Building Your Financial Emergency Plan

Financial Emergency Plan and LoansIf you need an emergency financial plan, here’s how to build one:
– 1. Get your finances in shape. Improve your credit score, pay down your personal loans, and start building your savings. You’ll be able to weather small financial crises this way quite easily.
– 2. Keep several of your budget sheets over a period of a few months. Where does your money go? Consider how you spend your money and where you could trim expenses if you were suddenly faced with huge medical bills or the loss of a job. Write down all the expenses you could cut – the services and subscriptions you could cancel, the regular purchases you could stop. In an emergency, stop these extra expenses at once to conserve money.
– 3. Look at possible money-making ventures in your community. Take a look at classified ads and temp employment agencies. What is the fastest way to start earning extra cash if you were suddenly without work? This can be a good stop-gap measure to tap into at once as soon as you lose a job. Knowing about opportunities ahead of time lets you stay prepared.
– 4. Look at ways to get money fast. If you needed to, which of your assets could you liquidate to come up with cash? Where could you sell them? How much could you expect to make? Could you rent out part of your home? Could you get a payday cash advance or temporary loan with bad credit if you needed it? Where would be the best places to apply for these loans? Find out the answers now and write them down. If there is an emergency, you’ll be able to act quickly because you’ll have all the facts in front of you.…

When It Comes to Loans, Bad Credit Is Not a Life Sentence

Bad Credit Is Not a Life SentenceWhen many people want loans, bad credit holds them back. However, even if you have huge medical bills, missed bill payments, and student loans that are sinking your credit, you can still qualify for good rates on personal loans. If your credit is not perfect right now, you’ll want to tackle some credit repair before you apply for loans. This is because when you apply for personal loan, bad credit can mean a more complex application process, higher interest rates, and even additional fees. To lenders, a bad credit simply means that you are bigger risk and therefore lenders charge you more for a loan, to protect themselves from non-payment. Some lenders do not want to work with borrowers who have imperfect credit, so bad credit can mean more loan rejections as well.

You can save yourself the extra expense and hassle by working on your credit right now – before you need a personal loan or bad credit loan. If you improve your credit by paying down your debts and carefully paying all your bills on time, each time, you may qualify for a better rate by the time you do need a loan. If you need a personal loan right now, look for the best rate you can find on a bad credit loan. Take out the minimum amount of money you need to borrow, to avoid paying more down the road. And work hard to improve your credit so that you can refinance at a better rate.

Posted by: Afor Olympi

You Have a Fire Plan – Do You Have a Financial Emergency Plan?

Do You Have a Financial Emergency Plan?Most buildings have a fire exit plan. If you suddenly heard a fire alarm, you would likely know what to do. Yet, even though financial crises can be just as sudden as a fire – and are far more common – few people have a financial emergency plan. If you suddenly found out that you were suddenly out of work or needed to take on a huge debt, would you know what to do? Having a financial emergency plan lets you stay calm and start focusing on solutions right away.

A good emergency plan starts with an emergency fund, so if you don’t have one, start setting money aside today. A good emergency plan also includes emergency avoidance. Many people experience financial crises and need cash advances or need to declare bankruptcy because their finances are already in a precarious state before a crisis takes place. If you are battling huge debt, lots of personal loans, no savings, and a bad credit score, any small crisis can precipitate a real emergency. The stronger your finances on a day-to-day basis, the easier it will be for you to weather any temporary problems.…

Financial Planning For Post Grads

As millions of college students prepare to toss their graduation caps into the air, this will mark the moment that a number of them obtain financial independence and enter the workforce. However, without the proper guidance, some of these post grads could be slow to getting off the financial starting block.

College will teach you many things. But it can fall short in giving you knowledge on how to handle your finances responsibly. In fact, a recent survey from the National Endowment for Financial Education found that college students have gotten worse at managing money in recent years. To bridge this gap, we have some advice on how to find your financial footing after graduation day.

Student Debt

If you had to take out student loans to get through college, once you get a job, your repayment plan should not exceed more than 6 to 8 percent of your expected income, the website says. So if you had to take out $20,000 in loans and you have an interest rate of 6.8 percent, you will pay roughly $2,771 per year. This means you will need to make at least $35,000 per year to adhere to the advised 6 to 8 percent.

Credit Cards

When you are under the age of 21, federal law makes it illegal for credit card companies to market directly to you. However, once you surpass this age, and especially once you graduate from college, you become fair game. This is why it’s important to understand how credit cards work and the fees that are often involved. Credit card debt can quickly add up, leaving you in serious debt. In addition, try to monitor your credit report from errant markings that can drag down your credit score. Remember, you credit score is much like your financial GPA, says the website.

Live Within Your Means

If you land a job right after graduation, don’t go out and immediately partake in frivolous spending. To too many young people, retirement can seem like a far-off abstract thing, but it comes much quicker than expected. This is why it’s important to set up a retirement plan early on in life so you can enjoy your senior years in financial bliss.…

5 questions to ask before making an impulse buy

How often do you say that about something you regret purchasing? Maybe it was those beautiful but painful pair of boots you wore once or that exercise equipment gathering dust in the corner. When enough of these impulse items accumulate over time, you’re left with a dwindling bank account and a pile of useless stuff.

You can reduce the number of instant gratification buys that chip away at your budget by establishing some spending guidelines. These mental filters may take some time to put into play, but patience and a little practice can turn your spending into the savings you need.

Can I afford this purchase?

It’s easy to love things priced beyond your means. You might hear it called “champagne taste on a beer budget.” But buying items that you can’t afford to pay back immediately or by your credit card due date is a fast track to debt.

If the product or service doesn’t fit your budget, see if there is a cheaper alternative that will accomplish the same thing. Switching out name brand items for generic is a great example.

What does the research show?

The value of a little online detective work can’t be stressed enough. Find out what people are saying about the product or service. Is it made well? Does it deliver on advertised promises? Other shoppers who have experienced the product first-hand are your best and most honest advocates.

More importantly, the online marketplace is the best way to comparison shop. Different sites can have a wide price range for the same product. Amazon, PriceGrabber, BizRate and Nextag are great starting points for stacking prices against one another. Look for any way you can save dollars on the purchase.

Do I need it or do I just want it?

There’s a difference between needing to buy a winter coat to stay warm and wanting to buy your fifth winter coat to have one for every weekday. Evaluate the role your purchase will play in your daily life. Determine whether it will have function (that’s your one winter coat) or if it’s more about gratification and appearances (your five winter coats).

It’s not wrong to want stuff. It’s just that if you buy all those things you want, it can leave little in your bank account for necessities. If you follow your head instead of your heart, you’ll avoid letting your emotions get the best of your wallet.

Will I still value this purchase a week, month or year from now?

This is a good question to ask in determining how happy the product will make you. The longer you’re able to use it, the less likely it is that you’ll need to buy similar products.

If you hold off on a purchase, see if you’re thinking about it a day or week later. This can help measure whether it was ever important to you in the first place. More often than not, the impulse fades.

How else could I use the money for this purchase?

If you’re trying to save up for a car or a down payment on a home, every dollar matters. Prioritize where you put your monthly earnings. For example, pay off your bills first. Then add to the down payment piggy bank before you add to the happy hour fund. If you end up having leftover spending cash, you’ll rest easy knowing that already took care of your bigger money priorities.

Spending isn’t bad; in fact, it’s the pulse of our economy. According to Bloomberg Businessweek, household purchases make up 70 percent of our economy. But if you can give some extra thought to every purchase you make by understanding exactly how you’ll pay for it, you’re more likely to find lasting value in the products and services you use.…