Warmer weather brings spring cleaning to mind and a seemingly endless list of chores to be done both inside and outside. In between the sweeping and mowing, however, it’s time to add something else to your to-do list: spring cleaning for your finances.
Organize Your Finances
Take a look at your past year’s financial records. Are you able to justify your spending habits? It’s easier to track and control them if you have a budget plan. You can easily set one up in a spreadsheet, or take advantage of free tools offered online.
Pay attention to recurring charges and make sure you’re still using those services. Every dollar counts so consider changing cell phone carriers, car insurance, and cable services to more affordable options. Look for areas that can be improved so you can put some extra money aside each month.
Plant Savings Seeds
It’s recommended that you put between 10 and 20 percent of your monthly income into savings. If that’s too much, just remember: every dollar counts. Put aside what you can into a high-interest savings account, then set it and forget it. Don’t touch these funds unless absolutely necessary.
Declutter By Consolidating Debt
Having payments spread across multiple credit cards and loans creates an impossible tangle of high-interest debt. When your payments are barely reducing the amounts owed on your accounts, you need to find a lower-interest option to tackle your balances.
One of the best ways to pay down your balances is a debt consolidation loan. These feature lower interest rates than most credit cards and will spread the balance out over a longer term, meaning you’ll be paying less each month while making a bigger dent in the balance.
Once you’ve paid the credit card balances off with your loan, it’s important to put the cards aside and not accumulate new debt on them.
Big Plans for Your Tax Refund?
You’ve probably already spent your tax refund in your mind, but will the refund completely cover a vacation or a big-ticket purchase? Instead of using a credit card to augment your tax refund check, take out a lower interest personal loan for the purchase.
Know When You’re Drowning in Debt
If you find yourself making minimum payments on multiple credit cards, you already know you’re not making any real progress on the balances. Bay Country Financial Services can help you break free of debt faster and for less money than you’re currently paying on those cards.
A debt consolidation loan is a lifeboat for those drowning in financial struggles. Ready to talk about your options? Contact us now, and let’s get started.