What life probably looks like for you right now

Currently savings will be non existent or fast depleting. When you do manage to save, it disappears again soon after. Chances are your finances are even more stressful now than they have ever been.

Your focus right now should be:

If the numbers you entered are correct, too much of your income is required to service debt payments .

Any savings you do manage to put aside are short-term and will always be needed to help you survive.

It is important you look for ways to reduce the amount of your income going to this area.

This could be but selling unused items to pay off debts so you have no more ongoing payments.

Depending on your situation consolidating debts might be helpful but keep in mind this means you will stay in debt a lot longer so seek professional advice and get the numbers checked by a third party (not the person you consolidating the debts with) to make sure it is the best step for you to take.

Alternatively look at whatever opportunities you might have to increase your income even if it is a short-term option that helps you clear some of your current debt commitments.

Maybe you are able to take in a short-term boarder or have a skill you can use to make some extra money.

Where do you start?

Talk to your advisor, financial mentor or other professional to understand your options.

It is important to get some professional advice and not just follow some life hack you heard on social media or read about. Whatever steps you take to get on top of your finances you will need a clear plan of action and this is where a professional advisor can help.

Need help? Contact a Money Mentor here

*Disclaimer: Above information is indicative only and is calculated based on your entries therefore may not be entirely accurate. To ensure accuracy a complete and comprehensive budget should be completed.