3 steps to get on top of your finances

3 steps to get on top of your finances

4 March 2020

When you’re going through financial hardship, it may seem easier to manage it yourself rather than reach out for assistance. But with nearly two-thirds of working Australians in non-mortgage debt, it’s clear that financial help is needed for many. While it may seem like a big task, getting out of debt and feeling back in control of your finances can be achieved with the right steps.

1. Consolidate your debts

If you’re struggling to keep on top of your finances and you have multiple debts that feel impossible to manage, consolidating them might help. When credit card debts, personal loans or liabilities start piling up, consolidating these into one debt can help you pay less interest and regain control.

To effectively consolidate your debt, you can take out another loan that combines all your existing credit accounts into one. Before you jump into consolidating, make sure you check your current monthly repayments and how much interest or fees you’re paying. You’ll need to be careful you’re going with the best option available, for both the short and long-term life of the loan.

2. Investigate a more suitable option

When you have financial struggles, it can be quite overwhelming to see debt keep piling up. Aside from consolidating your debt, it can be useful to look at alternative options and search for better interest rates.

By doing your homework, you may find there are more suitable and lower interest rates out there. One bank may have a great home loan rate, where another might have some better interest rates on credit cards or personal loans. By hunting around, you’re able to tactically find some financial options that are better suited to you.

3. Talk to someone who knows what you’re going through

It’s ok to reach out for financial help when you need it. Seeking advice from friends and family can be helpful, but getting some professional financial assistance may ease you out of the debt cycle sooner than you think.

With a professional in your corner, you’re able to access the tools and expertise you need to bounce back to better financial health. If you’re looking for help from someone who knows what you’re going through, talk to the debt-busting team at Advantage Consulting.

Disclaimer: This is general advice and has been prepared without taking into account your particular situation or needs. You should consider whether it is appropriate for you before acting on it.