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In the year 2016 let us think about restructuring our finance. Restructuring is a must and it would help you to plan your expenses or future expenses. It would also help you to look at the debt side of your expenses and plan accordingly to reduce it or get out of it. Let us go through the steps involved which would help you in your restructuring journey.

Build your budget wisely and carefully

Many of us do not plan our budget for our long term financial needs. You should always need to know where your money goes and what your main spending area. You can take the help of Mint.com or a simple spread sheet to help you in this area. According to Gallop poll two third Americans do not plan their budget.

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Implement cost cutting measures where necessary

While going through your expenses you can take many cost cutting measures. Like lowering your phone bills,using less branded products, dining out less and so on. As you are taking cost cutting measures you have to ask yourself whether if it is really needed.

Go for Debt consolidation

You may consider Marketplace lending also know as peer- to-peer lending. To become a Marketplace browser you consider Prosper which would allow to consolidate high interest loan to one loan at a competitive price. This would help you to reduce your interest burden considerably. These loans also offers fixed interest rates which helps you to reduce your principal amount.

Peer-to-peer lending is a good concept connecting¬† both the borrowers and investors to a common platform. As our operating cost is very less we can share significant savings. It is a win win situation for both as borrowers get’s better rates and Investors get better return on investment.

Audit your debt

As Fed changes the interest rates you should always consider consolidating some of your debts at a low interest rates. As interest rates changes and every year it may so happen that you would be paying more interest.

Your Credit score is important

You should always monitor your credit score and know the updated status about your financial health. Take the help of free credit score monitor Credit Karma to get the latest updates.

Maintain your Financial Identity

You should maintain your financial Identity carefully so that it does not land into wrong hands. Maintain your financials against fraud by taking the help of some online tools like BillGuard.

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Now you can always consider to consolidate some of your debts by taking marketplace loan through Prosper which would reduce the interest burden considerably. But it is always advisable to keep in mind the 6 steps to foresee a debt free Financial future.

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