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.…

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.…