Healthy Spending Habits

Most people finish school learning Maths and Economics, but with little understanding on how these concepts apply to a person’s financial health. People who wish to be healthy in this particular aspect of their lives need not worry. Practicing good spending habits is not rocket science.

1. First step is to create a spending log. There are apps available for this particular purpose. You may also keep a handy notebook if that helps you keep track of your everyday expenses better. Some people prefer to use their debit card and use their monthly statement as a visual record of their monthly spending. Observing your spending patterns is the first step to understand and decide where to cut back.

2. Analyze how you spend your money. Which of the expenses are necessary and which ones are miscellaneous? Where do you overspend? Knowing your spending habits will help address your financial problems if there are any.

3. Know your sources of income. It is not enough to analyze your spending habits. It is equally important to know where you get your money from so you can come up with a more efficient priority list. Your variable expenses such as your video services, spa treatments, and the like will most likely need to be trimmed down if you wish to save more.

4. Write down your budget using a pencil. Writing down instead of typing them makes budgeting more real. Using a pencil also allows you to make changes as you live with your new lifestyle. Aside from your budget, write down your goals as well. This will help remind you what the all the savings are for.

5. Be specific with your saving goal. This will help curb down feelings of deprivation. Keep yourself motivated and check your progress every now and then. Refer to your list of goals whenever you need to. Website toploansforpeoplewithbadcredit has more information.

Positive Aspects of P2P Lending Company for Bad Credit Loans

Peer to Peer lending is a new way of lending and borrowing money. It has been finding legitimacy in the eyes of the people over the past few years and the network continues to grow with its reliable methods of funding at low-interest rates. The drawback is that people are yet to completely appreciate and rely on these Peer to Peer loans which offer a great rate of interest and better terms and conditions in comparison with the payday loans. Here are some of the positive aspects of taking a Peer to Peer loan rather than a payday loan:

  • No Payment Penalty: To encourage people paying off their loans, P2P loan lending companies also give borrowers the right to pay off their loan at an early period without imposing any fee on it. This indicates that the company loses out on the interest and the borrower saves the same. When prepaying at banks, the processing fees will add up to hundreds of dollars while P2P companies provide the same service without any penalty.
  • Loans from People around the Country: The P2P loans provided are generally funded by people from all over the country. Though borrowers might not think much about the bank that offers them the loan and have little or no connection with the bank, a P2P loan is funded by many lenders from different parts of the country. The aspect of taking a loan directly from another person weighs on the mind of the borrower, giving him a sense of responsibility to repay the loan that he is entrusted with.
  • Instant Assessment: The Peer to Peer lending companies make use of the internet and third party websites to consolidate your profile. So even if the bank does not have access to all information regarding you, the Peer to Peer will still manage to find everything there is to know about you and assess if you deserve to be provided with the loan. They give bad credit loans if you deserve it and the best part is that you do not have to pay high interest for the same. They also take a look at the loans you have successfully paid in the past and give you a loan accordingly.
  • Low-interest rate: Unlike payday loans which barge you with high-interest rates, the interest rate that is set by Peer to Peer lending companies is quite reasonable. They can be almost as low as 6.8% which is a reliable number to pay. On the other hand, the interest rate will be as high as 60% or even more when you choose to take a loan with payday.

As the awareness of Peer to Peer loans continue to spread, it will lead to the people getting better loan facilities without having to pay large interests. Peer to Peer lending companies provides the borrowers an opportunity to consolidate their loan and pay them off at a stretch with an interest rate that is lower than before.

Get quick money with the express installment loan

An installment loan is a type of loan in which there is a few number of scheduled payments have to be made over the time. There are many types of loans considered as the installment loans that include mortgages and auto loans and so on. When compared to payday loans, the installment loans are lasting for more months and also make the payments over the term of this loan. This kind of loan is mainly used for creating credit for those who have bad credits, no credit history or poor credit.

express installment loansNow, the installment loans are widely available on the internet in almost all the states. Once you apply for this loan and get approval, you will borrow a specific amount of money based on your incomes as well as the standard criteria. To get this loan, one should fill up the loan application process on the internet and get your cash advance as quickly as possible. Even you can fill out the application with basic essential details within a matter of minutes. When you fill out the online application form, make sure to enter the right source of income, social security number and banking information properly, because you cannot be changed again once you submit it online.

Essential requirements for installment loan

  • To apply installment loan, you do not need to be employed but you should have a regular source of steady income that ensure you to repay the loan amount.
  • To choose your loan application, you should reside in your own state.
  • You should be minimum 18 years of age
  • When you apply online, you must produce an individual tax payer identification or valid social security number.
  • You might not be an existing debtor in the case of bankruptcy or currently intend to any voluntarily fail to get relief from bankruptcy.
  • When you apply in store, you must bring a valid government issues proof ID or photo ID, but the social security number is not required.
  • When you apply online, the verification of application information is necessary, so you must be contacted through phone.
  • If you apply online, you should have an active savings account that has been at least opened for a one month period.
  • If you apply in store, you must bring proof of an active bank checking account and also have a proof of income.
  • For the proof of income, you can produce the debit card details that might be received at your place. For the evidence of bank checking reports and then you can get in touch with your local store for additional details.

Steps to apply for installment loans                  

Once you decide to apply for installment loans, you need to follow the steps given below:

  • Initially, you can fill out the application within a few minutes in an easy, quick and secure way.
  • Get an immediate decision by following the completion of your application.

After that, you have to pay back the loan amount over a long period of time than payday loans.

10 Fun Ways to Save Money

Saving More Each Month Using These Creative Ways

Saving money seems to be an obligation in this time of economy. However, putting more money in the bank doesn’t have to be a mundane task. We can easily make it fun with these 10 creative ways:

save money

Drink more water. Did you know how much you usually spend on sodas and energy drinks? This unnecessary expense can be avoided if you just drink more water throughout the day. Packing your own water bottle is also useful.

Pack your lunch. Taking the brown bag to work during the weekdays is common, but let’s try packing our own lunch on the weekends. Running errands or going outside for fresh air will leave you hungry at some point, and at times like these, you’d be thankful for having a brown bag with you.

Shop garage sales. Before going to the mall, try visiting garage sales when you need a new stuff. Look around at several local garage sales and you can find great deals for stuff that works perfectly and looks still nearly new.

Start couponing. Even if you are not into extreme couponing, this activity can still save you a lot. Using coupons can mean smart shopping if you do it with a good plan. So, don’t just pass on coupons, rewards, or gift cards when you come across them.

Pin-It for later. Shopping is always fun. However, when you are browsing online and coming across stuff that you just have to have, stop and practice some self-control. Take a few breaths and Pin-It instead. This kind of shopping tends to lead to impulse buying, and you don’t need that.

Swap clothes. If you have a friend or family member that wears the same size as you, then you are up for some fun of swapping clothes. Buying a new outfit for every party or event will leave you broke. Chances are you’d only be wearing the dress once or twice, so swapping clothes can be a great solution.

Grow some veggies. A vegetable garden doesn’t have to be a huge one, and growing veggies doesn’t need much. Do some research on what veggies can grow under your weather, and how to grow them on your own. Besides saving more, this activity can even be therapeutic for you.

Go vegetarian. It doesn’t hurt to go vegetarian at least once in a while. In fact, besides it eliminates your budget for even the cheapest cuts of meat, it allows you to live healthier. Plant-based diet helps reduce your risk of various diseases, and it provides you more energy to get through the day.

Hit the road. You should hit the road more often—but on foot. Chasing your stress away by running for a block or two can prevent you from impulse eating or shopping, which means saving money. You will love your healthy and fit self more than those over sweetened cakes or overpriced shoes.

Disconnect. Cut your electric bill by disconnecting from the digital world once a week. Turning off most of the electronic devices on the weekends can really show on your electric bill. Bring your family to the nearest park, and don’t forget to pack lunch from home. Having a picnic and doing free activities can cut back on power usage and give you some quality family time.

Why You Don’t Need a Credit Score

Yes, that’s right. I said it. You don’t need a credit score. Now, before you tar and feather me or fill the comment section with mean-spirited comments, just hear me out and then decide.

need credit score

We have been raised in this country to believe that in order to get anything worth having, you have to get it on credit. We have been conditioned to believe that it is only natural to get what we want, when we want it, regardless of whether or not we have stopped to think about if we should have it. (Whew, that was a long one!)

What we are talking about is going to school without a plan to pay for it beyond a student loan, getting a car without a plan except an auto loan, buying furniture with no plan except a line of credit at the furniture store. I’m sure that most of you know what I mean, but, that is also the problem – most of you know what I mean. And you know what I mean because you’ve done it. I’ve done a lot of this too, but, at 30, I have found that this is not a good life plan.

By accepting debt into our lives, we are paying for today on the promise of tomorrow. In other words, we are borrowing on the assumption that we will continue to be able to make those payments in the future. And in the current state of the economy, that is not a great assumption to make.

However, when we save up for big-ticket items (such as cars and furniture) then we get to take our time and decide what is best for us as well as having the satisfaction of ownership. After all, when you lose your job or take a pay cut or take time off to start your own business, wouldn’t you rather have the peace of mind to know that you don’t have any payments to keep up with? I know I would.

What does any of this have to do with your credit score? Your credit score is really just a number that shows lenders, employers, and insurers how good you are at paying back money you have borrowed. That’s it. It is not an indication of your worth or integrity. It doesn’t tell an employer that you are a hard-working individual who is honest to a fault. And it doesn’t tell an auto insurance company that you have money to pay for repairs for your vehicle and that’s why you are a better insurance risk.

When employers and insurers use credit scores to make these decisions, they are missing an important part of what makes us individuals and how we make our decisions. This is especially true if you no longer borrow money and are just working to pay back your obligations.

We have heard of the great and all-powerful FICO score. But does anyone take the time to tell you how it’s composed? Here are the components of a FICO score according to the official Web site (myfico.com):

  1. Payment history

This includes late payments and the length of your late payments. On time payments keep your score high while late payments drop your score.

  1. Amount owed

This amount is shown along with your total credit available when you look at your credit report. The more you owe in relation to your available credit, the lower your score. So, as you pay off your debt, your score will rise, but will eventually go down if you do not take out any more debt.

  1. Length of credit history

Your credit history begins the day a company begins to report your payment activity to the credit reporting bureaus. In general, as you continue to take out debt, a longer credit history will result in a higher score. This is also true because negative marks can only remain on your credit report for a certain amount time. As the negative marks go away, then your score will rise.

  1. New credit

This is for anytime you open or apply for new credit. This will also usually result in a drop in your score.

  1. Types of credit used

Revolving lines of credit, loans, and other types of credit are what this refers to. My understanding is that revolving credit is not as good as loans, but I could be wrong.

So, now that you know what your FICO score is made up of, you can see that it is, what radio and TV show host Dave Ramsey calls an “I love debt” score. It basically shows how good you are at getting, keeping, and paying for your debt. But it really does not give a complete picture of your ability to handle money.

If you worked through college and graduated with no student loans, paid for everything with cash, and went to apply for a job at a bank, they would see that you probably have no credit history. And because you have no history of dealing with debt products, you might not get that job. But that doesn’t show your potential employer that you could do the job and are actually really good at handling money.

You could be a cash millionaire and still not have credit score. Dave Ramsey is a multimillionaire and has a credit score of zero. I remember the show when he had tried to order his score but was told it could not be computed. He had gone so long without debt that there was nothing left to report on his credit report. Therefore, no score. The sad part is that he could buy an apartment building with cash, but he wouldn’t be able to take out a mortgage (based on FICO score).

(You can take out a mortgage with no FICO score if you use a lender that does manual underwriting. You just have to ask around. But there are people who have gotten out of debt and then saved for a house and paid cash. It is possible.)

You don’t need a credit score unless you plan on borrowing money. And, remember, borrowing money means you have to pay it back. Repayment may be an acceptable idea for you right now, but there are things that come up in our lives where our enslavement to debt prevents us from living the life we want. And does that mean you should never check your credit report? No. You will want to check that every year so that you can fix any errors.

When your life is dominated by paying payments and then wonder why you never have any money, it’s time to reevaluate your financial priorities and what you value. Keeping yourself in debt to have a high credit score may keep you from taking the job you really want, taking time off to spend with family, volunteer, start your own business, reduce your hours to part-time, etc.

Do I have debt? Yes, I do. But, I have had no new debt in about 2-3 years. The only plastic in my wallet with a Visa or MasterCard logo are my debit cards. That is how it will be. When I took the time to see what a credit score was really about, I realized that I don’t need it. I should, instead, concentrate on being financially responsible.

When you kick your credit score to the curb, you will find yourself less worried about an arbitrary three-digit number and concern yourself with living your life.