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How to Spring Clean your Finances

Symple Loans

May 10, 2022 5 min read

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    For this blog post, we teamed up with Symple Loans, an online lending company with a mission to dramatically improve the personal lending experience for Canadian borrowers.

    While we tend to think of spring as a time to freshen up our homes, our living spaces often aren’t the only thing in need of a spring clean! As we emerge from winter, it’s a great time to reflect on your money situation and set some goals for your financial future. However, while you might know that you want your financial health to improve, it can be hard to identify the steps to take that will have the biggest impact.

    We’ve laid out our top five ways to spring clean your finances, so that you can leave winter behind feeling in-charge of your money and closer than ever to your financial goals.

    Consolidate Debt

    If you have multiple sources of high-interest debt, not only does it take a toll on your finances, but your mental health as well. It can often feel impossible to get your debt under control as you watch it mount up every month.

    Consolidating your debt can not only drastically reduce the amount you end up re-paying, but also helps to lessen the mental stress of keeping on top of your debt, by streamlining your repayments into one loan.

    A low-interest debt consolidation loan, like the one offered by Symple Loans, can allow you to pay off your debt faster and pay less interest over time. They offer terms from 1-7 years, and there are no early repayment fees, meaning you won’t be penalized if you end up being able to pay down your debt faster.

    With rates starting as low as 6.99%, debt consolidation from Symple Loans means you can pay off your high-interest credit cards and other loans, and accelerate your path out of debt.

    Difference between secured

    Pay Your Future Self First

    Once you get to the end of the month, it can often feel like there’s nothing left to put away into your savings account. This is why it’s important to adopt the principle of paying your future self first.

    If you wait to have money left over before you start saving, you likely won’t be left with very much, if anything at all. By putting money into your savings account as soon as you get paid (or better yet, setting up a regular auto-payment to your savings), you are committing to your financial goals and prioritizing your future self. You can then budget with what’s left to make sure you can meet all your payments and obligations until your next pay day.

    Diversify Your Income Streams

    If the last couple of years have shown us anything, it’s that nothing is certain. Your circumstances can change in an instant, so you may want to consider establishing a few different income streams so that you’re less dependent on just one.

    There are some really simple ways to take on a side hustle from home, outside of your main source of income. A great place to start is to think about what you’re really good at and where your passions lie. Is there any way you could monetize that skill or interest?

    Creative types could start selling their goods on a handmade marketplace like Etsy, or designing t-shirts on a site like Teespring. Those with an eye for fashion could look at upcycling thrifted clothes and selling them on sites like Poshmark or Vinted. If you have a particular academic or musical skill, you could consider offering lessons.

    How to sort out my finances

    Invest in Your Career and Earning Potential

    Ever heard the adage “you have to spend money to make money”? Well that principle applies in education too.

    If you have dreams of levelling up your career, either to pursue something more fulfilling or to earn a higher salary, you’ve likely explored the different education requirements involved. And while this is a great investment in yourself, the costs can often feel like a barrier.

    Fortunately, there are options available. A low-interest, flexible education loan is a great way to make your career goals possible without having to take on mountains of costly debt.

    A low-interest loan through Symple loans gives you the ability to finance common expenses such as tuition, textbooks and living expenses. Loans from Symple range between $5,000 and $50,000, and simple weekly, bi-weekly or monthly repayment plans can be customized to fit your budget. This is an excellent option for those looking to take their career to the next level, whether you’re making a modest or major investment in leveling up your skills.

    Refresh your Living Space

    Spring comes around each year and often leaves us yearning to freshen up our homes. Renovating has the dual benefit of renewing our love for our home, and also adding some serious value to the price of your property.

    From redesigning your outdoor living space to upgrading to your dream kitchen, renovating your home is a great investment and will often pay dividends when you come to sell in the future.

    If you don’t have the cash to spring for a renovation right now, a home improvement loan can be a great way to get started. We love the one offered by Symple Loans, especially as you can get a no-obligation quote on their website within minutes, showing you exactly how much you could borrow and at what interest rate. 

    Another benefit to a home improvement loan from Symple Loans is that you’ll receive a decision on your application within 60 seconds, with funds being deposited into your account the next business day, meaning you can get to work right away on designing your perfect space!

    Can you get a loan for home renovations?

    The Bottom Line

    It can often feel hard to know where to begin when thinking about improving our finances, but spring is the perfect time to refresh and take charge! By adopting some of these tactics, we hope you’re able to feel more in control of your money and that much closer to achieving your financial aspirations.

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    Symple Loans offers fast and easy personal loans up to $50K, with rates starting as low as 6.99%.

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