Away from debt – into happiness!

At least that's how we and many others feel too. You too?
You know the situation, the beginning of the month is just a few days ago, but your account would ideally need the next salary again. Credit card is maxed out, possibly second as well. Often the debt you accumulate is consumer debt.

You don't treat yourself to anything else and want to reward yourself for all your hard work. The classic, debts on the current account, the overdraft with a nasty interest rate, and the maxed out limit on the credit card are sometime a permanent condition. The quick installment loan for the new car, paypal pay later and much more tempt us and bring one into the debt trap. Sometimes also liabilities with friends or family. Out of charm you do not dare to talk to them and even lonely. Because nothing more is possible, the situation seems to be irreversible. One reminder after the other flutters in the house. Often one is downright desperate. We know people who have taken their own lives because of their debts. But you are not alone, we help you! The good news is, there's a plan to reduce debt.

get out of debt

But first completely from the beginning, how debts arise?

They arise when the expenses are in unfavorable relation to the income. So more is spent than is taken in.

Here's how to do it:

  • Take stock
    use an excel spreadsheet to keep track of all your income and expenses. You can request our special max salary table from us.
  • Get an overview
    it is mega important to keep an eye on everything. If you have several accounts, list them. Everything must be on the table, even if it hurts!
  • Keep a budget book
    at the risk of sounding old school, it's totally important to always keep track of where your money is going and how much is being spent on what. There are several apps and tools that can help you do this. But the best tool is useless if it is not used ;-). The important thing is to do it NOW!

All written down, what now?

There are now two options at this point. First, reduce expenses. Secondly increase income. We have collected some ideas for you, how you can come to more income.

Please look at these at your leisure. Maybe there is something for you. You can also combine both. This is how I got out of debt. Increase income and reduce expenses. With this it goes even faster promised!

Close your eyes and go through?

Not here, don't close your eyes to your debts. Look at what got you into this situation and what to avoid.

Salary negotiation tips

Effectively reduce expenses

Here we list you options that we think are the most effective to reduce expenses.

  • Avoid overdue fines
    pay your bills on time and don't take out a new loan to do so.
  • Reconsider purchase decision
    before you buy something, consider whether you really need it and how long the purchase decision will make you happy. Most "happy-maker" decisions don't last long and the next "happy-maker" has to be made, which starts a new vicious circle.
  • Reduce living costs
    50-75% of the income is used for living expenses. This article might interest you. Start comparing your providers to save extra here. Certainly a few nice euros come together.
  • Frugalism, the radical way!
    Frugalism can get you to financial independence quickly through radical saving, but also investing with foresight.
  • Installment loan
    if you have built up debts in several places, it makes sense to pay off the overdraft, credit card debts and other debts by means of an installment loan. Here you have in the best case a significantly lower interest rate and only one item to pay off monthly. So you keep everything better in the overview and see the mountain melt faster, as if many small mountains must be reduced. Click here for a comparison – installment loan*.
  • *link to our advertising partner credimaxx
  • Practical tips for everyday life
    prepare your food at home and take it with you, also the coffee to go! Going to the bakery costs a lot of money.
    A small calculation example: 2 times in the week to the baker for about 5 € what small buy (z. B. Latte macchiato and a croissant) are 40 € per month and around 500€ per year!
  • Cash is real!
    My grandfather used to say. There is a lot of truth to it! So you feel better when the wallet is empty. With the EC card you do not see when swiping, how much is still remaining.
  • The envelope method
    with your budget book you have an overview of what you need and how much money you need in a month. Pay all expenses that are not booked by standing order or direct debit from your account in cash! So you train your feeling for money and see how much is available to you in the month for what. For example, take 4 envelopes and write on them: food & hygiene, fuel, leisure, clothing. Adapt the envelopes to your needs.
  • Special repayment
    if there is something left over at the end of the month, take this money and make a special repayment. This way you will reach financial freedom faster.

In sum, all this serves you to get to your goal. Become debt free. After all debts have been paid off, it would be great to have financial freedom now? At this point, our recommendation to look at the topics of other sources of income and investing. Not only the here and now is important, but also how you are financially positioned in the future. Because no one but YOU should care about your finances!