5 Tips To Help You Manage Your Personal Loan
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Happy 5-2-1 Impact Thursday!
Here are 5 Tips To Help You Manage Your Personal Loan, 2 quotes that will inspire you & 1 Question that'll get you started to think about this week.
💲5 Tips To Help You Manage Your Personal Loan💲
⏰ 1.Pay On Time⏰
This might seem obvious but do you know that according to a PUB report from Apr 2022, about 150,000 households are behind on their water bills? Late payment charges for credit card can go up to $100/mth. Late IRAS submission will cost you 5% of unpaid tax. Late payment charge for power could cost you $5.35/mth. These costs can add up!
💰2. Pay More Than The Minimum💰
Check the terms of your loan to see if there are any additional fees or prepayment penalties. If there isn't and you can prepay your principal ahead of time, do it! It'll help you save money on interest!
💪 3. Find Ways To Make More Money💪
If you really think hard and make the necessary effort, there are definitely ways you can make side income to accelerate your loan repayments. Here are some ideas… you can give tuition, take on translation jobs, take on delivery jobs, pet sit, dog walk, advertise on your car, selling stuff you don’t need anymore, rent out your belongings, do freelance writing… Go brainstorm!
🏦 4.Consolidate Multiple Loans 🏦
Pro-tip. Combining your high-interest rate loans or credit card balances into one new loan, ideally with a lower interest rate, may help you repay debt quicker. It is also easier to pay off just one loan instead of paying multiple loans simultaneously.
💎 5. Pay Off Your Most Expensive Loan First💎
The loan with the highest interest rate is the most expensive. By paying it off first, you’ll save money on interest and reduce your overall debt.
☁️ 2 QUOTES FROM OTHERS ☁️
“Money, like emotions, is something you must control to keep your life on the right track.” ― Natasha Munson
“Financial freedom is available to those who learn about it and work for it.” ― Robert Kiyosaki
❓1 Question For You ❓
What is the exact date each of your loans will be completely repaid?
If you can see the end, you can find a way to get there faster.So dig deep, get asking and find out today!
Dig deep, get asking, and start writing!
Until next week!
Caleb & Megan
Founder, SG Smart Parents Conference
Straits Times Featured Property Advisor With 12 Year Track Record
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