Personal Finance Blog – Tips & Advice from UnitedFinances.com

Car insurance is a necessity to protect you and your car from future damages. With the adoption of technology, people prefer to buy car insurance online over the traditional method of buying insurance through dealers or by visiting offline outlets. There are some benefits of buying car insurance online such as the ease, fast processing times and the degree of transparency with regards to the premium amount. Companies like Bharti AXA also provide 24*7 online support to the buyer.

The document required for purchasing car insurance online can vary from company to company based on the policy terms. Also, the regional or state government may summon any specific documents for the insured over and beyond the ones mentioned here. The following are common documents needed for buying car insurance online.

• Personal details: the person needs to provide certain personal details supported with evidence such as,

1. Full name of the applicant
2. Date of birth
3. Contact details (telephone number and email address)
4. Residential address
5. Region and nationality

 

• Vehicle details: the insurance company will require,

1. Vehicle identification number
2. Car ownership contract

From the above details, the company will verify the ownership status, type of the car and the safety features of the car. The premium amount will be decided on the bases of the above details. In case a car is rented, the company asks for the details of the lender and contract of lending.

If you are using the company car and bearing the insurance amount on your own, the insurance company may ask for details regarding the prerequisite terms to ensure the risk profile based on the tenure of the usage of the car and other aspects.

• Driving license: the driving license is the legal proof that a person can drive and also authorisation to buy an insurance policy. The company uses the driving license to acquire the driving records of the person. The applicant will be offered a policy based on the driving records that he/she offers as proof of their capabilities.

 

• Banking information: the company asks for the credit card details of the person. Before offering the policy, the company checks the account of the person from the banks to know their credit ratings. A good credit rating may help in reducing the premium amount associated with the policy.

 

When you decide to buy car insurance online make sure that you compare various policies online and go through the terms. Once you are at a decision from which company you want to buy the insurance, check the company background regarding credit feasibility and customer services.After going through the reviews and ratings, you can further proceed with the above-mentioned documents. And if you are looking to get car insurance in Australia, consider signing with a reputable provider like Youi.

The crude oil market is a global market, as energy is the leading source of intermediate fuel across the globe. Energy runs everything from cars to industrial machinery, along with heating and cooling demand. The crude oil market is fungible where you can deliver the same type of crude oil to any location around the globe. There are several ways to trade crude oil. You can use contracts for differences (C FDs), futures or event exchange traded funds (ETFs). There are also different ways investors analyze crude oil, including using supply and demand calculations along with technical analysis.

How to Analyze Crude Oil

Crude oil prices fluctuate daily and are driven by expectations of future supply and demand. The supply of crude oil is driven by production which includes oil discoveries on both land and below sea. Drilling rigs are constantly pumping crude oil and production and exploration companies are always looking for new discoveries. The largest cartel of crude oil producers is OPEC. This group called the organization of producing exporting countries, works as an organization that attempts to maintain oil revenues into those countries. The largest producer is Saudi Arabia and they are the most active producer within the organization. On a monthly basis OPEC provides the market with its view of future prices. When prices are high, the group tends to overproduce. When prices are low, OPEC attempt to reduce production amongst members.

The United States is now the largest individual producer of crude oil.  Production is based in the Gulf of Mexico, Texas and several other states. Supply in the United States can be measured using inventory levels reported by the US Department of Energy. When stockpiles are elevated, it puts pressure on prices. When stockpiles are declining, prices experience a tailwind. The Energy Information Administration also reports production in the US, as well as demand as it pertains to consumption and exports.

Trader’s will also often use technical analysis to determine future price movements. Technical analysis is the study of past price movements to determine the future direction of prices. This includes trend following, momentum as well as support and resistance.

What Instruments Track the Oil Market

Once you have analyzed the market you might consider taking some risk related to the crude oil market. One of the most popular ways to invest in crude oil is to track it through CFDs. These instruments track the movement of WTI and Brent crude oil providing investors with leveraged investment vehicles.

Another common tool that is used to trade crude oil are futures contracts. This is a financial instrument that provides the obligation to purchase crude oil at some date in the future. Futures contracts are also leveraged financial securities. Lastly, many investors also consider oil ETFs. An exchange traded fund can hold oil futures or shares of oil companies to track the direction of oil.

Changing your life within a short period is not so hard. But for that, you must select the right platform and learn your trading skills. Before you start to trade the real market, you have to focus on your demo trading performance. But the concept of demo trading is not clear to many traders. The majority of the traders are losing money since they don’t have any demo trading experience. After reading this article, you will understand the key benefits of demo trading accounts. Let’s find the key reason for which everyone should start trading with the demo accounts.

Focus on the market basics

To learn about trading, you must learn about the market basics. Most of the time, the traders fail to get a clear idea of how this market work. Learning about the structure gives you a clear blueprint to trade the real market. Try to learn about the technical and fundamental factors of the market. To do that you must learn in a demo platform. The demo platform will give you the perfect opportunity to learn new things about the perfect strategy. Once you learn to analyze the market like the pro traders, you will never have trouble.

Fine-tune your strategy

You must fine-tune your strategy to make a consistent profit. And to that, you must use the Forex demo account. Most of the time the traders get confused by after losing a few trades. They start taking aggressive steps to recover the loss. But if you wish to succeed, you must focus on the development of your trading strategy. At the initial stage, making some big profit is not so hard. But once you know the basics, you will get confused and make a mistake. The average learners don’t make any profit since they don’t have any idea to do the perfect market analysis. You can’t change your life by giving an average effort. To become successful, you must be a pro trader. And for that, you must use the demo account to fine-tune strategy.

Develop your patience level

Patience has always been the key to success in any profession. If you want to become successful you must develop your patience level. And to do that you have to use the demo account. Demo trading is extremely boring but once you get used to the demo account you can improve your skills gradually. Most of the time, the retail traders are making mistakes in real trading since they don’t have the patience. But if you have patience, you can wait for the good signals. And the only way to develop your patience level without risking any real money is the demo account.

Learn about fundamental analysis

Fundamental analysis should never be ignored by naive traders. Those who rely on technical data to execute high-quality trades are missing one of the most important aspects of trading. To find quality trades you blend technical and fundamental data. But mastering these two technologies is a very complicated task. But once you get used to the concept of trading with the demo account you can develop this skill. Use the demo account to see how the price reacts to different news. Most of the time, the high impact news is the major catalyst to change the trend. Having the ability to identify the major trend change gives you the perfect opportunity to learn new things about this market. Focus on the basic details and you won’t have to lose any money.

Conclusion

Demo accounts are nothing but the blessings for the retail traders. Even professional traders rely on the demo account to develop their skills. You may think the demo trading platform is nothing but an eyewash for the traders but once you start to use it, you will understand why everyone should learn in the demo environment. So, think twice before you start to trade with real money.

Bankruptcy is feared, unanticipated, and frustrating for any business owner. When it’s looming over your head, it’s important to know all ins and outs of the process. While bankruptcy is not a death sentence for your business, it’s could be harmful.

Learning all you can about what happens when a business goes bankrupt can help you avoid unfortunate mistakes and prepare for the future. In this article, we’ll share information about what to expect from business bankruptcy.

What is Business Bankruptcy?

When a business is in a poor financial situation, owners can file for Chapter 7, 11 or 13 bankruptcy. The Chapter you choose depends on how bad the debt level is and what your plans for the future are. When you file for Chapter 7, the business will likely be liquidated while assets shared by the creditors.

If you file for Chapter 11 or 13 bankruptcy, you can hope for the reorganization of debts. In such a case, the business can continue working. According to an expert business broker, Cress Diglio, it’s even possible to sell a company that has filed for Chapter 11 or 13 bankruptcy.

When the word bankruptcy first appears on the horizon, it could seem like the end of the world. The entire process is scary and complex. That’s why business owners opt for professional assistance. A bankruptcy attorney could help you deal with the situation in the most efficient way possible.

If you feel as if the company is failing, bankruptcy could be a solution it needs at the moment. Business bankruptcy is designed to help companies that experience debt problems. Instead of viewing it as something fearful, consider bankruptcy as an assistant. However, it comes with several serious consequences, one of which could be a high cost. That’s why a decision to file should never be made lightly.

Overall, bankruptcy could help your company stay afloat when all else seems to fail. Some business owners decide to file for bankruptcy to get out of a sinking debt situation and start anew.

The bankruptcy filing process, as well as the outcome, depend on the type of bankruptcy. You need to carefully consider all the pros and cons of each type, including costs, consequences, and opportunities.

3 Types of Business Bankruptcy

Let’s take a closer look at each bankruptcy type:

 Chapter 7 Bankruptcy

Chapter 7 bankruptcy can be considered when it’s obvious that a company doesn’t have a future. The decision whether it’s obvious or not shouldn’t be made solely by the business owner. Professional financial and legal advice is necessary to get a clear picture of perspectives.

Business owners tend to choose this bankruptcy type when they are overwhelmed with debts to a point where reorganization and restructuring don’t appear practical.

Chapter 7 bankruptcy could be a good choice for a company without large assets. Small companies are likelier to choose it than larger enterprises since they don’t have that much to lose.

When you choose Chapter 7 bankruptcy, the court appoints a trustee, who takes full possession of all the company’s assets and distributes them to the creditors to cover your debts as much as possible. After that’s done, the business owner is released of all debts, and the company usually stops functioning.

Chapter 11 Bankruptcy

If you hope to solve your company’s problem and get a fresh start, but debts are overwhelming you, consider Chapter 11 bankruptcy. When you file for this bankruptcy type, the court appoints a trustee, who assists with the company’s reorganization. In some cases, this trustee could be the business owner.

If you want to deal with your debts by using this bankruptcy tool, you need to present a detailed plan of reorganization that involves working out current debts. If the court and creditors accept the plan, you can start taking advantage of it without the debts looming over you.

The key takeaway from Chapter 11 bankruptcy is your ability to extend the debt payments over a substantial period of time. Not all bankruptcies filed under Chapter 11 achieve the desired results due to their complexity. Eventually, some owners may resort to Chapter 7.

Chapter 13 Bankruptcy

This bankruptcy type is used by sole proprietorships. It’s somewhat similar to Chapter 11 because it involves creating a debt repayment plan.

The amount you would need to repay when filing for Chapter 13 depends on how much you earn and the property you own. In case your personal assets are involved as business assets, you could avoid losing them by choosing Chapter 13 bankruptcy over Chapter 7 bankruptcy.

When selecting the right type of bankruptcy to file for, it’s important to consult financial and legal advisors. In some cases, it’s possible to avoid filing altogether.

How Does the Bankruptcy Process Happen?

Once you decide that bankruptcy is the only way to proceed and choose the type to go for, it’s easy to start. Businesses need an attorney to file for bankruptcy. While sole proprietors can do it on their own, legal advice is recommended.

You would need to fill out a form and pay a filing fee. Once the court initiates the bankruptcy case, you’ll be asked for appropriate documentation. It’s important to be ready to disclose all the available documents and information about your company to the court.

Your bankruptcy case will be dealt with in the jurisdiction where your company is located. The U.S. Bankruptcy Court regulates the process.  

As the case proceeds, you need to be ready to prepare the paperwork and, for Chapter 11 and Chapter 13 bankruptcies, present a payment plan with a detailed explanation of how you are planning to pay off debts.

After all documents and plans are filed, you have to wait for the court and creditors to approve the plan or initiate the asset distribution process.

How Long Does It Take to Complete a Bankruptcy Process?

The fastest bankruptcy processes are those filed under Chapter 7. They usually take about five months. The same works for Chapter 13 bankruptcy. However, the debt payment time extends for up to five years.

Chapter 11 bankruptcy process is usually the longest. You have to be ready for negotiations with creditors and a long wait for the approval. The entire process could take up to a year.

Even though filing for bankruptcy is unpleasant and costly, it could save your business or give you a brand new debt-free start.

While e-commerce is quickly replacing brick-and-mortar stores in terms of customer patronage, it is still facing a rather significant challenge: abandonment rate. A cart abandonment rate refers to the percentage of the items dragged to the online cart but ended up being abandoned by would-be customers. It seems that e-commerce stores and digital shops still have to find the answer to convert online shoppers into loyal customers.

According to Statistica, the airline industry has the highest cart abandonment rate, which is 87.8%. It is followed by the travel and finance sectors, with 81.3% and 78%, respectively. The retail segment, meanwhile, has a checkout abandonment rate of 75.6%.

Calculating the cart abandonment rate is quite simple: you have to divide the number of shopping carts created by the total number of completed transactions. After that, you subtract the result from 1 and multiply by 100.

For instance, you have 100 completed purchases, and 200 shopping carts created. To compute:

1 – (100/200) x 100 = 49.4%

Consider yourself lucky if your cart abandonment rate is less than 50%. You are probably better compared to 95% of the online industries.

While online stores offer convenience, unlike physical stores, it cannot replicate the experience of touching the item and checking it thoroughly. It is one way to reduce the risk of customers not completing the purchase.

Here are some ways you can convert online shoppers into your loyal customers, and reduce the abandonment rate, as a result:

1. A follow-up email – Email marketing remains one of the most effective tools exploited by digital marketers. Email has the potential to bring in 44 USD for each dollar you spend. The message is as important as the time at which you send your email. You need to include special offers, brand messages, useful tips, testimonies, entertaining content, and new promotions or products.

2. Enhanced user experience – One of the reasons for the high abandonment rate is the difficulty of the checkout process. If you have a new visitor to the site, you want to make sure he immediately finds the item he is looking for. Promo offers should be placed at a prominent location so that customers can click on them. The local search engine box should also be visible. Your website should also suggest more items based on the purchase they made. Make sure your visitors also see the ‘add to cart’ button.

3. Optimize your website – This tip is related to the second point. You need to optimize your website, especially for mobile users. For instance, did you know that mobile users have the highest cart abandonment rate? The desktop, on average, has a 73.1% abandonment rate. The percentage shoots up to 85.6% for mobile.

4. Track the customer journey – The customer journey has five stages. They are awareness, consideration, decision, retention, and advocacy. The digital store should touch on the different points of the customer journey to increase the success of the purchase.

Of course, these are not easy fixes. But the vital part is to monitor the checkout rates and the items on the cart. The more information you collect, the more accurate your analytics results would be. You can then proceed to formulate strategies to encourage your customers to complete their cart purchases.

When in college, you may find it challenging to balance your finances. Majorly it is because you may have too many expenses. When you realize that you are spending more than your income then it high time you think on how to budget.

Budget is not as manageable as you think. Experts from proessaywriting.co.uk recommend to cut off your expenses like purchasing luxurious items or doing unusual activities. As student money can be there but how you plan on how to use it is essential.

So, here are some ten important budgeting tips you need to consider as a college student.

1. Be Genuine

Because you are a student, it might be your first time you are making a budget. Being genuine about your budget is when you know how much money you receive and the amount you can spend in a month. When you are truthful about your income, the more straightforward you for you to follow your budget.

2. Prioritize Needs to Wants

Needs are essential things we need for our daily survival. Food and clothes are some of them are necessary. Deprived of them, you cannot go to survive in college. For wants are easy things that you can live without.

3. Make Use of Coupons

To save some coins for use in other important things is essential. When you make use of coupons when shopping, you can save more. People may say it is not cold, but when you understand your finances, it will make sense to you.

4. Withdraw Cash for Entertainment

Always minimize your spending when going for an entertainment joint or to a restaurant; it is essential to have cash. That will help you stick to your budget. When you use a credit or debit card, you may spend more than what you had planned.

5. Save

When you are writing your budget, you need to include savings. It is imperative as you may have an emergency and you may require some cash. Without monthly savings a student you may end up borrowing when you have an emergency.

6. Pay your Student Loan

While in school, you might be receiving student loans to cater for your studies. When you acquire a part-time job while studying, it is best if you include paying your student loan in your budget. That will minimize the cost you will incur in future after completing your college education.

7. Save your Change by Investing

One thing I love about this millennial era is that you can do tons of things that you couldn’t do in the past. Currently, when you go shopping, and you get change after paying. You can save it by investing in apps like Stash, Acorns, or Robinhood. That will be more than saving as you can now buy bonds or invest in the stock market.

8. Store your Bills and Receipts

To always follow your budget is so important. But for keeping your bills and shopping receipts is vital. Once you decide to track your expenditure, it will be easy and see what things you can add or remove from your budget in the next month. Make sure you distinguish them in different types like housing, loans, and efficacies.

9. Always Revisit your Budget Monthly

Make sure that you look at your budget monthly and make necessary changes. As not every month will be the same. Expenses might be high or low. Make it a habit.

10. Use Budgeting Applications

If you have busy schedules with your studies, it is crucial if you embrace technology. Currently, there are budgeting applications that you can download to your iOS, Microsoft, or Android smartphone. Some of such app include; Mint, Personal Capital, You Need a Budget or Mvelopes.

Conclusion

Schoolwork can be tiring, and you end up forgetting to make a budget. For you, as a college student, you need a budget to track your spending. Therefore, always ensure you use the budgeting tips I have given you ever.

There are many ways to go about asset investments. Cash or financial savings isn’t the only way. Then, of the many hard assets that you can choose from, there also other good options apart from the well-loved, real estate. One of these other viable investments is gold.

If you want to secure and protect the financial health of your retirement plan, gold is worth considering as an investment to diversify your IRA portfolio. Investing in gold is the perfect way to secure your wealth over the long term. It’s a very secure form of asset that also appreciates. Then, there are also many things that you can do with gold, should the time come for you to meet the need to exchange it for cash. For these reasons, it’s recommended to include gold in your retirement fund.

Gold IRA accounts help you safeguard your investments, protect your wealth, and enjoy your retirement to the fullest. Gold is the most secure and reliable form of investment for your retirement fund that doesn’t rely on other corporations and entities to enhance its value.

Listed below are some reasons why this precious metal is the perfect investment for your retirement fund.

1. It Enables You To Preserve Your Wealth In A Safe Haven

Your retirement fund is meant to safely accumulate your hard-earned money until you retire so that you can stay comfortable and financially secure during your days of leisure. The majority of financial advisors recommend building a balanced portfolio of investments for the individual retirement account (IRA).

In other words, your investment portfolio should contain everything from low-risk precious metals and cash to risky stocks and property. In so doing, you’re not putting all of your eggs in just one basket. Should one investment go bad, you’ve still got all of the other investments to help offset this negative out-turn.

Here, gold is known as the oldest form of money that cannot be printed like the currency. Thus it cannot be debased. This fact makes gold a very attractive investment option for everybody. Therefore, gold IRA investment is a reliable option to secure your wealth. The price of gold always upsurges during the time of economic instability. Moreover, the yellow metal proves to be a good hedge against disinflation, stagflation, deflation, and hyperinflation.

2. It Gives You More Control Over Your Investments

An individual retirement account has rules on which type of precious metals you can add to your portfolio, but gold IRS still offers greater control than the standard IRA. For instance, you can choose between silver Canadian Maple leafs and gold American Eagles, and many more bars and coins. A gold IRA enables you to enjoy the privilege of buying low and selling high. For example, you can sell your gold coins and bars when the gold prices are set to dip, to gold investment companies. This helps you prevent the loss on your investment.

The financial market that people are moving in today is very volatile. There are certain areas of this market that makes it very unstable. So, it’s normal to feel anxious about whether or not your investments or assets are in a safe place. Of the many assets, that’s open for investing, gold is also one of those that can give you a hedge against instability.

Even during an economic crisis, gold, along with other precious, retain their value. It doesn’t depreciate. Then, when the economic market starts to get better, it also increases in value accordingly.

3. Gold Assists Diversification

Your retirement account should not be solely focused on shares. Precious metals show low to negative correlation to other assets such as stocks, dollar, and bonds. Thus, adding gold to your investment portfolio helps to balance it, reducing its volatility and risk. Gold is the perfect tool to diversify your portfolio. The yellow metal has the proven ability to withstand the test of time. Gold in your retirement portfolio helps minimize the risks posed by inflation and political, economic, and financial crisis. Therefore, adding gold in your retirement portfolio can save you from the risky and uncertain outcomes of betting everything on the stock market and other risky assets.

Final Thoughts

Hence, gold is a safe option for your retirement account, as it is a highly secure and liquid asset. Moreover, you don’t have to go through a chain of financial institutions to sell your gold. When you need to liquidate your assets, you can easily sell it to a verified gold seller. Then, there are also many things that you can do with gold. When you’re not using it, you can leave it aside first to appreciate. Should you come by a need to use it, it’s also one that you can easily get good cash, in exchange for.

It is a fact that if you want to retire early, you must begin saving early. The majority of serious income earners are in their 20s. Unfortunately, most of them don’t think it is possible to achieve financial independence in their 20s. This is because they have failed to establish good habits that will make it happen.  For those who have mastered healthy financial habits, they have reached their financial independence while still in their 20s. With that said, another fact emerges, it is possible to attain financial independence in your 20s and here is how you do it. 

1. Embrace The Frugal Lifestyle

In your 20s, you are probably starting out, unless you are one of those who come from those family empires and don’t have to begin from the bottom but already have a plush office and a fat check on day one. Most people in their 20s are usually college kids with low wages. This is why at this point expenses should be as minimal as possible. Ditch the car for public transportation, take a roommate to share the cost of rent, buy second-hand items rather than brand new, avoid eating out and cook instead and so on. Embrace all the frugal living qualities and you will find that in a year, you have saved a considerable amount of money. You might not be wearing designer brands now and with no public image to show off but later you will thank yourself when you are debt-free and making impressive financial progress. 

2. Learn Negotiation Skills 

Before leaving for college, it was your parents who fought all your battles.  However, right now in your 20s, you will be forced to fight your own battles and win if you want to make progress in life. When buying items, take a mental note that not every price listed alongside an item is the final price. This goes for most things, from the rent you pay, your salary throughout your career and to most of the personal items that you buy. Try to negotiate for a better deal than the one you are presented with and in most instances, you might find that good deal. For you to achieve that fat bank account, avoid paying full price for most of the things you buy and refuse to take a salary that is less than you are worth. Don’t forget to make yourself worth the six-figure salary by obtaining more job skills. 

3. Reduce Long-Term Credit Card Debt 

It can be tempting to use credit cards to buy new furnishings and lovely items for your first home. Strongly resist that urge and use your credit cards only when you have a real emergency. You could instead go where the garage sales are and practice your negotiating skills and finally get a great furniture deal. Reduce your credit card spending because that is the only way to avoid that long-term credit card debt. However, if you have already had a huge credit card debt, treat it as an emergency and pay it off as much as possible and fast. Credit card debt is one of the major financial setbacks people in their 20s experience.   

4. Closely Track Your Expenses 

It doesn’t matter whether you are tracking your expenses on an app or in a spreadsheet.  Just know how much you bring in and how much you spend. Most people who retire young and rich began their financial independence journey by closely monitoring their spending habits.  They knew exactly how much they need to retire comfortably. However before you reach that point while in your 20s, you have to understand how much you are spending before you begin planning your retirement budget. When you achieve financial independence in your 20s you might retire with an impressive nest egg in your 30s.

5. Use Technology Where You Can

There are some great apps out there that are designed to help you save and earn more. Some of the easiest and quickest are most definitely the cashback apps. Some offer cashback at the point of purchase, if you go through the app to buy. Other apps can refund the difference if your purchase drops price after you have bought an item.

Learn more: Paribus Review

6. Get Your Retirement Goals Clearly 

You can only be on the right track to retiring early if you have set your target date. With your retirement plan in place, you can then focus on execution. Execution of the retirement plan means sending some good amount to your retirement account. In most cases, with many of these retirement accounts, the earlier you want to retire the more benefits you get. You can consider automating the payments to your retirement account. When you automatically send money to your savings, retirement or investment account you will never see that money and there will be no temptation to spend it.

7. Maximize Your Income 

Generating more income sources is a great way of achieving financial independence in your 20s.  You can increase your revenue by finding a part-time job, beginning a side hustle and exploring the passive income opportunities online. In your 20s you are energetic and could do various jobs to have various income streams. More income means more savings and investment.  Avoid having more income streams only to use the money on unnecessary expenses, instead, have the money and use it to make your investments more solid. It is a faster but hard way to achieve financial independence. This is for those willing to put those extra hours and truly work hard relentlessly.

8. Keep Gaining Skills 

Learning should never stop, even when you are at the peak of your career. Enroll in relevant courses that will boost your knowledge and make you more competitive in your field. You will increase your salary worth which means high-income levels for you.  Don’t forget to negotiate for an even higher amount because nothing is impossible when you are truly determined to make it.  

9. Long-Term Stock Market Investments 

Investments in stocks have overshadowed most investment products especially the long-term ones. If you begin investing early in your 20s, you will reap impressive benefits buy the time you retire 20 years later. Doing this in itself is a good sign of financial independence. Keep close touch with friends and colleagues who have invested in long-term stocks and compare the best deals and choose the best. 

 10. Keep The Best Company

In your 20s, it is easy to fall into the life of party after party with no real focus, thanks to friends.  You might have your whole life ahead of you and destroy it. Begin by keeping friends who share the same ideas as you. Connect with others who also want to achieve financial stability in their 20s.  This way you will be inspired to save, create more income sources and put your money in long-term lucrative investments. In short, have the right people influencing you and surrounding you. 

Financial independence is built by a strong foundation. Strong foundations are better when they begin early, therefore begin now when you have all the options at your disposal. Financial independence while in your 20s is indeed possible.

You tend to review your financial position more often when you are paying back your personal loan. This way, you can adapt better strategies to make the most out of money, reduce the length of your loan’s payback plan, and ultimately save money in the longer term. Before you make any adjustments in your loan agreement, you should check the terms and conditions of your loan because not all of them are open to change. You may be looking for some smart ways to pay off your loan early. Listed below are a few useful ways to pay off your personal loan faster.

1. Increase the Installment Amount:

The simplest and easiest way to pay off your debt faster is to send a little or a lot extra than your actual installment amount whenever you can. You may have created a budget when you set up your small personal loan. Make a little bigger repayments even if you don’t want to feel the pinch of an oversized repayment. It’s a worthwhile decision to divert some extra funds into your loan payments. When you make additional payments, they reduce the size and length of your loan.

2. Make Additional Payments:

Another smart way to make the loan pay-off process quicker is to make an additional monthly payment each year. Personal loans online are usually flexible and allow you to adjust your payments as per your convenience. You can make a single additional payment whenever you have spare cash available.

This can reduce the principal amount of your loan resulting in lower interest rates and shorter payment schedule. When a sibling or spouse living in the US is able to transfer money to India online in your bank account, you have an additional income from a second source to make extra loan repayments. Moreover, your loan costs are considerably reduced when you make multiple additional payments.

3. Make Bi-Weekly Payments:

Personal loans are typically set up for monthly repayments, but this may not be an easy way for you to pay. If you receive your salary weekly or bi-weekly, it may be more convenient and suitable for you to manage your loan repayments by making fortnightly repayments. Fortnightly repayments can also positively impact the duration of your loan. Splitting your monthly payments into bi-weekly payments can allow you to make an additional repayment every year. Thus, bi-weekly loan repayment plan can suit your budget when you want to pay off your loan faster.

4. Do Not Skip Payments:

Your financial circumstances may become better or deteriorate during the duration of your loan. When you face financial crisis for some reasons, making your loan repayments can become challenging. In that case, you can contact your loan provider and discuss suitable repayment options to meet your loan agreement. If you skip loan repayments, it can negatively impact your credit score and your borrowing ability in the future. Therefore, it is better to adjust your payment plan according to your current budget rather than skipping the repayments.

5. Consider Lender Programs:

Your personal loan lender may also help you pay off your loan faster. Contact your lender and discuss if he has such a program to accelerate your loan payoffs. You can also choose to make automatic monthly payments with the help of online banking.

The line that separates a comfortable life and bankruptcy is thin. It only takes a medical emergency or lingering illness to lead one to a life of financial struggle. Everybody knows the story of ‘The Ant and the Grasshopper’, which teaches the value of saving for a rainy day. However, even if the moral of the story is ingrained in our minds from the time we were young, practicing it is a different matter altogether.

But this uncertainty to go through the financial planning process is deeply rooted in misconceptions. The lack of understanding is fueling doubts. A 2016 survey revealed that seven in ten Americans have a phobia of working with financial advisors.

Among their reasons were:

1. They feared that they might end up spending a lot of money.
2. They were scared of confronting their actual financial affairs.
3. They did not trust the financial planning process.

According to the CNBC report, about seven in ten Americans handle their budgets and finances on their own. The figure is alarming, considering that almost eight in ten workers in the United States admit to living paycheck-to-paycheck. And the number of people in this demographic is increasing.

According to the National Financial Educators Council, the lack of financial literacy costs homeowners a great deal of money. A survey of participants across the country found that there were huge monetary losses due to inadequate financial planning.

What Are the Key Steps of Financial Planning?

One of the crucial ways to combat fear is by familiarizing yourself with the financial planning process. When you break down the whole procedure into easily digestible pieces, your fear will reduce.

When you work with a financial advisor, you are likely to go through the following procedure:

• Know your financial situation. For most people, this is the most challenging part of the process. When they would have denied their actual financial situation before, they would then move to a position to be ready to confront their fears. It is a matter of how much money you earn and how much expenses you have, including outstanding debts.
• Find ways to stop the bleeding. The next step is to work with your financial advisor to stop the bleeding. From this step, your expenses would be barebones. Anything that is not a necessity would have to be put off. You will then craft your financial goals. Are you saving up for your retirement? Or do you want short-term financial security? What about education for the kids or a contingency fund in case of a medical emergency?
• Determine your options. If the money is not sufficient to support even your household necessities, consider augmenting your income. Can you take another job? Can you consolidate your debts? Do you have equity in your home that you can use for refinancing? Are you as well as your spouse working? And would that be a possibility? Is hiring a babysitter more cost-efficient than one of you being a full-time homemaker?
• Craft an action plan. Planning without action is useless. The action plan should be doable, so you do not get frustrated during the adjustment period. You set the goals by stages to make them easier to implement.

Finally, you need to review your action plan and financial goals regularly. Your circumstances may change in one or two years, which means that your plan may no longer be workable.

In the incredibly fast-moving world of real estate and personal home mortgages, the option many homeowners have when it comes to refinancing their current mortgage is commonly referred to as cash out refinance. This process can take place when your mortgage rate has decreased, or when your home’s value has risen.

If you meet one of these two criteria, you will receive the balance of the new online loan when compared to the current worth of your home as a vast sum of money. This process is known as ‘cash out.’ If you choose to refinance your mortgage with cash out, you will have many possible financial advantages.

You may be thinking about this option right now. If that is the case, consider the options listed below. Those advantages may also build on each other, as you will get to know.

Potentially lower interest rates

The mortgage rate on homes is a number that fluctuates over time. It is generally noticeable year-to-year, depending on the state of the economy. For example, in 2018, the annual average was 4.54 percent, while the annual average in 1998 was 6.94 percent. A two and a half percent change may seem slightly insignificant. However, it is essential to remember that this generally relates to tens or hundreds of thousands of dollars over multiple decades. In other words, these numbers add up. Taking the example into consideration, if you were to refinance your mortgage with a cash out, you would see your mortgage rate drop by nearly two and a half percent. This is possible through a regular refinance. However, with the refinance mortgage with cash out option, you are left with a sum of cash and a lower rate. That’s a win-win scenario.

Now, what to do with all that money?

Once you have gone through the process of cash out mortgage refinance, you must decide what to do with the tens or hundreds of thousands of dollars that are now available to you. One of the most common and possibly wiser options available to many is the mortgage interest tax deduction.

These tax deductions allow you, the homeowner, to reduce your taxable income equal to the amount of money you paid on your mortgage. If you choose to get your cash out sum and remodel or improve your current home, you will also qualify for this deduction.

Essentially, a refinance mortgage with cash out could allow you to reduce your mortgage rate, receive a large sum of money, and improve the physical state of your home without worrying about taxes.

However, there is another use for this sum of money if you are not planning on improving your home. Because of the current financial climate, you might have debt. The dollar amount equal to your debt can get quite lofty. Because of this, it is typical for the cash out to be used to pay off this debt. If you have debt, this action will accomplish two things for you. First, your debt is significantly reduced while also saving you money in interest payments. Second, your credit score can also be increased by paying off the debt.

When it is all said and done, there is an advantageous chain of events available to you if you choose to refinance your mortgage with cash out. If you are considering refinancing, you should strongly consider this route. 

Electricity is one of the heavy hitters when it comes to the expenses of most businesses, and it’s the main area you should be paying attention to if you want to keep things running smoothly. There are various ways to get the most out of your current power usage, and while it will take some effort on your part, it will be well worth it in the end. If you play your cards right, you can bring down your company’s power costs significantly in the long run, and this will play a major role in optimising the rest of your finances.

Scout Auction Sites for Gadgets and Services

You’d be surprised how beneficial it can be to replace – or install – a few devices around your offices with more energy-efficient ones, like LED bulbs. There are also gadgets that can keep track of your overall power usage and identify patterns that could allow you to optimise it, and many of them can be found at a fraction of their normal price at a good auction site. It will take some time to scout out the best offers, but this can have a pretty strong impact on your operations if you go through your entire building and replace everything you can.

Constantly Revise the Supplier Market

Another area you should pay close attention to is the market for power suppliers. Don’t fall for the trap of thinking that you’re stuck with whatever company you’re currently using for this – there are plenty of options to pick from, and a site like https://www.utilitybidder.co.uk/ can open your eyes to the true situation in your area and put you in touch with a good utility broker. Take some time to compare the available deals from the switch energy supplier, pick something that suits your business needs better, and the difference in your bills will quickly stack up over the next months. This is not something you should only do once, either – it’s a good idea to keep a constant eye on that market and keep watching out for better deals.

Go Green

This is a broader approach that will also take some time, but its benefits are not to be underestimated in a long-term perspective. Converting your operations to be greener can not only benefit the environment, but your own bottom line as well. You’ll be able to conserve power on things like heating and cooling, and you may even be able to make certain parts of your company self-sustainable. It will take some time to get to a good stage, but it will be well worth the effort in the end.

There is no shortage of options available when you want to cut down on your power usage, and it’s a good idea to look into this particular area if you’re having trouble with the monthly balance of your business. This is especially true for smaller companies that are just starting out, as they can typically benefit from improvements in this area particularly well. But still, don’t underestimate the potential of optimising your power costs even if your company is larger.

With Christmas quickly on the horizon, it goes without saying that some businesses are in their full flow. Particularly in retail, this is one of the biggest periods of the year, and can make or break a company’s profits.

Bearing this in mind, preparing adequately is absolutely key. Whether you are a small player, or a global company, any mistake can be magnified and leave your Christmas sales in tatters.

This is the reason behind today’s article, as we take a look at some of the best tips you can adopt to give your company the best possible chance of posting big profits over December.

Make sure you have the staff

One of the worst things you can do at this time of year is not being able to keep up with the pace of Christmas. In other words, you don’t scale up based on your increase in customers.

While it might be a bigger upfront cost, don’t think twice about investing in your staff. You might have to set up an employee benefits program, or something else to tempt the numbers in, but the very worst thing that can happen here is you not having sufficient manpower to deal with the festive onslaught of shoppers!

Do some tech testing

We’ve spoken about an increase in customers, and how you must have capacity in relation to the number of staff that you take on during the Christmas period.

However, this capacity stretches far further than manpower. It also affects your technology, and specifically whether your website is able to cope with this increased demand.

Sure, it’s a nice problem to have, but if you don’t plan accordingly you might have a barrage of new visitors but no website to greet them with.

Keep a close eye on last year’s figures

As we all know, the retail landscape is constantly changing. Several years ago, it was all about the build-up to Christmas, and then the January sales.

Now, the outlook can be a little different. Black Friday and Cyber Monday have well and truly taken over, and this has meant that retailers have had to adapt.

As such, keep an eye on last year’s figures. Find out what went well, what didn’t and most importantly, just the dates you need to plan around.

Beware of the perils of shrinkage

In truth, it doesn’t matter whether this is about Christmas or summer shopping – the same rules about shrinkage apply. The only difference with the festive season, like we have said in relation to other issues, is that the scale just tends to be so much bigger.

Naturally, the biggest shrinkage issue comes in the form of theft. With so many people going through your doors, items can sometimes follow them. This is one of the reasons why you again need sufficient staffing numbers, while it’s also worth remembering that returns are high around this time of year so this might be something else you need to factor into the month.

Business loans are important for many businesses, especially startups. However, if you aren’t careful and diligent enough to know and understand your prospect lending institution, then you can fall victim to many financial scammers. 

Most scammers take advantage of business owners who have just started their business and who don’t have enough knowledge and expertise on how the process works or what to expect. Because of the widespread alternative business funding you can choose from, it becomes challenging to filter out genuine lenders from fictitious ones. 

The world has changed drastically. You can now access banking online, online lending institutions, brokerage accounts, and other related lending alternatives. Just as there are various lending options to choose from, seemingly, there are also as many financial scams designed to deceive people.

Aside from that, financial scammers are prevalent in today’s society because of the increase in technological advances and development. Their schemes and conspiracies also upgraded, given the new advancement.

With the widespread occurrence of scammers, borrowers should be extra careful and diligent when transacting business with lending institutions. Fortunately, you can avoid getting scammed by these shady alternative lenders.

Here is the list of things you need to take note to avoid getting scammed:

Pick the right one for you

Before engaging with a lending institution, research, and thoroughly understand your prospect lender. It helps to check reviews of its clients to get a better picture of what to expect. But remember to filter out information coming from the internet. You might be reading fictitious reviews only or made-up experiences of their so-called clients.

At the end of the day, it is still safe to borrow from a lending institution that was referred from someone you trust. You can ask for referrals from your family or friends. At least, with their first-hand experience with such lending institution, you would know what to do. You become more confident and secured to borrow if you know better.

Spot the difference

There is a huge difference between legitimate lending institutions from financial scammers. Aside from the regulatory permits and licenses that a legitimate lending institution can present, there is a significant contrast between the two.

You should know the company’s representative, physical address, public contact number, and license number. Once you know this information, call the phone number to make sure that you can reach it, and it is true. Aside from that, match the license number with the name of the company. You can also search for the name of the lending institution and look for any red flags and warning signs. 

One of them is that there is never an upfront payment you need to give to a lender or broker. Even how reasonable they seem, online loan brokers are only paid after the deal is done and not the other way around. There are origination fees or costs or processing fees along the way, but these fees don’t cost significantly. 

Take note that these are only charged once your loans are already funded. Other than that, legitimate lending institutions never ask for a downpayment before approval. It only invalidates the reason for the borrower to get a loan if he or she is the one to make a downpayment.

Legitimate lending institutions don’t offer loans with a cold call. Whether it is through emails, phone calls, text messages, or social media, legitimate lending institutions don’t resort to this. Always be aware of the services that pop up that you didn’t ask for because these are from financial scammers.

Detect early warning signs

Even how hard financial scammers hide their identity, there are warning signs or red flags that can help you recognize it. When you are looking for a lending institution, pay close attention to how they operate or how they handle any information you give. 

Included on these red flags are upfront fees and downpayment, guaranteed approval, unparallel company information or address, unprofessional services, etc. If ever you encounter these red flags, you might want to find a different lending institution right away. 

Be wise at all cost

Borrowing funds can cost more than what you expect if you are not careful and meticulous in dealing with lenders. Be wise when getting a loan, especially if you don’t exactly know the lending institution you are association yourself with. It is better to engage in safe borrowing. 

It means that you borrow only as much as you need and can afford to pay. Right lending institutions that give the right solution for your financial needs present the best online loan option for you. However, you have the right to borrow at your own pace and capacity. Even if you think you can afford to pay now, you never know what might happen in the future. 

Making sound investment decisions is very important, regardless of if you’re a well-seasoned investor or a novice. It increases your chances of receiving a favorable return on your investment. And of course, since everyone wants to decrease the risk associated with making investments, it’s important to develop the key traits that other great investors have developed in the past. That may mean getting up a little earlier, studying the way industry more or better applying yourself to investment strategies if you are currently investing or planning to become an investor in the future. If so, be sure that you acquire these critical seven traits before moving forward.

1. Discipline

One of the things that many successful investors have is discipline. In order to be good at investing there are a lot of things that must take place, including things such as:

– follow up and follow-through
– finding systems that help keep you current and up to date with the latest investment trends
– controlling your spending
– doing an adequate amount of due diligence
– reducing or controlling making compulsive investments and so forth.

Maintaining these areas can play a key role in having the level of discipline needed to make effective investment decisions that yield great results.

2. Time Commitment

Making good, sound investments take time. Successful investors take the time needed to effectively assess their personal finances during different stages of their lives to better determine how much of a risk they can afford to take. Adequate time must be put into researching the market prior to making good investment decisions. This allows seasoned investors to make the necessary adjustments to their investment strategies far in advance of any foreseeable major life events. For example, major life events such as the birth of a child, having to pay for tuition, going into retirement, or anticipating divorce or even the death of a loved one can have a significant impact on your investment efforts. Successful investors put in the time to reassess and re-balance their accounts to reduce risks.

3. Confidence and Assurance

Successful investors are also confident about their investment decisions. This is because they use facts, historical information and perform research prior to making investment decisions. This provides them with the confidence and assurance that is needed to make the best investment decision possible.

Additionally, great investors also know exactly what to do should there be a crash in the stock market. They have learned not to overreact in these situations but to rely on prior techniques and strategies that they can use to guide them during stressful situations.

4. Risk Tolerance and Management

Successful investors know and understand that there is some level of risk associated with making an investment in the stock market or other investments. To better manage and reduce the risk associated with such investments, they perform an assessment of how much risk they can tolerate. That way, if any losses take place, they are not financially crippled as a result of it.

One of their other strategies consists of diversification, studying the markets and not being easily moved by what’s going on in the news.

5. Knowledge and Experience

Successful investors, even if they are new to investing, acquire a certain level of knowledge about investing before they make their investment choices. They can either rely on their own personal investing experience or surround themselves with others who are experts in the field.

Basically, successful investors avoid making decisions without having the proper knowledge to guide them. Having knowledge in advance can be used as a means to allow financial literacy to become the foundation for making sound investment decisions and better financial choices overall.

Scott Langdon from MoneyTaskForce.com says, “knowledge helps you to not only know the price of various things but to know the value of them too.”

6. Keeping Up With the Current Investment Trends

In order to make the best investment choices possible, it’s imperative to keep up with the current market trends. Not only this, but it’s equally as important to have a sense of history about various market conditions as well. The history can be used as a reference point when making vital investment decisions, as financial trends sometimes repeat themselves.

Great investors are also knowledgeable about areas such as:

– capital gain holding periods
– foreign, political and legal issues that could impact the market, and so forth.

Basically, successful investors keep themselves well-informed about a wide variety of things that could have an impact on their investment products. To that end, successful investors keep themselves well-informed about a wide variety of things that could impact their investment choices and you should too.

7.Patience and Determination

These last two traits are very important. Although they are both very different, both are very necessary.

Because becoming a good investor takes time to develop, you need to have the patience to develop the skills needed to be effective. As a result, it takes patience to arrive at the best investment decision that yields the most effective outcome.

You must also be determined to make the investment that yields the best results. Here’s what I mean, you must be determined to find the right investment vehicle and the right strategy as opposed to taking unnecessary risks.

This combo trait allows you to implement both patience and determination whereby you can press forward to get through any uncertainties or challenges during the investment process.

As with other successful investors, you can win at the game of investing by pushing yourself forward based on the financial course that you have set for yourself.

Of course, this may require a great deal of time and patience to pull off. But it will certainly be well worth the wait.

To sum up, if you want to become a successful investor, it’s important to adopt the qualities mentioned here in this guide. It can help transform your investment efforts from being an average investor to becoming a well-seasoned pro.

If you’re a business owner, you’ll need a credit card for large payments for your business. For personal use, a credit card can help you in budgeting and purchasing items you badly need when you’re out of cash. 

Whether for personal or business use, using a credit card is convenient, and it’s a good way of building a credit history. Also, you can attain financial independence with the proper use of credit cards, and this can only be achieved if you kickstart and open one. 

So, how do you choose your first credit card? Check some helpful tips below. 

Evaluate Your Financial Situation

It’s important to assess your current financial situation by starting evaluating your credit score. Your creditworthiness is reflected in your credit score, which typically ranges from 350 to 850. You can request a copy of your credit score from Equifax, Experian, or TransUnion. You’ll be eligible for higher credit limits and lower interest rates if you have a high credit score. Of course, you can choose one of the best first credit cards that will help you financially. 

What if you don’t have a credit history? It’s still possible to get approved for a credit card even without a credit history because you can build yours. Here’s how:

• Applying for a secured credit card is a great way to build a credit history. It usually requires a cash deposit, and those who have little to no credit history can apply.

• Using a co-signer on a credit card application is another method to have your first credit card approved even without a credit history. A co-signer will back you up and serve as a witness that you have the ability to pay back credit card debt. However, misusing a credit card and building up debt can negatively affect the credit score of the co-signer.

Know the Risks and Benefits

Before getting your first credit card, you have to understand the risks in order to avoid misuse or abuse. While you can buy whatever you with your credit card, even small but frequent purchases will tend to accumulate and sum up to a large amount of money. 

Ask the representative of the bank or financial institution to explain to you in layman’s terms the risks and benefits of the type of credit card they’re offering. Don’t hesitate to ask relevant questions concerning credit card use, impact on your credit score, and other financial matters you want to discuss. In that way, all the details on the terms and conditions are clear to you to avoid blaming yourself at the end.

Know the Credit Card Charges and Fees

It’s important to understand the different credit card fees so you can avoid them. Of course, you don’t want to pay a lot of money on these fees apart from the amount of money you borrowed. Remember that finance charges are not fixed amounts like other fees, and they change depending on the interest rate. The balance is usually carried over from one month to another after the grace period (usually 21 to 25 days) ends.

Here are some of the credit card fees you should be aware of:

• Annual Fees: Credit cards with annual fees tend to offer great rewards programs. But, you can avoid this yearly fee by using reward cards and choosing a credit card provider that doesn’t charge annual fees. 

• Foreign Transaction Fees: If you purchase an item outside the country, you’ll be charged with a foreign transaction fee, which is two to three percent of the total purchase amount.

• Cash Advance Fees: If you availed of a cash advance, you’d be charged with this fee, which usually doesn’t have a grace period. Remember that cash advances have higher interest rates than standard purchases. 

• Late Payment Fees: This fee will be charged any time you purchase something after the due date of your credit card with a $28 cap. 

• Returned Payment Fees: Invalid payments can lead to this charge. Let’s say you’ve mailed a check for payment without sufficient funds to cover the payment. The cap amount for this charge is $39.

Conclusion

When choosing your first credit card, it’s important to evaluate your financial situation, know the risks and benefits of opening a credit card, and the fees involved. In that way, you can choose the best one that suits your financial needs and payment capability to help you attain full financial control and independence for a better and happier life. 

Pet dogs are always cute, playful, and loud. So, whenever they behave differently, it is a little easy for us, fur-parents, to identify if there is something wrong going on. Although they could not speak directly to us, their body language and actions will be their call for help. Thus, we should pay attention all the time.

One of the most common dog health problems experienced by pet owners is dog diarrhea. More often than not, this health issue is neglected by humans since dogs are expected to dispose of feces now and then.

Just like humans, dogs also experience an upset stomach, but they could not directly complain about it. Below are the most common symptoms to watch out for that could mean that your fur-baby is already suffering from diarrhea.

Unusual Stool

Dog diarrhea is characterized by the discharge of watery and soft stool more than twice a day. Of course, the abnormal appearance of your pet’s stool will initially tell you that there is something wrong. But how do you differentiate stools caused by a weird food combination or a severe breakdown in the digestive system? Here are some signs that you should look for:

• Soft and watery stool than the usual
• Presence of blood or mucus in the feces
• The feces leaving a residue when picked up
• Loose stool with no distinct shape
• Unusual color of feces like yellow, green, blue, or black

Vomiting and Weight Loss

Pets experiencing dog diarrhea may also vomit from time-to-time, leading to dramatic weight loss. Dogs who vomit might be suffering from small intestinal diarrhea. This kind of inflammatory bowel disease results in three to five bowel movements per day, with a more considerable amount of feces.

Small intestinal diarrhea happens when a dog gets exposed to harmful bacteria like salmonella, E. coli, Giardia, clostridia, or campylobacter.

Straining to Defecate

Try observing your dogs while they defecate. If they communicate signs of pain, they are probably experiencing large intestinal diarrhea. It is the type of diarrhea that forces pets to dispose of a small amount of stool for more than five times a day. The feces may contain blood and slimy mucus.

Dogs who have large intestinal diarrhea do not experience vomiting and lose weight. It is usually caused by whipworms, polyps, colonic ulcers or cancer, and even stress.

Lacks Energy

Pets are generally playful, day and night. Aside from defecating unusual stools, dogs with low energy levels can also mean that they are suffering from diarrhea. Having an upset stomach weakens them and lessens their drive to move around and play.

Dehydration

Monitor your dog’s hydration level through their gums. When you suspect illness, check the dog’s gums. If they are not moist enough for you to slide your finger along them easily, they are probably dehydrated.

Dehydration causes dogs to have dry and tacky gums. When this happens, take your fur-babies to a veterinarian immediately, as dehydration can lead to electrolyte imbalance.

Overall, your best pet buddy will act like its usual self even when it does not feel well. However, if it shows the signs mentioned above, then it is time to get them out of harm.

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Going to university or college is more than just getting an undergraduate degree. It’s also a rite of passage that’s likely to encompass your first experience of living outside your parent’s roof and taking charge of your own finances.

However, the unhealthy combination of student loans, credit card debt, interest-free overdrafts, and even shared dorms could mean that by the time you graduate, your credit scores can be left in tatters.

What gives?

For many students, it’s easy to fall into the trap of overspending and getting it over in their heads. And, those with bad credit scores are often burdened with it throughout adulthood.

To save yourself from floundering into the sea of students with bad credit records, apart from feeding yourself with information on bad credit loans and scores, here are the things you need to do.

Don’t apply for a credit card because just because it has freebies.

Most credit card providers entice college students to sign up for their credit cards in exchange for irresistible freebies and other perks. This often takes place on booths during campus events.

Don’t sacrifice your financial freedom in the future for a free pizza you don’t need, or a T-shirt you’ll never wear! Avoid applying for a credit card on a whim. 

The most sensible thing to do is review your credit card options thoroughly and select the one that works and suits best for you. In this way, you’re protecting yourself against the consequences of recklessly applying for a credit card whose terms aren’t actually favorable for you.

Don’t miss or make late payments.

When you’re too busy with juggling midterms and essays, missing a credit card payment is likely to happen. And late or missed payments have severe consequences.

So how do you save yourself from committing this all-too-common mistake?

It’s pretty simple. Set recurring payment alerts for all your bills, ideally a few days prior to the due date. Many issuers will even set up automatic alerts and payments and then link it to a savings or checking account.

Whenever the payment alert buzzes on your phone, you can automatically check and review your card statement. In this manner, you can track your expenses and look for inconsistencies or any suspicious charges before the automatic payment takes place.

Set a budget.

If you don’t track your finances, chances are, you wouldn’t know if you’re piling up debt than what you can afford and handle. Hence, you need to set a budget and stick with it religiously.

The key here is to learn how to live within or below your means. Compute how much you need to spend every month and spend less. The long-term impact of budgeting and spending wisely on credit scores, credit profiles, financial stability, and overall stress is boundless.

To fabricate your budget plan, start by listing down income every month, including the money you make from your sidelines jobs, if there are, as well as the allowance your parents give. The next thing to do is tally the monthly expenses like school supplies, food, rent, gas, and car insurance. 

You can also write down a goal to keep yourself motivated. 

Don’t grow old with your credit card.

Banks and credit companies love handing out credit cards to students. 

It owes to the fact that young people easily get waylaid in the excitement of freshers’ week, which drives them to spend beyond their means. Also, most people aren’t likely to switch providers. A customer who acquired his/her credit card at 18, may well still be a loyal customer at 70.

But put in mind that lenders have different stances when it comes to credit card usage. Some providers like regular spending, as long as you pay the balances in full, while others want you to make minimum payments because it’s more profitable for them. 

Whatever may be the case, it’s important that you know your limits when it comes to spending.

Look for a part-time job.

If you find yourself putting up expenses on your credit card and living beyond your means, you have to make a decision: spend less or earn more.

If you want to be less reliant on credit and online loans and live comfortably, you can look for a part-time job.

All universities and colleges employ students in various facilities and programs. Or, you can find a job working in a retail store, restaurant, local businesses, or even babysitting. Any side hustles will do, so long as it won’t interfere with your class schedules and commitments.

Takeaway

As a college student, you’re probably more eager in last-minute road trips with friends and enjoying a late-night pizza rather than thinking about your financial stability in the future. However, if you start botching up your credit scores in college, it can catch up to you later on. 

Fortunately, you can avoid it. All you need is some know-how and diligence so you can commence life after college with positive credit scores rosy financial health.

Everyone wants a holiday home. Having a home to escape to in the winter months can be a great way to get in the mood for the holiday season. After all, your regular home is where you spend all your work time. When you’re ready to munch some fruit cake and pound down eggnog, you don’t want to look at the same old couch you sit on after a long day at work. So, how can you afford a holiday home? Well, before you go all out and buy that $8 million ski lodge in Breckenridge for retirement, we’ve got a handful of tips that you should consider first. 

1. Location, location, location. No doubt you’ve heard this advice before, but it’s a good reminder. The same square footage can cost way more depending on where you decide to buy. For instance, if you sold your mansion in rural Iowa and moved to San Francisco, you might be able to afford a granny flat studio in the rough end of town. Be sure that you look into the average housing costs in the area you want to buy, and consider similar areas as well. For instance, if you are hung up on that Colorado ski lodge, it might be worth looking into similar properties in Idaho. The views will be just as grand, but the price tag won’t.

 

2. Know how to finance. For most people, the thought of putting down a few hundred thousand on a holiday home might seem outrageous. If you don’t even make a hundred grand in a year, how can you afford $400 grand for a holiday property? The secret is knowing how to finance. There are plenty of options for folks at all ends of the income and credit score spectrums. If you’re in good standing with financial institutions, you could score a sweet low-interest bank online personal loan to finance that Florida beachside abode. If you’ve got a rough rep with creditors, though, don’t sweat – there are hard money lenders in Arizona that can get help you land that desert escape. 

3. Consider your options. Just because you’re buying a vacation home doesn’t mean you only have the option to do it by yourself. You may have heard of timeshares before but not exactly been sure what they are. Basically, you and a few others buy into a property together. Let’s face it – it’s your vacation home, you’re not going to be there year-round. So, each person only buys in a bit, and you only go during your allotted time period. Time shares are a great way to still get that sweet vacation home experience at a fraction of the cost. 

 

4. Offset the cost by renting. One of the best ways that you can pay for your vacation home is by renting it out using an online renting service. If you buy a luxury condo near Malibu and are worried about paying it off, letting people rent it for their own vacations is a great way to help. Plus, you’ll be helping them have a great vacation too! The holidays are all about spreading the love, so sharing your home with strangers who want to rent it out around Christmastime can be a generous and fun way to pay it off quickly. 

5. Rent one out for yourself! If it looks like buying your own vacation home is a little out of the budget, that’s okay. One great option is to look online for a vacation home to rent during the holidays for you and your family. Instead of buying a home to sit around unoccupied all year, you could instead have fun trying out new places every year and making the most of each new place that you visit. Sure, it’s not the same as having a place of your own, but with so many fun and interesting rental options out there, you’ll be sure to have fun exploring the world of vacation rentals.

A holiday home can be a great option for those with the means. Before you take the plunge, just remember to think through all your options, and keep these 5 tips in mind!

The age-long debate about the advantages of renting or buying a home continues, and there seems to be no concession from any side in view. A lot of variables and a lot of unique factors influencing individual homeowner’s choices are too many to reach a consensus on the issue. Or thing is certain though: both renting and buying a home comes with its fair share of costs. Everyone knows buying a home doesn’t come cheap, even though it makes sense to you and your family financially.

One good positive is the fact that the cost of owning a home isn’t fixed. If you can handle the upfront payments, these home project developments will permanently reduce the intermittent expenses of homeownership. Others avert costly repairs for life or until you decide to vacate the house.

Note that both federal and state tax credits can help you bear the cost of performance-enhanced projects if you feel your budget is unable to cover the upfront payment of these projects. You can also finance your home with an equity line credit, unsecured private bank personal loans, online lenders or credit unions. 

1. Do A Home Energy Audit or Professional Assessment

Home Energy Audit 

Conducting a Do-It-Yourself home energy audit, or getting a professional home energy assessment is one of the best ways to prioritize and create a cost-effective home improvement test. Assessments and audits are meant to help examine all the key systems and parts of the home to help you know where you’re either losing heat, misusing electricity and where efficiency is failing in your home. For example, the following places might likely be checked:

– Air leaks from either windows, vents and door frames.

– Mechanical devices like heaters, boilers, and furnaces.

– Other appliances and electronics like oven ranges and refrigerators.

When you’re done with the audit or assessment, you may come up with a to-do list that includes various improvements like:

– Patching drafts and leaks.

– Changing old, ineffective appliances for new and effective ones.

– Replacing or adding substandard insulation.

2. Invest In A Cool Roof 

Sunny and hot weather can turn your roof into an enormous heating pad, roasting the upper floors and even the best-protected attics, tending to waste the airconditioning efforts, hopelessly fighting against this simple thermodynamic impact. A cool roof may not necessarily cool your house, but it sure reduces the upper floor heating severely. Like most height-related jobs, changing a traditional roof to a cool roof can be very dangerous. Getting quality fall protection equipment is necessary if you intend to change the roof yourself, but it is advisable to let the professionals handle it. Cool roofs are cost-effective in sunny or warm domains while in colder climes, cool roofs take longer to assert their worth as their reflectivity disrupts passive solar heating during the winter season.

3. Switch To Native or Climate-Appropriate Landscaping

Making a switch to climate-appropriate or native landscaping can help increase water savings as well as reduce or even eradicate any additional watering needs. These landscaping are cost-effective and come in handy in arid places where water-intensive landscaping such as turf lawns are not achievable without enough water supply. These native landscapes amalgamate plants that are only found in such a region’s natural habitat, while climate-appropriate landscapes amalgamate plants that can be found in similar climes around the globe.

4. Install New, Efficient Windows and Doors 

Using a DIY door and window seal usually doesn’t work out, so you are advised to buy and install brand new doors and windows. It is a good thing that the installation of high-efficiency doors and windows is said to be one of the surest ways of ensuring the value of your home the case of a resell and also builds equity, so if you’d like to sell anytime soon, doing this alone can compensate for the cost of your project. Despite the aesthetics wooden windows give to a home, vinyl windows are quite affordable unless the wooden windows are for your home’s character conservation.

5. Periodically Stain And Seal Wood Decks And Siding 

Even though staining and sealing wood in your home isn’t the idea of fun, doing it from time to time can highly increase your home’s natural wood lifespan and reduce any expensive replacement in the future. Wood siding should be freshly coated every 3-5 years, decks should be coated every 2-3 years unless it is heavily used and in severe climate, then it should be coated yearly.

Conclusion

Time and money are always limited which is why it is advisable to adopt a compromising strategy to improve your home and save cost by employing the BIY – Buy It Yourself – approach.

A BIY approach means you have to purchase the materials, and probably the tools needed to undertake the project which can be done with close interaction with your contractor, who then does the job and charges you for workmanship and any other miscellaneous. What this means is that you buy the materials and tools yourself, saving the additional money and time it would cost if your contractor had gotten it himself. According to research by HouseLogic, using this technique can save costs by 20 percent, which for someone on a tight budget, is quite a sum.