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Great Tips and Advice for Managing Your Money

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

Any financially smart adult thinks of having an emergency fund as a necessity. Life is full of uncertainties, and you need to have a separate bank account intended to cover unforeseen expenses caused by unfortunate circumstances, such as an illness or loss of employment.

It’s crucial to have a financial buffer for you to survive your day-to-day life without relying on high-interest credit cards or loans when things get rough. Avoid adding on your debts when you're facing financial challenges. So, you need to have ready cash set aside for emergencies.

Perhaps you’ll ask: how much emergency fund should I have? To answer that question and other related queries concerning emergency funds, read this blog post below.

Timing is the Key

According to most personal finance gurus, your emergency fund should cover three months of living expenses at the minimum. In this way, you won’t have a hard time financially if you lose your job or have to pay for medical bills. 

However, the main problem with this idea is that not everyone has the same lifestyle, income, and financial circumstances. For example, if you have monthly expenses of $5,000, your emergency fund should have at least $15,000 to meet the three-month standard. That's a huge sum of cash for most people!

Also, if you have loans or credit card balances that you need to pay, it will be difficult for you to set aside that sum of money for your emergency fund. That’s why timing is the key when building a fund for future emergency expenses.

Make sure to pay your current debts first before you put much money on your savings account. For sure, you don’t want the interests on your debts to accumulate faster than the gains on your savings. So, find the right timing!

Start Saving Even If It’s Small

Even if you’re paying for your current debt obligations, it doesn’t mean that you shouldn’t start building your emergency fund. You can start setting aside a small amount of money for that purpose. Starting with a small savings is much better than nothing at all.

It's hard to know when emergency expenses come. That’s why if you’re receiving income every month, make sure to save some of it for you to have a buffer against unforeseen expenses in the future.

While debts prevent you from focusing heavily on building your emergency fund, saving money even at a small scale is a smart choice because it’s dangerous to not have savings. For example, you can open an emergency savings account that has $500 or $1,000. This amount of cash can already cover minor expenses, such as car repairs or paying for medicines.

In the time that you get rid of your debts, you can already begin increasing your deposits into your emergency savings account.

Put Money On Your Savings Fund Monthly

Since your goal is to build a three months worth of emergency fund or more, it’s a must to set aside money in your account once a month until you reach your goal. You can split your direct deposit or start an automatic transfer into your emergency fund every month. It’s preferable to save 10% of your monthly salary or net income into this separate savings account.

If you find it hard to slice that kind of percentage off your salary, you can choose to make a few adjustments to your monthly expenses. Even if you can’t save 10% of your paycheck, surely you can save cash if you spend less than you’re used to in a month.

  • Avoid spending too much on streaming or cable subscriptions.
  • Cut your electricity expenses by turning off the lights in the morning or using a programmable thermostat.
  • Plan your grocery list carefully to prevent overspending.
  • Minimize your expensive habit of going out to lunch or dinner.
  • Lessen your gas expenses.
  • Look for a more affordable home or car insurance.
  • Negotiate with your credit card issuer/s to reduce the interest rates on your credit cards.
  • Go for a debt consolidation loan to avail of a lower interest rate and pay your debts quickly.

Save Money into Your Emergency Fund Instantly

Setting aside cash into your emergency fund every month is a good thing. But if you want to build your emergency fund faster, you can deposit a large amount into it. Of course, that’s a wise choice if you can afford it.

If you’re receiving monthly, quarterly, or annual work bonuses, you can opt to put that money or some of it into your separate savings account. In this way, you can build a fund for future emergency expenses in no time.

Takeaway

Building an emergency fund is crucial for you to keep afloat in times of a financial crisis. If you lose your job or get ill, for instance, you can use the money from your emergency fund to cover important expenses. Read the tips mentioned above on how to create an emergency fund.

Author Bio:

Bree Diaz is a blogger who specializes in writing about personal and business finance management. She has ample knowledge about debt management and wealth building. In this article Bree answers the question of “how much emergency fund should i have” and how to build it, in a way that is easy for readers to understand. Bree is also an avid traveler and a hobbyist.

There’s always a starting point for everything, and it’s especially true when you’re just beginning to establish your credit. People with no credit are those who have never used a credit card or secured a loan or who buy things using their debit card or cash.

When you don’t have credit, it doesn’t automatically mean that you’re not worthy of obtaining a loan. Your situation is different from having a low credit score. Yes, both situations may give you a hard time borrowing money from lenders, but it’s much harder to borrow cash when your credit score is below average.

For folks who are yet to build credit, there are ways for you to get a loan. If you want to know how you can do that, just read this blog article.

Choose a Lender Who Specializes in No Credit Check Loans

Loan providers have different methods to assess your capability to pay back what you owe other than looking at your credit profile. For example, you can find lenders who do a different credit check from traditional lenders.

These non-traditional loan providers will assess your income status, bills payment history, and bank statements instead of checking your credit history.

If you want to try applying for a loan from a non-traditional lender, you can have many options on the internet. For instance, there are lending networks that have a pool of lenders you can choose from. Or, you can also go to a loan provider directly.

There are also instances that banks and credit unions allow people who have no credit to avail of their loans. Make sure to look for branches of such lending institutions in your locality if you need to get a no credit check loan. And, don’t forget to prepare the essential documents, such as your recent bank statements, tax returns, pay slips, and bills payment.

Look for a Co-Signer

Another option that you can take to borrow a sum of cash from a lender while you don’t have credit is having a co-signer. A family member, friend, or anyone you know can act as a co-signer for your loan application. You just have to ensure that the person who co-signs your loan has a good credit rating.

It’s also crucial that your co-signer understands the implications of taking this role. He/she should know that his/her credit score may get hurt if you fail to make payments on what you owe. Aside from damaging your co-signer’s credit score, it may also damage your relation to him/her if worse comes to worst.

As a borrower, you should take it as your responsibility to pay the loan on schedule to ensure that you don’t hurt your credit and your co-signer’s.

Apply for a Loan with Collateral

Having excellent credit is one of the primary qualifications when you apply for an unsecured loan. It’s easy for people with stellar credit scores to get such financing because having excellent credit means that they are good borrowers.

Borrowers with no credit scores, on the other hand, will really have a hard time getting approved for a loan without collateral. As such, it’s advised to go for a secured loan to borrow money. Lenders who provide this loan type allow borrowers to borrow cash when they put a valuable asset as security.

Here’s a list of assets that one can offer as collateral to get a secured loan:

  • Land or house
  • Vehicle
  • Insurance policies
  • Bond, stocks, or mutual funds
  • Gold, silver, and other valuable metals
  • Collector’s items

One of the benefits of a secured loan is that the interest rate is lower than an unsecured loan. But, you need to understand that defaulting on the loan may cause the lender to seize the asset you offered as collateral.

Consider Payday Alternative Loans

Payday alternatives loans are offered by credit unions to their members. This loan option allows you to borrow a small sum of cash with a short repayment period. This loan’s amount range goes from $150 to $1,000, with a loan term ranging from one to six months.

If you compare alternative payday loans to common payday loans, you’ll realize that the former has lower interest rates and fees than the latter. But, as mentioned earlier, you can only obtain this loan if you’re a member of a credit union. Credit unions require borrowers to be members for at least one month to avail of an alternative payday loan.

Apply for an Online Personal Loan

You can avail of an online personal loan even if you’re yet to establish your credit profile. Lenders of this loan type are not strict compared to major banking institutions. But, you still have to provide documents, such as a certificate of employment and proof of income before you can obtain this loan.

Takeaway

Don’t lose hope if you have no credit history because there’s still a chance that you can borrow money. For instance, you can go to a lender who specializes in non-traditional credit checks. If you want to learn more about the various ways to get a loan in this kind of financial situation, just review this article.

Author Bio:

Bree Diaz is a blogger who writes about personal and business financing. Her blog article topics revolve around business loans and e-transfer payday loans in Canada with FriendlyLender. Besides being a writer, Bree is also a businesswoman.

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Customer Notice: Personal loans, title loans, and car loans have terms 6 months or longer. There are no early payoff penalties. We currently report to one of the 3 major credit bureaus, TransUnion. However, many factors affect your credit score. Therefore, we can't promise that your credit score will improve while having a loan with us.

Requirements: We are able to service Ohio residents only. Approval depends upon meeting legal, regulatory and underwriting requirements. America's Loan Company may, at its discretion, verify application information by using national databases, including but not limited to Teletrack and any of the national credit bureaus. America's Loan Company may take this information into consideration in the approval process. Due to state and verification requirements, not all applicants for loans may be eligible for approval by America's Loan Company. You may be required to submit additional documents due to state law and qualification criteria.

Products & Services: Products and services offered to customers may vary based on customer eligibility and applicable state and federal law. Actual loan amounts vary. The availability of loans and extensions may vary. Auto loans and secured personal loans are subject to minimum auto value requirements.

Further Personal Loan Disclosures: For qualified customers, America’s Loan Company offers bad credit personal loans with terms of 6 months to 5 years, with APR under 35.9%. As an example, you may borrow $1,500.00 over a 24 month period, with a $10.00 credit investigation fee, $100.00 loan origination fee, and $452.32 in interest, for a total payment of $2062.32, with an APR of 32.6514%, and monthly payments of $85.93.

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