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Dealing with Debt Alone

Living alone and dealing with debt is really no different than being married or cohabitating with another person. The only difference is the amount you spend every month on food, clothing, and other costs that are usually shared in a couple setting. However it is important to know how to deal with debt issues in the eventuality that you are left alone through divorce or death, or if you choose to never marry and remain single. Living costs keep rising with little to no pay raises for many people, and there are many single men and women in the United Kingdom today trying to live on the benefits their pensions provide them. Sometimes it is simply not enough.

When this happens, the poorer residents seem to suffer the most and they are hit hard with the rising costs of food and fuel. Many single people are unemployed – sometimes through no fault of their own – and they tend to be in greater debt than the rest of the population. It is at times like this that they need help managing their debt and getting back on track before they get so overwhelmed that they are unable to simply cope. Pensioners have it the worst, as many must rely on the help of other people even though they seem to be more independent than others.

How can single people cope with debt by themselves? No matter what age they are, here are some tips on dealing with debt alone.
  • Work out a budget that is realistic and allows for some hobbies, entertainment, or sports that allow you to cope with daily living.

  • Always pay your essential bills – utilities, rent, mortgage, council taxes, etc. – first to ensure that you always have a place to live.

  • Pay all of your unsecured debt with any surplus money you have left, starting with the highest interest items to the lowest and making sure that you do not have any early repayment fees or hidden costs.

  • Since food is so high in price, consider shopping with a friend and splitting some of the bulkier items or fresh produce in half. Cook meals that can be frozen, such as soups and casseroles, and enjoyed at a later date.

  • If you are using a mobile phone, try a ‘pay as you go’ plan and only use it for emergencies.

  • Keep your dishes and clothes until you can wash full loads to save money on water. Use a microwave instead of the oven or range.

  • Turn off all of your electronic equipment – computers, monitors, televisions, DVD players, etc. – when they are not in use. You’d be surprised how much energy these items use.

  • Consider getting a roommate. It will help you bring down some of your daily debt.

If you live alone and are having problems dealing with your personal debt, seek the advice of a professional, licensed, and reliable debt management company. There are many in the United Kingdom that offer free advice, and they can help you work out a plan that will allow you to get your debt under control.
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