Posts tagged: loans

The Best Financial Advice For College Students

money for studentsDespite all their partying and endless nights of fun, college kids actually have it rough – financially speaking, anyway. It’s a tough period as students have a lot to pay for, and not a lot of money to pay for these things.

As such, if you’re a student, here’s some of the best financial advice you’ll ever read:

Make As Much Money As You Can

The grind never stops – or at least it shouldn’t stop – during your college years. Any opportunity you have to make money, take it! You will need money now more than any other time in your life. If you’re earning while in college, you can start paying off some of your student loan debt while you study. This lowers your interest rates and means you have less to pay when you graduate. It’s also mentioned on businessinsider.com that the earlier you start to pay, the faster you can pay your debt off. Plus, it’s always handy to have some disposable income for college essentials.

Find a part-time job in the town near where you’re attending college, or look for jobs around campus. Some final year students will often pay other students to take part in research projects or to be test subjects for them. The way I see it, this is basically free money for a student, so you should do it!

Raise Your Credit Score

College is usually a good indicator that life is getting serious and it’s time to do some adult stuff. One of those things is raising your credit score. Do this during college, and you can leave with a very good score that opens your world to many possibilities.

You can raise your score in various ways, but there are two main ways a college student can do this. The first is to use a credit card responsibly to build up your creditworthiness. It’s mentioned on studentcredit.cards that some companies offer credit cards with low-interest rates specially for students. The second thing you can do is avoid going into your overdraft and taking ages to get out of it. This doesn’t make you seem very creditworthy, and your score won’t grow.

Learn How To Budget

I’m going to go out on a limb here and guess that most people haven’t budgeted before they go to college. You don’t really have any need to before then, your parents tend to take care of everything. Now, you’re on your own, and you have expenses to pay, and you want a social life too.

So, you have to learn to budget your money. Do the math, work out how much you have, how much you need to spend, and how much you’ve got left over. The money you need to spend is essential payments you know you have to make, such as your tuition fees and accommodation costs. What you have left over will be split up into food money, toiletry money, and so on. Stick to your budget, and you will make it through college without much financial trouble.

Don’t become one of the many college students that manage their money badly. Work on improving your financial life while you study, as well as setting yourself up for a less stressful financial life after college.

Your Flexible Friend? Four Things That You Should Know Before Getting a Credit Card

before getting a credit cardIf you’re thinking about getting your first ever credit card, then it may just seem like another way of spending money and making purchases. But in reality, and something that is often forgotten about, it can be much, much more. If you use a credit card wisely, it can help to give your credit score a boost. If you weren’t aware of that, though, then it could damage your credit score without you even realizing it. Experian.com explains that a credit score can be an influence when it comes to things like mortgages, loans, and even a new cell phone contract, you want to make sure that your score is a positive one.

So, what are the other things you should know before getting yourself a credit card? Here are some things to be thinking about or finding out the answer to before you commit to a credit card.

You Should Know What a Credit Card Is

It might silly, but you’d be surprised at just how many people think that a credit card is like a debit card. In the ways you physically use it, they are basically the same. But in terms of money, they couldn’t be more different. A credit card is like a small loan essentially, that you have been approved for. But you have to pay it off each month. Otherwise, it costs you more than it would have been if you’d used your debit card.

You Should Know Why You Want a Credit Card

If you’re looking to get a credit card, simply because you find yourself in your overdraft each month, then that is not the wisest of reasons to get one. If you’re looking to get it to help build a credit score and to practice discipline with money, then that will stand you in much greater stead.

You Should Know How To Budget

Again, in order to make your credit card work for you, then it is a good idea that you know how to budget. A credit card can be helpful when you don’t have money right now, but you have some coming in. You need to know your finances well, as well as being able to budget, to really make your card work for you. If not, it can spiral out of control, and the next thing you know, you could be looking at a site like consolidate.loan in order to help you to consolidate your credit card debt. So budget, know your finances and pay off your card as soon as you have the money to do so.

You Should Know About Interest Rates

If you are getting a credit card, then you need to know all about interest rates. What interest rate does the card you have, or are looking at, have? If you don’t pay off your card in full each month, then what will it mean for your finances? How much will it end up costing? A credit card only works for you, if you don’t have to pay any interest.

3 Ways Living In An Apartment Can Save You Money

money for apartmentsThe standard way that we’re all meant to want to live is in a house. A house that preferably has a garden, nice friendly neighbors, and even a white picket fence. That’s meant to be the ideal.

However, the need for space to be utilized as well as possible has meant that apartments are a common feature throughout the country. While they might not be the house that you always dreamed of, they do have a few upsides — despite general opinion running to the contrary.

So if you’re in the process of deciding you want to learn more about an apartment you’re considering, then you’ll definitely want to factor in the potential for money-saving. You need to consider areas such as…

Fewer Security Measures To Be Concerned With

While living in an apartment doesn’t necessarily mean you can leave your front door unlocked like they did in the old days, there’s no doubt you will have fewer security issues to contend with. There is inherent security in the entrance points to your home being at height, while collective security measures for the front entrance and lobby give a shared responsibility for ensuring the building is as safe as possible.

The fewer security measures you have to put in place, the more your saving — but this aspect is particularly beneficial if you’re renting. All the existing security equipment and measures will be maintained by the landlord, meaning your security spend could conceivably be zero.

No Garden To Drain Money From Your Finances

Gardening is an expensive hobby. From the cost of plants to the sheer amount of time you have to give over to maintaining it, if you’re looking for cost-cutting measures, then ridding yourself of a garden is hugely beneficial. As well as gardening itself, you don’t have to worry about the security of the garden or the upkeep of buildings and furniture you use in the garden itself. Combine all of those savings together and they begin to look very substantial.

While you might fret over the lack of outdoor space, you still have the option of public parks if you want to spend time outside. Parks give you the opportunity to enjoy being outdoors and — most importantly — they’re free! Enjoy your time outdoors and leave the expensive maintenance to someone else.

Lower Heating Bills

It’s a little known fact but definitely a reality: apartments are cheaper to heat than houses (though you’ll want to avoid the top floor to maximize this benefit). When you live in an apartment block, the other apartments effectively operate as extra insulation. During the winter, you will immediately feel a difference; apartments are warmer, and you need to use less fuel to keep yourself feeling snug and cosy. If you’re tired of paying a fortune just to keep warm through the colder months, then this could be a real money-saver for you.

So, do you think you could be tempted to move from a house into an apartment — potentially saving yourself a bundle of cash along the way?

Stuck for Cash? 5 Short Term Solutions

money stuckWe’ve all found ourselves, at one time or another, financial strapped. It could be an unexpected car repair, a short work week or even an unexpected medical expense. Whatever the reason, it causes stress and anxiety, especially if you don’t know where to turn for solutions. These 5 short term solutions may just help you get by until your cash flow picks up again or until you can get past the unexpected expense.

1.Cash Loans/Short Term Loans

Cash loans don’t have the best reputation in the financial world, and that is mostly because they bear higher interest rates and can be easily abused. However, if you are in a bind and know that paying back the loan won’t be an issue, they can be a short term solution to a financial need. Be sure to read the terms, understand your obligations as the borrower, and plan ahead so you can ensure the money is paid back on time preventing further interest or penalties. A cash loan broker will connect you with multiple lenders who may offer different terms, rates etc. IneedmoneytodayASAP is a website that provides this service and you can visit their website here.

2. Sell Unwanted Items Online

You would be amazed at the amount of clutter you might find by simply cleaning out your garage or basement. You might find items you haven’t used in well over a year or more. These items are great candidates for online classified websites where you can sell you items locally and receive cash for them fairly quickly. Do a quick online search in your area for local buy and sell groups or even on social media for places to post your unwanted goods.

3. Visit the Pawn Shop

Similar to selling online, but much faster turn around, taking unwanted items to a pawn shop will yield you some extra cash. You will not be paid the full value of your item in most cases, since the shop will want to make money too. Alternatively, you could put valuable items in hock until you can pay to get them back. Be sure to read the terms so you know exactly how long you have before that item becomes property of the pawn shop.

4. Take the Bus, Walk or Car Pool

Simple but definitely cost effective, taking public transit or walking places will save you tonnes of money compared to driving everywhere. With the rising cost of fuel, driving is a costly commodity. You could talk to a co-worker and see about car pooling if public transit or walking are not an option. Even if you did this for a week, you would save a fair amount on gas.

5. Make Coffee at Home and Pack Lunches

While this short term solution won’t put cash in your pocket, it will keep the cash you have in there. Making a coffee at home every morning could save you between $1 and $2.50 per day for just one coffee. Packing your lunch from home will save you even more–somewhere around $10 per day! That’s around $2500 a year if you ate out every work day. Imagine that nice chunk of savings you could be using for more important things, in your bank account.

The Best Educational Investments You Can Make

invest to studyIf you look at the best ways to invest your money, many people will recommend investing in your education. The reason is that spending money on your education isn’t just a one-time investment. Adding qualifications to your resume is an investment in yourself and could lead to higher earnings in the future. You’re not buying an asset that could start depreciating or taking a risk on an investment that could end up losing you money. If you want to invest in your education, there are a few smart ways you can do it. Try the following tips to consider your options.

Go to College

There will always be controversy over whether it’s necessary to go to college. Of course, not everyone wants or needs a college education. And some people will say that studying certain subject isn’t going to help you in your career. However, even though it can be expensive, going to college can do a lot for you in the long-term. There are several options to explore if you want to find one that works best for you financially. There’s the choice of going to community college, attending a college in your state, scholarships, or even studying online. Gaining postgraduate qualifications will also often help to boost your career.

Take a Course

Whether or not you choose to attend college, your education doesn’t need to stop once you’re no longer in school. It’s always worth exploring your options for learning new skills and improving your abilities. There are many online courses you can sign up for, but Training Connection believes that classroom learning is best. When you’re learning practical skills like how to use software, it’s useful to have an instructor who can show you how to do something. As well as investing your own money in training, it’s always useful to take advantage of any opportunities you might gain from employers.

Learn About Finances and Investment

Courses both online and offline can teach you about just about anything. You can choose skills that are useful for your career goals. But if you want to make the most of your money, learning about finance and investment is one of the best things you can do. Seek out courses in investing and managing your money if you want a good way to spend money on your education. While you can find free resources, it pays to invest in a more professional and comprehensive course, or perhaps resources like books.

Invest in Your Child’s Future

Your education isn’t the only one worth investing in. If you want another way to spend your money wisely, investing in your child’s future is also a good idea. You can help them out by saving money for their education, whether it’s a college fund or just general savings. You can also help them out when it’s time for them to go to college, perhaps by co-signing loans or simply giving them some financial support.

Education is one of the best things you can invest in because it sets you up for the future. Don’t dismiss the power it can have.