Do Things Debt: The debt to yourself and those around you accumulate from having things to do (take out the bins, do the washing, build an extension on the house with floating floors, wall mounts for TV and sweet looking down lights you saw one day at Bunnings).
Do things debt builds just like normal monetary debt as you gain things to do – doing these things is much like making a payment off your monetary debt.
Do things debt has many similes with normal monetary debt:
- As you gain more debts they become harder to manage.
- The larger the debt the harder it is to pay.
- The larger the debt the more worry and stress it can cause.
- You lie awake at night worrying about how to pay the debt.
- Debts can be shared between people (joint do things debt account).
- Debts can be repaid to others.
- Some debts must be paid by the final date or they will incur serious consequences.
- Most debtors operate an early payment reward scheme – especially if payment is made as soon as the debt is incurred.
- Non payment will result in debtors talking to each other. You may get a name if you don’t pay them ontime and it may be difficult to gain credit.
- You can loan from others and create a debt.
- Recurring debts – keep coming back even if you pay them off. Non payments accumulate as other debts.
- Paying off certain debts may have a chain reaction and pay off related debts – this is negotiable with the debtor(s). Non payment of debts can have this effect in reverse – non payment may lead to creation of additional debts.
- Personal debts and business debts.
- The longer you leave a debt the more interest it accumulates. The original debt may increase at the whim of the debtor. It’s best to pay early to aviod this situation.
- Debts may be exchanged with others for debts of similar value.
- Some debts you may be unable to pay on your own, so be smart and have somebody help you pay, or evnt pay them for you – be careful though – you may gain another debt which is harder to pay than the original debt!
- Some people are better at managing debt than others.
- People of the opposite sex seem to create more debts than those of the same sex.
- Taking on debts for others without asking for any credit in return is rewarding. There are organisations (government, not for profit etc) which handle this very thing!
- People who don’t pay debts regularly on time are colloquially known as procrastinators.
Tips for dealing with Do Things Debt
- Allocate time each day to think about your debts and strategise how to pay them.
- Ensure you don’t spend too much time thinking about your debts – don’t let them rule your life!
- Don’t have unpaid debts for too long – and never leave them long enough to get a “Final Reminder” – especially in the domestic environment. Leaving debts for too long may incur a penalty debt.
- Don’t take on debts you cannot pay!
- Don’t forget about debts – especially in a domestic environment. All you debts are stored in a secure vault and cannot be erased. Your outstanding debts will be remembered for *years* to come.
- You cannot run and hide from your debts (pub, shopping, sleep etc). You will be contacted by any available means with reminder notices.
- Debtors don’t care what you are doing when they call on their debts, you may be expected to pay immediately. You may be able to negotiate an extension at the expense of additional debt.
- Make a time on weekends or after work to pay a few of your debts in one hit! I may seem like a lot of payment at the time, but you will be thankful later.
- Seek advice from others who have paid similar debts or talk to specialists for professional advice (e.g go to Bunnings for information on how to pay a domestic enhancement debt). Remember you are not alone.
- Keep an open dialogue with your debtors – don’t leave it until the final reminder to action. Negotiating new payment schedules is possible, and your debtors should be open to suggestions.
- There are special software programs available with specialised formulas to assist with debt management – Google “To Do List” to find these packages. If you are old fashioned there are methods for managing debts using pen and paper. A highly technical system some revolutionaries are using involves a whiteboard which sticks to the fridge using magnets!
- Get the kids to help you pay your debts – the best part is you will not incur any additional debt in return! This is a loophole which should be exploited as much as possible. Be careful however, as this method may invoke monetary problems around Christmas and birthday time.
And remember – keeping on top of your things to do debts is the key to a happy and successful life!