BLR Management Service could not help you to become totally Debt-Free. But it will definitely help you to increase your possibility. Are you currently in debt now? Do you want to be debt free and live a life you always dream of? Do you think that being debt free is too hard for you if not impossible? Well, read on as maybe this guide will give you some insights on how to become Debt-Free one day.
Lets look at the few major debts we have and the way to manage them:
Lets look at the few major debts we have and the way to manage them:
Managing your Home Loan
A Home Loan is much more complicated than the other debt, not because it is the biggest debt one would incur, but because of the long tenure and the rules and regulation set by the financial institution. The matter will be more difficult when there are BLR changes as it will directly effect your Interest calculation.
Here are few ways you could use to manage your Interest:
a) Paying extras when you have extra money for the month
b) Paying lump sum when you get a bonus or withdraw from your savings. Ie. – EPF, FD, etc
c) Pay off your Home Loan with all your savings.
d) Subscribe to a Professional BLR Management Service in Malaysia
All the way list above will save you Interest, but let us go over them and analysis which is the Best option. Option A & B is what most people would do. But it is not the Best way since you have to sacrifice your Cash Flow and it will not give you the benefits and value in the long run(for example, the BLR fluctuates).
Option C might be the best option if you have unlimited Cash Flow. But this will not be a viable option for most of the people in the market.
So it leaves it us with Option D. First let me explain what’s a BLR Management Service. It is a Professional service that will helps you to monitor and Manage your Home Loan. Besides making sure you will get the Biggest Benefits when the BLR fluctuates, it also helps you to Save your Interest and Tenure. It is just like an Auditing service for your Home Loan.
So if you are not familiar with the Bank’s procedure and how you should manage your Home Loan to get the Best Benefits, the Best way for you will be Option D.
Here are few ways you could use to manage your Interest:
a) Paying extras when you have extra money for the month
b) Paying lump sum when you get a bonus or withdraw from your savings. Ie. – EPF, FD, etc
c) Pay off your Home Loan with all your savings.
d) Subscribe to a Professional BLR Management Service in Malaysia
All the way list above will save you Interest, but let us go over them and analysis which is the Best option. Option A & B is what most people would do. But it is not the Best way since you have to sacrifice your Cash Flow and it will not give you the benefits and value in the long run(for example, the BLR fluctuates).
Option C might be the best option if you have unlimited Cash Flow. But this will not be a viable option for most of the people in the market.
So it leaves it us with Option D. First let me explain what’s a BLR Management Service. It is a Professional service that will helps you to monitor and Manage your Home Loan. Besides making sure you will get the Biggest Benefits when the BLR fluctuates, it also helps you to Save your Interest and Tenure. It is just like an Auditing service for your Home Loan.
So if you are not familiar with the Bank’s procedure and how you should manage your Home Loan to get the Best Benefits, the Best way for you will be Option D.
Managing your Credit Card
A lot of people spend what they do not have for something they do not need just to show people that they could afford it. Spending on the card each month and making minimal payment. It is just like a time bomb waiting to explode. Let us look at some of the solution:-
Most people will have few credit cards nowadays. First stop using the card if not really necessary and make payment to the card with the highest interest with all your extra money each month after paying for everything.
When it is settled, move on to the next and repeat the process. It might seem hard at first, but keep doing it and very soon, you will be free of your credit card debt.
But if for some reason you could not afford to make payment, please consult your bank and if you still can’t a find solution, please consult AKPK and ask for their advice on how to settle your predicament.
Most people will have few credit cards nowadays. First stop using the card if not really necessary and make payment to the card with the highest interest with all your extra money each month after paying for everything.
When it is settled, move on to the next and repeat the process. It might seem hard at first, but keep doing it and very soon, you will be free of your credit card debt.
But if for some reason you could not afford to make payment, please consult your bank and if you still can’t a find solution, please consult AKPK and ask for their advice on how to settle your predicament.
Managing your Car Loan
You have done your research on the market and have negotiated a car loan. And now you are driving off with your new car. Well, it is not exactly your new car since you have not finished paying off your car loan; that car still belongs to the financial institution that lends you the money.
The first step to managing your car loan is to see how it fits in your overall budget. Write down all your monthly expenses(like Home Loan, entertainment, food, utilities, etc.) and weigh those against your monthly auto payments. If you find it hard every month to pay off your car, maybe you want to consider getting a cheaper car instead.
Do keep note that it will takes more money to maintain a car than simply paying off the loan. On average, the total cost of car ownership is around 1.5 times higher than the cost of paying off the loan. The fees will includes insurance, gas and maintenance, etc.
A car loan is more simple compare to a Home Loan - The faster your pay off your loan, the faster your loan will be settles. Just pay as much you can with your extra money each month and you will see huge discount on your interest and your tenure will also be shorten. Hopefully you were able to put down a substantial amount of down payment, and settle your loan very soon and be Debt-Free.
The first step to managing your car loan is to see how it fits in your overall budget. Write down all your monthly expenses(like Home Loan, entertainment, food, utilities, etc.) and weigh those against your monthly auto payments. If you find it hard every month to pay off your car, maybe you want to consider getting a cheaper car instead.
Do keep note that it will takes more money to maintain a car than simply paying off the loan. On average, the total cost of car ownership is around 1.5 times higher than the cost of paying off the loan. The fees will includes insurance, gas and maintenance, etc.
A car loan is more simple compare to a Home Loan - The faster your pay off your loan, the faster your loan will be settles. Just pay as much you can with your extra money each month and you will see huge discount on your interest and your tenure will also be shorten. Hopefully you were able to put down a substantial amount of down payment, and settle your loan very soon and be Debt-Free.
Some tips to manage your wealth
- Track and analyze your monthly spending. If you don’t know where all your money goes, it is difficult to know how to begin making necessary changes. Keep all the receipts for all your spending including your cash and credit card purchase. Review your spending every month and find out how your money is spend. Cut down on those un-necessary spending like Coffees, Cigarettes, etc. You will get more savings beside a better health.
- Do not take your credit card with you unless its an emergency. As the statistic show that shoppers spend 30 percent more when making purchases with their credit cards. Make sure to make the full payment if you did use your card to avoid being charge the Interest and getting into Debt again.
- Avoid borrowing blindly. There are so many financial products like Personal Loans to entice people to borrow. Do not ever fall for their low interest rate, etc. Only consider that option when its really an emergency and you have no other options.
Join BLR Management Service Malaysia and find out how to shorten your Home Loan and how it could help you to become Debt-Free.
Thank you for viewing and please leave a comment about this article. Like what information should be include, and how to improve on it. So more people will benefits. Wishing you all the Best to your Road to a Debt-Free Living.
- Do not take your credit card with you unless its an emergency. As the statistic show that shoppers spend 30 percent more when making purchases with their credit cards. Make sure to make the full payment if you did use your card to avoid being charge the Interest and getting into Debt again.
- Avoid borrowing blindly. There are so many financial products like Personal Loans to entice people to borrow. Do not ever fall for their low interest rate, etc. Only consider that option when its really an emergency and you have no other options.
Join BLR Management Service Malaysia and find out how to shorten your Home Loan and how it could help you to become Debt-Free.
Thank you for viewing and please leave a comment about this article. Like what information should be include, and how to improve on it. So more people will benefits. Wishing you all the Best to your Road to a Debt-Free Living.