'Honesty is important' in financial appraisals
Approaching your personal finance situation with honesty is the best way of avoiding trouble with debt, it has been claimed.
Debt advice firm Debt Free Direct has stated that, to avoid needing help with money, consumers should be clear and honest about how and on what they spend money.
Derek Oakley, insolvency director at the firm, advises that a wide range of resources are available to help with finance appraisals.
"The first thing to do is to recognise that you have a problem and the second thing to do is to measure the size of that problem," he states.
Mr Oakley adds that splitting items into what must be spent - for instance on rent and utility bills - and luxuries such as going out and gym memberships can help to identify where savings can be made.
He added that other areas qualify as 'discretionary spending', with costs such as food being variable depending on purchase decisions.
Meanwhile, money news from the Telegraph reveals that the British public is set to overspend by almost £5 billion this year.
Debt advice firm Debt Free Direct has stated that, to avoid needing help with money, consumers should be clear and honest about how and on what they spend money.
Derek Oakley, insolvency director at the firm, advises that a wide range of resources are available to help with finance appraisals.
"The first thing to do is to recognise that you have a problem and the second thing to do is to measure the size of that problem," he states.
Mr Oakley adds that splitting items into what must be spent - for instance on rent and utility bills - and luxuries such as going out and gym memberships can help to identify where savings can be made.
He added that other areas qualify as 'discretionary spending', with costs such as food being variable depending on purchase decisions.
Meanwhile, money news from the Telegraph reveals that the British public is set to overspend by almost £5 billion this year.
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