The rise in mercury is prompting many of us to start spring cleaning. While you’re cleaning your house or garden, why not think about cleaning up your finances as well. Paying off your debts is a great way to get back on track and meet your financial goals, but for many of us this may seem insurmountable. That’s why we teamed up with our partners at Fairstone Financial to offer you some tips to help you repay your debts.
Set priorities and budget
Before you start repaying your debts, it is important that you determine how much money you have each month to repay them. When setting your budget, try to reduce non-essential expenses to a minimum so you have the most money to pay off your debts. The sooner you can repay your debts, the sooner you improve your financial situation.
Try Fairstone Financial’s Debt Consolidation Calculator and see how much you can save
Depending on interest rates and amounts due, you could save by consolidating your debts. Do you think about using a debt consolidation loan? Fairstone Financial’s free debt consolidation calculator will let you know if you can save money by consolidating your debts. To use the tool, enter the details of each invoice (balance due, interest rate, monthly payment) and calculate the amount of savings.
Consolidate your debts with a customized debt relief plan
In addition to saving interest costs, consolidating your debt can help you manage your debt repayment. And instead of having to juggle multiple bills and deadlines, you can combine multiple bills into one reasonable monthly payment. Request a free online loan quote without obligation to find out if debt consolidation is the option that’s right for you.
Improve your financial habits
While paying off your debts is a step in the right direction for your financial future, it is also important to develop healthy financial habits. Fairstone Financial’s blog is full of useful articles on topics such as reducing expenses, managing invoices, and tips on credit and loan issues. The acquisition of healthy financial habits will not only help you pay off your current debts, but will also help you avoid getting into debt in the future.