What one should keep in mind when they have already started debt consolidation?

  1. Don’t fall in to the same trap again.
  2. Use the money saved from the refinance to pay yourself to save an emergency fund and long term financial objectives like funding for education or retirement.
  3. Formulate an Income & Expenditure budgeting and sticking to it. Allocate your income to pay your bills, budget for groceries, petrol consumption and saving. Put your monthly bills on an automotive payment plan using a dedicated checking account each month, and keep a small surplus in the account. Using a credit card that gives cash back for grocery or any household purchases is a smart way to make these purchases. It is convenient and some cards offer you a good reward for using them when making these purchases. Just make sure that you budget for and pay the balance each month.
  4. Control your life style expenditure, don’t be greedy or lured by any get-rich-scheme that only to lose your money, buy enough medical insurance cover to protect you from over indebtedness again due to any unavoidable circumstances.
  5. Keeping your finances in order takes planning, discipline and a commitment to stay ahead.
  6. Making extra income by involving into a part time career or starting some small business.
  7. Picked up financial planning and investment knowledge to learn how to accumulate and multiplying your personal wealth.
  8. Obtain further financial advice from a licensed financial planner.

Following these above sound practices will help you stay out of finance debt and begin to build personal wealth.

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