Personal finance

Knowing how to manage your money is absolutely crucial to building wealth, saving for retirement, and simply meeting your day-to-day needs. Keep reading for some simple and effective ways to take charge of your personal finances and make better decisions about your money.

Track Your Spending: The only way to determine whether or not you are sticking to your budget is to keep tabs on how much you spend. You can do this by saving every receipt and adding them up by hand, or you can use software or websites that sync your bank and credit card accounts in real time. This method works best if you use your debit or credit cards for most of your expenses. If you pay primarily with cash, consider using an envelope system to divide your money for different categories of expenses.

Stash something in savings: Whether you can afford to save $10 a week or $1000, anything that you can place in your savings account for emergencies or unforeseen circumstances will no doubt come in handy someday. Ideally, you should try to save six months’ worth of expenses. This could see you through a bout of unemployment, a temporary disability, or another issue that prevents you from earning an income.

Take the time to calculate a budget that will be easy for you to follow: You should add up everything you earn and all the expenses you cannot reduce. Your rent, mortgage payment, car payment and car insurance and your utilities should be added up, and you should put aside enough money to cover all these things as soon as you get your paycheck. Use the rest of your paycheck to pay for groceries, gas and other expenses but try putting as much as possible aside in a savings account for emergencies. Make good use of the tools available to you such as online banking to manage your budget.

You should stay away from certain financial products that are going to cost you a lot on the long term. For instance, using credit cards to pay for your purchases will cost you a lot because of interest rates and late fees if you get behind on your payments. It will also be harder for you to manage your budget if you can spend next month’s paycheck thanks to your credit card. If you are in debt, focus on paying your creditors back as quickly as possible with the help of a quick loan online and stay away from credit cards if possible. Investing your money in the long-term and putting money aside for an emergency fund should help you get by without having to borrow money.

It is easier said than done, but do not spend more than what you make in income. If you do not have enough money to pay for what you had spent on, you will go into debt. Be mindful of what you can afford, and spend within your means.

You can see that there are many ways in which you can improve your personal finances. It is not hard to do, and it just takes a bit of learning and discipline. If you take care of your money, it will take care of you when you need it.

If you can no longer afford your lack of money management skills, now is the time to change your habits. By following the basic steps outlined here, you can learn to make smarter decisions about how you handle money, improving your ability to build wealth and live comfortably!

Comments Off on Finest yet Most-Proven Approaches to Increase Your Own Personal Finances!
By financen | May 15, 2018 - 6:22 pm - Posted in Loan

In a perfect world, no one would need loans, because everyone would have the money they need to buy homes, cars, boats and anything else they desire. Unfortunately, for most of us, that isn’t the case. In fact, many people live paycheck to paycheck and it’s all they can do to pay their bills each month. To make matters worse, it can be extremely difficult to get a traditional loan if you are low on cash. In fact, traditional lenders can make you jump through hoops in order to qualify for a loan. Here a just a few factors that will be considered when going for a loan or mortgage:

  • Your current employment status (if you’re self-employed, it can be almost impossible to qualify for a loan)
  • Your credit history (do you pay your bills on time)
  • Your credit score
  • Whether you own your own home or not
  • Other assets
  • Debt load (do you have outstanding balances on credit cards, loans, etc)?

Lenders will also look at things like your bank balance and how long you’ve been doing business with that financial institution.

Many people can find it difficult to go through traditional lending channels to get a loan; that’s why unsecured personal loans are becoming a more viable choice. Whether you need help paying your bills this month or you need to repair your furnace in a hurry, these personal loans can be a lifesaver. Here are just some of the benefits of these types of loans:

  • Minimum eligibility requirements – Often times, all these lenders need is assurance that you are employed and have a bank balance that is in good standing (no overdraft or bounced checks in the last 6 months).
  • Social Security Number – Applicants must have a social security number in order to be eligible.
  • Flexible repayment – These lenders will work with you to create a repayment schedule that works for you and your budget.
  • Fast-funding: Once approved, you’ll normally have your money within 24 hours, directly deposited into your bank account. Now that’s convenience!

We all go through hard times at one point or another in our lives; it doesn’t make you a bad person, but it can be a great learning experience. While you’re learning how to better manage your money, or working on getting a higher-paying job, it’s nice to know that there are traditional lending alternatives for you to count on.

That doesn’t mean you shouldn’t work on your financial health, though. You’ll have peace of mind knowing that you can qualify for a mortgage or car loan, and pay less interest. Here are some steps you can take today to ensure you are good financial health:

  • Check your credit: Not just your credit history, but your credit score. Traditional lenders rely on this number to give them a glimpse into your credit worthiness. There are several websites that allow you to check your history for free. Look at it carefully to make sure there are no mistakes. You can also sign up for a credit monitoring service.
  • Pay your bills on time: Credit cards, utility bills, etc. should all be paid on time, even if it’s just a minimum balance.
  • Don’t max out: Ideally, you want your credit card debt to be only 30% maxed out. So, if your credit limit is $1000, always have a balance of $300 or less.
  • Curb those impulse buys: Think carefully before purchasing anything on a whim; give yourself 24 hours to think twice about those new golf clubs or that fancy new suit.

Make sure that a low credit score doesn’t stop you from living your dream – home ownership, a new car, and even a college degree could be out of your reach if you are not responsible with your finances.

Comments Off on What to do When You Can’t Get a Traditional Loan
By financen | April 30, 2018 - 5:16 pm - Posted in Home loans, Loan

Home loan is one of the most important factors when buying a house. This helps you financially to finally make your dream come true. Thus, it is important to choose and decide carefully about the right loan type that will suit you best. Two of the most common loan types are fixed rate and variable home rate.

In this article, we will discuss these two types of home loan including advantages and disadvantages to help you decide which is the best type to apply for. This is very important to make sure that there will be no problem when paying off your mortgage.

Fixed rate home loan

Fixed rate home loan charges “fixed” (thus the name) interest rates that does not change throughout the lifespan of the loan. It does not matter if the cash rates or interest rates are lower or higher for particular month. With fixed rate home loan, you have a fixed amount that you need to pay each month despite all other factors.

Advantages of fixed rate loan

  1. With fixed rate mortgage, borrower is protected from sudden increase of monthly payments in case interest rates rise.
  2. It is easier to understand and remember the amount you owe each amount because the amount is fixed.
  3. It is easier to save and plan your budget since you know the exact amount that you need to pay. You can allot the specific amount so you are sure that when the due date arrives that you have money to pay.

Disadvantages of fixed rate loan

  1. It may be difficult to qualify for a loan especially when the interest rates are high.
  2. It may also be difficult to avail this type of loan if you have less than excellent credit score.

Finding the lowest fixed rate home loan should be your main goal in case you decided to go for this type of loan. Also, be sure that your credit score is excellent.

Variable rate home loan

This type of loan is also known as adjustable-rate mortgage with interest rate that varies over time. The initial interest rate is set below the market rate compared to fixed rate. However, over time, the rate varies depending on the current interest and cash rates so there are chances that it will go high or low.

Advantages of variable rate home loan

  1. The initial payments can be very low.
  2. The borrower can enjoy lower interest rates in case the cash rates and interest rates in the market is low.
  3. Availing loan in this type is easier even for first time borrowers.

Disadvantages of variable rate home loan

  1. Monthly payments may change frequently and significantly.
  2. It can be difficult when the interest rates rise especially if you avail a large amount of loan.
  3. It is more complicated to plan your budget since you do not know the exact amount you need to pay. Sometimes, your estimates might be lower that can ruin your entire budget for the month.

So what is the right type of home loan to avail? It is important that you weigh the advantages and disadvantages. Also, take into consideration your income as well as your lifestyle to know which type of loan is best for you.

Comments Off on Fixed Rate vs Variable Rate: Which Home Loan Type is Perfect for You
By financen | August 28, 2017 - 3:11 pm - Posted in Loan

There are a number of reasons why people might need a financial loan. Auto loans are one of the most frequently issued types of loans. Because family circumstances change, new vehicles may be needed. Whether buying new or used, not everybody has the means to come up with funds for an automobile purchase. The same thing is true for homeowner loans. Buying a home can be one of the most stressful, transformative life events anyone might go through. And not everybody can afford down payments, so they take out a loan.

By these same tokens, sometimes keeping up with payments on our cars and houses are extremely difficult, so we seek out bill consolidation loans. As a matter of fact, current statistics show that the average American household carries heavy debts: credit cards ($16,425), auto loans ($29,058), student loans ($50,868), and mortgages ($180,018). This creates a total debt by U.S. consumers in the billions and trillions of dollars. And let’s not forget bills for water, power, cable, phone… and let’s not even touch medical expenses.

Well, maybe briefly. As unfortunate as it is, many people require a loan to cover unexpected or even planned medical expenses. As family members get sick or require procedures to improve their quality of life, it can leave behind costly bills. A loan can help with these medical expenses by paying the doctor or hospital up front and allowing you to make payments on this large expense over time. Other loans may be requested for elective reasons, like home improvements, taking a vacation, or even for an investment opportunity to start your own business.

But sometimes money might be needed fast, and waiting for a lender like a bank or some other financial institution may take too long. Plus, oftentimes they have certain, impractical criteria you have to meet or else you will be denied. But do such methods of obtaining quick and easy loans exist?

YES.

There are some websites out there that can help, and the only criteria you need to meet to prove eligibility is you must be at least 18 years of age and you must be currently employed. That’s it! In fact, if you happen to meet these criteria and you need money right now, just apply now!

On satisfying these criteria you get easy access to money within the limit of $100-$1000. This is the advantage of a short-term loan. They give without expecting much from you. You just have to let them know your needs and amount that’s within their limit and they’ll provide you with exactly that. With the current trend of expenses overtaking people’s hard-earned incomes, the short-term loan gives a lending hand. But just be aware, when a loan is obtained the interest rate, loan amount, and time taken to repay all add up to become a big bundle of pain in some cases. So to avoid these situations, these short-term loans should be borrowed and repaid as soon as you can.

A sudden shortage in money can be due to a variety of reasons; someone in your family has taken ill, major pipe leaks that just had to be fixed ASAP, and so on. Some things just happen without warning. So find a service that works for you whenever you need a fast loan, and rest assured you can find the help out there you need.

Comments Off on What To Do When You Need a Loan – Fast
By financen | August 15, 2017 - 10:57 am - Posted in Credit report, Loan

There will probably come a time when you decide that you want to start a business. One of the first things you will need to do is buy a building to use as your office. You will most likely not have enough cash to pay for the office all at once. Therefore, you will need to take out a loan so you can afford the office. However, getting a loan approved can be a problem for some people. You need to do your homework before you get started on this process. Here are some of the things you should do in order to find the best loan available to you.

1. Get a copy of your credit report and check it very closely for mistakes.

You would be surprised how many people have their loan application rejected because of a mistake on their credit report. This is why it is so important to check your credit report periodically. You can notify the credit bureau if you happen to notice a mistake and they will remove it for you. It would be a shame if you were denied a loan because of something bad on your credit report that you were not responsible for.

2. Shop around and compare the interest rates being offered by the various lenders.

You need to be aware that not all lenders will charge the same interest rate. Therefore, it would be in your best interests to talk to as many lenders as possible. Find out the interest rate they will charge you on the type of loan you are seeking. Even a small difference in an interest rate can save you a large amount of money while you are paying off the loan. Talk to as many lenders as you can find that offer commercial real estate loans Jacksonville FL.

3. Always read the fine print before you sign any loan agreement.

The terms of real estate loans will vary greatly depending on the lender. This means you need to be extra careful. You need to make sure you completely read and understand everything that is written in the fine print of the loan agreement. For example, you need to realize that the lender wants to get as much interest from you as possible. Therefore, you might be charged a fee if you decide to pay off the loan early.

 

Comments Off on How to Get a Loan
By financen | - 10:51 am - Posted in Auto loans, Loan

When you’re in need of a new car, you may be interested in a specific make and model of the car that you want to purchase. One of the most important parts of buying a vehicle is determining how you’ll pay for it. Here are a few reasons that you should consider financing a new car through a lender.

Obtain a Better Model

You may not be able to pay cash for a new vehicle that you have your eye on, but financing the vehicle with a loan that you’re approved for can make it possible to drive the car that you want. You’ll be able to make monthly payments, which are influenced by the interest rate and the amount of money that you pay for the down payment.

Build Credit

Financing a vehicle will allow you to build credit as you begin paying off the loan once you purchase the car. Building credit is essential to ensure that you can eventually apply for a home loan or credit cards. Some employers may also check your credit score when they perform a background check. You can also build rapport with auto finance companies that you may want to use in the future again when you need another loan.

A higher credit score can allow you to obtain lower interest rates in the future due to your strong credit history. Lenders know that there is less risk with approving a loan for someone that doesn’t make late payments or has failed to pay the balance in full.

Understand the Process

Getting your first loan will allow you to understand the process when you’re ready for a mortgage or another vehicle. You can research the lending process ahead of time to ensure that you can understand the terms of the agreement and how many installments are needed to repay the loan in full.

Easy to Apply

Car financing is often easy to apply for and can be completed in a short period. You can become approved for your loan the same day and enjoy shopping for a vehicle immediately after for a fast and convenient process.

Financing a car can offer many benefits that are convenient for your long-term needs. By understanding the process and terms, you can have peace of mind knowing that you won’t have to obtain a less reliable vehicle that doesn’t have as much value.

Comments Off on Reasons to Finance a New Car
By financen | April 3, 2015 - 3:45 pm - Posted in Loan

Sometimes bad finances happen to good people. An unexpected car repair, an emergency medical expense or a leaky roof can throw your careful budget for a tailspin. When these money emergencies happen, it’s good to know that there is somewhere you can turn for extra cash. Getting a short term has never been easier or quicker.

How Short Term Loans Work:

Short term loans are intended for one-time events that require you to come up with a lump sum of cash. When these situations arise, you can apply for a quick loan and have money delivered to your bank account quickly. Repayment terms for these loans vary, but in most cases, you can make weekly payments that allow you the flexibility of paying back your loan over time.

You can often get short term loans regardless of your credit situation. Many companies that offer loans work a network of lenders that loan to a variety of applicants from a wide range of credit scores. This means that even people with less than perfect credit have a chance at getting approved for a short term loan.

Applicants usually have to pass minimum qualifications for getting a loan. This include being at least 18 years of age, earn a minimum annual salary and have an active checking account. You can get info here on how you can get a short term for all your financial needs.

Don’t let an unexpected expense throw you for a loop. Apply for a short term loan and get your money back on track today.

Comments Off on Getting the Best Short Term Loan in a Hurry
By financen | June 9, 2014 - 6:13 pm - Posted in Loan

LoanNowadays, it can be hard to acquire a loan when you need it. However, you will be able to find websites like freedomlending.ca that will give the loan alternatives that you want. You won’t have to worry about high rates on your mortgage loan. You can get second mortgage rates Ontario that will fit your budget. One of the biggest benefits that you can take advantage of is calculating your mortgage loan.

By calculating your mortgage loan, you are able to find the right type of loan option that can fit your budget. In the end, this type of loan can get you out of your debt or help you when you need a short-term loan. Aside from a mortgage refinance that includes a second mortgage, you also have many other types of alternatives.

Other types of services that you can browse for can include private mortgages, debt consolidation and equity take outs, just to mention a few. You also have options to grow your small business with loans that can help you get started. You can use the money to renovate your home as well or fix your credit. Rest assured that you can benefit from all of these services and offers.

Comments Off on Getting the Loan you Need
By financen | January 20, 2013 - 6:27 pm - Posted in Loan, Student Loan

student-loan

student-loan

A college education is so important that many parents start saving money from their children’s date of birth having their future in mind. However, very few parents save enough money to pay higher education and many others forget the early enthusiasm that moved them to save money. This could be your own story, and now that you have grow up and are close to completing your high school education, the reality is that your parents have not enough money to pay for college and the only workaround to pay your professional formation seems to be student loans. However, there are several tips to keep in mind before taking out a student loan.

  • Help Your Parents Save Money Yourself

Many students believe that their parents have to pay for college education no matter what, and they do very little or nothing to materialize their dreams to enroll in a certain university or college of their choice. They know that either way their family will takes parent loan or a student loan, the education will be paid. However, if you know that your parents are short of money and you can contribute with their budget, talk to them and let them know that you prefer they save the money they would pay for your latest video game towards your education. You can also take a part-time job or summer job and put into a college piggy bank the money you earn to achieve your goals.

  • Good Students Are Often Rewarded

Problem with most teenagers is that they believe that high school is a place to be a rebel, go insane and make tons of friends, the last opportunity to run wild before becoming a serious man or woman at college. Wrong perception! If you spend your time in high school in petty activities, you are going to have fun, but very little opportunities to be rewarded as a good student, or definitely none. Many colleges are glad to finance the education of high school students that have proven to be a valuable asset for their schools, granting them total or partially paid scholarship. The better student you become the more financial benefits you can obtain.

  • Postpone Your Independence Day

Becoming an adult is probably the most awaited moment that any teenager has in mind. Moving out of your parents’ home becomes a golden dream and you cannot wait to start making your own decisions and live in a place that is far from being the conventional and organized place that your mother asks you to keep clean. However, if you gain the courage to ignore the comments about still living under your parents’ roof while attending college, you will find that staying there can help to save money that you can use to pay your education rather that taking out a student loan.

There are many other ideas and tips to same money or earn money to finance your higher education without having to acquire debt. Use your talents to find those ideas, including asking other family members to contribute with donations to get money for your college education.

Comments Off on How to Go to College Without Student Loans
By financen | November 27, 2012 - 4:25 pm - Posted in Loan

Most people have heard of the idea of borrowing money via the Internet these days, but borrowing money over text messages is something that many have not yet heard of.

loan-by-phone

loan-by-phone

The company seeks to provide all customers with the chance to borrow up to £500 at any time that they need to. This is a great thing for those who need to borrow money sometimes for emergency needs. After all, there are plenty of us who are living from one paycheck to the next, and having a little extra help now and then never hurt anyone.

TxtLoan only requires that you sign up for an account on their website once. This process usually only takes about 5 minutes and you are good to go. After you have established an account, you are able to text the company for a loan anytime.

One of the very best things about this particular way of borrowing is that you can get the money that you need in your bank account in 15 minutes or less. That is incredibly fast processing time for loans in general.

The whole purpose of borrowing a small amount of money is to pay off things that need to be paid immediately. In many cases it is better to borrow a small amount of money rather than pay the late fees that come with paying bills late. Depending on the circumstances, there are certain situations when paying late could have even worse results than just having to pay a late fee. Thus, having a text lender is key to helping you avoid these situations.

The ability to receive money via text is important to a lot of people who want to maintain their financial privacy. They do not want other people seeing them in the offices of a small time lender, and this means that they would prefer to be able to get their money over the phone. It is a much more private way of doing things. Besides this, it is a lot easier to receive money in this manner. Anyone can just pull out their phone and have the money almost instantly. That is a lot better than wasting gasoline going down to the lender’s office to borrow money.

Comments Off on Borrowing over your cell phone
By financen | February 8, 2011 - 4:57 am - Posted in Loan

Sometimes we need loans to fulfill our utmost requirements when we don’t have enough time to relax. There is an easy solution to it with instant decision loans which is planned to meet the urgent requirements. It can easily resolve the problems without having to wait till the next payday.

Instant decision loans also known as personal unsecured loans are offered for a short term to fulfill the emergency finance requirement of the borrower. They are known as unsecured loans because they do not require any collateral or security for approval. It also does not need any heavy paper works at the time of processing.

Loan provider will review the monthly income of the borrower as the major benchmark for approving the loan. The basic criteria to get approved for the loan is that a person should be above 18 years of age and should be employed. S/he should be earning a minimum salary of $1000 on a monthly basis. The borrower should also have an active checking account for immediate cash transaction after approval.

Instant decision loans are offered in the range of $100 to $1000 depending upon the monthly income of the borrower and can be paid back within 15 to 30 days. Its short term characteristic gives the amount at higher interest rate. However, you can negotiate with your loan provider for a lower rate.

There is no credit check procedure for getting approved for an unsecured personal loan. People with bad credit can easily apply for such loans. You should always try to pay back the loan within time to avoid high interests and penalties.

You can easily apply for the unsecured personal loans from different lenders on the internet. Make sure that you have understood the terms and conditions of the loan before applying for one. You just need to fill the form on the lender’s website and wait for the approval. Once you get approved, the loan amount will be electronically credited to your checking account within 24 hours and you can use it in the same day.