Pay Off Your Loans Faster with Stashes: A Guide to Saving and Repaying

If you have loans, you know that managing your finances can be overwhelming, especially when it comes to making sure you stay on top of your payments.

Looking for tips and tricks on how to ease the stress of managing your payments? You’ve come to the right place!

Staying on top of your loan repayments helps!

Staying consistent with your repayments may seem like a hassle, but it's crucial for long-term financial stability. By making timely payments, you'll:

‎ ‎ ▶️ Avoid late fees and penalties that can add up quickly

‎ ‎ ▶️ Prevent negative credit reporting, which can impact your credit score

‎ ‎ ▶️ Build a positive payment history, which can help you secure better loan terms in the future

‎ ‎ ▶️ Reduce stress and anxiety related to debt

‎ ‎ ▶️ Free up more money in your budget for savings, investments, or other financial goals

In addition to these benefits, staying on top of your loan repayments will also give you peace of mind, knowing that you're in control of your finances and making progress towards becoming debt-free.

What are Stashes?

BigPay Stash is a unique feature that allows you to set aside some of your BigPay balance into separate "stashes" for a goals or expense.

This innovative approach to saving enables you to prioritise your money and make steady progress towards achieving them.

How do stashes help you pay off your loan faster?

By using BigPay Stashes, you can create a dedicated fund specifically for your loan repayment. Here's how it works:

‎ ‎ ▶️ Set Your Goal: Find out the amount you need to pay for your monthly loan instalment, this will be our goal.

‎ ‎ ▶️ Create a Stash: Open a new stash with BigPay and set the goal of saving for your loan repayment.

‎ ‎ ▶️ Automate Your Savings: Set up automatic transfers and round-ups to your loan repayment stash to make it easier!

Benefits of Using Stashes for Loan Repayment

‎ ‎ ▶️ Accelerate Your Repayment: By setting a goal for loan repayment, you'll be more likely to stay on track and make progress towards becoming debt-free.

‎ ‎ ▶️ Avoid Overspending: With a separate stash dedicated to loan repayment, you'll be less tempted to spend money on non-essential items, as you'll know exactly how much is going towards your payments.

‎ ‎ ▶️ Build Emergency Funds: You can also use Stashes to build an emergency fund, which will help you avoid going into debt when unexpected expenses arise.

That's it! We hope this guide helps you in ensuring that you're one step closer towards your goals of being debt-free and being in control of your money!

The contents of the BigPay blog are provided to you for educational and informational purposes only and is not legal nor financial advice from BigPay.