When you want to make the most of your money, it is important that you first create an overview of your finances.
First and foremost, it is important that you have control over all your income, expenses and any debts. Then it is easier for you to calculate your monthly availability amount. By reviewing your finances, it’s also easier for you to find out how much money you spend on spending. Consumption means, among other things, cafeteria, clothes, electronics etc.
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Of course, there must be room to have fun, but often it is on consumer spending that people spend a lot of money without thinking about it. Therefore, it is at this post where it is often easiest for you to save money.
When you know your spending costs, you should always make a budget and see which items you can save money on.
Make a savings
If the budget allows a savings, it is always a good idea to set aside money.
With a savings you get the opportunity to save for your dreams. In addition, you also have money for any unforeseen expenses, and therefore you do not have to stand in a situation where you, for example, will need to take a quick and expensive loan for a dental bill or repair your car.
Invest your money
If you have a big savings that you want the most from, consider investing some of the money. You get very little out of having them standing on the bank book because of the very low interest rates.
According to a survey by Danmarks Nationalbank, Danish private customers’ deposits with the banks continue to increase. In 2018, the Danes had a total of DKK 870 billion on their bank accounts. According to Danmarks Nationalbank, this means that the Danes miss a lot of money.
If you want to get more from your savings, you can therefore invest your money in, for example, shares or bonds. Remember, however, that there is also a risk of losing your money.
Make an interest check
If you have debt, it can easily be a lot of money to save if you regularly check if you can get a better rate. If you have one or more loans, it is therefore a good idea to make an interest check. An interest check, in short, means that you are checking whether you can get your current loan cheaper from another bank.
If you find a bank that offers you a better rate on your current loan, you have two options:
- 1. You accept the new loan offer and transfer the loan to the new bank.
- 2. You use the new loan offer to negotiate a cheaper rate with your current bank.
Also read Can it pay to get an interest check
Collect your loans
If you have several expensive loans from several lenders, it is often an advantage to collect all your loans in one place. A collective loan is when you collect several expensive loans from one single bank.
When you choose to collect your loans in one place, you typically get a lower interest rate on your loan while you only pay various fees to one lender. So there is often a lot of money to save when you collect your loans in one place.
Also read So much, these people saved by collecting their loans
Good Finance helps you
Good Finance is an independent platform that fights for transparency in the Danish loan market. We believe that everyone has the right to full transparency in a complex loan market.
Whether you need help finding a loan, checking your interest rate, or picking up your loan in one place, we help you collect and compare offers from several reputable banks.
We send your loan application to our 7 cooperation banks. In this way you get the necessary overview to be able to choose the best loan offer with peace of mind in the stomach.
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