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  • Writer's pictureDave Fullerton

10 Tips to Get Out of Debt

Are you struggling to get out of debt? If you're like most people, you probably feel like you're doing everything you can, but it's just not enough. Don't worry – you're not alone. This blog post is for anyone who wants to get their finances in order and get rid of their debt.

Here are 10 tips that will help you get started.

1. Be Wary of Impulse Spending

When trying to stick within a budget, it can be easy for small purchases like those trips through the Starbucks drive-thru to add up. Ensure these additions don't sneak up on your wallet by accounting for them in your budget and not exceeding the allotted limit.

2. Carry Cash

It can be too easy to spend money unintentionally or over budget when simply tapping your card or clicking the place order button online. For some, spending money as cash is a much more tangible way to manage your budget and know when you have used up your weekly funds!

3. Examine Your Bills

Examining your bills is the best way to avoid spending extra or paying too much. It may be time to reconsider those Amazon or Netflix accounts you joined because they started as a free trial.

Perhaps there are some that you can get rid of entirely or some you can reduce (by changing your phone plan, for example).

4. Ask Questions

If you're making a new purchase (no matter the size), it is a good idea to ask, "Is this the best you can do"? You may sometimes get a further discount, especially on purchases like a car or internet service.

Generally, always do extensive research and price comparison before making large purchases.

5. Manage High-Interest

High-interest rates are a substantial financial leak, and if you have debts that are getting in the way of your cash flow, it may be time to refinance. You'll save on interest charges by consolidating all those different loans into one easy monthly payment with better terms!

6. Renew With Confidence

When you receive the letter from your lender about renewing a mortgage, consider shopping around or reaching out to an expert before signing. You may be able to get lower rates with better terms of repayment.

Want help? Contact us today, and we'll help you find the best fit for your financial situation.

7. Renovate vs. Relocate

If you're falling out of love with your home, consider a renovation! It is much more cost-effective than moving and can be a great way to breathe new life into your spaces. It also can help the value of your home go up.

8. Don't Leave Money on the Table

Take advantage of the incentives! You may be eligible for various tax credits, rebates and other opportunities to help you save money on your home purchase. Find out today.

9. Change Your Mortgage Payments

If you're struggling with your current schedule, consider switching. Moving from weekly to biweekly can help you reduce your overall monthly bills. However, if you have extra funds, moving to a weekly or accelerated payment schedule can help you pay off your mortgage quicker and get out of debt sooner.

10. Know Your Pre-Payment Penalties

If you ever need to get out of your mortgage, be sure that the terms and penalties for early termination are known.

If you are reconsidering your budget and want to adjust your mortgage, contact us today for professional advice! We can help you with your mortgage payments, debt consolidation and more.


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