Take control of your finances
Being in control of your finances makes your everyday life easier. There are many methods of financial management that you can learn at any stage of your life. It is easier to react to changes in your life and your financial situation when you have a good understanding of your finances.
Financial planning is important no matter your income level. Keeping track of your income and expenses creates a foundation for planning your spending. Understanding your income and expenses helps you think about different ways to manage your expenses.
Your financial situation may also suddenly become worse because of a medical condition or unemployment. It can also become worse gradually if you cover your living expenses with credit and the monthly instalments of your credits grow too large.
You can increase your financial flexibility by anticipating your expenses. This makes your everyday spending easier.
Loans
Always familiarise yourself with the interest rate, expenses and payback period before taking out a loan. The annual percentage rate tells you the final price of your loan. The annual percentage rate includes all the expenses and payments you incur from the loan.
Before taking out a loan, it is important to calculate your financial situation. Your income must cover your expenses, the repayments of any other loans and the repayment of the new loan. When you take out a loan, you must also be prepared for the event that the interest rate of the loan or your income change during the payback period of the loan.
Debt adjustment
There are several methods available for adjust your debt if your financial situation needs a course correction. You should examine your financial situation in detail and think about the changes your situation requires. This enables debt adjusting to bring permanent relief to your financial situation.
Considering your options requires information on all your debts, among other matters. You may have to acquire this information from several sources. Information on loans granted by banks and credit institutions is in the Positive credit register. Information on unpaid bills can be requested from creditors, collection agencies and the National Enforcement Authority. More information about debt adjustment (oikeuspalveluvirasto.fi).