Winter is on its way, which means it’s time to cool down the financial heat after a long summer of splurging. While this can be a little painful, tighten your belt and budgeting can allow you to pay off any debts and to start saving more, so you can work towards buying big ticket items.
Getting On Top of Your Finances
Don’t chase that financial devil’s tail around and continually complain about your debt. Instead kick the devil out and regain control using the following methods:
1. Transfer your credit card debit – Don’t pay 17 to 19 percent in interest on your credit card. Instead, transfer your credit card balance to a card that offers you zero percent interest over 12-months so you can clear up your debt and save hundreds in interest.
2. Take your lunch to work – On average we spend between $10 to $20 a day, 5-days a week, on lunch. This adds up to $50 to $100 a week or $2300 to $4600 a year. So why not give your wallet a break and start making a healthy lunch the night before.
3. Spend less – Before you consider buying anything ask yourself four questions. Is it practical? Do I need it? Will I use it? And is it affordable? If you answer ‘No’ to any of these questions then don’t buy the item. This way you won’t buy any unnecessary items and you’ll cut down on your spending.
4. Refinancing your home – If your home loan rate is over 5.5 percent then it may be time to look at alternatives. Switching to a home loan that is 1 percent less than your current interest rate can save you thousands over the time of your loan. But before you switch, calculate the costs and work out how much you can save.
Are you looking for ways to get on top of your finances? Discuss your options with an eChoice consultant and start saving Today.
Written by eChoice