No universal law says every young couple must make the same financial mistakes when they begin their lives together. In fact, men and women of all ages can take active steps to make sure their financial futures are secure. In many cases, all it takes is a little bit of planning and self-discipline. The best example is related to student loans and how newly married people deal with them. The savvy strategy is to save money by refinancing the debt to get lower monthly payments. Additional techniques that can bolster personal fiscal health include:
- Paying close attention to credit card use.
- Learning to leverage the power of coupon apps.
- Saving money to purchase a home.
- Establishing an emergency fund to cover unexpected expenses.
If you and your partner are just beginning your life as a couple, consider the following money-related hacks.
Refinance Your Education Loans
When women and men choose to tackle their old college loans, they’re on the right path. Couples who choose a NaviRefi student loan refinance agreement can combine multiple loans into one and end up with lower monthly payments as well as better terms, more competitive rates, and additional time to pay off the balance. The new loan you get by refinancing also offers the advantage of having a single due date, which means no longer having to juggle multiple payments on several college loans. Of course, the main benefit of the process is that you’ll have more money left over every month.
Learn to Use Coupons
Some people scoff at the idea of using coupons. The truth is that in the 2020s, e-coupons are an effective way of chopping as much as 10% off what you pay for groceries, household items, and common services. What’s the trick? Compare the top coupon apps and download the ones that are most suited to your buying habits and work at stores where you already shop. Don’t ever pay for a coupon app because all the better offerings in the niche are free to download and use.
Be Careful with Credit
It’s easy to get caught up in the credit trap. If you’re already in too deep, start digging out slowly by allocating a portion of your income to paying off the highest-interest cards first. After you get things under control, be careful to pay off all card balances each month. Make some attitude adjustments and start viewing credit cards as emergency tools for last-resort spending. Remember to order your free annual credit report from each of the three major bureaus, correct any mistakes, and study the details about what’s holding you back from a higher score. Keeping card use low and paying all bills on time are the two fastest ways to improve your ratings.
Start Saving for a House
Don’t procrastinate about saving for a down payment on your first home. Even if you think you can’t afford to set anything aside for a year or two, set up a segregated account now and deposit a nominal sum in it every payday. The goal is to make a habit out of the contributions and ramp them up when you can afford to do so.
