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Managing Your Debt Better

September 9th, 2013 -

We are told that there are plenty of resources available to tackle money management, especially getting out of debt. In a Herald article, Diana Clement listed some of the organisations that can help people to start sorting out your finances and that article can be found at tinyurl.com/HeraldMoneyWeek.

There are hundreds of local and international websites with personal finance resources ranging from lessons and games for children through to complex retirement planning and stock market investing tools.

It’s all very confusing and we are going to take an opposite view on this issue. We don’t think the online tools are more than a casual attempt to make things easy for you so that you can pretend you’ve done something. If you are serious about improving your financial position, then you need to think about it in the same terms as you would getting fit or losing weight. The best results always come from having a personal trainer or being involved in group activities like Weight Watchers where you have to put your goals and weekly weight out in the open for everyone to measure you against.

In financial management terms, the online stuff is done in the dead of night in your own lounge or bedroom where no one sees what you’re up to. You would succeed much better with the personal touch. A person who tells you like it is and doesn’t accept your excuses. The person will challenge your answers which online questions don’t. Whether it’s contacting a Credit Union, bank or budget adviser, there are lots of specialist opportunities available – even if you’re not that good with English or maths.  And the other secret in our view, is to make the approach before you’re in real trouble with your debts or lack of savings (if you have a specific goal). Too many people leave it too late and only try to do something when the repo agents are knocking on the door or they still don’t have a deposit on a house when the landlord upps the rent.

If you’re serious about managing your debt, do something about it NOW!

Contact your local NZCU. We are here to help.


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