Personal debt management is something that people who are feeling the pinch during the current financial climate should be trying their best to control. Involve the entire family when tackling your various debt problems and financial matters by having regular meetings. Be completely honest about all money matters at the first meeting and lay everything out on the table. From there you can begin to decide on which areas of your life you can save money and get back on the road to financial freedom.
When it comes to your personal debt management decide which of your monthly and other expenses are the most important first. Realise that your needs are much greater and of higher importance than your wants. You need to accept the fact that you are going to have to adjust your living standards for a while until you can get yourself out of the trouble you may be in. Prioritise expenses, car finance, home loan, food bills, electricity and water bills are things that need to be given priority and preference.
Draw up a detailed budget and make sure you know exactly what your expenses are bearing in mind that interest rates and food prices are higher now than they were this time last year. Keep receipts in a drawer or somewhere safe so that you can keep tabs on exactly how much money you are spending every month. Look at your car finance costs, home loan costs and bank statements so that you can see clearly how much money is coming in at the moment and how much is being spent. Look for areas that you can cut out costs that the family can now do with out temporarily while you are getting your finances back to normal. The whole family must agree to the cutting back on unnecessary spending and before long you will be able to have a handle on your personal debt management yourselves.