The new year festivities are nearly not over and Lohri, another popular festival, is right around the corner. While it is all fun and frolic while the festivities are going on, all the expenditure during this time can burn a hole in your pocket. 

The new year shopping coupled with the financial hangover from the Christmas gifting has thrown the entire financial planning out of the window for most of us.  So, this Lohri, along with celebrating the end of the winter season and welcoming the spring season with open arms, throw all your debt problems out of the picture and embrace a more holistic and futuristic take on proper debt management and financial planning. 

Make the best amends in the current situation 

While the festive season is almost done, its impact is showing on the bank balance of most people. In order to get hold of the situation and to take the first step towards a more sound financial position, you can keep the following tips in mind: 

  • Do a thorough financial position analysis. Take stock of all your savings, expenditures, incomes et al and mentally map what has been done during the season. This will provide you with the requisite base to plan a more effective financial plan for the future. 
  • Start planning about savings and building an emergency fund for any rainy day to come. Start being mindful of where you are spending your money and try to cut down on as much unnecessary expenditure as you could. It may mean watching out the impulse buys online or random road trips with friends for at least a few months.
  • Make a tentative budget and stick to it for some time. A planned approach to handling finances goes a long way in making your financial conditions improve. 
  • While you are at it, try to pick up some alternative source of income, big or small. It can be a paid internship on the side or a freelance project that you could work on. Along with being great for your personal growth, it can go a long way in making up for the financial hangover caused by the festive season. 

How to manage your debt problems and move towards a more financially secure future 

After having evaluated the current financial ground that you stand on, taking care of the existing debt, and also evaluating the need for fresh credit comes to the focal point. 

Here are a few tips which can help you sail through your existing debt while showing you the avenues for a fresh line of credit if the situation so demands: 

  • If you are stuck in a situation of a debt trap, with the repayment of multiple loans and other forms of credit looming on your head, it is high time to take stock of the situation and probably take steps towards debt consolidation. It essentially ensures that the total number of lenders are significantly reduced and it becomes much easier to track the repayments and also negotiate for a lower interest rate. 
  • If you feel a dire shortage of liquid funds, you can always opt for instant cash loans. Organizations like EarlySalary can offer you instant cash loans with minimum formalities and very low-interest rates. It disburses the amount instantly directly to your bank accounts, at just a simple click. Visit their website to know more.  
  • Do some constructive financial planning which involves investment in diverse portfolios, setting up saving goals for the next year, or even plan the payment of your taxes ahead of time. All this will give you a birds-eye view of your financial position which puts you in a better position to make any major financial decision. 
  • Last, but not least, consider getting yourself a Credit suite.  A credit suite is a neatly packaged and carefully curated bunch of digital credit services. With all features like credit cards, salary advances, instant personal loans, and the Buy on EMI option, all integrated with one place, it can make your financial planning a cakewalk. 

While the concept of a credit suite is up and coming in the Indian Market, EarlySalary has already announced its first-ever Credit suite. EarlySalary is the market leader in this segment and offers all the abovementioned services, and more, all integrated on one platform. Its quick response time, easy processing, and instant approval of credit are what make EarlySalary the most preferred online loan lenders in India

Feel free to contact us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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