Every year we order the feast to end all feasts for Christmas. Then we sit back, so bloated and full that we can’t move and we rethink that extra piece of Christmas pudding that we had. Happy and content in the moment until we go to do up our work pants or get into our gym gear. Then we realise what we have done to ourselves. This type of binging isn’t only done on food but with money too. But the realisation of what we have done financially to ourselves can happen as soon as Boxing Day, with many people calling in record numbers to debt hotlines for financial advice on their financial hangover.
But what if you could get back on track without all the pain? What if you could find a solution to manage the excess that Christmas brings? You don’t need to make New Year’s resolutions to get back on track; you need a smart financial strategy. Here are some tips to help you get started.
Review your home loan
Your mortgage is most likely to be your largest expense every month. Most people review their loans after 3 to 4 years, as they find that the loan just doesn’t suit them. However, one of the best reasons to review your home loan is to save yourself money. Banks are very competitive and you may find a better deal elsewhere. If you could save up to $500 a month in loan repayments to put towards other debts, how much better off would you be?
Also, many people don’t use the features of their home loans to best advantage. The bank doesn’t explain why you need all the features and it means that you don’t really understand what use the different features can be. As a mortgage broker, we can help you understand all the jargon and give you a smart strategy to get the most from your loan. This is another smart way to save you money.
Restructure your debts
We all can accumulate lots of different smaller debts, like car loans, credit cards and furniture of GE or other higher interest rate loans. Slowly we chip away at the minimum payments, not really getting anywhere. If you could get off that merry go round of payments would you? Restructuring your debt can give you a better interest rate and lower your repayments. This can either give you some breathing space to afford all your debts or pay a higher amount to pay back your debt faster. Depending on your situation there can be a number of ways to restructure your debt. We can give you a smart strategy to restructure.
Having a smart strategy isn’t just about getting you the best interest rate though. We help you get out of debt faster but we also incorporate strategies that make debt more tax effective, helps with asset protection and other aspects of smart financial advice. This helps you build wealth into the future and gain control of your finances.
Many people find it hard at the start of the New Year to keep up with their debts. It’s the most likely time that defaults and unpaid bills will happen. It really takes the shine off Christmas and leaves us thinking why we get so crazy every year. Now we are past the silly season it is time to get moving on getting rid of the stress and having a smart strategy to deal with the year ahead.
Call Mango Financial Services today – 07 5522 9522 – for Smart Borrowing Solutions