Track Your Spending: The First Battle in the War on Debt

According to The Money Charity, the average UK household is in £60,363 of debt. With millions of job losses expected due to the fall out from the coronavirus pandemic, that figure is set to rise. It could spell disaster for those who are already struggling to manage their finances. 

For anyone who has experienced debt, it can be truly crippling. Trying to make repayments while keeping up with your other expenses is tough. If you’re still not in control of your spending or on a low income, it can feel impossible to make progress. But, no matter how bad things are, it’s time to drag your head out of the sand. Here’s what you need to do to tackle the first battle in the war of debt. 

Know Where You Stand

Many people know they are in debt, but not always how much or how long it will take them to repay everything. If you don’t know the facts, then you don’t know what you’re dealing with. So take the bull by the horns and get all the information in front of you. Contract creditors if you have to, just make sure you know where you stand. Check those interest and repayment rates. Once you know how much you owe and what your repayments are, you then need to set a budget to ensure everything will be paid back on time. If you can’t make the repayments then things will only get worse. 

Hold Yourself Accountable

One of the biggest challenges in the war on debt is in fact, not paying the money back but actually holding yourself accountable for having it in the first place. After all, if things are to change, then at some point you need to sit down and work out where it all went wrong. No, you can’t go back and do things differently.

But equally, you don’t want to carry on as you are either. Be honest with yourself, and question what was the cause of your debt. For example, emotional spending or living beyond your means. If the reason still isn’t under control, then it’s worth seeking help and advice to change your ways. 

Don’t Put Debt On The Back-burner 

With debt, there’s often a minimum repayment option. The problem is, that’s allowing yourself to take things easy when what you should be doing is everything you can to get rid of this literal weight that is following you everywhere. The thing that’s ruining your credit score and chances of financial freedom.

So try and pay back as much as you possibly can each month. Even that means taking up a side hustle or a second job. Yes, it’s a lot more effort in the short term, but in the long term when you pay off your debt much quicker than expected, you’ll seriously thank yourself. 


When it comes to all things money and finance the top can seem dull on the surface. Yet all of us crave that carefree lifestyle than comes with a higher income. Spoiler alert: You’re probably never going to win the lottery either. Instead what you can do (for free!) begin to educate yourself about money and more to the point, how to make it.

Read books, watch interviews of successful people but most of all implement their advice. Learn about savings, investments, side hustles… basically, anything involving finance. Don’t be afraid of educating yourself about money, embrace it, and let it change your circumstances for the better.