Stretch your dollar further

05 Mar Stretch your dollar further

Stretch your dollar further

Paying closer attention to your spending habits can have a positive impact on stretching your dollar further. Seeing where your money is going, planning to spend more wisely and sticking to your guns can help avoid financial stress and ending up in overwhelming debt. And if you have a partner, talk about your goals to manage and reduce your debt or relying on credit.

Our top 10 tips

Our 10 key tips for stretching your dollar further are:

        1. Track your spending so you know where your money is going and review regularly
        2. Learn to set a budget plan to prioritise spending
        3. When shopping try to stick to a list, buy generic or buy in bulk and avoid sales!
        4. Keep your change as it quickly accumulates
        5. Try to layby where possible for birthdays, Christmas and back to school expenses
        6. Unsubscribe to retail mailing lists & delete those online shopping apps
        7. Check your contracts (insurance, phone, internet etc.) and make sure you are getting the value for money
        8. Avoid ATMs that charge withdrawal fees
        9. Regularly check home loan or credit cards interest rates to avoid paying too much interest
        10. Take advantage of free activities provided by local councils and community groups.

However if you have tried all this and are still really struggling with bills pilling up and creditors knocking on your door, then debt consolidation might be something to think about.

Other debt solutions

“Debt consolidation” means refinancing your debt onto the lowest interest rate possible – and setting up a realistic repayment plan to get it paid off! Of course, any debt consolidation strategies can only be successful if you cancel or cut up your credit cards and avoid running up any further debt. If you can commit to that, debt consolidation can potentially save you a lot of money.

There are a few ways that you can do this:

  • Consolidate your credit card debts into one personal loan
  • Transfer your debt onto a card offering low balance transfer
  • Incorporate the debts into your mortgage.

If your situation has negatively impacted your credit rating, you may find that you are not eligible for a loan to consolidate, can’t transfer to a new credit card or even re-mortgage.  You may find yourself in a real struggle with debt collectors chasing you and it seems like you might have to go bankrupt.

How we can help

There are alternatives even if your situation is serious.  Talk to us about the Financial Hardship obligations of your creditors, Moratoriums and restructured payment amounts and at Active Debt Specialists, we are experts at implementing the Debt Agreement* repayment option, which has no interest, stops debt collectors and your repayment is only what you can afford.

Find the right solution to help solve your credit card debt issues.

Give us a call today on 1800 085 550 for a free no- obligation confidential chat.

* Debt Agreements will affect your credit rating and conditions apply. Find out first.

 

 

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  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.