3 Quick Steps to Save You Time and Money & Say Goodbye to Debt
Are you having problems managing your loans and debts? Are you finding your everyday expenses more and more difficult to cover and your income is not keeping pace.
Are you paying interest and penalty charges for late payments – and these are just adding to your overall debt?
Do you want to get rid of some of your debt and save yourself some money at the same time? Well we can show you how.
You don’t want to be a slave to your debt, right? You understand that debt is a necessary part of life but you don’t see why it has to rule your life?
Here are 3 quick and easy steps to follow that will save you money and reduce your debt. Following these steps will save you time, relief your stress levels and put you back in control.
We all know that budgeting is wise but most of us don’t do it because it is time consuming and some find it simply too boring.
Don’t underestimate the importance of budgeting. Knowing what you spend your money on and where savings can be made is not only cool but it gives you much more control over your spending habits and will point the way to debt reduction.
Make a list of all your loans, debts and expenses and match that against your fortnightly or monthly income. If your income is not covering the bills it will immediately become obvious. You will also know where you are most vulnerable, where you spend the most and where changes to spending habits can be made.
After playing with the numbers and having identified savings, If your income is not covering enough of your expenses then you might need to make other changes like refinancing to lower interest charges or selling some of your assets.
Once you have done all you can to reduce your expenses and your debt repayments and you have made a budget, the most important thing to do is STICK to your budget. This is where a lot of people fall down. Checking whether you are on track with your budget should help.
Be disciplined and it will become second nature over time to stick to your budget.
2. Save on your debt repayments
So you have decided that it is necessary to refinance? Here are some of the options.
Some credit card providers offer low or no interest rates as part of an introductory offer, for a set period of time. Rolling all your credit card debt into one of these can save you a lot of money in interest charges. Once again, the key here is discipline. You will need to make sure that you get rid of all your old credit cards so the temptation to use them is not there.
Changing the interest rate or terms on personal loans can help you temporarily reduce the monthly repayment amounts. While this may not be a long-term solution it could help you put more money towards higher interest rate debts. You would be surprised how much money this saves you.
The same goes for mortgage repayments and even rental payments. You may want to refinance your home loan or move to a rental property that charges a lesser rent.
3. Take Control
You want to avoid the stress and sleepless nights that debt gives you, right? Take action now!
If you have taken steps 1-3 and you are still struggling to pay your bills, don’t be afraid to seek help. There are people who can assist you. The important thing is that delaying remedial action will cost you money and may see you getting into further debt.
Settle Debt provides advice and assistance to people struggling with debt. They have helped thousands of Australians improve their situation and get back on track. They will listen to you, assess your situation and the circumstances particular to you and then provide you with options to ease your debts. They will work with you to ensure that you save money wherever possible and they can also manage the debt repayment process for you.
Don’t put it off – take action today. The sooner you can get your debt problems under control, the quicker you can say goodbye to debt.