The success of financial management, in terms of loans, can be measured in the action plan you implement during the term of the loan. In Nexxi Finance I will show you some strategies that will allow you to perform well during the debt balance.
The importance of having a strategy
Usually when we think of acquiring something and we need to help ourselves with a personal loan, we usually focus on the loan installment, make a mathematical calculation and quick analysis of it, and if it fits us, we “get into the mess” because “what is so done” .
When this happens we overlook the importance of having an action plan. In other words, we do not make the real numbers, and this has the consequence that we have the rope around the neck month after month.
This is why the strategy that you implement is decisive, because with it you anticipate what could happen and consider how you can solve this or that situation. For example, that you lose your job or something happens to the car, among other things that can happen. In other words, you will not be improvising, something typical in the DR.
Strategies to pay off loans
Starting from the importance of having an action plan to pay off your personal loans intelligently, I want to share with you some key points so that you can have optimal and bearable financial performance for your pockets.
Strategy No. 1: Create an emergency fund
The first thing you have to foresee is a low potential in your income, the one that comes from unexpected situations that can be real. For example, that you are counting on that commission of the business you did, and that in the end, it could not be given or of the company’s bonds, which were less this year.
For this you must have a “little key” stored there. The one that covers between 3 and 6 months of fees. With this you get a mattress, and cover yourself in case one of those things that you don’t want to happen occurs.
Strategy No. 2: Coordinate with the payment of the most ‘weak’ fortnight of the month
Usually in the two fortnights there is one that has a lower weight in financial commitments. In that sense, try to coordinate the payment date of the fee with that more flexible half of the month.
To determine this you can prepare a payment schedule where you specify your monthly fixed commitments, as well as the date on which you are made the salary discounts, so that you can choose the most comfortable date to pay the loan.
Strategy No. 3: Make extraordinary payments to capital
Finally, within the framework of the possibility, he makes extraordinary payments to the loan capital. With this you reduce the loan time, and in the long term, reduce the interest charge.
It is important to note that for this you have to see the terms of the agreement in terms of repaying the loan in advance. Since there are entities that penalize when the entire loan is canceled before the stipulated date.