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Retirement Planning with Grant Hicks
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 Grant
Hicks, C.I.M., FCSI is a professional speaker, co-author and
a Retirement Planning Specialist A leader in
the financial industry, Grant has been helping Vancouver
Island residents plan and create their retirement lifestyles
since 1989. |
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A
Painless Way To Cut Back On Expenses
With the current economic
uncertainty, many people are looking for ways to
reduce expenses. A relatively painless way to reduce
your monthly expenses is to have a second look at
the way you’re managing your debt.
Over time, most of us take out a
variety of loans for different purposes. These can
include things like credit card debt, car loans,
home renovation loans and, of course, the mortgage.
And if you have more than one loan, you’re most
likely paying a different interest rate on each
loan. One of the easiest ways to reduce your monthly
interest costs is to consolidate your debt at the
lowest rate. Typically, your lowest-rate debt will
be a loan that is secured by an asset, such as your
home.
If you have sufficient equity built
up in your home, consider switching to a product
that allows you to access your equity, such as a
home-equity line-of-credit. Then, use this line of
credit to repay your higher-interest loans. In this
way, you’ll be bringing all of your debts together
into a single account, at a single rate.
Some line-of-credit products even
allow you to track debts separately within the
account so you can continue to keep track of
interest costs and repayment separately. Not only
will debt-consolidation save you interest but it
will make it easier for you to keep track of what
you owe and how you’re progressing in paying it
down.
Reducing your monthly expenses is one
way to deal with economic uncertainty – and it
doesn’t have to be painful. By borrowing smarter you
can reduce your interest costs and increase your
cash flow each month.
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