The amount of Suryadi’s debt bills is equivalent to a debt ratio of 47%. This means that the debt has exceeded the ideal portion of 30% of a month’s income. If calculated, Suryadi’s debt threshold in accordance with his salary of USD.4 million is USD1.2 million.
Such conditions are of course very disturbing Suryadi’s finances. No wonder if he had to work hard again looking for additional income as an online motorcycle taxi. Not to mention paying rent for rent, food and daily transportation costs, buying milk and children’s school fees, and others.
Already Have Lots of Debt, The Solution?
One debt has not been completed but has another debt. This is the term to dig holes continuously. To pay debts there or not, later. The important thing is complete household furniture, good, new too. Not losing to the next-door neighbor.
According to the Financial Planner from the Education Planning Partner (MRE), if the debt has exceeded the 30% limit of income per month, then steps to manage finances so that it is not chaotic, include:
1. Cut spending on roads
Re-combing the shopping budget for a month. Cut spending that is not too important or can still be postponed. The first time you need to do is reduce leisure shopping (pleasure).
“If the salary must be used to pay more debt, press the budget fun, like traveling, hanging out, watching movies in theaters,” suggested Andy when contacted by Fine Bank, recently.
2. Bring lunch
Another way to save expenses is to cook and bring lunch to the office. It’s more economical than buying at a food stall. Especially for those who have a hobby snack at a restaurant every lunch. If you cook rice and side dishes at home, you can eat three meals a day.
3. Look for additional income
If you have reviewed the finances and there are no more expenses that can be pressed budget, you must work side, looking for additional income. Of course to be able to pay credit bills and meet basic daily needs.
Without additional money, you will stagger. If the liquidity problem is interrupted, in the end, you dig a new hole, to close the old hole.
Dig a Hole Continue, Wise?
It’s not impossible to own it. But you must be able to measure your financial capabilities. Do not just because there is a 0% installment credit card promo or mild DP, immediately tempted. Without realizing it, you have accumulated debt. When checking the finances, the peg is bigger than the pole.
Andy suggested, for those of you who already have debt obligations, then want to owe more, you should consider the following things:
1. Check the debt ratio
Andy said, if the old debt hasn’t finished yet, but want to take new debt better before that, first calculate the percentage of debt that you have to pay to date. Remember, a debt safe limit of up to 30% of income per month. More than that portion, worry that you are too consumptive, and the salary will run out just to pay debt installments only. While the main needs are neglected.
“Suppose you have an obligation and want to add more debt, first make sure the total amount of the old debt installments and new debt is not more than 30% of income. If it is more than this number, and the need (taking new debt to buy something) can be postponed and not urgent, you should not need to owe it first, “he explained.
2. Think again it’s important not to owe to buy an item
Furthermore, Andy admitted, it must be able to measure whether the items you want to buy with debt are important or not. Moreover, because it was only part of it, it could be said to be cool, or just prestige. Your fall is consumptive. Using debt for something that is not productive.
“See actually important or the necessity of the goods owned. If it’s only luxurious debt, personal pleasure, not urgent, it becomes a problem. This means you are consumptive. Better not need debt, “he concluded.
How can you pay off your debt?
Debt using a credit card or applying for a loan, such as Unsecured Loans, Multipurpose Loans is actually fine. Provided for something productive, for example buying a house, motorized vehicle to work, opening a business, or buying the necessary needs. Not just follow the desire that is consumptive. Be a smart society that is wise in debt.