Top 4 Ways to Easily Manage Loan Repayments
A similar phrase to ‘love is in the air’ can be created and that is ‘loan is in the life’. Yes, everywhere and in every life loan is ruling with its dominating existence. Instalments, take a good share of the monthly budget. Compromises on desires to repay the loan on time have become the daily rituals and despite these efforts, the loan repayments cause the imbalance of income and outgoing. So frustrating!! Right?
Is this the way you are going to spend your whole life and stay in the burden of your own desires. To fulfil one wish you take loan and to repay that loan, you kill many other wishes. No, this is not done and not a good deal too. Why not find some workable ways to tackle the loan repayments without allowing the money mess enter your financial life? Sometimes solution of problems remains hidden somewhere around you and the only need is to recognise it and then work on implementation.
Here are the top 4 ways to manage the repayments of any to all loans.
- Say ‘NO’ to Every Unnecessary Expense
Loan repayments are fix and you cannot make deductions in that. The requirement is to find the expenses that are taking a good share of your monthly budget without coming much in your notice. Cut them off and save some precious pennies. These expenses may occur due to some of your uncontrolled desires. Too much shopping and weekend parties and outings. These are all fun and necessary to keep normality in life and break the stressful monotony. However, the importance of discipline is also unavoidable.
May be you can avoid taking a taxi to the metro station if it is on walking distance. Also keep an eye on the grocery items, it is human nature to forget the limits while doing something in bulk. There are so many things to buy in the name of grocery that you sometimes forget to take care of the quantity. Oops!! Last week you ordered 4 packets of milk powder despite the need of only two packets in a month. Take care of the small things and you can prevent unnecessary outgoings of income.
- A Loan Is Easy To Repay If It Is In Instalments
Instalments means smaller amount to pay and the loan tenure is long. To tackle the loan repayment it is first important to choose a right kind of loan. Always pick the loans with maximum possible tenure; it is even more important in the case of high interest loans like payday. Not all, but several loan companies are now providing the instalment option in these loans. They provide the tenure options of 3, 6 and 12 months. For instance, the 12 month payday loans are comparatively easier to repay than those, which you have to repay on the very next payday. An obligation on instalments is never burdensome and fits conveniently in the monthly budget.
- Never Take New Loan Until You Pay Off The Current One
Life is an ocean of desires and needs and the waves keep coming leaving new marks on the seashore of finances. You may have some genuine need to take another loan, but the obligation of the two or more loans may become a burden in the future. Think twice, sometimes you feel that the situation is manageable but later it turns the nightmares into reality. First pay off the running loan and then take the other one. With big and frequent part payments, you can pay off the current obligation soon and can take the new loan. However, for this, choose the loan with no prepayment fee. This can make the pre- closure of the loan complicated.
- Prioritise Expenses Before You Pay
Make a list of expenses on your payday and segregate the income in priority and non-priority bills and expenses. Of course, you put the loan repayment in the ‘important expenses’ category. Pay heed to the priority things first as it helps lead a stress-free month. Prioritising is important in every aspect of life. Just as you decide the tasks of the day and do them one by one according to their importance, finances are in more need of such practice. This makes you perfect in handling the finances well and stay smarter in money matters. It also teaches the art of adjustment and by the way, never misinterpret adjustment with compromise. It is a useful a tool to make your future safer and better. To keep situations in your control you need to first control yourself.
With the above ways, you can again turn the phrase of ‘loan is in the life’ into ‘love is in the air’. Spend time with those who are more important than anything in life. Keep the loans as a support and apply for them for the basic genuine needs and not for desires. Desires are countless but needs are rational. Try to do good savings and keep aside some amount for emergency. Loans are helpful and the saviours in bad times but you need to take them with responsibility.
Stay calculative, notice the blur line between the need and greed. Nothing then can cause a mess in your financial life.
Description – A huge part of the world is struggling with loan repayments. With several practical ways your ‘hard to repay’ loans can become ‘easy to repay’. All are related to some daily routine things that you forget to notice and also it is about the discipline in financial life.