If you have already racked up a lot of credit card debt then your situation is certainly not enviable. Being unemployed in such a situation can make things worse. However, there is no need to lose hope.  You can definitely get back to your feet if you know some smart ways to combat debt. Here are a few tips which would help you to climb out of the trench even if you are unemployed at the moment:

1) Budget your way to financial freedom

Do you know why you are drowning in a sea of debt? It’s not just because you lost your job and were running short of cash. The main reason is that you did not spend according to your means. This is where a budget can help you. Use the budget to know the gross family income including unemployment insurance, spouse’s income etc. Next, make a list of your expenses including debt related payments. Finally, Estimate how long it can take for you to find a job. Consider the above points and prepare your budget accordingly. Your task may not be very easy because your income will probably be less than your expenses since you are unemployed.

2) Embrace frugal living

You might hate frugal living but you do not have a choice. Until you find a job, you would need to spend your money with a lot of care. The emphasis will be on needs rather than wants.

Stay miles away from credit cards. Forget eating out or buying expensive outfits. Lower your cell phone bills at any cost. Part with luxuries like premium internet packages, buying expensive perfumes etc.

3) Look for part time jobs

It might not be easy for you to get a regular job soon enough. Under the circumstance, you can consider some easily available part time jobs to earn much needed cash.

If you have experience and expertise on a certain subject then consider starting consultancy services. If you have knack for photography then use it to earn some extra bucks. Web is another great place to earn money. You can opt for online marketing or become a freelance content writer and earn money.

4) Come out of financial blues

You are indeed going through a tough time and suffocating under the burden of debt. It is natural for you to feel lost but you need to understand that getting into depression is not going to help you. Focus on the positive aspects of your life and cheer up. Learn from your past mistakes and plan your moves carefully. Visiting a psychological counselor often helps in this kind of situation.

5) Turn to your loved ones for help

You need emotional support. You really do. So keep your ego aside and let people help you. Your friends and relatives can provide you some much needed psychological support. Some might even help you financially.

Also, some non-government organizations help unemployed people in different ways. You can also approach your creditors to assist you with a new payment plan or by forgiving a part of your debt.

Being in debt and being unemployed at the same time can be a very painful experience. To get out of this mess, you would need to be disciplined and smart. So remember the above points and start your quest for a debt free life today.

Guest post by Marc Brown
(Marc Brown is a financial writer with Oak View Law Group. He has been consistently providing people with unique advice on budgeting, investment, and debt relief at www.ovlg.com since 2007)

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Eid Mubarak!

From UnDebt Me to you, on this wonderful celebration of Eid, I bring you Eid On A Budget 2.0.

In this version you will find:

-          A better explanation of the different Eid expenses and solutions for them.

-          Worksheets and exercises to get the ideas flowing.

-          More focus on developing the right attitude.

-          Better layout which is easier to print and read.

Click HERE to download it!

I pray that this version will be much more beneficial than the last.  InshaAllah.

Wasalaamu Alaikum WaRahmatullah.

The state of being in debt has become a common state for people today.  Something that is so incremental can not exist without reasons and causes.  Knowing the cause of something makes it easier to fix or prevent.  Some such causes for debt are:

EMERGENCIES: I will not start off assuming that people are in debt unnecessarily.  Sometimes there are legitimate reasons for which one needs to borrow money with the sincere intention of paying it back.  An illness, loss of a roof, lack of food, and many other reasons are understandable for borrowing money.  However, having borrowed the money technically puts a person into debt, but if the need is dire and the intent to pay is sincere then there is a higher chance of getting out of it sooner, Allahu Alam.

INSTANT GRATIFICATION: We live in a world that is fast, digital and instant.  Everything is available right away and we are happy instantly.  Based on this need, credit has played a huge role.  One swipe of plastic and something you don’t have money for is in your hands to take home.  This gives birth to a whole host of issues, in addition to debt, like impatience, over-spending and the inability to appreciate the work and time required to obtain something.

IMPRESSING OTHERS: Jealousy, greed, showing off, pride… there are a lot of diseases at work for this one.  The need to show others up, or have the better, latest, greatest and more expensive is unnecessary and damaging.

NEEDING THE LATEST AND GREATEST: It’s good to have interests, but if they require a person to always upgrade to the next, best, latest and greatest version, then its an expense that is neither necessary nor important.  Too much indulgence in any hobby can cause a person to spend more money than intended.

LACK OF KNOWLEDGE AND SUPPORT: Without the proper tools and knowledge on how to manage money, and the right support system to keep you on track, it is very easy to lose control of one’s spending.  This has to do with the ease with which we can attain money that is not ours.  One of biggest ways to get into debt is to not obtain the right knowledge and tools to manage debt on a daily, monthly and yearly basis.

May Allah Subhana waTa’ala guide us to the knowledge that allows us to manage our money and spending in ways that please Him Subhana waTa’ala… Ameen.

Wasalaamu Alaikum WaRahmatullah.

Being in debt has a very close and direct relationship with the way that we think about life.  There are many aspects of our thoughts and reactions that will fuel this condition.  One of the biggest stimulants of debt is self-pity which also takes on many forms like ungratefulness and discontent with one’s life.  It is hard to miss, that people who complain and whine about their lives and financial situation are far away from being debt-free.

We could debate that people who are complain, do it because of the bad situation they are in, and that is the curtain that blinds us from seeing that in fact the whining and complaining is the shovel that digs us deeper into a black hole and makes it more difficult to come out.  With every sigh, every complaint, every statement of ungratefulness we become further away from our goals, and this holds true no matter what kind of challenge we face.

So what are these 2 Essentials that I am mentioning?

1.       Gratefulness: No matter how bad the situation we are in is, there is always a lot more to be grateful for.  We just take for granted so many things that our gratitude list falls short.  Just take a look around you, and you’ll find people that are in worse situations than yours.  Allah Subhana waTa’ala has spared you from a worse calamity.   Make a conscious effort to be grateful and you will find that you have a lot more than you think.  How can we expect for more when we don’t value what we already have?

2.       Contentment:  This does not mean giving up one’s ambitions or not striving for better, however, one must still show content for what is present right now.  Don’t make the lack of something your motivation; in fact make sincere and good intentions when you set out to do something.  The best intention is that which links to sake of Allah Subhana waTa’ala.  Regardless of whether or when you reach the goal you are working towards, be content with what you have and build happiness and satisfaction around it.  Only then can you increase in what you have, InshaAllah.

We live in a world of want of the duniya and instant gratification.  New inventions are introduced every hour and human beings are always trying to keep up.  Take a step back and re-assess, re-evaluate and re-affirm your purpose to rid of poisons like discontent and ungratefulness.  By implementing these two essentials in your life, you will feel better and happier almost instantly, InshaAllah.

May Allah Subhana waTa’ala place us amongst those who are grateful and content with His will Subhana waTa’ala… Ameen.

Wasalaamu Alaikum WaRahmatullah.

UnDebt Me is introducing the UnDebt Me Weekly Saver Newsletter.

This weekly newsletter, every Thursday, will include:

-          Provide saving tips,

-          Keep you updated on new articles,

-          Put you first in line for new product launches,

-          Articles, videos and dialogues from prominent teachers on the topic of debt.

-          A realization through tools and resources that the path to being debt free is easier than it seems.

Sign-up today!

Wasalaamu Alaikum WaRahmatullah.

Today I want to announce the launch of a mini-course called Rizq Finder, Alhamdulillah.

This is a free course to help you find money in places that you have not been looking.

Access the course by CLICKING HERE!

Wasalaamu Alaikum WaRahmatullah.

Today I want to share with you a khutbah by Mohammed Faqih on debt.  He talks about:

-          Some reasons for getting into debt.

-          The impact of debt on us.

-          Debt in light of the Qur’an, Hadith, and stories of the Sahaba (RA).

Watch this khutbah and revive your intention to pay back what you owe.

May Allah Subhana waTa’ala free us of our debts and allow us to owe no one but Him Subhana waTa’ala… Ameen.

Wasalaamu Alaikum WaRahmatullah.