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Like many people, if you’ve spent more than you should with gifts and parties at the end of the year and started 2012 in the red, it’s time to take a deep breath and take charge to organise your finances to a healthy position this year.

Avoiding over-indebtedness is having control over your money. This involves two paths: firstly you can increase income, for example, a pay rise or change of employment or other activity that ensures an extra income. Secondly you can evaluate monthly expenditures and sort expenses into essential or non-essential.

Organising your spending is not always an easy task. It requires discipline and monitoring. There are many tools available that can help you such as worksheets, and computer software. Simple hint: take a 12-month calendar, and begin to record all events that will happen, such as birthdays and anniversaries (e.g. Mother’s Day), in addition to current expenditure and also installments already incurred.

Putting everything on paper makes it much easier to gauge exactly how much you earn and how much you spend.

If you are a fair amount in debt you need to list all fixed bills and the delayed ones. Try to renegotiate your debts and also assess the need to change a bad debt for a better one. For example, if you are in debt with your credit card or account overdraft, opt for a more suitable line of credit with lower interest rates. Overdraft is a product intended only for emergency situations and should be used for a very short period of time.

It’s not good just paying the bills. A person who is in debt needs to cut unnecessary expenses to balance their budget. In this case, you must observe even small expenditures, such as eating out or having coffee out every day. It is important to realize that small expenses can generate a large expense at the end of the month.

If your budget is deep in the red and you see no way out ahead, the option may be to take a line of credit. Another option is the Gold Smart Way…

Who wants to have a bad credit score and not enjoy the occasional treat? Getting high-interest loans (especially from loan sharks) can make matters worse. In other words, acquire more debt to pay debt? It doesn’t sound very smart.

Don’t be stuck on the trap. If you have any unwanted gold or silver jewellery/items, today might be the day to bring it to us. You will be pleasantly surprised with our service quality, friendly staff and most important of all, our prices. Call now to make an appointment. You will be glad you did.

P.S. please download our free gold buyers guide to selling gold.