Essential Tips On Finding The Right Loan For Your Needs

You have a stable job right now, but since you’re thinking of embarking on a new business soon, you’ll need to acquire a loan. You need the money to purchase your supplies, to hire people and to market your business’ existence. And while you’re certain that you need a loan for this endeavour, you still don’t know how to actually to find the right loan for your needs. In your mind, you think this decision is crucial because the success of your business relies on it – and you’re right. To help you out with your dilemma, consider the essential tips below to find the right loan for you:

  1. How much do you really need?

Just because a lender offers you a loan worth thousands of dollars, doesn’t mean you should take it immediately. Keep in mind that the bigger amount you borrow, the bigger your payments will be – and this can become an issue if your business isn’t as successful as you’d like it to be. On the other side of the coin, if your loan is too small, it might not help you in any way, and you’ll end up paying for high-interest rates. To avoid being placed in this kind of situation, carefully think how much you need for your business and look for a lender which can give you that amount.

  1. What is the interest rates?

Aside from the loan amount itself, you should also consider the interest rates associated with it. Is the lender offering you the amount you need but has very high-interest rates? Are there any lenders in the market who can give you a lesser interest rate? Think about these things first before choosing a loan. It’s also essential to ask the lender if there are any other fees or penalties to be paid after you received the loan. All of the processes involved in the loan should be transparent to you to avoid problems in the future.

  1. What’s the term?

Different loans have different terms. Some loans can be paid for six months while others, in ten years. Since you’re still starting a business, it might be best to settle for a loan which will require you to repay within an extended period of time. This will allow you to save up for the interest rates and the loan, without putting your business’ operations at risk.

Aside from the things you’ve read from this article, it’ll also help if you can actually work with experts when it comes to finding the right loan for your needs. Places like oinkmoney.com may be a good starting point.

Be A Responsible Borrower

Finding the right loan for your needs is never easy. There are several things to think about to come up with the best possible decision. You also have to keep in mind that your responsibility as a borrower doesn’t end the moment you receive the money – you should pour in your time and effort in order to pay all of these in time. If not, your life may be affected negatively. Remember all the things presented in this article, and for sure, you’ll come up with a decision on which loan to get without compromising your financial health in the long run.

Sarah Porter

Sarah Porter is a money-savvy writer and mum of two based in Manchester, UK. She is the Brand and Marketing Manager at the UK loan website Oink Money (oinkmoney.com), as well as the founder of a well known money-saving website. Sarah is originally from Edinburgh where she studied Business and later worked in finance for a FTSE 100 company. She left her career in finance to pursue her passion for writing, a move which allowed her to travel the world with her laptop while running her blog.

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4 Money Attitudes That Can Cost You

Our attitudes toward money affects our financial circumstance. I am not saying that your mere fondness over money will lead you to earning more. Your money attitudes dive beyond your wants. Money attitudes influence how you approach a situation and make your financial decisions.

On that note, here are 4 money attitudes that can potentially cost you:

#1: I HAVE POOR MONEY MANAGEMENT SKILLS

As a finance columnist, I noticed how people differ in handling money. Others write down every little detail of their spending. While, some people believe that they are not good with handling money. This negative attitude towards money shuns opportunities to learn about money management.

Educating yourself about the dynamics of money is important. Your eagerness to wide your knowledge will fuel improvements. Start by reading books and articles on Personal Finance.

Replace Your Negative Attitude With: “I have the ability to learn more about money management.”

#2: MY SELF-WORTH DEPENDS ON MY NET WORTH

It goes without saying that our fast-paced society welcomes symbols of status. When a woman shuffles between different designer bags in the workplace, spectators perceive her as someone with sophistication and wealth. When a woman carries “lesser known” bags, she is seen as someone who is less wealthy.

Why is this skewed ideal so prevalent in our society? Perhaps, modern technology has something to do with it. Nonetheless, this tendency to match self-worth with net worth can potentially harm one’s mental health.

Replace Your Unhealthy Attitude With: “My self-worth depends on the acceptance and understanding of myself.”

Image Credits: unsplash.com

#3: MONEY IS SOLELY FOR SPENDING

Believing that money’s sole purpose is for disposal can lead to mindless spending or debt! Spending your hard-earned cash on lavish or delightful things every once in a while is acceptable. However, you must not overdo it! Make room for savings and investments.

In order to create financial abundance, you must save and allocate your money efficiently. Spending beyond your means will never lead to financial abundance!

Replace Your Exaggerated Attitude With: “The money that I do not spend increases my wealth.”

#4: THE RICH GET RICHER

“The rich get richer and the poor get poorer” is an aphorism that highlights our economic inequality. Let us be honest! Some people are not born with a silver spoon. But, they can do something about it!

Boxing yourself to a certain economic stature limits what you can achieve. You have a choice to take control of your life. You can improve your financial situation as long as you do not give up.

Replace Your Magnified Attitude With: “My financial present and future is entirely up to me.”

Sources: 1 & 2

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Couple’s Guide To Essential Money Values

It is no secret that many individuals aim to grow their wealth. Building a “healthy” relationship with your finances is vital in controlling it. Now, how does one begin to achieve this type of financial relationship? For starters, you must review the basics.

Money values, consisting of internal and external factors, influence your attitude towards money. It can help mold your life decisions too! For instance, a person who values foresight may build a robust retirement plan as early as 30.

Your money values are deeply rooted in your personality. Long before you met your partner, you have developed values surrounding money. Studies suggest that we inherit values, beliefs, and attitudes about money from our parents and other family members. It is important to discuss these money values when entering a romantic relationship.

Image Credits: pixabay.com

Unfortunately, couples rarely talk about their financial values and goals. They see this subject as a restricted topic fueled by social custom. However, it is never too late to have this financial conversation! Talking about your money values is the first step to syncing your financial plans. Start by discussing what your parents taught you about money as well as your financial goals. Having this serious discussion prevents conflicts, which came from differing money values.

In your discussion, consider creating a list of your money values. Here are some of the examples: Value of Time, Openness, Resourcefulness, Honesty, Patience, and Generosity.

Image Credits: pixabay.com

Encourage an flowing conversation whereby each of you will share about your list of money values. Understand each other’s point of view by highlighting the similarities and differences. Afterwards, choose the “top three values” that are important to the both of you. Work with these values to reach your goal.

On the opposite end of the spectrum, your financial discussions may become heated. Pause the conversation and revisit the issue later on. When it comes to money, it is difficult to always see eye to eye. Take a time out. With open communication and understanding, you can devise a plan to reach your shared financial goals. Good luck!

Sources: 1 & 2

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Turn Your 2018 Money Resolutions Into Reality

It all starts with a dash of imagination…

Vividly envisioning where you are headed improves the likelihood of meeting your financial resolutions. Allocate at least a few minutes of your day to contemplate on your past experiences as well as your current standing. Afterwards, visualize the financial situation that you desire to experience in the future. Some people may find satisfaction in their year-round travels. While, you may find serenity through altruism. The mere act of visualization will motivate you to reach the goals that you set.

Plan to start small…

Like anything in life, you must have strategic plans. Money resolutions such as paying off debt or building retirement savings are not always easy! This is why you must commit to small things first. Commit yourself to a “small” task that you will accomplish for the rest of the year. Consider writing down every dollar that you spend. For the adjustment period, you can write down each transaction in a notebook or in a journal. Awareness is increased through the mentally exhausting act of writing. It is exhausting in a sense that it activates different parts of the brain. The enhanced brain activity improves your attention and memory.

As the act becomes second nature, you can turn to electronic devices for help. Find an efficient budgeting app or a software to track your transactions. Keep a record. This will help you spot the weaknesses and strengths of your budget. Please adjust accordingly.

Image Credits: pixabay.com

Divide and conquer…

Absorbing the essence of all your financial resolutions is overwhelming! Try dividing a single goal into bite-sized pieces instead. Focus your efforts on a goal before moving on to the next. Observe your progress by ticking off the “resolutions” that you have accomplished.

Remember to be as concrete as possible when identifying your financial resolutions. You may state something along the lines of avoiding credit cards for a month. Or, you may pay an additional of S$50 to your credit card debts. Aim to minimize your debt in a shorter span of time.

Parting thoughts…

Use affirmations to remind yourself that being responsible for your finances will impact your personal life and that of your family’s. Valuing your hard work starts with making few financial alternations.

Sources: 1 &2

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6 Financial Pledges For The New Year 2018

What are your financial resolutions for the next year? Here are some ideas to get you started.

#1: BE DEBT-FREE

When it comes to minimizing your debts, it pays to be strategic! You can either conquer a volume of smaller debts or a decent amount of high-interest debts. The important thing is to restructure your debts in order for payments to go towards your principal rather than the interest.

#2: CANCEL UNNECESSARY ACCOUNTS

Look into your current financial situation. Keep an eye on the redundant and unnecessary elements. Do you really need to pay for everything with your several accounts (i.e., both credit and savings accounts)? In most cases, the answer is “NO”! Financial institutions charges fees for the simplest of things. Consider closing down or canceling your unnecessary accounts.

#3: IMPROVE YOUR DEFENSE

No one knows when the next financial crisis will hit! To help ease the burden of unexpected costs, your first line of defense is the emergency fund. Modify your budget in such a way that you would have an excess amount of cash for emergencies.

#4: BOOST YOUR GOLDEN NEST

Now is the perfect time to invest for your needs beyond retirement. As a Singaporean Citizen or a Permanent Resident, you are privileged to have a straightforward retirement plan. Just ensure that your company’s terms are in lined with the CPF’s. Grow your “golden nest” to its full potential by maximizing your personal contributions.

#5: GIVE MONEY AWAY

Fulfilling someone’s monetary plea is one of the most positive ways to start the year 2018! If you are capable of shelling out a portion of your savings without hurting your budget then, you may donate to a good cause. You will realize the true value of your money as you see it transform someone else’s life.

#6: BE A BOOKWORM

Knowledge is definitely powerful! Particularly, printed media allows you to directly interact with some of the century’s brilliant minds. You may want to explore the different non-fiction topics including the wonders of Investments as a renewed bookworm. Look into the interesting titles such as “The Intelligent Investor” or “Common Stocks and Uncommon Profits”.

Image Credits: pixabay.com

Image Credits: pixabay.com

These books and similar ones will allow you to learn the basics directly from the people who were most successful in the field.

Sources: 1 &2

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