Stress Caused By Debt
As it turns out, many people feel the stress of the debt they are in. Spending money becomes a chore. Every little thing that comes up seems like you’re digging a deeper hole, and fun activities are less than enjoyable when you know your cash should be spent on paying off your debt. Debt that seems more “normal” can carry less of a strain, like student loans or home loans, but this stress becomes even more true when the debt carries a large burden – like a high interest rate, or ATO accountability.
So how can you increase your cash flow so that you can start enjoying those times when you spend your money on things other than debt – rather than dreading them and allowing yourself to feel debt-stress?
This may seem obvious, but to increase your cash flow so that you can spend in a smart and fun way, you first need to decrease your debt. Simply making more money won’t help your situation. Making more money will simply cause you to stress more as you’re spending more money. That is, unless you’re using it to decrease your debt burden. Simply put, spend your money wisely. Pay off the looming debt with severe consequences (like your ATO tax debt) or the debt with highest interest rate first.
How can a smart tax accountant can help you with in lowering that tax debt – and your stress?
So that you
- don’t have to make more money if it’s not an option and
- you can pay off your tax debt quicker.
Our guest blogger Peter mentioned, we can help you comb through all of your expenditures so that you know where your money is going and what we can do to find you more money in certain areas of your spending.
Most importantly, when you’re in over your head with the ATO – having a professional examine your assets and liabilities, income and expenditures to ensure you aren’t over-paying to the ATO. We work hard to make sure our small business partners are keeping every penny that they should in their pocket. We’ve proven time and time again that we can lower our clients’ tax burden and pull their small business out of debt.
To talk with with someone on our team about how we can pull your small business out of debt, increase your cash flow and decrease your stress levels – Schedule a consultation here.