If surplus has been raining on you, it’s time to enjoy some financial blossoms! It can be challenging to know what is the best way to use this abundance. Here are some great options you can implement to help you make the most of your windfall!
Make a plan.
Design a well thought out plan for your surplus money. By doing so, you remove the emotions of wanting to overspend and winding up in a worse financial situation. Plan now so you can enjoy it later!
It goes without saying that one of the best financial decisions that you can make is to reduce your debt load by paying off debt as your ultimate goal. If you find yourself with leftover money after paying your bills, putting extra payments on credit card debt or any other debts you owe is the best way to shed financial stress, live better, and save money in the long run.
Add to your saving account.
During times of plenty, it can be difficult to see possible financial pitfalls up ahead. By opening or adding to your savings account, you are proactively preparing for the future. Make sure you are adding to your emergency fund every month. Aim for at least three months of income in this fund to use when the financial tsunamis hit.
Add to Retirement Funds
Got it all together in the saving department? That’s great! But, don’t forget to add to your retirement funds for greater financial security. If you don’t have a fund in place, now is a great time to make an appointment with a financial advisor for assistance! They will be able to answer all your questions and help you make your future a bit more secure.
Pay down student loan debt.
If your loans are taking a large chunk out of your wallet each month, consider using some extra funds to pay down your balance. The earlier you pay off your student loans, the less you will have to pay in interest in the future.
If your student loan situation is complicated, consult the knowledgeable and friendly attorneys at Miller, Hollander, and Jeda. With three options available in our Student Loan Modification Program, we may be able to help alleviate this financial burden, allowing you to breathe easier. Call us at 239.775.2000 to schedule a free, private, and confidential consultation to ask about Loan Forgiveness, Loan Consolidation, or Loan Rehabilitation.