Keeping Out of DebtExit

Thanks to the UK Brexit (and now COVID) our financial futures seem more uncertain than ever before. In these uncertain times, with rising costs, falling wages, the risk of job losses and a risky stock market affecting our pensions. I believe that clearing your debt and having an emergency fund should become a priority for all families.

When we come out of the EU I think it will hit hard, therefore instead of Brexit we should be working towards our own personal #DebtExit. Here are a few steps we can take to increase our financial security:

Create a Tighter Budget

Focus on creating a budget that spends less and puts the money into any debt you have. If you don't have a workable budget, one that is overspending then I suggest you review What Could You Cut From Your Budget?

If you keep regularly breaking your budget then eventually you'll go bust and need a bailout like the banks did. Unfortunately you are not a bank and the taxpayer isn't going to your cover your expenses should you personal finances collapse because you haven't secured any fresh income from new trade deals.

Brexit may be a haul long that damages the UK economy so it's more important than ever to live within your means and avoid any accumulating any new debts. Reduce your budget and limit your spending.

Build an Emergency Fund

This maybe the worst time ever to build up more debt. My advice is to stay away from using credit and start saving for a rainy day.

With Brexit looming I strongly suggest you build an emergency fund if you don't already have one. Should a crisis hit then a three to six month emergency fund of expenses will help you ride the financial storm if the economy is heavy impacted with a hard Brexit. With an emergency fund it will make sure the essential bills are paid in the event of job loss, sickness or a nasty surprise.

UK inflation has already increased, food, clothes and interest costs are rising so be prepared. With the threat of no customs union in place EU imported goods and holidays to the EU are also likely to jump up in price which will influence higher living costs.

Boost Your Income

Could you generate more income from selling on eBay, Blogging, affiliate marketing or making money from a hobby? Not everybody can or wants to get a second job yet generating more income will help you pay off debt and save up faster. Earning your way out of debt and money struggle offers an opportunity to grow your income for cash strapped households.

Think My DebtExit Plan Is A Good Idea?

I confess that I genuinely fear for the UK economy, our pensions, peoples jobs and public services after Brexit. I believe that Brexit isn't a smart move at this time.

Do you agree or do you think that leaving the EU will bring peace and prosperity? Will Brexit work for all of us or just the select few? Comment below or use Twitter hashtag #DebtExit to let me know what you think?