Let's work for you

It's true when they say nothing is free, so when you hear about the period of interest to offer almost always To seize. This is not to say that you can not take advantage of this free money while putting your money to work, follow these tips and you can start to smash the savings.

1. Read the fine print

I know it sounds obvious, but writing in exquisite prints can be hidden costs, such as monthly fees or build costs, which replaces interest costs. You want to make sure that these costs, if anything is the smallest, so that interest free period is a benefit, so be sure to read anything before signing the fine print.

2. Full repayment

Very often there is no repayment or no repayment, which means that when interest rates rise from 0% to huge interest rates, you will leave the remaining balloons with the minimum repayment balance. In order to avoid paying huge benefits, you can repay the loan term within the repayment period and deposit these payments separately into the account (less the minimum amount you may need) and then transfer funds before the interest-free period expires loan.

For example, I borrow $ 5,000 for a 24-month interest period:

5000/24 ​​= 208.333 So I need to stay at least $ 209 a month to make sure I have enough money to repay the loan, no matter what the minimum repayment is.

3. Make money for you to work

You will need to pay back your money to your account during the savings period, so I recommend using funds for your home loan or personal loan offset account. This means that you are saving money and putting money into practice when you do it. Do not deposit funds into your credit card, as this means that you pay the cash in advance to pay your debit deductible.

4. Continue with repayment

The longer you pay the less, you will miss the money, so why is it just because the loan has been repaid and closed and stopped. If you continue to repay the repayment, it will create a nice savings plan for you.

Remember that even if it is interest-free, it is still a loan that you need to take into account when you apply for any other debit, and most importantly, make sure you pay on time so that you have a good credit history