Controlling Your Debts In 2017

Feb 27, 2017 |

New Year is the beginning of many new things and not just a year. It is a time when new resolutions are made and future goals are set. Most people promise themselves to be more focused, work harder, eat better, live healthy etc., with many other little promises. You will be surprised to know that most people in 2017 have promised themselves to focus on money alone and make more money this year. They have promised to earn more and spend less so that they can control their debts in a better way.

According to think money reviews, use of financial apps have surveyed that 96% of people had thought of better handling of money in 2017, as the New Year resolution. If you are among these people who think they need to control their debts this year, then you might be thinking of ways as to how to control these debts and fulfill the promise made to yourself. Saving is always good for your financial status, but controlling your debts is more important.

Here are a few tips which will help you manage your debts.

Use your brains and separate your finances

The first thing is to use your brains when it comes to saving money. Money can bring in a lot of stress on your mind, and one needs to handle money matters with the right mindset. The best way to deal with money is to separate them and not pile them together. Keep salary for a separate pile, rental income for another and use them for relevant payments, etc. You need not have to compromise with your lifestyle when you can easily maintain your rental property by using money from rentals and not from your salary. Thus, separating finances will help you categorize your expenses and control them too.

Right loan structure

Most people are very happy to receive the first loan offered by the bank willingly and they simply take it. They are happy that the bank is offering them money on its own and are really thankful to the financial institution for this opportunity. However in reality, they are missing out on opportunity of building their own wealth in the right way by taking the loan through the right structure. Most principal and interest loans structure forces people to pay more interests than what is needed and also targets payment of interest first than the principal amount. However with the right interest only loan facility, one can easily pay off the loan amount fast and in a more efficient manner.

Take help from experts

Most of us find it difficult in dealing with financial matters since we are no experts. If you have made a resolution of controlling your debts this year, then you must take help from the financial experts who have better knowledge and expertise in financial matters. They will easily help you take control of your debts and manage your money efficiently.

If you are planning to control your debts in 2017, then you must separate your finances and use the right loan structure to pay off your debts. You must take help from experts so that you can fulfill your resolution and manage your finances more efficiently this year.

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