Posted on Tuesday 30 May 2017
Yes, you can improve your finances in as little as a day when you apply the right strategies, but it all starts with YOU! If you take a little bit of time every day to go over your finances and plan you'll begin to make progress. It might involve removing debt a little bit at a time or it might involve making progress toward a future goal. In just 10 minutes a day, you can transform your financial portfolio by developing ways to stay more accountable and proactive with this essential part of life.
It's not so much those big things as it is the little things that interrupt an individual's ability to meet financial goals! If you someday want to become a venture capitalist, you must start the preparation for such a financial journey from now. There are going to be times where some financial tasks are extremely nerve-wracking and items that are often dreaded. However, you shouldn't run from your financial woes when approaching them in a positive manner can help you get control over your debt in a more constructive way. Think about it, answering that collection call is better than avoiding it and not having peace of mind. If you can't handle your finances, your open loan may become a burden and you may find it difficult to access more online loans. Canadian consumers need to handle their dilemmas before they cost them far more in the long run.
Do away with any that you absolutely have no need for such as magazine subscriptions, tanning membership; etc. One place to start is to take a look at the past three months of online banking and credit card statements, flagging any entry that looks out of place.
Banks are bad for slapping on overdraft fees, even when you get your deposit in. Due to the fact that many banking systems are automated, you have to call in and tell them your deposit was made. Don't sit back and pay fees like these for no good reason—this just costs you more money.
Whether this is towards a car loan or a mortgage, it doesn't matter. If you can pay extra on your debt every month then you'll soon have it chipped away to a far more affordable amount and be that much closer to having it paid off.
Easier said than done, but you can slowly build up a cash reserve and finally stay on top of your bills while saving time and money. Try to ask yourself whether a purchase is necessary every time you open your wallet.
Choose something that you have been wanting to do or purchase for some time and set that goal. When you have something to look forward to, you're more willing to save. It's a fact!
If you have been working hard to restore your credit and have earned a possible lower finance rate, go for it! You can really save and be rewarded with a lower interest rate that can then help you pay off your debt faster.