Money+Wealth

The Elephant in the Room: Let’s Talk About Getting out of Debt

Nov 11

Written By

The Daily Guru Team

Let’s talk about the elephant in the room! Debt!

Debt can be quite easy to sink into while being notoriously difficult to climb out of. However, with the right information and few handy apps, we know you can work off those debts and learn how to manage your money even better!

First of all, let’s take a look at some facts and stats about debt and money misconceptions. Then, you can discover our great list of apps to help you get out of debt, budget better and save money for a rainy day.

 

Fast Facts and Stats About Debt

In Australia

70.19% of Australian adults own a credit card

There are approximately 16.5 million credit cards owned in Australia

The average credit card debt is $3,181

29% of Australian households are classified as “over-indebted”

The most common types of debt include credit card debt, home loans and student loans

The largest contributors to debt include home loans, property loans and investment loans

Australian statistics originally from here and here.

In America

The average American has 3 credit cards

The average credit card is $6,354

There are approximately 1.5 billion credit cards in America

In the first quarter of 2018, 8% of credit card account balances were at least 90 days late

The top two ways consumers are likely to use a credit card include online shopping and online travel

It takes approximately 20 years for the average American to pay off their student loans

People’s peak earning years also tend to be their peak debt years

Including credit cards and student, car and home loans, the average American under the age of 35 owes $67,400, a figure which rises above $100,000 after the age of 35 (then decreases to $66,000 after the age of 65).

American statistics originally from here and here.

WORK WITH DG 44 min

Misconceptions About Debt

Consumers are often more dedicated to paying off larger debts and tend to be more relaxed about smaller debts, such as phone bills and utility bills. However they can be easily missed and cause problems later on, like bad credit ratings.

It’s better to have a home loan than to rent: Many people believe that rent money is “dead money”, but owning a home carries many of its own expenses, like property taxes and mortgage interest.

It’s better to make the decision to rent or buy based on what you can afford and manage in the long-term.

Budgeting is a waste of time: Having a budget can actually help you determine when you’re spending more than what you’re earning and become more responsible with the way you handle money.

It’s more than about tracking your money – it’s making a solid plan for your future financial wellbeing.

Debt

 

Apps for Getting your Bank Account Back In Shape

Pay Off The Money You Owe

With this app, you can organize your debts, decide on a plan to pay them off and track your progress. Plus, you can access resources containing information about how to manage debts and pay them off faster! If you really just want to focus on getting your debts under control, then this is the app for you.

 

YNAB (You Need A Budget)

Gain control of your money, set your own goals, import transactions and give your money “jobs” with YNAB. The app will help you prioritize expenditures, handle unexpected costs and live within your means (instead of racking up new debts).

 

Tip Yourself

Luke Carvajal, cofounder of the Tip Yourself app, said that he hoped this app would help people start to see saving money as a reward, rather than a chore. Every time you do something well or hit a goal, you can tip yourself a chosen amount of money. This money can later be transferred back to yourself!

 

Qapital

This app helps you choose goals to save for and determine rules to help you achieve your savings goals. For example, if you need to save $2000 to attend a holiday wedding, you can set the goal and create rules like putting aside a certain amount of money on a day of the week, or spending less on coffee and putting the difference into your savings. If there’s something important you need to save up for, this is the app to help you do it!

 

Trim

Trim can securely connect to your accounts, then analyse your spending and cancel subscriptions you don’t use and negotiate better rates to help you save money! According to one of their users, Trim even helped them re-evaluate their credit card for a new cash back card with a great transfer offer to help them get their balance down.

We hope you enjoyed learning more about debt and how to help you manage your money more effectively

OTHER ARTICLES YOU MAY ENJOY

THE BEST INVESTMENT FOR YOUR BUSINESS

Low-Cost Marketing Strategies To Take Your Business to the Next Level

FINANCIAL COMPATIBILITY WITH YOUR LOVER!?

Share this:
Shades of Purple Social Squares Styled Stock 0117 1
Essentials of a fulfilling life

What are the Unexpected Essentials for a fulfilling life?  Do you know what the ‘essentials’ are in life so that you can live a fulfilling lifestyle?  Firstly let’s agree that fulfilment and happiness are subjective.  They are a state of mind—on how we feel about ourselves and our life. In this sense, anything we do […]

The 18 Unexpected Essentials for a fulfilling life

Emotional+Wellbeing

read more
Stress tips

Stress is a common emotion that most people will feel at some point in their lives. From the stress of exams as a teenager to the stress of planning a wedding, there are typical life events and moments in life that most people will experience. While stress is common, it’s also an emotional state that […]

9 Stress Busting Tips For The Super Stressed Out!

Emotional+Wellbeing

read more
More Fulfilment

What does it take to find more fulfilment in our day-to-day lives? There are essential elements that help us create a meaningful life.  Today I’d like to talk to you about one non-negotiable way to living a meaningful life and why its so important.   And this element is called…. Fun – is essential!   […]

How To Find More Fulfilment In Your Day-To-Day Life

Emotional+Wellbeing

read more
self esteem

Raising children to have healthy levels of Self Esteem is no small task in this day-and-age.   If this topic gets you feeling quite overwhelmed as a parent, don’t worry, you’re not alone. That’s why we wanted to share some helpful self esteem questions you can discuss with your children. To help give you a starting […]

21 Self Esteem Questions to Boost Your Child’s Self Worth

Emotional+Wellbeing

read more
Journal Prompts

A hugely valuable personal growth tool is the use of Journal Prompts. Bringing awareness to our most common thoughts and consciously choosing to reprioritize, refocus, and redirect these thoughts, can have the most profound impact on our life and emotional wellbeing – especially during these challenging times of late. However, at times, journalling can feel […]

50 Easy Journal Prompts For Self-Discovery

Emotional+Wellbeing

read more
A Guide To Understanding The Sensitive Man

  Today we want to discuss the Sensitive man… Recently we explored the pros and cons of being a highly sensitive person (HSP)— a term coined by Dr Elaine Aron in the 90’s, which basically means you feel all of the feelings. Someone who is sensitive to, well, just about everything. Sights. Sounds. Smells. Vibes. A huge number […]

A Guide To Understanding The Sensitive Man

Emotional+Wellbeing

read more
Essentials of a fulfilling life

What are the Unexpected Essentials for a fulfilling life?  Do you know what the ‘essentials’ are in life so that you can live a fulfilling lifestyle?  Firstly let’s agree that fulfilment and happiness are subjective.  They are a state of mind—on how we feel about ourselves and our life. In this sense, anything we do […]

The 18 Unexpected Essentials for a fulfilling life

Personal Growth

read more
Ultimate Reading list

This is our Ultimate Reading list  – for those who are deeply interested in Self Development and on-going growth in their life. These books are real game changers! We often get asked what are some of the best books we have read in various categories based on many the hours of reading and research we […]

The Ultimate Reading List for those who love Self Development

Personal Growth

read more
Design your day

How to Design Your Day

The Surprising Way To Design Your Day

Personal Growth

read more
Embracing Rhythms Over Resolutions

New Year Resolutions… We have made it to 2021! Well done. Last year was anything but easy. 2020 presented us all with challenges, abrupt change, and transitions, amongst many other things, and you made it through. As you reflect on the last year, there are things you may want to leave behind, while there may […]

Embracing Rhythms Over Resolutions

Personal Growth

read more
evan phillip 268078 unsplash scaled

Think ahead to 10 years from now, where will you be….? Have no clue? Not quite sure at all? That’s ok. Like a fortune-teller with her crystal ball in hand, you too can look into your future now and see the life you are manifesting. Here’s how you can quite simply predict where you will […]

Where Will You Be 10 Years From Now?

Personal Growth

read more
21 min

  When life gets busy or you find that one area of your life is demanding a lot of your time and energy, it’s easy to find yourself out of balance and not paying enough attention to what’s most important in your life. While you need to have drive and direction, too much can create […]

Finding Balance In Our Busy Lives

Personal Growth

read more

I'm Rebecca Sparks - Founder of The Daily Guru. I'm also a Self Development Coach,
a Speaker and a Podcaster. 

What drives me most in life is a fascination & curiosity with how we can make the most of our short time here on this planet.  How do we make our lives feel meaningful? How can we make life feel fulfilling?  And how can we turn these elements into a lifestyle? 

My mission is to help women explore these topics and to design a life that taps into all of their essentials.

more about me

Hey there!

oh la la!

"It's like DG is reading my mind! Every time I get an email from them, its exactly what I needed to hear."
- Jennifer West

Join the gang!

We've built a HUGE library of Growth & Wellbeing Resources for women just like you.  And we save all the best bits for our PenPals
 (AKA the Newsletter crew!)

So save yourself from unbearable FOMO and sign up below 

SIGN UP

FOR OUR WEEKLY NEWSLETTER

Get Our Free Guide to Kicking Ass on Social

Taiyaki occupy farm-to-table swag fashion axe four loko. Church-key palo santo selvage helvetica iceland tumblr.

GET THAT DOWNLOAD

Email

Name

"Margi's guide was kick-ass indeed and quite literally changed how I show up on social." - Jen Olmstead

oh la la!

Home
About
CONTACT
ARTICLES

THE DAILY GURU

follow along 
on Instagram:

SEND ME A NOTE >

GET ON THE LIST >

@TheDailyGUru >

© MArgarita Coaching 2020  |  Design by Tonic  |  Photos by social squares & Unsplash

podcast