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Saving up finances for retirement
You are probably young and have an incredible amount of oats to sow, metaphorically speaking, even thinking about a retirement plan sounds absurd, doesn’t it? Well, it doesn’t have to be. To have a stable and carefree time in your sunset years, without having to depend on another person to take care of you would be something that everyone should be prepared for. Here are some tips one can follow to have a laid back retirement. There are ways to make sure you are on the right track to a stable financial situation. Although everyone is unique so need may vary.
Stick to a strict budget from the very beginning, maintain an expense account and put in only what necessities you need for your day to day living.
Own and manage a savings account and deposit a minimum or 5%-10% of your monthly payment into this account. You will find that this money will be incredibly helpful a lot later in your life, put the money in a fixed deposit if possible and then you can even reap the interests that you get with those. You can also instruct your bank to add your interests amount to your initial fixed deposits, and it can grow over the year in that way.
Hypothetically if you make $50,000 a year, aim to have that much in your fixed deposit or retirement account by the end of your 20s. Make sure that number increases year by year. Strategically planning out your finances can immensely benefit you. Start small, stow them away in a high yielding savings account. It is daunting for people just starting out their career.
Take advantage of your employer’s retirement benefit plans. If your employer puts in 10% of your paycheck, put another 10% yourself. Increase your contribution gradually.
Get on the same working and saving level as your spouse. You will have a financial impact on each other. If there are two people, then it’s easier to think about an early retirement. If two people are saving for each other, then you two are set for life. You can even retire at 50 if you want and see the world. Have complete and clear communication with your spouse about your financial situation; research shows a happy marriage leads to personal happiness in retirement.
Finally put in all your efforts to make sure that your debts are paid off, your saving exceed the retirement savings goals, importantly, have life insurance, health insurance, property insurance, etc. be insured. Bottom line, when it comes to determining if you should retire early, there are these signs to look for. Another thing to do would be to have a word with someone who is financially secure for life and take their advice seriously.
Money is the most basic requirement for us humans; without it, we can make a baby or bury/ cremate a person. We need money to pay the doctor who delivers the baby and pay the funeral home to cremate/bury the body. For food, shelter, clothing the three basic necessities of life, all require the paper bills that control every single aspect of our life. The green bills can be compared to other vital essentials in our life like love, relationships, and care. But one should not let something like money get in between relationships and friendships.
Money is indeed required for a healthy lifestyle since it can influence the kind of places we go to, the type of food we eat, the kind of people we meet, it impacts every major feature of our existence. Some people work until they think they’ve earned enough, which for some have bottomless pits of need. They won’t be happy with what they have; they would be longing for something more — thinking that there’s always something greater out there. Celebrity extravagance, the rich and lavish ones, the twinge of envy when we see these riding around in a fancy car, wearing fantastic designer clothes, makes us long for these things, makes us want to own these things as well. “Wealth consists not having great possessions but having just a few wants” is one of my favorite quotes. But you can’t control what you feel like you want. You can control the decision whether you’re going to get it or not. Having very few wants keeps greediness in check. It surely is human nature to want more and the best of everything.
The more you have, the more you want. The thing is, you will look around and look at someone wealthier than you and assume that you are not living your best and healthiest life, but I implore you to look at someone who has it worse than and still affords and manages to find happiness in the little things, take a page from their book and be happy with what you’ve got. You have just one life, as far as we know. Why waste it being salty because you can’t afford a Porsche or a Lamborghini? Be happy with the BMW or Toyota that you have. Be satisfied that you have these things; there are people out there who have got it way worse than you, who also have necessities for money for basic things like food. Some people cannot even afford three square meals a day.
Money should just be a means to an end. It should be neither good nor bad. It is an essential tool but should not be everything to you. Don’t get consumed by it. Make sure you have enough to build yourself and your family a healthy stable environment by providing a good home and healthy food, a decent lifestyle is what is important. Being able to give your children the education they deserve and the toys they want requires money, work hard enough to be able to afford that. Live your life to the fullest. Humans are hardwired to seek security, comfort, and warmth and having money is an incredible way to attain these things.
If you’re wondering what a payday loan is and how beneficial it is for you, this post is totally for you. So lets quickly get to know everything about payday loans:
What is a Payday loan? If you require a small amount of loan before you get the next salary credited to your account, you can easily opt for a Payday loan. It’s just like a cash advance – you just have to borrow against your next salary – it’s as simple as that.
Where can you get one? There are tonnes of websites and firms out there which give you this option, making application for a payday loan easy and accessible. You can even sign up for a payday loan online, which is an even better, hassle-free option.
Who can apply for a Payday Loan? Well, for starters, you need to have a pay day coming up! This just means you need to be presently under-employment with some company or organization. You also need to have an active account to which your salary is credited. An income proof and a bank statement are must-haves. And yes, you need to be above 18 years of age to be eligible for a Payday loan.
How to apply? Select the firm which lends out payday loans, and go as per the instructions and guidelines they have specified. The typical procedure to apply for a payday loan is as follows – fill up an application form that asks all your personal details and other documents. Once this is done, your application will be scrutinized – whether you are eligible for a payday loan or not will be established, and then your application will be forwarded for further processing.
How long will it take for approval of a payday loan? Well, it’s pretty quick – not much of procedural work – just quick and straightforward approval (subject to availability of relevant documents). If all goes well, you’ll have your payday loan in hand within 24 hours!
When and how much do you pay back a payday loan? The due date of your payday loan will be the immediate next day after your upcoming payday. So make sure you clear off your dues by this date. The amount you will have to pay is the principal amount you borrowed plus some nominal amount of fees.
A payday loan is any day better than the bank overdraft facility, which is a more tedious and expensive process.
Loan repayment is one of the hardest things to do. If not planned properly there are good possibilities that it might create a lot of issues. The first thing that you need to plan while getting a loan is the ways of how you are going to repay them.
Unfortunately, there are a lot of people who are failing miserably in this particular issue. They get loans for some emergencies, but they are not able to pay them back properly. For these people, this article will be very useful. In this article, we will see some of the smart ways to repay loans.
Give priority to high-interest loans
If you are having many loans that need to be replayed at the same time, you need to give more importance to the loans that have the highest interest rate. It is because if you are extending the payment period, the amount that you need to pay as the interest will increase. At the end of the day, you will have to pay unnecessary amounts to the banks. This process is called as the avoiding debt avalanche.
Increase the repayment with income raise
If there is an instance where you have a rise in your regular income, consider yourself lucky. It is because it will make the loan repayment easier. Make it a point to increase the repayment that you have been paying earlier. This reduces the time that you are repaying the amount and at the same time reduces a considerable amount that you will be paying as the interest. If you are looking at the amount that goes out on a monthly basis, then it will look very negligible. But if you look at the bigger picture you are a reducing a considerable amount on the whole.
Use the investment to repay
There are possibilities that you might face some bad situation because of the loan. If you are feeling that you will not be able to pull off things, the best ways to set things right is by using your investments. Simple investments like life insurance can be of great help. You can actually borrow money against your PPF or life insurance to repay the loans. But make sure that you are doing this only in the toughest or the extreme situations.
Make lifestyle changes
This is one of the important things that will really have a significant impact on the loan repayment processes. More than anyone you know you’re spending capacity and what are the expenses that you need to face. So it is better to keep in mind everything while spending. For example, if you are a person who goes to the restaurant twice a week, you can cut it down to once a week. It will definitely make a huge change. This is a just one example, if you are doing the same in everything; it will have considerable impact and will help you in your loan repayment.
A loan is not just borrowing money from the bank and repaying them with interest. It is a responsibility that you have until you repay them completely. There is a lot that comes into play while taking loans from banks. If you are being lethargic about it, it will affect you in a very bad way.
While taking a loan the only thing that we do is calculate how we are going the repay the EMIs. Even though it is the most important thing, it is not the only thing that must be taken into consideration. In this article, we will see the things that you should consider before taking loans
All the banks offer a lot of options when it comes to loans. It is not just the variety of loans that we are talking about. Every particular loan will have a lot of options that you can choose from. To have a clear idea make sure that you spend enough time to explore each and everything. Some of the important things that you need to take into consideration are the down payments, EMIs, and the time you are going to take to repay the loans. You can choose these based on earning and expenditure.
It is not just for loans, before buying anything affordability is the most important thing that you need to consider. It plays a very important role. Even though you have a lot of options that the banks offer you should be able to afford the down payment that you will have to make in the initial stage and also the EMI that you have pay for a long time. You need to understand the fact that your entire month’s expenses will be planned based on the EMI that you will be paying.
Choosing suitable EMIs
This is one of the important things that you need to consider before taking loans. If you go wrong in it, there are good possibilities that you are going to face a lot of issues in the future. When you are choosing the EMIs, make sure that you choose it based on the earnings and the expenditures that you have. It is one of the things that you cannot afford to make mistakes. Most of the banks allow you to change the EMIs payments during your repayment period and hence if you feel that you need to change it can be done with simple steps.
Know foreclosure norms
There are possibilities that your financial status might grow during the repayment years. It is an opportunity for you to close the loan earlier. For that, there are certain norms. The norms might differ from bank to bank. So while taking loans, it is important to have a proper and clear idea about the foreclosure norms. Closing the loans earlier will save a significant amount of money.