As we step into a new year, many of us are hoping to improve our financial
health and possibly get out of debt. If you are one of these individuals
looking to find debt relief or build your wealth this year, then the
Law Offices of Simon Goldenberg, PLLC is here to help!
Below, we outline some ways in which you can cut costs, save money, and
pay off debts faster in 2017. We wish you the best in your endeavors –
and remember, if you need a
New York debt relief attorney to help you find relief from overwhelming debts, do not hesitate to contact us!
1. Create a Budget.. and Stick to It
You’ve probably heard it before, but that’s because it is true.
The key to saving money (or paying off debt) is to spend less than you
earn. Live well within your means and you will have the money you need
to eliminate your debts or to build up that savings account that you need
to have peace about your financial state.
2. Take Advantage of Auto Pay & Direct Deposit
Do you miss payments? Do you put off paying that bill until, all of a sudden,
you don’t have enough money in your account? Auto pay is your best
friend! Almost every financial account offers this service so that your
bill is paid out of your checking or savings account automatically each
month. You never have to worry about it and you’ll never be late.
As long as you stick to your aforementioned budget, of course!
3. Refinance Your Mortgage / Lower Your Credit Card Interest Rates
Mortgage rates are still very low. Refinancing your home could save you
thousands – or even tens of thousands – of dollars over the
life of your mortgage! You may also qualify to lower your interest rates
for credit cards. Talk to your lenders and see what options they are willing
to offer. Some credit card companies also offer 0% balance transfers,
so you may be able to switch your credit balance to a card with a lower
4. Audit Your Subscriptions
Haven’t used Hulu in months? Forgot you signed up for that clothing
subscription? Do you REALLY need those snacks each month? Subscriptions
are all the rage these days, but they can really eat away at your monthly
income. Audit your bank statements to find all those subscriptions, decide
what you want to keep, and cancel all the rest.
5. Pay Off Higher-Interest Debts First
Known as a “debt avalanche,” it is best to pay off higher-interest
debts faster than those with lower interest rates. This prevents interest
from piling up over the life of the loan and causing you to pay more in
the long run.
We hope these tips help. Need a debt relief attorney in New York?
Contact us today!