Put Yourself on a Spending Freeze
Feeling overwhelmed with your debt? There’s something you can do to start taking back control. Put yourself on a spending freeze.
A spending freeze is a period of time in which someone stops any discretionary spending, often for one or two weeks. Spending freezes are used worldwide to educate people about their spending, and to help them get out of debt. To put yourself on a spending freeze is simple and gives you a close-up look at your finances. You will be able to see where your money is going, and where you can realistically cut back.
In this All4Women article Wikus Olivier, debt counsellor at DebtSafe, takes us through the steps of setting up a spending freeze. Although this isn’t a long-term solution to managing debt it will provide a good opportunity to learn how to cut back on non-essential spending.