Need more goals for 2023 Before that big ball drops in New York City, you could be well on your way to a better new year with these financial resolutions:
1) Resolve to start saving. Putting aside 10% of your income into a savings account could mean a better financial life – not to mention fewer secured loans, unsecured debt, and other borrowing issues. Saving is one of the healthiest new financial habits you could develop.
2) Develop a financial emergency plan. Create a formal plan of what to do in case your whole financial world is turned upside down. (Hint: start with an emergency fund).
3) Look for ways to save money on your bills. Secured loans near me and all types of debt usually comes with an interest rate, but you might be able to lower that rate if you shop around. You might also be able to get a better credit card rate if you ask your credit card company. You never know. Make it a goal to slice your bills by 10% and put the difference in your savings.
4) Improve your credit score. Your credit score can help you save money on bills and can ensure that you qualify for a better job (yes, employers can and do check your credit score).
The Truth About Winning the Lotto – Would It Really Help You Avoid Personal Loans?
Lots of people dream of winning the lotto. They imagine retiring to some tropical locale, buying lots of neat toys (Porsche, anyone?), doing some good, and paying off all personal loans and debts. The truth looks a little different. Some people who win the lottery end up losing all their money with lightning speed. Others continue to work and use the money for fun trips.
Of course, it partly depends on how much you win and what your financial status is now – if you have $200 000 in mortgages and personal loans and you win $250 000, your money will not go as far as a $15 million jackpot. But it’s not just about the money. Money is a funny emotional thing. Some people do not learn great financial skills and get into huge debt, imagining that more money would be the solution. If they suddenly get more money, though, they may not have the skills to manage that amount and may not make the most of it. Lotto winners are also often targeted by friends, family, and scam artists who want to partake of the winnings. Plus, money will not solve all problems — no matter how much you win, it may not affect a poor credit score, for example.
Some lotto winners do well with their winnings, but these tend to be people who already had good financial habits to begin with. If you want to be a successful lotto millionaire, then, keep dreaming, but also start learning. Develop good financial habits and knowledge know and if your ship comes in, you’ll be able to live well.
Should You Use Your Sudden Windfall to Pay off Personal Loans? What To Do If You Are Suddenly in the Money
A windfall means different things to different people. Getting a few thousand dollars in Christmas money can seem like a big windfall to some, while to others a big life insurance policy payout is what it takes to qualify as a windfall. However you define it, if you have suddenly come into a chunk of cash, here’s what to do:
1) Procrastinate. Put the cash into a savings account for the holidays and don’t do anything. Don’t rush out to buy something. Take a deep breath, enjoy the holidays, and think about what you will do.
2) Put at least 10% in your emergency fund. If you don’t have one, now is a good time to start.
3) Put 10% aside for fun. Let’s face it, there’s no fun in getting a big wad of cash unless you can spend some of it. Set aside 10% and really think about what you can do with it that would bring you the most fun.
4) See a financial advisor. If you have more than $10 000 in your windfall, see a trusted financial advisor, a bank or someone you get through a recommendation like usaloansnearme company. This person can help you figure out tax ramifications (you may need to put some aside for taxes) and may help you decide how to invest some for later.
5) Pay off your personal loans, however much you can. Start with the loans that are unsecured and have higher interest rates – your credit cards, for example. Paying these off will save you a lot in interest rates. Then, pay off your next most expensive personal loans. Even if you can’t get debt-free with your windfall, at least you can dig yourself out and save yourself some cash.…
If you have a bill that is a complete surprise then often a pay day loan is a good bet to look for. However, a sale on big screen televisions is not typically a good excuse. The car breaks down and you have no money to pay for it is another common usage of the money, but many people overlook other ways to get the money as well. After all, if you have an emergency fund with money in it, do you use that money or dash to get a pay day loan? Many people would rather use a pay day loan and this is simply creating problems.