3 Tips to Better Manage Your Debt
With interest rates continuing to hover at all-time lows, now is the perfect time to get on top of your finances and better manage your debt without calling in every dollar owed.
For those who aren’t in a position to pre-pay their mortgage and are currently worrying about their regular mortgage repayments, here are a few tricks to help better manage your debt, these include:
1. Build a manageable budget
With many first home buyers living at home until they buy their first property, they may not be used to making regular debt payments. The best way to manage this new debt is by building a manageable budget.
A ‘good’ budget will factor in all of your regular spending habits, showing you how much you spend each month and how much you can save.
2. Review your mortgage regularly
It is important for borrowers to review their home loan on a regular basis. With record low interest rates, the mortgage market has never been more competitive. However the market is becoming increasingly complex with new rules and legislation in 2017 that will affect lenders' rules about interest only payments and the amount of money they lend to investors. If you're with Peter or Emma at Mortgage Choice Sutherland / Cronulla you're already being kept up to date each year as part of our excellent customer service post settlement.
3. Review your spending habits
For those who are concerned about managing their debt, it may pay for borrowers to review their spending habits and see where they may be able to cut costs.
Investigating your spending habits will allow you to see where you spend the most amount of money and how you could potentially cut back in order to better manage your ongoing debts.
That's where Ciaran Davis and Kurt Prebble come in. Using the comprehensive budgeting software, Moneytrack you can have the latest steamlined technology to effortlessy track and plan your spending. Whether you want to do it independently or with coaching, contact Ciaran or Kurt today on 9521 1611 for more information.