8 Financial Survival Tips for Millennials in 2017

There are quite a few different tips that you will want to follow when it comes to surviving financially in 2017 as a young person. If you want to improve your financial situation and help to ensure a bright future for yourself, the tips in this article will definitely be of great use.

A lot of young people don’t realize that doing some of the most basic things can have a profound effect on their future. These days it is more important than ever to do everything in your power to help yourself financially. Sometimes it can be difficult to know exactly what must be done when it comes to one’s personal finances, which is all the more reason to use this information to your advantage. The more financial tips like these you have, the better off you will be as a whole.

1. Create a Comprehensive Budget

It is a fact that creating a budget is incredibly important when it comes to doing well financially overall. You will definitely want to take the time to sit down and create your budget by listing all of the regular expenses in your life. Once you have done this you will know exactly how much you will have left over each month. The point is that you will need to know how much money you are going to have to set aside for bills and essentials.

2. Get Creative

It’s also important that you get a little creative when it comes to what you already have. Expenses can easily pile up very quickly, so you will therefore want to take the time to figure out ways to cut costs effectively. The more time you take to do this, the more money you will save.

3. Stop spending Emotionally

One of the best things that you can do when it comes to surviving and thriving financially is to stop spending emotionally. A lot of people make the mistake of buying things on impulse or even out of stress, and it’s not a good habit to get into. Make sure that you find other things to occupy yourself so you don’t end up spending like crazy.

4. Shop around for the best deals

Instead of simply buying something you want at the first place you go to, take some time to look around. When you are shopping online, compare prices from various places.

5. Cut down on spending money for fun things

Nobody wants to reduce their fun time spending, but it might be a good idea if you are trying to stay within a tight budget. Instead of going out to the bar to drink all the time, you might want to think about buying a bottle of wine and sharing it with friends at home.

6. Don’t ignore your finances

It is very important that you keep a close eye on your finances at all times, because otherwise things are going to go off the rails very quickly.

7. Focus on your Savings

You should make a point of putting as much money as possible into your savings on a regular basis. The more you do this, the more money you are going to have for retirement or in the event of some emergency that comes up.

8. Travel Smarter

When you are travelling on vacation, make sure that you find different ways to cut down on your expenses as much as possible so you will have more left by the time you come back home.

It is especially important for those who are in their early to mid 20s to start developing good spending and finance habits. If you want to be financially secure, you will need to take all of the tips listed in this article into consideration. There are some things that are more important to do than others, but you will need to remember them at all times. A lot of Millennials simply aren’t doing what they should be financially in general. In the end you will definitely be glad that you decided to start following this advice because of how beneficial it can be. The last thing you want is for your finances to be a complete mess by the time you are 30.

Your Guide to Payday Loans: Just the Essentials

There are so many different things to learn about payday loans that you will definitely want to take the time to look into them before deciding whether or not you want to even apply for one. Each year millions of people across the country apply for payday loans because they are such a convenient way to get money for emergency expenses in a hurry. The more time you take to learn about these loans, the better of a decision you will ultimately make.

The Payback Period

There is typically a 2 week payback period for payday loans, so you will basically have until your next pay check to pay back the money that you borrow. The specific date that you will need to pay back the loan will be mentioned somewhere in the contract that you will be required to sign. The point is that this is a short-term loan, and you will need to keep that in mind.

Borrowing Amount

A payday loan typically has a maximum borrowing amount of around £2,000. The maximum amount of money that you are able to borrow from one of these lenders will depend on a few different things, including how much money you make from your job as well as what your credit is like. All payday loan lenders have a maximum amount that anyone can borrow from them, but some people can get more than others. The more money you make and the better your credit is, the better your chances will be of getting the amount you need. The average person borrows anywhere from £200 to £1,200 with a payday loan.

Interest Rates

While it’s true that payday loans tend to have a fairly high interest rate, some people will pay more money in interest than others. Your credit score will play a fairly large role in determining how much interest you are going to end up paying with your loan, though it will also depend on where you live. Those who have very good credit typically don’t pay a lot of interest on their loans. This will also depend on the lender you choose, so you will want to remember that as well.

Who is a Payday Loan for?

A payday loan can be extremely useful for many people, including those who have some sort of emergency expense they need to pay off. If there is a hole in your roof that you need to get fixed or perhaps a sudden medical bill that you have to pay, one of these loans could be of great help. People with good and bad credit can get these loans, but it’s important to consider that there are never any guarantees when it comes to getting approved.

Benefits of Payday Loans

You will quickly discover that there are a lot of different benefits associated with payday loans, and it’s important that you know what some of them are before deciding whether or not to apply for one.

Quick Cash when you need it

One of the great things about payday loans is the fact that they can provide you with the quick cash you need when you need it. Most people who are approved for one of these loans get their funds within 24-48 hours at the latest. This means that you won’t have to worry about having to wait a long time to get your money if you are approved for a payday loan.

Get approved even with bad credit

While there are no guarantees that you will get approved for a payday loan, lots of people with low credit scores have gotten them. This means that you will definitely want to at least try applying for a payday loan even if you don’t think you will be approved because of your credit.

No questions asked

Another great thing about payday loans is that most lenders won’t even ask you what you are plan on using the money for. While you should definitely only use the money for something you absolutely need, it’s still nice that you won’t have to answer a lot of questions when it comes to how you are going to use the funds you borrow.

Your Guide to getting an Unsecured Personal Loan

If you want to consolidate your credit card debt, move to another part of the country or something else that requires a significant amount of cash, it is important that you look into getting a personal loan.

There are two types of loans—secured and unsecured. A secured personal loan will require that you put up some sort of collateral in the event that you cannot pay back the loan (typically your house or vehicle), while an unsecured loan requires no collateral. You will want to take the time to learn about unsecured personal loans and how to go about getting one.

Your Credit Score Matters

One of the most important things that you will need to keep in mind when it comes to getting an unsecured personal loan is that your credit score is going to be very important. Your credit score is going to be a huge determining factor when it comes to whether or not you are going to get approved for one of these loans. While it’s true that people with low credit scores do sometimes get approved, it is fairly uncommon. If you do get approved for one of these loans despite poor credit, you can definitely expect to pay a higher interest rate.

What you need to Apply

There are going to be some things that you will need to have when applying for an unsecured personal loan, and you will definitely want to know what they are.
Some of the information you will need to submit with your loan application include:

  • Identification (passport, driver’s license, etc.)
  • Verification of address
  • Proof of past income
  • Monthly debt obligations (rent, student loans, etc.)
  • Gross income
  • Address, email, phone number
  • Previous addresses
  • Date of birth
  • Mother’s maiden name

It is definitely a good idea for you to have these things at the ready when filling out an online application for the loan you want so that you can get through the process as quickly as possible. You are also going to need to specify exactly how much you want to borrow. The lender will take a look at your proof of income to see if you are actually able to pay back the full amount of the loan on time.

Finding the lowest rates on personal loans

If you want to get the absolute lowest rates on a personal loan, it is important that you know how to do so. The first thing that you will want to do is to see if you qualify for a 0% credit card, which is essentially just a credit card that comes with zero interest on purchases for a year or more. You will need to keep in mind that not everyone qualifies for this sort of card, but it is definitely still worth trying.

You should also consider getting a secured loan so you don’t have to pay quite so much money in interest. While it’s true that a secured loan will in fact require you to put up collateral, such as your house or car, it is much easier to pay back because of the lower interest rate.

Make sure that you pay off as much of your credit card balance as you can before applying for an unsecured loan. Most lenders do not want to give a loan to someone who still has a significant balance on their credit card. Take care of your outstanding debt before you submit one of these applications.

Read the fine print

Another very important thing that you will need to do when it comes to getting an unsecured personal loan is to read the fine print of the contract that you are required to sign with your lender. By taking the time to do this, you will be able to see the specific date that your loan must be paid back by, as well as any fees and other crucial things. It is imperative that you get all of this information before signing anything. The last thing you want is to realize you made a mistake with your loan after signing it because you didn’t read through everything carefully enough.