Prepare for unexpected expenses

Therefore, we help you here with how you can easily save up to unforeseen expenses without compromising too much on everyday needs and pleasures.

Therefore, you must be prepared

Therefore, you must be prepared

According to a new survey by Good finance for the public consumer site Rådtilpenge.dk, seven out of ten Danes do not make money for unforeseen expenses.

According to special consultant in financial consumption Louise Skjødsholm from the Money and Pensions Panel (who runs Rådtilpenge.dk), it may be a problem for some that they have not saved up for unforeseen expenses. That’s because the alternative to a savings for some may be to borrow money to pay the bill as they don’t have the money on their feet.

You know, like most others, that suddenly a situation arises where you need money for a bill right now and here. But it quickly becomes expensive if you choose an expensive loan to pay the bill

Check your rate Check if you can get your current expensive loan with a cheaper rate through Willy Loman Check here

Make a budget

Always start making a budget. It gives you an overview of your expenses and you find out how much money you have for spending each month.

It is also a really good idea if you for a period keep track of what you are actually spending money on. There are various apps where you can easily keep track of what you spend on your money.

That way, you can more easily find out how much money you actually have for a savings every month.

How big a savings

How big a savings

How much money you should save for unforeseen expenses depends, among other things, on whether you live in an older house or have an old car, as there is typically a risk of larger sudden expenses.

The most important thing, however, is that you have some kind of savings so you have a buffer for unexpected bills. Of course, there must be room in your finances to save, so if it is tight, it is fine to start by just putting a few hundred dollars aside each month.

Also read It is time to get a savings

Look at your consumption

We also recommend that you create an overview of your finances and make a budget. In this way, you get easier control of all your income and expenses, including fixed expenses, but also consumption expenses.

When it comes to consumer spending, for example. Shopping, restaurant visits, cinema tours, buying electronics or other things, it is important that you always consider your purchases thoroughly. You should also ask yourself if just the item you want to buy is needed or if you can actually do without it.

Of course, this does not mean that you should never buy new clothes or go out with your friends. However, it often comes down to some how much money they actually spend on consumption, and therefore it is good to pay extra attention to the item if you want to save up.

In addition to the more consumption-related expenses, in some cases money can also be saved on fixed expenses. For example, check if you pay too much for your insurance and mobile subscriptions. The payments for many overheads are set up to be paid automatically each month, so many people forget to check whether there can be money to save.

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Control your debt records

Control your debt records

When making a budget to get a bigger overview of your finances and better prepare for unexpected expenses, you should also look at any debt items.

You should first of all look at your Betalingsservice overview, as it gives you a quick overview of what is being drawn on your account every month. Here you can just see who you owe money.

It can also be a good idea to log in to SKAT and see which debt items they have registered in your name. However, you must keep in mind that the information from SKAT may be up to one year late. This is because SKAT only receives notification from your lenders at the end of each year.

Also, when you know your debt, you should look into reducing some of your debt expenses.

Get an interest check

When you are just trying to put money aside to prepare for unexpected expenses, it is relevant to see if you can get a cheaper rate on your current loan. There can be a lot of money to save and right now interest rates are historically low.

In short, an interest check means that you are investigating whether there is a possibility to get your existing loan at a cheaper rate with another bank.

If you find that another bank can offer you a cheaper rate on your loan, you can choose to:

  1. 1. Thank you for the offer and move the loan over to the new bank
  2. 2. Use the offer to negotiate a better rate with your current bank

Redeeming Real Estate Credit

The repurchase of real estate credit is intended only for the owners of a property and consists of contracting a new loan at a more advantageous rate in a competing bank to repay the current one.

The repurchase of mortgage allows you, while preserving the same duration of loan, to reduce significantly your maturities, especially when the remaining duration is still important (more than 10 years).

As a “Bank Operations Intermediary”, the real estate loan buyback broker renegotiates quickly and confidentially, with the largest French banks, the best borrowing conditions in order to proceed with the repurchase of your mortgage. Thanks to this solution, your monthly payment will be reduced and you will find a budget adapted to your situation. You find a real purchasing power and a larger saving capacity. Renegotiation also allows you to reduce the term of your credit to the maximum to save on the total cost of borrowing interest.

 

When to renegotiate my purchase of real estate CREDIT?

When to renegotiate my purchase of real estate CREDIT?

In order for the redemption of your home loan to be really worthwhile, the difference between the total cost of your current loan offer minus the cost of the new loan must be sufficient to cover the costs of the mortgage , as well as significant penalties. early loan repayment . These are often lump sum and correspond on average to 6 months of interest (without however generally exceeding a maximum of 3% of the capital remaining due).

To note, at IM Finance, there is no penalty in case of full or partial prepayment. It is also necessary to count the costs of setting up a new guarantee as well as the time spent to establish the administrative procedures and the expenses of transfer of account.

In principle, for your operation to be profitable, you should not be in the first years of your repayment, because the ceiling of 3% is then a very important sum and does not play a moderating role.

In recent years, the profit made on the remaining interest is insufficient in view of the costs incurred by the renegotiation of mortgage loan. Ideally, it is best if your initial credit is halfway, and the difference between the current mortgage rate and the new mortgage rate is at least 1%.

 

When buying a loan, renegotiate your borrower insurance!

When buying a loan, renegotiate your borrower insurance!

Thanks to the Lagarde Act and the Loi Hamon, you now have the possibility of taking out loan insurance other than that proposed by the lender, the borrower, according to his profile, can reduce his insurance cost and add a potential gain of several thousand euros over the period.

So accentuate the negotiation on the borrower insurance, item which represents approximately 10% of the total cost of a credit. The bank no longer has the right to impose on its client the group insurance contract it markets provided that the contract offered under delegation has the same guarantees as the group contract. IM Finance offers loan insurance that can allow you to save up to 60% * savings, with equivalent guarantees through rates tailored to customer profiles.