Four tips that can help you manage your debts wisely

Everyone who has a bit of debt must learn to manage it wisely, even if you just have a little debt, you have to keep yourself up with the payment schedules and make sure that it does not get out of your control.

While you borrowed for a large amount of money, you should put more effort into paying off your debt while juggling all the payments that come with it.

However, there are still a lot of people who have problems in managing their debts and most of the time, this is the reason why they often fall short with their financial plans.

With that being said, it is important to learn in managing it wisely so that you can successfully pay the full amount of your loan in the designated timeline that you have agreed on with the lender.

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  • Determine which and how much you owe– You should list down all your debts including the creditor and the total amount of your debt, your monthly payment as well and the due dates of the debts. You can utilize your credit report in confirming the debts on your list while having all the debts in front of you can allow you to see it clearly and be more aware of your complete debt list. You should not just create a list and forget about it after, you should refer to your debt list regularly, especially as you pay the bills and update your list every month as the number of your debt changes according to the payments you did.
  • Pay your bills on Time– You are well aware of the charges for paying late every month for your debts and it would be harder to pay it all off since you are required to pay for the late fee for every payment cycle that you missed. If you are using a calendar system from either your phone or computer, you should enter your payments there and set an alarm or alert to remind you days ahead of the due date of the scheduled payment. If you miss a payment, do not wait until the next due date in sending your payment, because by then it could be reported to a credit bureau which can affect your credit score badly.
  • Make a monthly bill payment calendar– You can use a bill payment calendar which can help you in figuring out which bills that you have to pay with which paycheck you have. On your calendar, write each bill’s payment amount next to its due date, then you can fill in the date of each paycheck. If you are able to get paid on the same days each month just like the usual dates of your paydays which are the first and the 15th days of the month, you can also use the same calendar from a month to month basis.
  • Create at least the minimum payment– If you cannot afford in paying anything more, at least make the minimum payment for your debts, and of course, the minimum payment will not help you in creating progress in paying off your debts, however, it keeps your debt from growing and keeping your account in good standing, just like when you miss the payment dates, it will be difficult for you to catch up and eventually your accounts could go into a default.


Being a responsible debtor does not mean how much money that you have borrowed, it is all about honoring what you agreed with the lender because after all if you do not manage your debts wisely, it is you who will suffer in the end.