Post-Pandemic: How To Fresh Start On Your Finances | Refresh Financial

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Post-Pandemic: How To Get A Fresh Start On Your Finances

How To Get A Fresh Start On Your Finances

When you’re in financial trouble and buried under a mountain of debt, it’s hard to imagine how it’s possible to fix the situation. Three-quarters of the Canadian population struggle with debt and it can feel impossible to get out of. The COVID-19 pandemic has only exacerbated this situation.

If this sounds like you, you might just need some good old-fashioned help, so let’s take a look at some of the best options on how to get a fresh start on your finances now that many people are returning to work following the pandemic shut down. 

How the Credit Builder Loan From Refresh Financial Can Get You On the Right Track

The Refresh Financial credit builder loan is designed to help anyone build credit and get their credit score back on track, no matter how bad their credit score is. Your chances of being approved are nearly 100% since a credit check is not necessary. Once you’ve signed up, the loan will start reporting to the credit bureaus which will help build your credit score.

Here are the steps you need to take to get your fresh start on your finances:

1. Sign up for a Credit Builder Loan (or Secured Card, or both!)

Apply and get approved! It’s easier than getting out of bed. With an online form and automatic approval, making your first step towards a new and financially secure life is a breeze. Click here to get started with a credit builder loan.

2. Budget

Once you’ve been approved for a Refresh credit building product, and you're set up with monthly payments that suit your lifestyle, you need to sit down and make a budget that works for you. It’s important to be realistic in your budgeting, but make sure you challenge yourself. Be as strict as you can when it comes to spending your money.

3. Keep Track

Track your spending. Having measurable results is crucial to helping you identify where you can cut back on certain things, or perhaps eliminate altogether.

4. Cut Expenses

Cutting back on the areas you’ve identified as problems is a great step, but try to find ways to reduce the costs on things you need, too. A huge part of getting back on track financially is sacrifice and self-discipline - these are the two most useful skills to acquire while working to improve your money situation. This skill set is hard-earned, but once acquired will help you climb out of the hole you’ve found yourself in, and prevent you from falling in again.

We’ve put together some budgeting tips to get you on your way to your financial fresh start. Read our “8 Tips For Successful Budgeting”.

5. Pay Off Debt

Due to interest, your debts are likely continuing to grow unless you’ve started paying more than the required minimum payments. Daunting as it may be, contributing as much as you can afford towards your debt will be a necessary step in rebuilding your credit score. You will also save money on potential future interest that your debt could accumulate.

6. Starting to Live Debt Free

Let’s take a step into the future. You’ve cleared your debts! You’ve come to the end of your Refresh Financial Credit Builder Loan! What does it feel like to have the weight of the world off your shoulders? Not having to owe money (and in fact, having a bunch of money that is now yours to access), having a stellar credit score, gaining access to lower interest rates? Even becoming eligible for premium credit cards with amazing rewards? Lenders will start seeking you out instead of the other way around. This is entirely possible

7. Take Heart

It’s easy to convince yourself that there’s no point in trying, but you’ll be surprised how Refresh Financial's products can help. Remember, even the most hopeless of situations are fixable, and even a damaged credit score won’t stand a chance against the help from people who want to see you succeed.

To learn more about our Credit Builder Loans for bad credit, click here.

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