Are you concerned your debts are getting out of control? See below 5 of the signs that indicate your finances are getting out of control.
- Credit balance increasing each month (Even if the mortgage is reducing )
- Monthly credit card over limits
- Savings Account balance being in negative balance each month
- Redrawing on credit cards to pay other credit to complete a spreadsheet
- Borrowing from friends or family to meet your household bills.
The best way to identify what is happening is to take your savings account for the last month and put all the payments into a spreadsheet such as excel. Ensure you use a savings account statement and not project or estimate your spending. You can categorise all outgoings into:
- Entertainment – this would include alcohol, movies, Foxtel, books, cigarettes etc.
- Transport – petrol, bus and train tickets, rego
- Loans (except home loan) – credit cards, personal loans, car loans, overdrafts
- Home loans
- Health – prescriptions, gym, etc
- Clothing & Fashion – including makeup
- Food & House – groceries, meat, veggies, toiletries
- Hobbies – Motorbikes, stamps, etc
Loan Saver can assist in identifying where your money is going, and assist with suitable finance or a debt consolidation home loan option to improve your position.