golden piggybank
Loans

Things to Consider When Finding a Loan

At one point in your life, you will be faced with a situation where you need a lot of money, but you don’t have it. Either it’s to pay for your kids’ tuition, or you were involved in a car accident, or anything else. Nevertheless, you need money and you need it fast. Your first thought is to get a loan. Here are a few tips on what to consider when finding a loan.

Determine Exact Amount

With the amount, you can’t not know the exact digits of it. You need to know exactly how much you need and how much you’ll ask before even thinking of getting a loan. You also need to add a little extra, just in case. For example, you need 250 dollars. Make it 300 dollars just in case you suddenly need to pay more for, maybe, tax or something. If you don’t end up using the extra then it won’t cost you anything.

calculator and pen

Find a Credible Source

A credible source of loan should be something like the Licensed Money Lender Singapore or basically, anything licensed. If you can’t find any licensed money lender, don’t try to get a loan from a non-licensed one because it might be a scam. It is also safer to get a loan from someone you know personally, such as a friend or a relative. These people are more likely to give you leniency on when you have to pay them back because they trust you, and they won’t be too mischievous as to add an interest rate on your loans.

Plan When to Pay Back

Once you’ve decided where to get your loan, you need to start planning when to pay them back. It is important to let the lender know exactly when to pay them back. It is not only ethical, but it also establishes trust and sets a goal and responsibility for you. If the lender tries to negotiate with it and try to make you pay faster, explain to them in detail why you can’t pay them back as fast as they want.

clock and money

Directly Spend the Loan

Keeping loaned money in your bank account for too long might not be good. You could accidentally draw money from the loaned money without realizing it. You should spend the loaned money for what it’s for immediately after getting it. If you do need to store it, store it somewhere, you won’t accidentally spend it. Have a separate debit card for it, or cash it out and store it somewhere safe.

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financial coach selection
Guides

What to Look for When Hiring a Financial Coach

Handling the financial responsibilities that one experiences throughout their life can be a challenge that is overwhelming at times. You will discover that the experience of finding a financial advisor can be surprisingly complex because many individuals nowadays are calling themselves financial advisors. Others refer to themselves as financial planners. But with no minimum qualification set for one to qualify for such a position, one is encouraged to be careful and take a lot of factors into consideration while being thoughtful at it so to ensure that they hire a good and competent financial coach. Finding such an individual is very important because they will help you not only save from the little that you earn, but they can also help you grow while ensuring that your savings are adequately protected.

So when you have decided that you need one, here are some of the factors that you need to take into consideration.

Honesty

financial coachWhen it comes to the process of selecting an individual who will give you a hand on how to manage your finances, you will find yourself being a little bit skeptical since you will be giving this individual confidential information about your finances. Not only will you be disclosing this information, but you will also be opening up to them about your needs and investment goals.

Everybody who claims to be a financial coach will always package himself as being an honest and trustworthy individual; you should always take into consideration if they are making or giving any guarantees. Even though financial coaches are skilled professionals and have a background in this industry, you are never sure that they can guarantee you results. Thus if you come across one who claims that they can guarantee returns, then chances are that he or she is not honest about it.

Knowledge

Before you hire anybody to act as your financial coach, they should be able to provide evidence to you that they have the required knowledge to guide you in the areas that you require their assistance. While at this, you should not be intimidated by the fact that the coach can speak in a financial language that you do not understand. Instead look out for an individual who can discuss with you and explain all aspects that are involved in a plain language that you can grasp easily. Look out for an individual who can articulate financial issues clearly in a way that is logical as this is the clearest indicator that they are truly knowledgeable in the sector.

Experience

Even though this is a tough factor to take into consideration when you bear in mind that not all financial coaches have been in the trade for that long or the realization that the experience of one does not have a major impact on their work. But it is important to go for an individual who has been in the industry for a considerably long time, as they have the experience, knowledge, and understanding of how they can help you cope with your finances.…

Credit Card
Credit Management

Smart Ways to Use Your Credit Card

Here is what you need to know about credit cards and ways to get the best out of them. Credit cards are a form of a soft loan from your lender, and they help you access money when you need it but do not have it. You can then repay the debt without any interest as long as you do it after a specific time. Otherwise, it turns out as a monthly repayment that you will clear after a while. Always follow the following smart ways to use your credit card.

Pay it on time

You can always tell the balance on your credit card by looking at your statement. There are two kinds of balances. There is eh money from your account available on your card, which is essentially there for you to use, and there is the money you borrowed. You need to clear the borrowed money promptly so that it attracts no charges. In the end, you will just be paying the credit card fees, which are negligible, compared to the interest rates charged on the same cards. Paying on time also saves you the pain of entering a credit cycle that is difficult to leave. You need to stay in control of your money instead of letting it control you.

Keep track of your spending

credit card typesAlways know where your money is going. Take advantage of online and phone apps that help track your spending. You can account for all the money you used when paying for items, and that will give you a sense of where to cut back when things turn out bad. If that is the reality facing you, then you could always see ways of not going out often or trying out other options for spending so that you remain within your credit card budget. Tracking your spending offers you a chance to stop your expenses before they hurt you financially.

Check the credit card statement

You should always confirm your statement properties to know what services are charging you. Sometimes you enter into some trial programs and forget to leave. When this happens, you end up with a recurring deduction that can hurt your credit card balance. Always pay attention to items listed on the statement then recall when you incurred the expense. If you cannot account for the expense, then follow up with the bank.

Close the card properly

You need to close the credit account when you are done with it. You must go to the bank or its website and follow the right procedure so that there are no recurring expenses. Many people suffer from credit card debt and give up on using credit cards. They then tear their cards to make them unusable. It is a good strategy, but it does not close the credit card account. Such people often find out months later that they failed to pay their monthly maintenance charges and this nonpayment negatively affect their credit. The best thing to do is complete the contract in the right manner so that nothing is remaining between you and the card issuer.…