Guest blog by Connor Christopher about Debt reduction.
Unfortunately with high inflation and rising living cost it is difficult not to get into debt now days. Paying off debt that you have accumulated over the past years can be a long and hard struggle. Debt can affect all aspects of your life but there are some easy 
ways to help if you are struggling with debt.
Calculate Your Debt
If you have been burying your head in the sand about the amount of debt that is owed facing your debt head on will be difficult. Being in denial about your debt might seem like an easy option but it will only make things far worse. Acknowledging your debt is the first way you can start to resolve it. Set aside some time to collect all of your debts this will include credit cards, overdrafts, and loans. Then calculate how much you owe and then calculate how much you have to pay each month. You will also have to work out how much you earn each month. That way you will know your living income, all important bills you have to pay, and minimum payments for each of your debts. If you know your money won’t stretch as far as you need it to one month you can always look to compare pay day loans as a short term solution.
Monitor Your Spending
Cutting back on unnecessary expenses will be difficult but it is essential if you are struggling with debt. Part of paying off your debt will be to learn to live within your means. The best way to monitor your spending is to look through your old bank statements and find if your outgoings are greater than your income. Cutting back on expenses doesn’t have to be life changing but things like cancelling your gym membership, and taking lunch with you to work could change your financial life.
Create A Budget
It is easy to create a budget the difficulty comes with trying to stick to it. Creating a budget that tracks your income and your expenses is crucial to getting out of debt as it will help gauge where you are with your finances. Creating a budget goes hand in hand with monitoring your budget. Determined how much you have to set aside for your fixed expenses like rent, bills and payment for your debt. After that you should have an idea of how much you have left to live on for the rest of the month. If you can try and cut back on unnecessary spending you will be able to pay off more of your debt.
Any Extra Cash
If you find yourself with any extra cash instead of spending it to treat yourself put it towards paying your debt. If you get a tax refund, an inheritance, or if you have money from one-off gambling choose to use that money wisely and pay off a chunk of your debt. There are ways you can generate money like selling your car and buying a cheaper model or even recycling your old mobile phones which can help to pay off your debt.
Emergency Fund
If you are struggling to pay debt off, you may find it difficult finding the money for an emergency fund. But it is crucial to start an emergency fund as soon as possible otherwise you will keep falling back on using credit cards whenever an emergency happens which will only increase your debt.
