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Let’s Talk About Debt

Let’s Talk About Debt

March 20, 2023

Let’s get real and talk about debt. I know, not the most fun topic to discuss. Why? Well, debt can be a scary word! One you might not want to even think about. Just know that you are not alone. Millions of people struggle with debt and have no idea how to correct it. It can be extremely stressful. 

If you’re struggling with debt and wondering how to get your finances in order, a financial advisor can be a great resource. Financial advisors, like the experts at Aha! Financial can help you create a comprehensive financial plan that includes debt elimination and other key financial goals. 

Let’s discuss some of the many ways that Aha! Financial can help you eliminate debt and create a holistic financial plan. 

    • Budget: Don’t get scared away yet! I know - you’ve tried budgeting and it doesn’t work. Truth is for most it doesn’t. We understand that and help our clients achieve the goal of eliminating debt and saving more anyway.  We can and sometimes do a traditional budgeting exercise - looking at inflows and outflows, etc., but more importantly we have the technology and coaching to have you fulfill those things that are important to you, regardless of whether you are watching every penny or not. 
    • Prioritize Debt Repayment: Once you have a budget in place, your financial advisor can help you prioritize your debts. They may recommend that you focus on paying off high-interest debts first, such as credit card balances or personal loans. Alternatively, they may recommend that you focus on paying off debts with the lowest balances first, which can give you a sense of accomplishment and motivation to keep going. 
    • Explore Debt Consolidation: If you have multiple high-interest debts, your financial advisor may recommend that you explore debt consolidation options. This could involve consolidating your debts into a single loan with a lower interest rate, which can make it easier to pay off your debts over time. 
    • Consider Refinancing: If you have a mortgage or other loans with high interest rates, your financial advisor may recommend that you explore refinancing options. Refinancing can help you reduce your monthly payments, which can free up more money to put towards paying off your debts. 
    • Build Emergency Savings: One key element of a holistic financial plan is to build emergency savings. This can help you avoid going into debt in the future if unexpected expenses arise. Your financial advisor can help you identify a target emergency savings amount and create a plan to reach that goal. 
    • Invest for the future: Finally, a holistic financial plan should include investments for the future. Your financial advisor can help you create a diversified investment portfolio that aligns with your financial goals and risk tolerance. Investing can help you build wealth over time and achieve your long-term financial goals. 
    • Manage taxes: Reducing taxes can free up more money to pay down debt. 

At Aha! Financial, we want to be that key resource that completely turns your financial situation around by helping you identify your money problems, creating a realistic and understandable plan for correcting the problems, and staying with you as you work through the plan and head towards financial freedom. 

Debt is scary but it isn’t the end of the world. You may feel like you’ve dug yourself into a hole that you can’t dig your way out of, but you might just need another shovel and someone to help! Let Aha! Financial help you!