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In this post, you will learn some unique finance tips, which are likely to change your perspective. In this post, you will learn how millennials think about personal finance.
A car can last many years
A car is simply a hunk of plastic and metal that is rolling around on just four tires. It is advisable to avoid attaching your pride to an automobile. In this way, you are bound to save money by driving it for many years. Instead, put the car into your retirement account and then see what happens.
You should know the different financial emergencies you are likely to face and be prepared to deal with them. The following are some of them:
- Home-related financial issues such as a leaking roof or furnace breakage
- Medical issues
- Major car repairs
- Job loss
Plan your finances daily
Just spend your some ten minutes daily on your finances. Use the time to review the transactions for the day. Also, you ought to follow up on the discrepancies.
It is advisable to set some money goals and how you are going to accomplish them. For instance, I will spend $75 on food this week and will save $45 in your savings account.
It is advisable to seek ways to entertain yourself. The large percentage of the money you spend it on things that make you feel better. Rather than distracting yourself by purchasing things, which you do not need, you should consider other forms of entertainment. These are some of them:
- Play cards with friends
- Videos and books from the library
- Attend free concerts
Pay small debts first
When you pay debts first, you will build momentum and get a great sense of accomplishment. The other way is paying off debt first with highest interest rate. This makes more financial sense. However, this is not satisfying. You ought to decide for yourself.
You should consider how much it can cost you to purchase an item. Most people do not like buying expensive things. However, you should consider how long or how many times you ought to use it. It is advisable to avoid having a lot of money in a savings account. There are good places you can have your money stored. Let the money work for you. Make a list of some and choose those that make sense to you.
It is a great idea to create a financial mantra, which boosts your financial goals. Use it everyday to your success.…
At some point, you will have to get a loan. Either from a bank, small finance institutions or even from friends. We all know that a loan should be paid back. There are conditions to payment and payment periods. Before signing the loan papers, there are issues you must understand to make sure that the loan is right for you and that you will be in a position to repay it. This article will be of great help. Please read on,
Lenders will give you an option of deciding on payment terms if you have a good credit record. Before you loaned, they must check if you have any other debts and if you are paying for them. With a bad credit history, you will not be given the loan at all. Only take a loan when necessary and make sure that you can raise up the agreed payment plan. You better get longer payment periods with smaller amounts that you will not default. If the loaner is giving you the payment options, make sure to choose that which you can manage. If otherwise, get a loan from somewhere else.
You have to repay a loan with interest. This is the amount paid for being helped out. If you have poor credit records lenders term you as a high-risk customer and your interest goes higher. There are consequences to not paying loans on time. One of them is that the interest will go higher. The longer you take to repay the more you end up paying. Before settling for a specific lender, research around and compare the interest rates. Some charge higher than others.
Lenders are willing to loan without so many details. You will only be required to fill in personal data and your credit records. If you have bad records, am sorry you will not get the loan. You might end up paying more but get the loan faster.…
A small business will be a nice opportunity to spend your free time or earn you cash if you do not have another source of income. The problem comes in here; you do not have a source of revenue, yet to start a business you must have must have capital. Where do you get the money from? This article will give you valuable tips on how you can raise capital to start a small business.
Sources of small business capital
If you happen to have any savings, this is where you should start. With a good business idea, you can double the savings from business profits. However, you must be very keen investing your savings. Business is a risk. If you make the wrong investment choice, you will end up losing all your money. Even after an investment, you thought good; you can end up losing all your money. Be open minded and expect anything. Positivity should never leave your sites.
Family and friends
Your parents or siblings can get you capital to start your business. Some will do it out of charity while others will give you as a loan. A loan from a family member is the best. They will be linied with you on payment terms. If your business fails, they might ask you not to pay it back. If you have to get a loan consider your family first. Friend’s will be another good source. Some will not believe in what you are about to do, hence not a loan, but do not give up.
This should be last option for a small business. Lenders do not know you. Money from them must be repaid within a certain period and with interest. If by any chance your business fails, they will not understand you. You must own up to your promise. Serious consequences are suffered if you default your payments.…