The sequel to our last blog on debt consolidation (Tip # 1 to 5), today we will be looking at five more top tips (Tip # 6 to 10) to consolidate your debts and get you back to living with the financial freedom you deserve.
Let’s dive straight in with five more ways to consolidate your downer debts.
- Stick with the plan
After meeting with your financial adviser and coming up with an actionable plan, this is the time to stick with it and power through – even when things seem tough. This plan should include steps to pay off your debt before worrying about building big savings, and providing steps to avoid accumulating more debts in the future.
- Boost your income
It’s simple but true: if you have more income, it will be easier to pay off your debts. If you’re part of a multi-person household and only one person is working fulltime, perhaps consider having the other person take on a part-time or a fulltime job, if possible. You may also be able to build a ‘side hustle’ through selling/creating items, taking contract gigs or any number of things that might not have popped into mind before. For example, many people find additional income working as background extras in film and television. There are plenty of options for every taste.
- Stay motivated
Sticking to the plan can be a long journey at times, but it’s important to keep your eyes on the prize. Think about buying your first home, creating an investment-property portfolio, or finding financial success. Whatever your end goal, just remember how great it will feel to be out of current debt and start working on your big dreams e.g. buying first home, buying investment property, buying a business etc.
- Review progress
The best way to stay motivated is to take your stress away from how much you still need to pay off and instead make sure to celebrate every success along the way. The progress you make is just as important as reaching that desired destination – and by acknowledging how far you have come, you’ll know that you can take yourself the rest of the way.
- Let’s plan next
Now that you’ve become debt free, we know you want to keep it that way. Come by our offices for a friendly chat any time to discuss where you are now and how we can help you towards your better future. You can contact us via phone on 0800 700 600 or email any time on email@example.com
Thank you for following our series of top tips to consolidate your debts. For more great advice on finance, mortgage and more, don’t forget to follow us on social media and stay up-to-date with our free content.
|Copyright © 2019 Finance Matters NZ Ltd. All rights reserved.|