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There are lots of people living in Scotland who find themselves in debt for many reasons and each individual story will be different.

Whether it’s losing a job, the end of a relationship, forgetting that credit cards spending sprees need to be paid back … the potential sources of financial stress are endless.

Once the situation has become too difficult and serious to avoid any longer a debtor will, hopefully, take control.

Debt support from companies such as Scotland’s Trust Deed

They will seek financial advice, look for debt support from companies such as Scotland’s Trust Deed and will help themselves with a carefully negotiated repayment plan based on what they can afford.

If you recognise yourself in this scenario, the key to soon becoming debt free and without financial stress is what you do from now on.

It’s tempting to relax and enjoy the freedom from imminent disaster that your Scottish Trust Deed, Debt Arrangement Scheme or Debt Management Plan has given you.

Now is, in fact, the time to focus on keeping up with the legally binding payments you agreed to and reassess your attitude to money.

How to stick to a budget and overcome debts

We’ve put together a collection of helpful tips and advice about how to stick to a budget and overcome debts:

  • Think in terms of want and need. Do you really need that new top of the range TV? Just because your neighbour has one doesn’t mean you have to swap your existing television that works perfectly and is a barely year-old model. The retailers and manufacturers want to ensnare us in a technology upgrade cycle to make them money. Break free.
  • Don’t tolerate waste. Shop carefully and plan your meals ahead. That way you won’t waste money on food that will go off before you eat it. Maybe do smaller shops as you need items rather than one big, splash the cash, shop once a week. You will inevitably have to nip back to the supermarket for milk and other essentials so it won’t be as much as an inconvenience as you anticipate.
  • Use cash. Take out the amount you can afford to spend each week and don’t use your bank card. Cash feels like ‘real money’ whereas debit card spending somehow doesn’t. Watching the amount of paper money and coins dwindle as you purchase really focuses the mind on how quickly a budget can be blown.
  • Tempted by something off budget? You are human after all and shiny, new pretty things excite us. Work out how many hours of work it would take to earn enough to buy it. Still worth treating yourself with? If not, walk away. If it still feels like a good idea. Still walk away but tell yourself if you really want it you’ll come back tomorrow. The chances are you won’t be bothered and will most likely have forgotten about that unexpected ‘must have’.
  • Take a homemade lunch and flask of coffee to work. You will save a surprisingly huge amount of money over the course of a year. Avoiding a lunch time dash to the shops will allow you to swerve any purchases of things other than the food you’re about to eat. Going this will also benefit your health by reducing the amount of sugar and salt heavy processed, packaged foods you eat.

Scottish debt advisors who will help negotiate

You’ve taken responsibility for yourself and your finances and will have worked hard with Scottish debt advisors who will help negotiate yourself into the position of heading out of debt. Don’t waste those efforts. Really think about how and what you spend and make sure your future is debt free.

For more help and information about how to achieve a debt-free life then contact the team of experienced debt advisors at Scotland’s Trust Deed who will offer impartial help and guidance.