Tag Archives: paying off debt

Discover Tips To Improve Your Finances In As Little As A Day

Yes, you can improve your finances in as little as a day when you apply the right strategies, but it all starts with YOU! If you take a little bit of time everyday to go over your finances and plan you’ll begin to make progress. It might involve removing debt a little bit at a time or it might involve making progress toward a future goal. In just 10 minutes a day you can transform your financial portfolio by developing ways to stay more accountable and pro-active with this essential part of life.

It’s not so much those big things as it is the little things that interrupt an individual’s ability meeting financial goals!

There are going to be times where some financial tasks are extremely nerve wracking and items that are often dreaded. However, you can’t run from your financial woes and approaching them in a positive manner can help you get control over your debt in a more constructive way. Just think, answering that collection call is better than avoiding it and not having peace of mind, don’t you think? Canadian consumers need to handle their dilemmas before they cost them far more in the long run.

Tips to Manage and Improve Financial Habits in One Day

money habits

  1.  Purge recurring expenses before you forget about them and they just keep sucking your money away. Do away with any that you absolutely have no need for such as: magazine subscriptions, tanning membership; etc.
  2. Contest fees that you feel you didn’t deserve. Banks are bad for slapping on overdraft fees, even when you get your deposit in. Because many banking systems are automated you have to call in and tell them your deposit was made. Don’t sit back and pay fees like these for no good reason–this just costs you more money.
  3. Make an extra debt payment. Whether this is towards a car loan or a mortgage, it doesn’t matter. If you can pay extra on your debt every month then you’ll soon have it chipped away to a far more affordable amount and be that much closer to having it paid off.
  4. Place yourself on a spending fast. You can slowly build up a cash reserve and finally stay on top of your bills, while saving time and money.
  5. Set a money goal and start devising a plan. Choose something that you have been wanting to do, purchase or go to for some time and set that goal. When you have something to look forward to you’re more willing to save, it’s a fact!
  6. Go for refinancing. If you have been working hard to restore your credit and have earned a possible lower finance rate, go for it! You can really save and be rewarded with lower interest that can then help you pay off your debt faster.

7 New Ways to Pay off Your Debt Faster

Yes, you can pay off your debt faster and smarter! It might feel stifling initially, but with patience and determination you can find a way to stay above water again. Now, the very first thing a smart financial advisor will tell you is you have to create a savvy budget, and you absolutely have to stick to it. If you can’t do that you’re not going to make any kind of decent progress. We know, for those individuals who have never managed a budget well, this can definitely be a challenge. However, there are many free financial planning services which can help. Let’s go ahead and look at some other interesting ways you can pay off your debt faster and start building a strong financial foundation for yourself.

Time to Pay off Debt and Move Forward With Life

Once you can remove substantial debt from your life you’ll remove that heavy weight on your shoulders. There is no better feeling than freeing up your money. If you follow the below tips and stay determined, you’ll shed financial debt faster than you could have thought possible. The goal is to not go in debt again!

payingoffdebtincanada

Tip 1: Stop your credit card spending NOW. It’s okay to use one credit card, but you have to be able to pay it off in full the end of every month in order for it to really be beneficial. Lowering your credit card debt makes a huge impact in your financial picture.

Tip 2: When you get those work bonuses apply them to your debt before you do anything else at all. This is the smart thing to do, even if it makes you cringe inside. Think of how beneficial it is going to be when you minimize all that heavy debt on your back!

Tip 3: Keep a running tally of your daily expenses. If you find you’re visiting Starbucks to often, well cut it out! Knowing where your money is going can help you see why it is taking you longer to reduce your debt burden.

Tip 4: Focus on paying off the most expensive debt first because these are the ones that dent your credit the most. Speak to a financial adviser to know what to pay and what not to pay. Sometimes, some debt is better left alone.

Tip 5: Always pay more than the minimum balance on your bills. When you only pay the minimum you cause more fees to rack up against you–leading to a longer time to pay off debt. Think smart and pay attention.

Tip 6: Have patience and stay focused. Keep on track, and stay organized. The more organization the more likely you’ll stay on the right path.

Tip 7: Don’t store payment information online. Don’t have credit card information at your favorite retail outlets as this makes it more likely you’ll spend unwisely. The more time you have to put into a purchase the less likely you are of going through with it.

Woman Cutting Her Credit Card

All of these tips are useful, but it takes you, the individual to really stay on track and knock debt out of the ball park! Don’t give up and imagine how much better your life will be after.