Whether you go to university and get a student loan or not, debt is something which ends up being part of most adults’ lives. Whilst being “in debt” is not a recommended approach to managing money (I was raised to only spend money I have), it is also something which needs to be talked about more to remove the stigma around it, and also to help people understand that there are times when debts are a necessity.

The majority of homeowners in the UK will be unable to get on the property ladder without getting a mortgage. Mortgages are seen as acceptable debts, and yet others are not – why is this?

Whilst we are Student Cash Flow are not financial advisors, however we think that there are ways you can manage debts better. For example we believe that if you are going to be borrowing money, you should budget for the repayments, and have a plan to repay the full amount without incurring too many fees or too much interest. Those are just some basic tips to manage debts better.

Sometimes, debt doesn’t come in a planned way. Sometimes you have to borrow money, whether by getting a loan or credit card due to an emergency or other unforseen situation. Maybe you have found yourself in debt because you lost your job, or your expenses have spiralled during this tricky cost of living crisis period. If that should happen, don’t panic! There are so many ways to deal with your debt and manage your situation.

Debt consolidation may be an option for you. To find out more about debt consolidation click here. If that is not an option, or you want to speak to someone independent before making any financial decisions, speak to one of the leading debt charities such as CAP or Step Change. They can take time to speak to you and get your personal situation included in their advice. There is no charge for using any of their services and they will give you personalised and tailored advice.

Other ways of managing debts are to look at whether or not you can cut back on your expenses. Are there any regular payments such as gym memberships or streaming services which you don’t use and can get rid of? Remember if you get rid of something you use, you may end up more miserable and then you will be less likely to keep to your budget and frugal lifestyle – you can’t just cut out everything.

You might also consider using comparison sites for insurance or utilities. Switching to one of the lower cost supermarkets such as Aldi can make a big difference on your household grocery bills.

Trying to make extra money can also help take off some of the pressure. Whether you look to pick up extra hours or shifts at work, even getting a second job, or picking up a sie hustle such as mystery shopping and dining or completing surveys and research studies, any extra income may help you. Just remember to follow your local rules on additional income and paying tax.