Well done for thinking about your financial future

Debt consolidation is the process of bundling a number of different debts into a single loan or credit card, often with a lower overall interest rate.

It can be a useful option if you’re managing a number of debts like a personal loan, a car loan, credit cards or perhaps store cards. By consolidating your debts you may only have to make one monthly repayment instead of several and you may only be dealing with one lender and one set of loan statements.

The biggest advantage of debt consolidation is potentially saving considerable money in interest charges and also tailoring the term to suit your cash flow.

This strategy is often used in conjunction with budgeting and cash flow planning

Goal setting is the critical process of deciding what is important to you and what you want to achieve. This is done by separating what’s important from what’s irrelevant, or prioritising your goals to remove distractions.

This is one of the most challenging parts of our meeting but can often be the most rewarding.

One question we might ask to help explain this is; how do you eat an elephant? One piece at a time! Once your goals are identified and prioritised these can be used as a way of motivating yourself through what would ordinarily seem a list of impossible tasks.

This is also a very important tool when used correctly with proven cash flow and budgeting techniques.