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Tips to get out of debt faster

An overwhelming majority of people will face debt at some point in their life.

Uncontrolled debt can easily snowball and severely impact an individual’s lifestyle and financial freedom.

Fortunately, debt is manageable and is often contingent upon an individual’s motivation to get rid of debt fast. Tackling debt is often a process of managing expenses against income and formulating a plan of attack. Here are three ways to get out of debt faster:

Stick to a budget
If you are looking to get out of debt quickly, it is critical to stick to a budget. A budget can help you achieve your financial goals and ensure you do not spend more money than you earn. Budgeting is a great way to review your current expenses and see where you can realistically cut costs. It is also a good way of allocating money for an emergency fund i.e savings for a medical emergency etc.

Don’t borrow more money
Although it seems glaringly obvious, it can be tempting to continue down the borrowing spiral. Avoid getting into any further debt by holding off financing more items, signing up for credit cards etc. Instead, focus on paying off your current debts and necessary living expenses and try to eliminate any unnecessary expenses, such as TV subscriptions, daily takeaway coffee and so forth.

Make extra repayments (if possible)
Any excess cash you receive, i.e tax return, ideally should go towards making extra repayments. Making extra repayments not only shortens the length of time to pay off your debt but saves you paying more money on interest. Be sure to check with your credit provider if extra fees will be incurred for extra repayments.

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Consolidating your super

October 22, 2020

Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one account.

Why you should consolidate your super:

Before you consolidate your super:

Don’t simply choose the account with the highest balance. Rather, take into consideration the performance of that super fund, the fees you are required to pay, whether it is linked to any insurance and any other factors. Upon reviewing this, you may find that rather than choosing between your current super funds, starting with a completely new fund might be the best way to go.

How to consolidate to one of your current super funds:

Transferring to a new fund

In the case you decide that transferring to a new fund is the best option, you can consolidate either by contacting the new fund directly, or using an ATO rollover form.