Make this New Year’s resolution to get your finances fit & healthy by reducing debt, saving for special events and improving your credit score. LoanTube can help. ⭐Know how⭐
By now, many of our New Year resolutions have gone out of the window. Most of us will admit to having ditched the gym gear in favour of a night in front of the TV. Despite lofty goals to hit the treadmills five nights out of seven.
But what if your resolutions for 2019 could focus on getting your finances fit and healthy instead? Here are a few financial resolutions that you could be making this year with a few tips to help keep them in check.
One of the most popular financial resolutions is to reduce the amount of outstanding debt. But this is easier said than done. For those of us with debts with high-interest rates, it’s often true that we can only comfortably afford the minimum payments each month. That means they take much longer to pay off. On the other hand, for individuals with a less than perfect credit rating and a big debt to work off, this can seem impossible. But there are ways to reduce debt without having to find more money each month.
Consolidating your debts with a personal loan makes it far easier to manage your finances. As you have just one monthly payment with one set interest rate. If you have a decent credit rating, you might find that the rate on a new personal loan will be lower. And the combined amount of interest on those existing debts will be on a higher side. If you haven’t considered this before, it’s worth comparing your options to see how much you could save with consolidation.
Save Something Towards That Special Event
From weddings to a new car, a good resolution is to try and put a little extra each month. It will help save towards a special occasion or a big purchase.
Although covering the whole amount by saving would take years, you can reduce the amount you’ll need to borrow on a wedding loan or personal loan by starting saving now. This also puts you in good stead for the future. Because you’ll have less to repay later on down the line.
Improve Your Credit Score
If you’re struggling to get out of the financial mess, build up your credit score. It helps in accessing loans to consolidate your other existing debts. Our bad credit loans are purposely made for people looking to free themselves from a vicious lending circle and help to improve credit scores if repayments are made on time- take a look at them here.