every minute of your life.” – Unknown Swap expensive habits with more budget-friendly alternatives. A conscious shift in lifestyle choices can accelerate debt repayment.

Nr. 10 - Embrace the Journey

“The best way to predict the future is to create it.” – Peter Drucker

Unlock the Full Step-by-Step Guide:Discover the actionable step-by-step guide exclusively available in our program. Take the first step towards a debt-free future!

Take the First Step towards Debt-Free Living!