Bad Credit Loans Blog

Great Tips and Advice for Managing Your Money

Saving money to buy a home can be difficult when you're also working to pay off debt. Whether you owe on student loans, previous mortgages, personal loans or any other type of credit, these tips will help you pay off your debts and accomplish your goals.

RESEARCH MORTGAGES

If you plan to buy a home, you should first research the types of mortgages available to you to help determine how much money you need to save. In addition to picking the type of mortgage that best fits your needs, you will want to look for a loan with a low interest rate. This will reduce the total amount of money you pay over the life of your mortgage.

One way to lower your mortgage's interest rate is to pay discount points upfront. In other words, the borrower can choose to pay the lender an additional percentage of the principal amount, known as a point, at the time of closing. Each point will reduce the interest rate by an amount determined by the lender. This in turn lowers your monthly payments. Depending on your loan, your finances and the length of time you plan to own the home, this may be a great option for you. You can use a mortgage points calculator to help determine if it is a good choice and how many points you should pay.

CREATE A BUDGET

A budget should serve as a roadmap that helps you know what you can spend without stretching your money too thin. Knowing how to make a budget is a crucial skill when trying to pay off debt, save money and cover monthly expenses. You should start with your monthly income after taxes and deduct required fixed expenses, such as rent and payments towards loans. Then, you should deduct the average amounts you spend on required variable expenses, such as utility bills and groceries.

Once you've subtracted all of the expenses you must pay and determine how much money you have left, decide how much of that amount you can put into your savings account each month. Next, you can list out payments that are not necessities, such as gym memberships or subscriptions to websites, and determine what you should keep paying for and what expenses to cut from your budget to save money. You can use the remaining money to increase loan payments, increase savings, create an emergency fund or invest.

MAKE REGULAR PAYMENTS

For any type of debt, you should be making fixed monthly payments and making sure you are paying towards the principal and interest. Each loan is comprised of two parts: principal and interest. The principal is the amount that you actually borrowed. The interest is the extra percentage that you pay to the lender so that they can profit off of loaning you money.

Many people make the mistake of simply agreeing to the minimum monthly payments and not looking at where their payment is really going. If all of your payment is going towards interest, the principal amount is not decreasing. You should look at your monthly statements to make sure you are reducing the principal and not just the interest rate. This will help you pay off your loan much faster and greatly reduce the amount of interest you pay over time.

If the sum of your individual loan payments are overwhelming and don’t allow you to pay more towards your balance, you may want to look into consolidating them with a personal loan. This can reduce your interest rate and monthly payment amount, allowing you to pay the balance more quickly and save more money. In many cases, you can even apply for a personal loan online.

Paying off your debts and saving enough money to buy a home takes planning, hard work and research. It may seem like a daunting task, but it is worth it in the end.

Article written by Emma Grace Brown

Image source: Pexels

Being out of work can be stressful, but there are some ways to make money on the side while you look for a new job. Along with working side jobs, you can find new ways to save money each month to help you plan for the future. Use this guide for advice on making ends meet and staying afloat while between jobs.

The art of the side hustle

The COVID-19 pandemic has been devastating to some industries such as hospitality, entertainment, and travel. If you worked in one of those industries and you’re out of work, it may be necessary to find a new way to make money. Consider what strengths you have that could allow you to make money on the side, whether it’s writing, caring for animals, or tutoring students.

If you like to write, you’re in luck: there are countless writing gigs you can get online. The challenge is in finding opportunities. One great way to connect with potential clients is through online job boards and freelancer websites. You can create a profile, set your rates, and bid on projects that appeal to you. If you have a client that you work well with, it could even turn into a regular gig.

For people who are good with animals, it’s possible to make money walking dogs or pet sitting. There are a few handy apps out there to help dog walkers connect with pet owners, so do some research and apply online. Or if you’d rather go at it alone, you can start advertising your services on local neighborhood forums or social media groups.

Tutoring is another side-hustle option, especially if you’re good at a particular subject. For example, if you’re a math whiz, you can start tutoring students of any age online. Tutoring can be perfect for those who want a flexible schedule and want to form connections with people.

Starting a business

If you generate enough clients in your side hustle to sustain you long-term, it might be worth looking into starting your own limited liability company or LLC. An LLC is a useful business structure because it allows owners to protect their personal assets and gain some tax advantages.

You can form an LLC in Ohio on your own or hire a formation service to help you. Just be sure to check the regulations in your state to ensure you’re following the necessary requirements for business formation.

Revamp your budget

Along with earning extra money, it’s a good idea to revamp your budget so you can curb unnecessary spending. Many people spend far more each month than they realize, and without a budget, it can be hard to reign in the extra spending. Create a budget to help you plan for every expense, and keep track of your spending so you can find new ways to save.

Along with allowing you to save money each month, budgeting also allows you to save for the future. Once you determine a few ways to save on your monthly spending, you can create savings accounts to put away money for bigger purchases or an emergency fund. The pandemic has illuminated the need for emergency funds, so do what you can to put aside money for a rainy day, if possible.

Even if you’ve been out of work for a while, it’s still possible to kickstart your earnings with a side hustle. Whether it’s writing, dog walking, or tutoring, side jobs can help you get back on your feet financially and will help give you confidence as you rejoin the workforce. Be sure to adjust your spending habits with a new budget and put away money when you can for emergency funds.

Writen for America's Loan Company by Emma Grace Brown

Little can make you think more about the future than having a family, and it can also make you keenly aware of the need to plan. Laying a solid financial foundation is a must when others depend on you, and the last thing you want is to end up in a position where you or someone you love faces hardship. Here’s how to ensure your family is well-provided for, both in the short- and long-term.

Create crucial safety nets.

It’s natural to think about what might possibly happen if you or your partner should unexpectedly pass. Creating an actual safety net ensures if those unfortunate circumstances arise, your family is properly provided for. With that in mind, consider doing some estate planning. Decide who you prefer to step in as legal guardian, preplan your funeral, and examine your life insurance options.

One important insurance to consider is disability insurance. As Money Under 30 explains, disability insurance helps replace your income if you should become unable to work, and there are both short- and long-term options. A wide variety of circumstances are typically covered, such as an injury, pregnancy, or illness. A standard policy replaces 60 percent of your income. Short-term policies are typically for three to six months, while long-term policies could potentially cover through retirement age.

There is also legal documentation you should assemble for your family’s security, such as a will, trust, power of attorney, and healthcare proxy. By establishing these things while you are fully able, you ensure your desires are met, and loved ones are taken care of, come what may.

Focus on your future.

Many people aren’t too concerned about retirement when they are just getting their families started, but the sooner you can start planning, the further ahead you will be as time goes by. In fact, as USA Today explains, there are a number of benefits from starting retirement planning early in life. It’s a chance to increase your net worth, improve your credit rating, and it’s a great way to get comfortable with investing. If you play your cards right, you might even be able to retire early!

Examine the various retirement plan options to decide what’s best for you and your family. If you aren’t sure of your situation or need help assessing your goals, a retirement calculator can give you a better feel for things.

Look into how an MBA can help your family’s future.

When planning for your family’s future, it can become daunting to think about growing in your career, saving for your kid’s college, and owning a home. One tool that can greatly impact your financial security is an MBA. By taking advantage of this next step in your education, you are re-investing in yourself.

Studies show that an MBA can increase your pre-MBA salary by up to 50%! That’s an amazing investment that can also come with the added benefit of an increased professional network. A strong group of connections will allow you to advance in your career and provide ample prospects when looking for new opportunities.

Consider your kids’ future.

Are you planning to help pay for your children to attend college? If so, there are some key options worth considering. You can establish a savings account, invest in a 529 plan, or choose a prepaid tuition plan. Another option is an UTMA or UGMA, although your children can elect to use those funds for something other than college tuition, which some parents consider a downfall.

Don’t forget daily spending.

No matter how well you plan for the future, if day-to-day spending isn’t realistic, you’ll never meet your goals. With that in mind, organize your income and bills. As U.S. News explains, a practical budget can help you identify where you are currently spending, and where you need to make changes to achieve all you dream of for you and your family. There are several budgeting systems to consider, and they all come back to tracking your income and outflow carefully.

Sorting out details

Making solid choices for yourself and your children can be confusing. Sometimes families do best connecting with advisors for advice, and there are a couple of key professionals who can assist you with sorting out details. An estate lawyer can provide insights on creating your family’s safety net, and a financial advisor can assist you with budgeting and investing decisions.

Taking great care of your family won’t happen by chance. Examine your goals and how you can best reach them. With good plans, you ensure security for you and your loved ones.

In need of funds? Apply online with America’s Loan Company now.

Article writen by Emma Grace Brown

Today, online loans are popular because of the convenience that it provides money borrowers. The smooth application process and quick access to cash greatly benefit people who want to borrow money.

Although some folks may not be willing to share their personal information with online lenders, there are many people now who consider online loans as their go-to loan option.

Here are some things you need to know about online loans and what you need to keep in mind before borrowing money from an online lender.

What are Online Loans? 

Online loans are money borrowed from an online lending company. These loans are unsecured, which means you don’t need to offer an asset as collateral for the money you borrow.

If you want to borrow money from an online loan provider, you can just search the web and compare different loans offered by different loan companies. Make sure to inquire about the eligibility requirements, turnaround time, application fees, interest rates, and loan terms.

Unlike mainstream banks and credit unions, online lending companies are not so strict with eligibility requirements. Most online lenders may approve your application even if you have a bad credit score. You only need to make sure that you have a regular source of monthly income to increase your chances of getting approved.

The application process is also very straightforward, and you can take out the money within the day of your application or the next business day.

Risks of Online Loans

As mentioned earlier, there are advantages of taking out an online loan, namely: no-hassle application process and quick access to funds. However, there are also some downsides that you need to be aware of this loan option.

For instance, you may encounter lenders that are not following good lending practices. Predatory lenders that offer online loans are not uncommon. Many of these online lending companies impose high-interest rates on their loan products, which puts borrowers in a debt trap.

Tips Before You Obtain an Online Loan

Since there are risks to taking out an online, you need to be smart in your decision before you send your loan application. Here are some considerations you must follow before you get an online loan.

Don’t Use it for Leisure or Luxury Expenses

A lot of people are tempted to get an online loan to buy their “wants” instead of their “needs.” You must keep in mind that every time you take out a loan, there’s an interest that accumulates throughout the loan’s lifespan. One reason why many people are in a debt trap is that they’re taking out loans for leisure or luxury expenses.

So, it’s crucial to discipline yourself when it comes to spending, especially if the money you’re using is borrowed cash.

Avoid Taking Out Large Loans

Getting a large amount of loan can be too risky on your part. Most online lending companies will offer “deals” that lure you into signing a big loan amount, but the thing is that it’s still a large amount.

When taking out a loan, make sure that the amount, interest rate, and loan term suit your income. In this way, you won’t have a hard time paying back what you owe.

It’s Better to Use an Online Loan for Emergencies

It’s a smart way to take out an online loan only for emergency purposes. As mentioned earlier, you’re using borrowed money with accumulating interest, so you need to avoid getting it for unimportant expenses. But, if there’s an emergency, you can apply for an online loan, especially if you don’t have enough savings.

Takeaway

Online loans can be a good option for individuals who need to borrow money. It’s simple to apply for an online loan, and you can get your cash faster. However, there are also risks associated with online loans. So, you must keep in mind the considerations mentioned above before you apply for one.

Author Bio:

Bree Diaz is a business and finance blogger. She is well-versed in writing tips about running a business and how to manage your finances. Bree cites articles from GlobLoans.com in many of her works.

Apart from being a global public health risk that continues to threaten the lives of many, the pandemic is also putting a lot of people in a very difficult financial situation. These trying times can be even more difficult for those who have existing debt that continues to accrue interest, in spite of current circumstances. If you are one of those people, here are some tips that could help you in alleviating the impacts of accumulating debt and in managing existing ones.

Take out a debt consolidation loan 

It may seem counterproductive to get a new loan and use it to pay off existing ones, but this tip can be of great help in buying you more time. When you take out a debt consolidation loan, what you are actually doing is rolling all of your existing loans into one. This makes repayment easier (since you only have to concern yourself with one payment per month) and provides you with an opportunity to have a relatively lower interest rate on your debts. As highlighted in one of our previous posts ‘How To Consolidate Student Loans’, a debt consolidation loan may negatively impact your credit score initially since hard inquiries are bad for credit scores. However, in the long run, it may be able to help improve your credit score if you are able to make your payments on time every month.

Make the most out of technology

One of the ways you can make financial management easier these days is by relying on connected devices and making the most out of technology. In his article on how to adjust to remote working during the pandemic, digital nomad James Gonzales mentioned that the use of relevant apps can help you save more money in the long run. After all, such tools are often capable of encouraging increased productivity, streamlining work processes and assisting office appliances in order to achieve lower energy costs. A great example of an app that can help with money management is the Debt Payoff Planner. Finance writer Asia Martin mentioned how this manual input app can help you track your payments, notify you of due dates and allow you to see the result of making minimum payments vs. additional payments.

Refinance your debt

Since interest rates on mortgage and student loans are at their lowest these days, refinancing your debts can be a good strategy. Apart from getting better terms and lower interest rates, you can also get a lower monthly payment by initiating a new contract. To make sure that you are able to get the lowest refinance rate possible, Aly Vale of Fox Business highly suggests improving your credit score before applying. Some of the ways you can do this can include asking for a credit line increase, reporting errors in your credit report and getting added as an authorized user on someone else’s credit card.

Get guidance from a nonprofit credit counselor

If you are still at a loss for what to do with your debt, even after reading every article there is on the net, the next best plan of action would be to get guidance from a nonprofit credit counselor. Meeting with a professional can aid you in coming up with a plan to consolidate payments and lower your rates. If you plan on doing this, CNBC said that it is important for you to make sure that your credit counselor is accredited by the National Foundation for Credit Counseling. It would also be in your best interest to steer clear of settlement companies that can cripple your credit score with no guarantee of things working at the end of the day.

Times are understandably tough, but with due diligence and the right tips, you will be able to live through the pandemic without debilitating debt.

Written exclusively for Americasloancompany.com

by Allison Coolidge

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