Can I Work As An Uber With A Financed Car Reduce Over-Indebtedness

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Reduce Over-Indebtedness

There could be many reasons that can cause a person to be over-indebted like:

• Wasteful Expenditure

• Spending a large amount of money

• Over-commitment

Effects of over-indebtedness on a person:-

Over-indebtedness not only cause financial loss but also affects physical as well as mental health.

• Physical effects:-

An over-indebted person starts ignoring his health due to stress. He does not eat sufficiently. So the person can become either obese by over-eating or weak due to loss of appetite resulting in sickness in both the cases. He will also not be able to pay attention towards his work and can even be fired from his job. There are also some people who overwork to earn more money thus leading to poor health.

• Mental effects:-

According to some researchers, over-indebtedness is the major cause of mental illness. An over-indebted consumer may become a victim of depression due to fear of losing his valuable assets and developing poor relations with his family members, colleagues or boss. Negative thoughts start entering his mind and he can even commit suicide due to defamation or feeling of guilt for not fulfilling the responsibilities of his family. Some people also begin to consume alcohols, drugs etc to overcome the stress.

How to create a suitable budget?

It is the most important step to determine your financial condition. The steps for creating a budget are:-

• Calculation of both types of monthly expenses i.e. variable and non-variable. The variable expenses includes gas, groceries etc whereas invariable are student loans, vehicle insurance payments etc.

• Figuring out your average monthly income and then subtracting your expenses from it. This way, you will come to know how much money is spent by you in the last few months.

• The final step is to follow budgeting rule i.e. 50/30/20 rule. As per this rule, you should spend:

1. 50 percent of your income on your necessities like utilities, credit card payments etc.

2. 30 percent on your enjoyment factors like entertainment, shopping etc.

3. 20 percent towards debt and savings.

4. Do not use a credit card to cover shortfalls.

Financial wellness tips:-

1. Pay your high interest debt First: –

It is one of the best tips that can reduce the risk of over-indebtedness to a great extent. You should try to pay off your cash loans with high interest as soon as possible. You can also do payments online on a monthly basis by using online banking.

2. Cutting your expenses on luxurious things:-

You should spend money according to your financial status. You should not spend too much money on luxurious items like expensive mobile phones, automobiles, decorative items, electronic items such as LED TVs, air conditioners etc. The purchasing of high-priced jewelry and accessories must be avoided. If you can do shopping according to your basic needs, then you can easily save money.

3. Future planning:-

You must secure your future so that the worst situation can be handled with ease. You should also start thinking about your retirement plan whether you are young or middle-aged person. Saving money in an emergency fund can be of great use as it will help you at the time of emergency like in the case of an accident injury, financial loss etc. This fund should be kept separately from your regular saving account so that it cannot be easily accessed by you. Your goal should be to save 6 month’s salary in this fund. Use scheduled payments or stop orders to easily save money into this fund.

4. Reducing utility bills:-

Most of the household expenses come from the utility bills. You must find some ways so that these bills can be reduced. The electricity bill can be lowered by using compact fluorescent light bulbs or LED bulbs and installing the programmable thermostat or power strips when you go out of your home. If you are not using electrical devices then you should unplug them. You can also minimize your water bill by avoiding wastage of water.

5. Using public transportation:-

A lot of money can be saved on fuel price, car payment, maintenance etc by using public transportation. As public transportation is affordable, it can be conveniently used by everyone. They also reduce traffic congestion in addition to fuel. If you want a car urgently to go somewhere then you can utilize rideshare services like Uber. Carpooling is also a great idea to lower the cost of automobiles.

6. Cutting insurance bills: –

Look for car insurance that is lowered every month instead of being increased yearly due to inflation rates. Even though the value of your car depreciates many insurers will increase your insurance on a yearly basis. Get quotations on a yearly basis, and if your current insurer cannot beat the competition then it is time to move on. Retention/Cancellation Departments are authorized to give hefty discounts in order to keep a consumer that wants to terminate their policy.

7. Investments and Retirement

Start saving for your retirement early in life. Use an online calculator to see if your payments are sufficient to reach your goal for retirement. Retirement annuity can help you save on tax every year. Review your investments annually. Try to diversify so that you do not place all your eggs in one basket.

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