The slope of January passed, as well as February and March. And so suddenly, the first quarter ended flying. It happens very fast, don’t you think? Today we invite you to do a self-assessment exercise; How are your debts going? Take your time to sit with paper and pen at hand and analyze your financial movements with the following question. 6 steps to pay debts and save at the same time.
How have I been using my credit card this year?
The credit card can be a good thing, as long as you know how to use it correctly. The credit card with the lack of financial culture and reflection is a very bad combination. When entering a clothing store or shopping for pleasure and not for necessity, we recommend you go with some money designed to spend on tastes. If with your card you are going to sign something you want, reflect on how much you have used it in the month and how your conditions will be with your income when paying that credit. Credit cards: what type of debtor are you? Do you think it’s time to lower expenses with the card? Keep reading!
Do I keep track of what I must pay?
Before using your card, it is highly recommended to write down how much you spent, what you bought and when you need to pay. Why? If you do not organize and spend crazy without knowing well why you are buying and without need, you will sink into debt and you will forget what you have bought and how much you have to pay. If you don’t have a record of your expenses so far this year, it’s never too late to catch up! For this we have several recommendations: literally create your own financial planner in Excel, create an account in Finerio, an app that will help you create budgets and record your expenses, or download these apps to save: FaveApp, High Level Money and Mints. You can also download the monthly planner that we have created for you:
Do you spend on a budget?
When using the card, it is advisable to: use it with planning and budget. Don’t do it spontaneously! Of course it is very valid to use it for entertainment and hobbies, but for the expenses of each month, you have to maintain a budget for entertainment and another for needs, in addition to giving some priority to saving. 8 reasons to have a budget.
How is my history in Buró?
Talking about the Credit Bureau can be complicated; Not many know what it really means to be there or how to do it to achieve a better rating. Well, we tell you: that the Credit Bureau has your name is not a bad thing in itself. Once you are granted a loan or use your credit card, a report is sent to the Bureau. It can be bad or good depending on how much time you are paying your credits. Microfinance institutions are other institutions that report to the Bureau. In Lubo Finance we grant a loan with a rate that depends on your Bureau’s score. Do you want to know how to clean your score? We tell you here.
Do you ask for loans?
In order for a loan to be a good decision, you must carefully analyze your options. First: evaluate the reasons why you ask for it. Whether for education, home improvement, debt consolidation, your own business, etc. Next, make sure that with your income you can repay that loan. And most importantly: make sure you apply for it at an institution where you are not charged twice your interest loan. You can read more about that last topic here.
According to the previous questions, you will be able to realize what position you are in regards to debts. Keep in mind that it is never too late to work to reach your new year’s proposals (even if we are in April). So, organize your finances and ask for a loan to consolidate your debts! With Lubo Finance you can request a loan from wherever you are, there is no need to attend a branch. Request your loan today!