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June 5, 2020, 6:51 am

What To Do When You’ve Paid Off Your Mortgage

by: The Financial Blogger    Category: Pay off your Debts,Personal Finance

People work for decades to pay off their mortgages, so it’s no wonder that when people finally reach that milestone last payment, they ask “what next?”

So, what do you do when you’ve paid off your mortgage and suddenly you have extra disposable income? Well, it’s a nice situation to be in, and here are some options you might want to consider.

Image by Vinzent Weinbeer from Pixabay

Treat Yourself

When you take out a mortgage, the end goal is to pay it off and end up owning your own home outright. After you’ve made your last payment you’ve achieved this goal, and you deserve to celebrate.

Each month you’ll have an extra chunk of cash staying in your bank account, so use it to do the activities that you enjoy. Take the odd holiday, visit friends and family, hit the golf course, whatever it is you love, take the time to enjoy it.

We work extremely hard for large chunks of our lives, and one of the bills that’s always there is our mortgage, so when you finally pay that off, it’s a cause for celebration.

Help Your Family Out

Now that you’ve got a little extra spare change it’s the perfect time to help your loved ones with their finances.

Paying off your mortgage gives you a lot of extra flexibility, and you can use it to enhance the lives of those around you. There are so many ways in which you can use your money, but few are as rewarding as helping the ones most dear to you.

Invest the Extra Money

Why not make the extra money you have at your disposal work harder for you by investing it?

There are lots of different ways in which to invest your money, so make sure you’re seeking the help of professionals and following a well-set-out strategy. Crypto is a very popular option these days, but like with any investment, there’s risk involved, so make sure you’re following the best bitmex signals.

Make Your Savings Work Harder

Not all savings options are the same. Interest rates are low at the moment, but that doesn’t mean there aren’t better options out there.

Make sure you shop around to find the savings account that offers you the convenience and interest rate you need. If you can get an interest rate over 1% rather than the average 0.06% it’s going to make a massive difference.

There are better options out there for your savings account, you’ve just got to look around and find them.

Embrace the Freedom

Paying off your mortgage gives you such economic freedom. One of, if not your biggest monthly expense has gone, and this gives you many options.

Embrace that freedom and design your life how you want it. If that means scaling back your work, then scale back your work; if that means working even harder to achieve your next goal, then do that.

No more mortgage payments means flexibility and freedom, so use it to achieve the next goals you have in your life.

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November 6, 2019, 10:18 am

Things Worth Sacrificing to Become Debt Free

by: The Financial Blogger    Category: Pay off your Debts

Image by Jill Wellington from Pixabay

Outsized debt from overindulgence is far too common. Yes, we know the sudden loss of a job or an unexpected medical expense can also cause personal finances to spiral out of control. However, if an emergency fund were in place, the situation would be considerably less severe.

Unfortunately, many of us overlook the possibilities of problems in our pursuit of life’s pleasures. With that said, it’s time to consider what things are worth sacrificing to live debt free.

Free Time

If you’re carrying outsized debt, odds are you can’t afford free time. OK, yes, you do need some time to recharge from time to time, but sacrifices will need to be made to eradicate your debt. This means earning additional income. Hopefully, you can find a way to accomplish this by doing something you enjoy. Perhaps you have a hobby capable of generating revenue. If not, you’re going to have to find a way to bring in more cash.

Either way, it’s time to get busy.

Extravagant Possessions

Are you sitting on a collection of watches worth thousands of dollars? Do you have a sports car in the garage you only drive once or twice a month? A sailboat, an airplane? Whatever it is, if it isn’t absolutely endemic to your respiration, it should probably be sold off to satisfy debt.

After all, you probably went into debt to get it in the first place.

Expensive Entertainment

Going to see “Hamilton” in $400 seats you bought with a credit card? Yeah, it’s time to stop doing that. Eating in restaurants several times a month? Yep, time to kick that to the curb too. You should also be taking your lunch to work every day and walking right past the gourmet coffee shop, foregoing that five-dollar latte every morning. In fact, changing just that one habit will net you somewhere around $200 each month you can use to keep creditors at bay.

Now, with that said, it is important to allow yourself moderately priced entertainment while you work your way through the problem.

Just keep it reasonable — and pay cash.

Your Pride

There’s no shame in admitting you have a problem you’re unable to solve on your own. This is why programs like Freedom Debt Relief exist— to help people who need it. Of course, the first step is admitting it to yourself. Then you can find the help you need to reach a viable solution. This might be debt settlement, a consolidation loan or maybe even bankruptcy.

Whatever it turns out to be, it’s OK to sacrifice your pride.

Social Media

OK, so Scott and Becky are spending a week on the Grand Princess in the Caribbean. Trevor and Steven just redecorated, while Glenda and Mary just got a new Range Rover Evoque. 

Looking at it on Instagram, Facebook and Twitter, you’re feeling left out because you aren’t doing something commensurate. So, you go into debt to take a river cruise in Holland to give you something to brag about.

Bad idea. Odds are, they’re leading that “amazing life” on credit too.

Stay off social media while you deal with your debt.

Common Sense Isn’t Common

Yes, a whole lot of this is just common sense. However, common sense can fly right out of the window when it comes to emotional issues. All our lives we’re told living a lifestyle of abundance is something to be pursued. Meanwhile, we’re also told owing people money is bad.

Thus, our common sense says, “Avoid going into debt” while our egos say, “We work hard, we deserve nice things and we can always pay them off over time.” Then, when the bills are more than can be comfortably paid, the ego falls strangely silent.

Which brings us to the key thing worth sacrificing to become debt free: Ego.

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September 13, 2017, 9:30 am

So you’re in debt – now what?

by: The Financial Blogger    Category: Financial Planning,Pay off your Debts

The reasons people fall into the debt trap are varied and complex – from a simple lack of financial education or poor budgeting, unemployment, gambling problems or an unexpected illness that wipes out your savings, or just plain overspending! Cultural values also play their part, with some countries just seeming to instill a belief in the importance of saving and living within your means more than others.

Whatever the underlying reason, debt is a growing issue that more and more people find themselves facing, and sitting down and crunching the numbers can create an almost paralyzing sense that you just won’t be able to get out from under the beast. Because of this, many people try desperately to ignore the reality of their circumstances, ducking and diving and living in constant anxiety. In some cases, this type of lingering stress can even make you lose focus at work and become a threat to your career, which certainly isn’t going to help the situation!

The answer is obvious, but you have to be willing to accept it. If you ever want to get out of debt, you’re going to have to face some possibly awkward conversations, man up to your mistakes, and yes, your lifestyle may have to change, possibly drastically. But facing the problem is the only way it’s ever going to go away – and with a little bit of help and some discipline – it can.

Get help!

Contacting a professional firm to investigate your debt review or credit counseling options is a great place to start. One thing’s for sure, you certainly won’t be the first person to face this problem, and you’re sure to receive solid and nonjudgmental advice. Debt review firms and credit counselors can help you in a variety of ways, from helping consolidate all your debts into one manageable monthly payment, helping you come up with a realistic budget, negotiating better interest rates on repayments and even protecting your assets from repossession.

Many lenders will even offer a lower total repayment on your outstanding account when they see that you are serious about paying them back – it makes financial sense for them to recoup a smaller amount rather than run the risk of you not being able to pay anything at all. This will depend on your personal situation of course, so you will need to be completely upfront and honest about what your income and expenses are. Taking the first step is the hardest, but the relief you get from knowing the journey back to financial freedom is actually underway is more than worth it!

Getting out of debt for good

If you have several debts to pay off, it may make sense to harness the power of the snowball effect. This concept revolves around starting with your smallest debt, and paying that off first, which offers two benefits. The first, and perhaps most important if you’re at the beginning of your journey, is the psychological boost you get from ticking one debt off the list for good. And secondly, not only are you now used to getting by without that money each month, but your overall debt has shrunk too.

Really evaluate your spending habits. It’s so obvious that people underestimate just how important it is to have an accurate idea of where your money is actually going each month. This doesn’t mean scribbling down what you estimate you spend on groceries, fuel, fees and contracts – this means actually getting the real figures. Commit to either keeping your receipts (if you tend to draw cash) or only using your card so you can track payments on your monthly statement. Draw up a spreadsheet, use an online tool or whip out your calculator, whatever works for you. The important thing here is creating an accurate picture (maybe even a pie chart if you’re so inclined) of where your hard earned cash is going. Prepare for some shocking truths! Once you have the data in front of you, seeing where and how much you can cut back becomes simple.

Once you’ve committed to making payments each month, have them set to come off your bank account automatically via debit order or automatic deduction. If you have a good relationship with your employer, ask them to deduct the money from your salary each month on your behalf. This means you’re less likely to find an excuse not to make a payment because it would mean having to explain yourself to them too!

Getting out of debt entirely really is possible – and even better, once your debts are cleared, you’ve learned an even more valuable lesson. Don’t go back to your old habits and spend that money you were setting aside each month. Keep the trend going, and set the same amount each aside to save and invest each month. The lessons you’ve learned in getting out of debt can now serve you in saving up for retirement or a reward you’ve truly earned!

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July 24, 2017, 10:37 am

The Most Effective Ways to Manage Your Credit Cards

by: The Financial Blogger    Category: Pay off your Debts

Credit card management is just as important as managing your credit score. In fact, the two go hand-in-hand. Fortunately, there are effective ways to manage your credit card so that you don’t end up in a pickle. Among others, financial experts advise that you always keep all your credit cards safe and secure. If you have multiple credit cards, don’t keep them all on your person at all times – keep some of them locked away in your closet, or in a safe. Additionally, it is imperative to keep your personal identification number (PIN) secure and separate from your credit cards. While most people don’t use PIN numbers with credit cards, they are commonly used with debit cards.

Expert advice when it comes to storing PIN numbers is as follows: keep your PIN separate from your credit card and your wallet at all times. Remember that the bank will always pay you back for fraudulent transactions that are conducted without a PIN, but if somebody has access to that PIN, you will not be paid back. It is advisable to change your personal identification number to something that is memorable to you. This can be done at ATM machines. Identity thieves are more likely to guess birth dates, anniversary dates, and other easy to remember numbers, so use something that is difficult for other people to figure out.

Remember, like many things in life, maintaining good credit is far more important than acquiring it. Many people are unaware that the interest repayments on credit card bills are based on the full amount that was used, and not on the outstanding balance. If you ran up $2,000 in bills and paid back $1,700 by the end of the month, your interest repayments will likely be on the full amount. To verify your interest repayment, it’s important to contact your credit card provider. Everyone is given a credit limit on the cards they hold. It is imperative to stay within that limit, and not to exceed it. If you do, you will be charged an additional fee. Careful credit card management entails knowing your limits.

Pay back in full to avoid late fees and interest -related credit card payments

On the topic of credit card repayments, it’s important to make regular and timely payments. The last thing you want as a credit card borrower is a less preferable interest rate on your outstanding balance. This can happen if you are a ‘repeat offender’ with multiple late payments. Clients who routinely missed their payment deadlines will face the consequences in terms of their credit rating, and their ability to apply for lines of credit.

Clients who repay the bare minimum every month run the risk of racking up substantial interest-related repayments on the cards. This is a no-no. Avoid making minimum repayments since this costs you more overall. For example, a credit card debt of $1,000 at 16.9% APR will incur interest-related payments of $1,530 over 22 years and 11 months if you’re simply making the minimum payment. It is far more beneficial to make full payments before the end of the month to reap the rewards of cashback, bonus miles, and other perks available with the credit card company. It behooves clients to pay back the credit card in full at the end of the month.

The Big No-No with Credit Cards

There are several things that should never be done with credit cards, or done as rarely as possible. These include using a credit card for gambling purposes, purchasing foreign currency with your credit card, using checks issued by your credit card company, and withdrawing cash from an ATM. These are some of the ways that lenders maximize their profits with unsuspecting clients. It is possible to safeguard your credit card by taking out insurance, but the costs thereof may be prohibitive.

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October 26, 2016, 7:51 am

3 Powerful Ways to Manage Business Debts

by: The Financial Blogger    Category: Pay off your Debts


Managing business debts is a major obstacle for all entrepreneurs from across the globe. When you need to secure business loans, you have to guarantee that you can repay it, taking after every one of the terms applied. In fact, it is not wrong to owe somebody or a loan company cash, as long as you can settle it on time. If not, you will be in a bad position when you are not ready to do as such.


For the most part, maintaining a small business is frustrating and stressful. However, if you love what you do and you are concerned about your business, then you can survive anything to make it thrive. Business loans can actually make or break you. This is the reason why you need to choose deliberately what sort of loan you will apply for.


Good thing there are various business finance solutions available out there, which you can swing to whenever you need business finance assistance. Sites like offers financial help to business owners. Banks and Non-government agencies can also assist you in setting your business. Remember to pick your fights carefully and you will get through any business troubles along the way.


So, here are some ways to deal with business debts effectively:


Cut back unnecessary expenses

Decide the sections of your business where you can reduce costs, so you will have the ability to pay your debts. There are different ways on how you can lessen costs, for example, subleasing unutilized space, auctioning off unused gear, or disposing costly telephone frameworks. With this, you can free up money to settle your business obligations and keep your company running smoothly.


Combine loans

Business debt consolidation is one of the speediest solution to settle your debt quickly and lessen interest rates. As opposed to paying different credits with various financing fees, you can just wire them into a solitary low-interest loan. Also, this procedure gives you a chance to simply deal with only one lender. The loan can either be secured or unsecured with business assets. In order to help you out on this matter, you can inquire to finance experts whether this will be a good fit for your business or not.


Revisit your financial plan

When your debts keep heaping up, then it means that your company’s present budget plan is not generally working out. Make a financial plan in light of the business’ present monetary circumstance. Ensure your business’ income can take care of your monthly costs, such as lease and service bills. At that point, designate a part of the financial plan for variable costs, like fabricating materials.


It is your obligation as a business owner to deal with your company’s debts. Be sure to take into consideration these useful tips mentioned above to know what to do when dealing with your own business debts. Simply keep your eye on your goals and be flexible to whatever changes that will come your way. Definitely, it won’t be that easy and simple at first, but you will understand all things and get used to it eventually.

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