How to plan for the future when you're living in the now.
We agree that it's not exactly an exciting phrase, but 'financial planning' can lead to exciting things. Whether it's picking up the keys to our first home or taking time out to travel, all those hopes and dreams for the future can start to become a reality with a spot of, you guessed it, planning.
Don't dismiss savings and serious purchases as something you don't need to worry about until further down the line. If you want to travel overseas, place a deposit on a house or buy a car, you're going to need a game plan when it comes to dealing with your debts and managing your loans. So get your finances in order today and you'll be better prepared for whatever comes tomorrow.
Reduce debt, maximise disposable income
Whether it's a dress by your favourite designer or dinner at that celebrity-chef restaurant, there are times when you see something and you just have to spend. But remember, what goes on your credit card has to eventually be paid off, and often the longer you delay repayments the more interest you will accumulate.
To take the pain out of your spending splurges, look for a card with a generous interest free period. Some offer six months of interest free finance or more extended interest free options, meaning you have longer to pay off your balance so you don't have to skimp on other expenses.
Plan for that big-ticket purchase
If your savings need a helping hand, you could supplement them with a personal loan. Your bank balance will benefit from a cash injection within days of approval, meaning you'll be in a better position to negotiate for that sweet purchase. Buy new or secondhand, but be sure to finance whatever you're after with a Latitude personal loan that allows you to structure repayments to suit your lifestyle and budget.
You might apply for a loan to fund an overseas adventure, in which case you'd like the flexibility to make regular repayments. Using a budget planner will help you work out how much cash you'll need.
And to make your savings go even further while globetrotting, why not consider our travel friendly credit card, the 28 Degrees Platinum Mastercard? With no international transaction and currency-conversion fees, you simply load the card with cash before you jet off – plus it can be converted into one or multiple currencies depending on where your travels take you.
Prepare for the known and the unknown
There are life events that might not be so easy to predict, but at least with some personal finance savvy you can be prepared. A credit card with extended interest free options makes unexpected purchases easier to handle, allowing you to make small repayments over time rather than digging into your savings. And a card that offers reward points for every dollar you spend means you get something back as well as being able to cope with those just-in-case moments.
If this sounds like something you'd be interested in, check out our 28 Degrees Platinum Mastercard.