I have never been much of a spender, but when I started investing in real estate, I knew that I had found my calling. I was capable of turning a simple loan into a large return, and it was really fantastic to see my efforts pay off. Unfortunately, sometimes money was tight, and I found myself taking out loans to invest in new deals. However, I was able to learn a few tricks of the trade to save money on loan interest, such as limiting the payback timeline and perfecting my credit. This blog is all about saving you money on interest.
Getting into debt is fairly simple to do. With all of the promotional offers given out these days, from zero interest for extended periods of time, to percentages off your purchase each time you shop, it can be very easy to fall prey to over-extending yourself with credit and loans. Some loans and credit are necessary to have (such as those offered by Community Resource Bank), as things happen in life that you can't always prepare for. To pay off those loans or credit cards, you may have to make a few changes to your lifestyle and how you pay your bills. See below for helpful tips on how to pay down your debt quickly.
Get Organized
Grab all of the bills that you have outstanding and organize them. Put your utility bills into a pile and then your credit card bills, loan bills and doctor bills into another pile. Next, take a calendar and write when each of your bills is due on the calendar.
Work Out A Payoff Plan
The cost of your monthly utility bills aren't exactly set in stone. To help make things a little easier for you, call your utility companies to see if there is something you can do to make these bills cheaper, such as lowering the rate of your cable bill by cutting out extra channels, or getting on a budget plan for your gas/electric bill. Your loan creditors can also be contacted to see what can be done to lower your monthly payment. This may add to the time you have the loan itself, but it may help you to pay some other bills with higher interest rates paid off in the meantime. For doctor bills, call the creditor to see if you can make a lump sum payoff. Some medical offices will take a percentage off if you pay it in full.
Stop Over-Spending
Try to cut back on frivolous spending so you can begin to save money. If you go out to eat a lot, try cutting it back to one to two days per week only. Limit your entertainment expense as well by staying in more or looking for free things you can do instead. The money you are saving can be put towards your bills to help pay them off faster.
It's very easy to fall into debt, but can be difficult to get out of it. Pay off higher interest loans and credit cards first, pay extra when you can, and call your creditors to see what type of payment plans you can come up with to give you a little wiggle room in your budget.
Share27 May 2016
