Hey, She Knows Best. I’m reaching out to you all because I feel like I’m drowning in debt and could really use some honest advice or insights on how to take control of my finances. I’m in my late twenties, a teacher working in Dubai and it feels like I’ve been stuck in this financial hole for years now.
It feels like I’m juggling way too many bills, and the balance keeps growing. I have credit card debt that’s at a high interest rate, I’m paying off a car loan (its almost finished), and I’m still paying my student loan back in the UK that feels like it will never end. Plus, I’ve borrowed money from close friends and family just to keep up with all of this. I’m honestly tired of just scraping by and don’t know what else or how else to manage.
If I’m honest with you, I don’t really know where my money goes. I keep track of my expenses but the cost of living in Dubai is so high and I find I am just spending more than I intended when I go out. I’ve tried budgeting but I always fall off track after a few weeks. I know the basics of cutting back and saving, but I’m struggling to actually do it.
I feel really embarrassed to talk about this, I feel like im not being a responsible adult. I’m at a point where I just want to get a grip on my finances before things get worse. Does anyone have any advice or experiences to share on how to manage debt and stay on top of payments? Any honest advice would be appreciated. I just want to feel like I’m on top of things and working to get out of debt, instead of burying myself deeper into it. Thank you for reading x
@confusedknowsbest
Hey, thanks for being so open about what you’re going through. Firstly, I want to reassure that so many people are going through the same challenges so you are not alone in this. While it’s not openly spoken out, I can guarantee a lot of people reading this will be facing similar issues and feeling financial stressed especially with increased living costs.
Secondly, I want to say you’re already showing so much strength by taking this first step and being proactive in asking for support.
On that note here are some of the steps that will hopefully help you feel more in control.
1. Categorise and prioritise your debts. Consider working towards paying off the high-interest debts first. So any where you’re carrying a balance each month and paying high rates on this. There are a few banks in this region that offer a low-interest balance transfer or a debt consolidation loan for all debt into one monthly payment.
2. While working towards paying off the debt, allow yourself a small amount each month for a ‘fun fund’. Budgeting can sometimes feel as restrictive as a diet so allowing ourselves to spend on things that bring joy will help you stick to your goals.
3. Try automate your payments. If you’re struggling to pay the credit card each month set an amount you’re comfortable with (ideally more than the minimum amount) so that you’re staying consistent with without needing to remember each due date.
4. Although it may sound counterintuitive while you’re paying off debt, try putting aside a small amount for a small emergency fund – even if it’s a months worth – so it can act as a buffer for any further unexpected costs. This will help towards avoiding further debt
Finally, please don’t feel embarrassed in reaching out. As I said so many people will be grateful for you asking the same questions that they’re feeling. Hopefully the above helps break down a few steps to help get things under control.
I also have a free budget tracker which helps categorise spending if that would help in any way, so feel free to reach out.
Beth Clay, Financial Wellness Coach (Finance Her Well)
This is such fantastic advice, thank you for sharing.
Amazing advice!!!
dear sis, debt is such a common issue especially here in Dubai so I recommend listing out all your debts, interest rates, and minimum payments. It might be tough, but knowing the full picture is KEY. Then maybe create a budget to track income and expenses, and look for areas where you can cut back, even if it’s small changes at the start. If your debt is mostly high interest (like the credit cards you said you had) then focusing on those first will save money over time. You might also want to consider talking to a financial advisor or debt counselor, the user above may be able to help! Good luck girl – you got this.