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'Debt is like a houseguest who never leaves unless you pay them to,' finance experts weigh in with their top tips for Financial Planning Week

Journalist: Colin Low

ended 27. January 2025

As Financial Planning Week kicks off from 27th January to 2nd February, the focus is squarely on personal finance and smart money management. This year, Newspage asked industry experts to share their best top tip on borrowing money, offering invaluable advice to help individuals navigate debt and make informed financial decisions.

9 responses from the Newspage community

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Tony Redondo
Founder at Cosmos Currency Exchange
Prioritise high-interest debt first. If you're juggling multiple debts, focus on paying off the ones with the highest interest rates first (usually credit or store cards). This reduces the amount you pay in interest over time and helps you get out of debt faster. Once those are paid off, you can shift focus to other debts with lower rates.
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Riz Malik
Independent Financial Adviser at R3 Wealth
Don’t assume that your current bank will be the best option for you. Just because you bank with them does not always mean they have the best options available for your needs.
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Anita Wright
Chartered Financial Planner at Ribble Wealth Management
When borrowing, it is crucial to consider the long-term affordability of the repayments, not just the immediate monthly figures. Most personal debt, such as loans or hire purchase agreements, is structured over a long period—often five years or more. This extended timeframe can make repayments feel manageable at first, but it also increases the potential for unforeseen circumstances to arise, affecting your ability to repay. Before committing to any borrowing, take the time to stress-test your budget by asking yourself a series of “what if” questions: What if I lose my job? What if my health deteriorates? What if interest rates rise? What if my essential expenses increase? Could the above reduce your earning capacity or increase your expenses?
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Justin Moy
Managing Director at EHF Mortgages
Switch credit card debt to a personal loan. Mortgage lenders assume a minimum monthly payment of 3-5% on a credit card balance whereas it’s the lower monthly payment of a personal loan, improving what you could borrow on a mortgage.
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Michelle Lawson
Director at Lawson Financial
- Be organised—you will need to provide paperwork, so is it all in order?
- Are your accounts up to date if you are self-employed?
- Do you know about your business?
- Have you reviewed your expenditure and streamlined the ‘rubbish’?
- Can you easily access your bank statements?
- Are you on the Electoral Roll? If not, apply.
- Are your addresses up to date on all your commitments/documents?
- Is your credit file correct? You can check your addresses here too as well as old open lines of credit that you could look to close.

Just a few tips - the list is endless!
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Ross Lacey
Director & Independent Financial Adviser at Fairview Financial Management
Borrowing money isn't always "bad". There's often negativity associated with taking on debt, but not all debt is equal, and if it's used in a savvy and disciplined way, it can mean living a better life today rather than delaying gratification too long into the future.
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Kundan Bhaduri
Entrepreneur, Investor and Landlord at The Kushman Group
"When it comes to borrowing money, my single top tip is this: only borrow with a purpose, not on impulse. It’s easy to get carried away by low rates or flashy deals, but remember — debt is like a houseguest who never leaves unless you pay them to. Before borrowing, ask yourself two questions: ‘Do I truly need this?’ and ‘Can I afford the repayments comfortably?’ If the answer to either is shaky, it’s time to rethink. Borrowing should be a financial bridge, not a permanent feature of your budget.

And when in doubt, seek professional advice—think of financial planners as your sensible friend at the pub who tells you when it’s time to go home. You may not want to hear it, but future you will thank them.
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Joshua Gerstler
Chartered Financial Planner & Wealth Manager at The Orchard Practice
When you don't need to borrow money, you'll find that lenders are willing to throw it at you, increase your credit limit etc. And when you need money, the lenders decide you're not right for borrowing. Increase your borrowing facilities during the good times so that it is there should you need it in the bad times.
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Iain Swatton
Director at Exemplar Financial Services
Borrow only what you need. Avoid the temptation to borrow more than necessary, even if you're approved for a higher amount. Extra borrowing means more interest to repay over time.