The key to financial freedom is learning how to manage your money. So, when you know that you have debts that need to be paid but you also realize that building up a savings is vital, what do you do? Truthfully, there isn't going to be a default answer that is going to fit everyone's circumstances. On the other hand, there are general rules and tips that are pretty much universal. Read on to learn whether you should focus on paying your debts or saving more.
Consider How Much Debt You Ha...
When the expenses of daily life seem overwhelming and your bills are piling up, it can be difficult to know what to do. Perhaps you have been working hard and maintaining a steady income, but your existing debts are a continual burden due to large interest payments. These circumstances can take a negative toll on both your physical and financial well-being.
If you are in such a situation, there are many options available to relieve some of this burden. Whether you consult with a personal...
Most young people tend to be easy going especially when it comes to money. They buy things left and right as long as they have cash with them. And worst case scenario is that they even spend money that they do not actually have just to satisfy their wants sometimes more than their needs. This is commonly in the form of credit card debts and loans. This is only fun in the beginning but when it’s time to pay the bills and the debts piled up, that’s the time you will realize that you should’ve...
If you’re a federal student loan borrower, one of the main perks is student loan forgiveness. Under certain programs like the Public Service Loan Forgiveness program (PSLF) and income-driven repayment, student loan borrowers can get their loans forgiven in full after a certain amount of time.
But late last year, the first round of eligible PSLF borrowers were hit with a harsh reality — only one percent of borrowers were approved for PSLF forgiveness. Despite this grim reality now, you s...
Financial issues are inherent in everything we do. We need money to purchase everyday items like food and clothing, keep our utilities on, and pay for medical expenses. We need money for everything. The problem is there is so much to pay for that when life's unexpected expenses surface, we don’t have money to pay to afford them. The key is to have enough money ahead that you can handle emergencies or unforeseen circumstances when they come up. You need an emergency savings account, you need to p...
Chances are if you’re reading this, you have student loans. If that’s so, then you are probably also worried about what happens if those loans go into, or have already gone into default. It is something to be worried about, but your best weapon against this scenario is going to be learning what going into default means, how you can avoid it, and learning about the 3 things that happen when you default on your loans. Here I will lay out the basics of this aspect of student loan law, followed...
Debt can feel a bit too much like being stuck in quicksand. It’s almost like the more you struggle, the more you sink. For those stuck in debt, it’s impossible to control the nature of debt itself; you can’t eradicate debt off the face of the planet all by yourself.
The only thing you can control is how you react to your personal debt. If you’ve already conquered debt, you’ve likely felt the sense of accomplishment alongside the overwhelming feeling of weight being lifted off your shoulders. ...
On the surface, it appears that debt is a surefire way of limiting wealth creation. Truth be told, not all debt is bad. There are certain types of debt that are regarded as good debt, while others are bad debt. Mortgages (for personal or business real estate) are typically considered good debt, as are student loans. Bad debt is not an investment that will grow in value, and it certainly doesn’t generate income over the long-term. A classic example of bad debt is credit card debt. There are stark...
Dreams of getting out of debt are not so rare these days, but stories of triumph we hear less frequently. Debt freedom is attainable, but it requires extreme dedication and a lot of focus. Here is a guideline, including six steps to dig yourself out of the debt hole.
Create a spending record. A spending record is a great way to figure out where you can cut back on spending. This record should include everything from monthly bills to a pack of gum. After all money is money no matter how small....
A resolution that every American should tackle in 2013 is to get out of debt. Predictions for the coming year run the gamut. Some financial analysts are expecting a stagnant or slow economy due to mediocre job growth, while others are more positive in their outlook for 2013. But without a crystal ball showing the future, there’s just no way to be certain. One thing is for sure, no matter how you view the future or where you stand on why our nation is struggling with so many economic problems, yo...
