Seven Best Practices for Debt Management

Whilst debt is not a word anyone wants to be associated with, it can
be less intimidating with an effective plan.
Here are seven practices that can help:

  1. Know Your Numbers
    Have a clear visual of what money is coming and going
    through your accounts. Management Accounting can come
    in handy; you will gain professional insight into how to best
    manage your debt.
  2. Analyse Your Situation
    Forecasting your business expenses will allow you to see
    what costs are coming up. Being prepared for them and
    having a good business plan will help you budget your
    expenses to decrease unexpected expenditures.
  3. Amalgamate Loans
    Combining your business loans can decrease your monthly
    costs. Extending your loan repayment period, may increase your interest rate but will relieve
    some stress.
  4. Create More Revenue
    “Developing personal relationships and going the extra mile to help our clients sleep at
    night”- Craig Nevatt. Knowing what your clientele wants will enable you to tailor what you
    sell. Have discounted deals to generate faster payment, this will increase cash flow.
  5. How Much Extra Can You Budget?
    Once you have worked out what you must pay each month, is there any leftover that can be
    put towards paying off the debt?
  6. Have A Strategy
    Think about your debts and work out which ones will best suit your situation to pay off first.
  7. Be Smart With Cost Cuts
    Make sure you think about the big picture when making cuts on costs. Financial accounting
    and coaching would be great ways to help guide you toward your long-term saving goals.
    Drumm Nevatt and Associates provides the services needed to
    control and manage your debt and fund your growth.

Contact Drumm Nevatt and Associates
Howick Office
Phone: 64 9 534 4382
Ridge House 69 Ridge Road Howick Auckland 2014
PO Box 54 060 The Marina Auckland 2144

Tauranga Office
Phone: 64 7 576 2194
23 Myres Street, Otumoetai, Tauranga 3110