Top Tips to Pay Off Your Personal Loans Sooner

Whether you are considering making a major purchase in the future or simply want to get your finances under control, you may want to pay off your personal loans sooner. With the range of personal loans Australia-based consumers can choose from, you are likely to be paying an average of 6%. If this is over a five-year term and adds up to $30,000, you could be spending $130 per week on servicing your loans. Even if you obtained the best personal loans, this could still make a massive dent in your finances. Fortunately, it is possible to make some basic changes to your lifestyle and shave years off your repayment term.

Small Savings:

While saving five dollars may not seem much, if you consider every dollar, you will soon be making some serious savings. For example, if you routinely use an ATM that does not belong to your bank, you could be racking up $2 or more in charges each time. If you use an ATM twice a week, you could save $5 simply by using your own bank. If your bank is not convenient, you could always withdraw cash when you make a purchase at the supermarket. Most stores don’t have any charge for this service.

You can easily save $10 a week simply by considering how you use your car. If you fill up at the right time in the week, you can catch the low point in the fuel price cycle, easily saving $10 if you fill the tank. While you’re fuelling up, check your tyre pressure. Keeping your tyres at optimum pressure will not only lower your fuel costs through reduced road resistance, but could extend the lifespan of the tyre itself.

You can also save $10 by eating out one less time each week. If you are spending $20 to $30 in a restaurant, you are likely to save at least $10 by eating at home instead. While you will still want to have a social life, do you really need to eat out as often as you do?

Bigger Savings:

You can also enjoy bigger savings with some more lifestyle changes. For example switching from coffee or soft drinks to water at least once a day when you’re out could add up to over twenty dollars a week. Drinking water is also healthier, so you may even find your energy levels are boosted.

You can also save yourself lots of cash by changing where you shop. Instead of going to the big two supermarkets, buy basics like soap, dishwashing liquid, canned goods, frozen veggies and biscuits from budget supermarkets.

Finally, you need to consider what you are paying for each week and not actually using. Do you have an automatic payment going out for a gym membership you’re not using? Is your phone bill creeping up and telling you that you need to reconsider downgrading, switching or changing your tariff? If you’re only using half your usage and data allowance, your phone company may allow you to reduce your plan with no penalty.

All of these minor changes could add up to your personal loans payment each week. This means that you could pay off your outstanding loans in less than half the time. If you would like to speak to someone about personal loans, contact us. The All Credit team are here to answer any queries, and we can help you to find the best personal loans to get your finances back on track.

I am a business Coach and Writer in Perth WA, Mom of 2 charming Sons. Cam is my name and for me Writing is Just like playing a Game.