Quantcast

Friday Faves: It’s snowing!

FullSizeRender (2)

Happy Friday Loves.  It finally started snowing up here.  Yes I woke up to snow on the ground, is that acceptable for November?  And yes, that’s really the view from my living room window.  I don’t like the cold, actually in general I don’t like any of the elements: rain, wind or snow.  This year the cold weather is taking an extra hard toll on my emotional and mental wellbeing.  I’m not adapting well to the change in cold weather and now I have to get used to snow.  Is it too early to get out my winter jacket?

Enjoy these good reads from our friends:

Savers 4 Life – How we Cut Cable and Save Money Every Month

Some delightful life – What Would You Do If You Couldn’t Fail?

Budget Blonde – How An Emergency Fund Saved My Family

Fit Triangle Mom – Energize Your Exercise

Festively Prepped – WOW Your Dinner Guests with These Easy Thanksgiving Desserts

Red Debted Stepchild – Financial Implications of Workaholism

 

How to Pay off Your Mortgage Sooner

Being completely debt free, mortgage and all, is an amazing yet audacious goal. And finding strategies to pay off your mortgage sooner is how you’re going to get there.

If you’re ready to buckle down and put in the work, you’ll be able to reap the awesome results off having your mortgage paid off early.

Here are three strategies to take you there!

Refinance to a Lower Rate

If you got your mortgage more than five years ago then you might be better off refinancing. While mortgage rates aren’t the lowest they have been, they are still pretty darn incredible compared to what were offered just ten years ago.

Do some research and find out what kind of interest rate you’d qualify for based on your current credit score. If it looks like you can get a lower rate – go for it. Just make sure you choose a mortgage that suits your needs.

Refinancing your mortgage to a lower rate can literally save you tens of thousands of dollars over the lifetime of your loan. Not to mention if you keep paying the same amount you did with the higher rate all that extra cash will go straight to principal!

Pay Extra Toward the Principle Every Month

Another no-brainer tactic that works is paying extra toward your principle each and every month.

When you pay extra your principal will be reduced which means you’ll also be paying less in interest! Pay as much extra as you possibly can to get that mortgage paid off sooner.

Make a Payment Every Two Weeks

When you pay your mortgage bi-weekly instead of monthly one extra payment ends of being made each year.

This is the perfect solution for someone who doesn’t have a bunch of extra money to throw at the principal but still wants to make a difference.  That extra payment also means you can pay your mortgage off an average of eight years sooner.

The best thing is you won’t even notice the difference between paying monthly or bi-weekly!

Conclusion

If you really want to pay your mortgage off early there are ways to get there. Even if you can’t afford to double your house payment, you can make smart movies like refinancing to a lower rate and paying your mortgage bi-weekly.

Those tasks won’t take a lot of effort on your part but could shave many years off the life of your mortgage.

How to Avoid Going Over Budget

Many people struggle with their personal finances for one reason, which is that they don’t take the time to really think things through. Many people just spend what feels like a reasonable amount considering their finances. For some, this tactic may work, especially if they make far more than they actually need. For those who do not have nearly as much to spare, though, accidentally overspending by even a small amount can ruin a budget. These tips can help.

Consider all of the costs of every purchase

People often overlook some costs that are associated with purchases, leading them not to budget enough. For example, being able to make a car payment is one thing, but you also need to have enough money for car insurance, the title, the registration and any repairs. People should get car insurance quotes and look up cost of ownership statistics for specific models so that they know what the real monthly price will be.

Leave room for the unexpected

Sometimes, people will simply stretch their budget too far. This is often because they want something like a bigger house, and so they become desperate to prove to themselves that they can afford it. You must remember to not budget every last cent that you make. Leave room for unexpected costs, such as home repairs or medical bills. If you don’t end up spending the money that way, you can always move it over to your savings account, but at least you’ll have it if you need it.

Keep records of all purchases

This used to mean saving your receipts, but you don’t have to do that anymore if you pay for everything with a credit card and then pay off the card with the money from your bank account every month via an online transfer. Your card statement will have a perfect record of everything so that you can balance your budget at the end of the month.

Don’t overspend when you get extra money

If you get a gift, for example $200 on your birthday, make sure that you don’t spend more than you actually received. Many people will go out and buy something that they’ve wanted that costs $300 or $400, thinking that the extra $200 made it seem like they’re getting a great deal. What you’re really doing is overspending, which is not wise if it’s not in your budget.

How to Get a Personal Loan with Bad Credit

personal loan with bad creditGetting a loan with bad credit is tricky.

What’s even worse is needing a loan when you have no credit. It’s not like you’ve proven yourself unworthy, it’s just that you’ve been responsible enough not to rely on credit until this point and now you’re being punished for it.

No matter what mistakes you’ve made (or haven’t made) in the past there are ways to get a personal loan with no credit or bad credit.

Before we get to that, one disclaimer: if you have bad or no credit you’re going to pay a lot more in interest than someone with good credit. I know, it’s sort of common sense I just wanted to throw that out there before we got to the solutions.

Here are four ways you can get a personal loan with bad credit!

Find a Bank that Specializes in Loans for Bad Credit

Your first option is an option that works quite well – find a bank that specializes in loans for bad or no credit.

There are many banks, like Aspire Money, that do this, it just requires a little digging on your part.  Start researching banks in your area or that you can apply through online. Talking to a customer service rep before applying so that you can get the information on terms, conditions, and interest rates beforehand should be done.

Get a Peer to Peer Loan

Another newer option is peer to peer lending.

Most people turn to the peer to peer market because their finances aren’t in the greatest standing. If you apply for a loan through a P2P company you’ll be graded as a borrower based on your credit score, income, and other financial information. Lenders will then have the ability to look at your profile and lend you money if they choose to.

The interest you pay will largely depend on your financials as a whole.

Try a Credit Union

Since credit unions are typically much smaller than banks they’re more lenient with their lending practices.

Instead of filling out an application and it getting lost in a sea of other applications you have the ability to talk to a lending officer face to face. Make an appointment with a credit union and then go over you financials with the officer.

You might be able to snag yourself a personal loan.

Get a Co-Signer

I’ve saved this option for last because I honestly feel like this should be your very last resort.

When you get a co-signer you’re basically asking someone with good credit that you know to vouch for you. You get the loan but when you default your co-signer is responsible.

Having someone co-sign on a loan for you can lead to very tense relationships especially if you don’t fully repay your loan or if you pay it late.

Conclusion

There are many ways to get a personal loan with bad credit or no credit. What’s important though, is that you take the time to evaluate all your options so that you can find the best deal for you.

And remember your situation is unique. What works for someone else may not work for you and vice versa.