Tips for yielding positive banking decisions

Find out a few ways you might be able to make a big impact on your finances.

10:13 29 May 2013

Manchester United recently conducted a transaction that many people should probably pay attention to. The Premier League club refinanced their debt, that should save them up to £10million per year. You could say it pays to make that move.

 

This is seemingly a great banking decision by the club, and one that many people could take advantage of in their own personal and business accounts.

 

There are many ways to improve financial status; here are just a few ideas and reasons why you should consider them.

 

• Consolidation—not only is it annoying to have to pay on many different credit cards and loans, but it can be difficult to keep track of. The more payments you have to make during the month, the more opportunities you have to accidentally miss one which affects your credit rating.

 

• Personal loans—this is sometimes related to the banking consolidation idea, but you can use personal loans to pay off debts that have a higher interest rate which could save you a lot of money over the life of the loans.

 

• Mortgages—if you already have a mortgage but the interest rate could be lower, it’s like throwing your hard-earned money down the drain. We can’t all save £10m a year, but even £1,000 makes a difference, though it might seem small, it adds up especially if you have a 30 year mortgage with many years to go. Keep in mind that you might not be able to refinance a mortgage for a certain amount of time, but it is always work discussing with your banking professional.

 

• Advisors—this one can be tricky. If you find a reliable and ethical advisor, he or she can educate you about a number of things you can do to help you out when it comes to tax time, but you’ll want to be discerning and handle the actual banking activity yourself to avoid potential issues.