Covid Tips, by Phil Rogers & Lauren Hall
Hi everyone. Phil Rogers and Lauren Hall here from Loan Market Edge. Today, we wanted to take some time to discuss our top tips to help you make the most of COVID-19 isolation.
- Consolidate your debt; multiple debts can be stressful, both because of the financial hit each month, but also the need to remember lots of different due dates. You can take a bunch of loan obligations from different sources, and at varying interest rates, and replace them with just the one repayment. This won't eliminate your debt, but it could make it easier to keep track of your finances and where you stand on the path to getting debt-free. If you're a homeowner and you've been fortunate enough to build up a decent chunk of equity in your home, you may have an advantage when consolidating debt. You could use that equity to secure a competitive interest rate for a consolidation loan that is much lower than those usually charged. For instance, on your credit card debt.
- Customize your loan. A tailored solution could give you the loan features and flexibility that you need. You might want to have the option of making extra lump sum repayments, for example. Being able to do this could save you thousands in interest over the term of your loan. Also, the interest rate you started off with may not suit your current situation. We have access to a panel of over 60 banks and lenders, and can look into your options to help negotiate a better deal.
- Get a budget together. You can't fix what you don't track. Most city-dwelling Australians spend 160% of their income. Yep, you heard that right. That makes my stomach churn, and in times like these, it is seriously hurting people. Did you know that, in the digital world we now live in, budgeting is actually at your fingertips? There are a number of great tools and apps available that can help make tracking your spending a breeze. Have you considered completely cutting out one section of your spending? This could be online shopping or those expensive Uber Eats. Track the change and see the difference.
It's important to be in control and stay accountable. Whilst we can't do your spending for you, we can help you stay financially fit.
We can schedule a quarterly check-in on your progress to help keep you on track with your goals.
Let's talk; we're here to help. Chat soon.