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3 Tips To Help You Get Out Of Debt Faster

By Thomas on November 28, 2022

 

 

 

If you have a lot of debt looming over you, you might feel like it will be almost impossible for you to get out from underneath it. And while it will likely take some time for you to pay off a big chunk of debt, there are some strategies that you can employ to help you do this faster and easier.

To help you see how this can be done, here are three tips to help you get out of debt faster.

Don’t Add Any New Debt

Debt and credit can be a hard thing to get a handle on. Once you get used to spending money on things, regardless of whether you have the money to actually pay for those things or not, it can be hard to quit this habit. But in order to get a handle on your debt and stop hearing from debt relief providers, the first thing you have to do is keep yourself from getting even further in debt.

To do this, you’ll want to keep your credit cards away from you so that you can’t use them anymore. If you need to, cut them up so that you really can’t use them. Additionally, remove your credit cards from any saved files on websites where you spend money. If you have something on autopay using your credit card, remove this card and replace it with a debit card. By taking these steps, you’ll keep yourself from adding any new debt to your existing debt.

Try Some Negotiations

Now that you’re not adding any new debt to what you already owe, it’s time to figure out exactly what you owe and how much you need to be paying one each debt every month.

As you start getting these figures together, you should consider contacting every entity that you owe money to and see if you can negotiate. In some instances, you may be able to negotiate your balance down to a lower amount, especially if you’re willing to pay off everything in one lump sum. Another option that you may be able to take advantage of is getting a lower interest rate on your existing debt. So if you have had a good payment history, this could be something to try for.

Commit To The Debt Snowball

One finance term that many people are familiar with is the debt snowball. When you use this method to get out of debt, you commit to paying off your smallest amount of debt first. Then, when that’s all paid off, you take the amount that you were paying toward that debt and reallocate it to pay off your next smallest debt amount. You continue adding these amounts to each debt until all of your debt is gone. This can help you get and keep a lot of momentum toward paying off your debts.

If you’re wanting to get out of debt as fast as you can, consider using the tips mentioned above to help you in doing this.

 

3 Tips For Paying Off Debts Quickly

By Thomas on October 4, 2022

As many as three out of four Americans say that they’re in debt beyond their comfort level. Unfortunately, debt is more than just a pesky pile of bills. It can hold you back from achieving your goals and affect your overall quality of life. After all, with debt looming over your head how can you expect to go on more vacations with your family or enjoy your retirement?

The great news is that although it may seem like debt is a never-ending nightmare that you’ll never get out of, the truth is that there are ways to get out of debt and there are ways to do it fast. It all comes down to self-control and discipline. If you’re ready to start tackling your debt, then take a look at some of the best ways to dive in and become financially free.

Pay As Much as You Can

As much as you might think that paying the minimum due every month is doing you a favor since it puts more money in your pocket, the truth is that you’re only giving yourself further and further into debt. Make a point to pay as much as you can, and start with your small debts first.

By paying your smallest debts off first, you’ll motivate yourself to continue paying each one off.

Get Rid of Unnecessary Expenses

Even though you may think that you don’t have enough to pay in more than the minimum due, the truth is that many of us are simply not willing to make the sacrifices it takes to do so. Do you really need that extra subscription to an extra streaming channel? What about that gym membership that you never use?

Do you think you could eat at home a few more days a week rather than buy a sandwich at the cafe next door to your work? You might be surprised to find that each small step that you take can make a big difference in how fast you pay off your debt.

Get a Side Hustle

A side hustle is a great way to make additional income and dedicate it entirely to paying off your debts. There are many different kinds of side hustles to consider. Whether it’s babysitting or being an independent rideshare driver, there are all sorts of ways that people can make additional income. The question is, are you willing to put in a few extra hours to pay off your debt as quickly as possible. The harder you’re willing to work, the faster your debt will be paid off. It’s really that simple.

Create a Budget

A budget is a great way to take total control of your finances. By allocating exactly how much money you can spend the money on what, you’ll be much more likely to reach your financial goals faster.

Nowadays, budgeting is made easy thanks to apps that do the work for you. It’s as simple as entering each transaction that you make, and the app will determine how close you are to staying within your spending limits. By following these tips and staying motivated, you’ll be debt free in no time!

 

3 Finance Tips For First Time Home Buyers

By Thomas on June 13, 2022

Becoming a first-time homeowner is very exciting, but with this triumph can come its fair share of challenges. A house is likely one of the most expensive things you will ever purchase, and most people won’t be able to pay for the entire thing out of pocket so they have to take out loans. Taking out loans is a financial burden that can be stressful for many people, but there are ways to help ease that stress. Here are 3 finance tips for first-time homeowners.

Don’t Go Over Budget

When you first begin looking for a home to buy, you will have to set a budget for yourself. For example, after doing the math you may decide that you will be able to comfortably pay the mortgage payments on a $600,000 home for X amount of years. When looking at homes with a real estate agent, it’s extremely important that you do not even view homes above this price so as not to consider them.

With something so costly, it can be easy to go over budget because in the large scheme of things it doesn’t seem like that much. But you also need to remember to leave room in your budget for any home renovations that you decide to make. Be stern with your realtor, lender, and sellers so that everyone is aware of the strict budget that you will be sticking to.

Hire People You Trust

Unfortunately, there are many real estate agents and lenders out there who take advantage of people, especially first-time buyers. Because of this, it is of utmost importance that you take your time when hiring people and make sure that you really trust them before involving them in the process of buying your first home.

Some people may just tell you what you want to hear, and it’s common to get caught up in the fantasy of it all without keeping both feet on the ground.

Hiring an agent and going through a lender who is realistic is a great first step to making the process successful and stress-free. Ask around to see if anyone you know has recently used someone they really liked. Word of mouth is how most agents find new clients because it can be difficult to find a good and trustworthy one.

Pay For An Inspection

Paying for your own inspection may seem like an unnecessary cost when buying your first home, but it is actually a really good idea that will likely end up saving you money in the future on things such as renovations and repairs. Let your agent know this is something you want done and they will make sure to help you set it up.

Purchasing your first home can be a little stressful, especially when it comes to all of the financial stuff involved. Hopefully, these tips can help ease some of that for you!

 

Places Where The World’s Wealth Is Stored

By Thomas on May 16, 2022

Money is everywhere. Imagine if you could take all the paper currency in the world and put it in one place! Then there’s all the gold bullion, which would surely fill the major sports arenas, not to mention precious stones, of which there are tons! It is estimated there is more than $300 trillion spread around the world. Below are some of the locations where a lot of the world’s wealth is located.

London

 

The capital city of the UK, here you will find (if you are lucky) huge vaults full of gold, silver and platinum. All the trading venues have gold reserves in specially built vaults; this is necessary to cover the huge trades that are made. London is also home to some of the top jewellery collections, with the Crown Jewels being a good example. JP Morgan keeps 155 million ounces of silver to facilitate trading on metals futures, which is more than little! Diamonds are a girl’s best friend and De Beers have 40% of the world’s diamonds under lock and key somewhere in the bowels of the City of London.

Federal Reserve Bank, New York

There are said to be at least 550,000 bars of gold bullion deep inside their Manhattan vaults, which is an astounding collection of wealth. That is more than $200 billion in value; the mind boggles with what you could do with that! Some say the Fed Res have no gold, but we’ll never really know! If you are looking to acquire gold, you can also go to the Brisbane gold dealers at City Gold Bullion, for example. They are always ready to trade at spot prices. You can find dealers in your location through a quick online search.

Precious Stones

Of course, there are many tons of precious stones that have yet to be discovered; Myanmar is the capital for rubies, while Columbia has the majority of the world’s emeralds and South Africa has the most unmined diamonds. Sapphires are found in Madagascar, while the Argyle Mine in Australia is the location of the best pink diamonds.

Department Of Energy, Arlington, Texas

This is where the world’s plutonium is stored; worth an amazing $10,000 an ounce, this facility hosts 6,000 plutonium pits and the value is astronomical.

South Africa

This country tops the bill for both diamonds and platinum, essential in the manufacture of flat screen TVs and there is said to be a huge store of this precious metal. It is impossible to estimate how much platinum is still in the ground, while diamonds are also abundant.

Middle East

The various royal families on the continent obviously have vaults where they store their gold and while we’re on the subject of wealth, think of all the oil yet to be found in this region of the world. Many of the best jewellery collections are housed in Saudi Arabia and UAE, these items have been handed down through the generations, while some were stolen and others auctioned off in Paris, London or New York.

If you are looking to add to your investment portfolio, search online for a leading gold bullion dealer and take advantage of rising prices.

 

An Easy Guide to Managing Credit Card Debt

By Thomas on May 3, 2022

 

If you’re in debt to multiple lenders, opting for debt consolidation is a good way to regain control of your finances. In simple terms, debt consolidation is a loan to pay off credit cards and is a tactic often used by people who are struggling to keep on top of their repayments. Below, we’ve put together an easy guide to managing credit card debt and explain how debt consolidation may help you.

The benefits of debt consolidation

Taking a loan to pay off credit cards has two primary benefits:

  • You assimilate your debt into one monthly payment, making it easier to manage.
  • You might save money on your repayments, as the interest rate on your debt consolidation loan might be lower than the combined interest of your other forms of credit.

Why should you consolidate your debts?

Using a credit card is a form of revolving debt. It doesn’t need to be paid over a specific period, and it has no fixed term. In other words, it keeps rolling over until you pay it back. For most people, this means more interest payments and a longer period of time in debt. You can only avoid interest payments if you pay your credit card off in full each month, which isn’t a position that most people comfortably find themselves in. Taking out a loan to pay off credit cards allows you to bring an end to the recurring debt and focus on paying fixed monthly repayments to another lender.

How does debt consolidation work?

Thankfully, debt consolidation is easy to understand:

  • You calculate how much you owe on your credit cards.
  • When you have your total, use this as your target amount for the loan that you apply for. You will need to consider its interest rate compared to the interest you’re currently paying on your credit cards.
  • When you’ve found a suitable loan, apply and receive the money. Then use it to pay off your credit cards.
  • You’re then required to pay your debt consolidation loan each month.

Using a personal loan to consolidate debt

Perhaps the easiest option to consolidate debt is to take out a personal loan from a lender like Koyo Loans. This allows you to receive an agreed sum of money that you will need to pay back over a pre-arranged period of time. If you’ve done your research, you should be able to find a personal loan that has a lower rate of interest than you’re currently paying on your credit cards. Often, personal loans are unsecured and are relatively easy to apply for. Applying for a personal loan will also simplify your debt repayments and make your life that little bit easier each month. Alternatively, you could apply for a balance transfer card, but you need to make sure you understand the fees before applying.

Should you pay debt off quickly?

There’s no doubt about it – the quicker you pay off your debts, the less interest you will pay. For instance, if you borrow £1,000 at 10% with a loan term of 3 years. You’ll pay the initial £1,000 plus £300 in interest payments. However, if you borrow £1,000 at a rate of 8% over five years, you will end up paying £400 back. So, don’t get caught out when calculating the rate of interest on your loans, and always try and pay your debts off as quickly as possible. At the very least, you will need to meet the minimum monthly repayments, but it’s best to pay slightly more if you can to keep on top of the amount of money that you owe.

Debt consolidation and your credit score

In the short term, taking out a debt consolidation loan might have a negative impact on your credit score. However, in the long term, it will improve it. Also, remember that credit scores aren’t the only metric used by lenders. Many utilise Open Banking to get a much clearer picture of a borrower’s financial situation before approving or rejecting a loan application. Regardless, you need to make sure you pay your debt consolidation loan off in a timely manner to ensure it doesn’t negatively impact your credit score.

Negotiating credit card debt independently

You should only really think about negotiating your credit card debt when you’re in danger of missing your repayments. You should seek independent advice before doing this, as you don’t want to harm your long term prospects of accessing credit. You might be able to negotiate a temporary reduction in repayments but make sure you fully understand the long term impact of doing so.

Next steps

Hopefully, you can now see that getting a loan to pay off credit cards can be a useful step for many people. If you feel like a personal loan will help you improve your debt management, get in touch with a lender like Koyo Loans and start your loan application today.

 

Is it necessary to be wealthy to consult a financial planner?

By Thomas on May 2, 2022

 

We always rely on lawyers when in need of legal advice, or career counsellors while thinking about which line of academics to pursue. However, when it comes to financial advice, a lot of people simply rely on advice from their friends, colleagues, or even look for answers on the internet. While this can be useful, it is essential to understand that there are professional financial planners that are in the best position to take care of an individual’s financial matters.

Now, a lot of people are worried about the fact that consulting a financial planner could prove to be expensive. This is one of the most common rumours out there which is just not true. Not everyone might necessarily need to consult a financial planner. However, those who invest in mutual funds and have portfolios that are not fulfilling their goals can greatly benefit by consulting one and getting proper guidance. Financial planning is all about using limited financial resources in order to realise one’s financial goals successfully.

Read on to learn more about how a financial planner can help in achieving one’s financial goals:

Is consulting a financial planner worth it?

Hiring a professional who has expertise in handling financial matters can be a much more economical option as compared to acting on an inexperienced individual’s advice. There will be many people who are well-intentioned, giving all sorts of financial advice. However, this does not necessarily mean that it is the right advice for the individual in question. A lot of people rely on influencers online that publish content with financial advice. However, it is important to understand that each individual’s financial state differs from the other, and not everyone would benefit from the same advice. Consulting a financial advisor and paying their fees instead can be a great decision as they learn about your individual financial goals and base their suggestions while keeping those goals in mind.

Is it possible to plan finances without hiring a professional?

Of course, an individual can always choose to plan their finances by themselves. However, it is also essential to keep in mind that financial planning is not everyone’s cup of tea. This does not mean that the individual does not have the right mindset for money management, just a lack of time on their hands. Managing investments, seeing that they are aligned with financial goals, reviewing the performance of their investments, etc. can take up a lot of time. In such cases, simply relying on a financial planner can prove to be a lot easier. They would know which types of mutual funds to invest in based on the individual’s goals, which can take a big weight off the investor’s shoulders.

A good financial advisor can help in creating a clear plan and guide individuals with their investments that can help them achieve their financial goals. This will also help an individual to stay in control and maintain a balance between their income and expenses.

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I’m Thomas Stevens, a financial advisor who has a love for SEO. Anything numbers related excited me, so I started blogging about finances and budgeting. I also help others blog about finance – it’s always good to have a niche! Read More…

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I’m Thomas Stevens, a financial advisor who has a love for SEO.

Anything numbers related excited me, so I started blogging about finances and budgeting. I also help others blog about finance – it’s always good to have a niche!

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