Assets Review
- Do you own items that are not essential? Luxury goods?
Wouldn't your interests be best served to sell them to
reduce or eliminate your debts?
- Similarly, if you are holding investments, it might be
appropriate to encash all or some of them to clear
borrowing. It depends on your particular circumstances.
- Any items of value such as works of art or collectables
could be sold to raise money to reduce borrowing.
- Is your household running more than one car? Outgoings
can be reduced by using a single vehicle, and cash from the
sale of a second car can go towards debt reduction.
- Do you have leisure vehicles such as trail bikes or a
caravan? Or a boat perhaps? If you are in debt can you
really afford to run them? Obviously not. Sell them
off.
- Do you have any domestic or leisure equipment that
could be sold? It is easy and free to set up an account
with eBay the huge online auction house, and you can
arrange the sale of unwanted items easily and quickly from
the comfort of your home.
- I've already mentioned this, but if you have cash
savings, consider this. The interest you are earning on
your savings will be less than the interest you are paying
on your debts. It makes sense, therefore, to clear debt
before attempting to accumulate cash.
Income Review
Liabilities Review
Expenses
Review
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