Underachieved Personal Finance Goals in 2015 – Ways to Make Up For the Mistakes In 2016

personal finance goal The question is why are so many people failing to stay within their means and follow their budgets? Do they lack a spending plan? Or are they ignorant about their finances? If you wish to make up for your mistakes and spend a debt-free 2016, here are some worthy personal finance tips for you to get back a firm grip on your finances.

Change the way you spend money:

There are different ways in which you can stretch your dollars and yet save them. How about going on a spending freeze with your spouse or best friend or colleagues? Try to create a support system for each other so that you can keep helping them. Try to make it fun. For instance, instead of going out for a night out, you can plan a night in. Bring home some snacks and some good movies or some good music and try and spend the night with some good company.

Always have a Plan B ready:

Remember that your financial situation can spiral out of control when you’re taking steps according to the simultaneous changes in your life. So, you should have a Plan B ready so that you can fall back on this cushion during times of emergency. This can be done in the form of cash reserves, emergency fund or even in the form of an alternative job that can help you with passive income.

Stop getting stuck in a dead-end job:

Most millennials spend 40 hours a week working for their full-time jobs. By the time they reach home, they’re totally drained out and don’t have time to think about something out-of-the-box. If you think your employer is not giving you enough wages, don’t get stuck with that job. Give yourself new chances to start something new provided it can offer you with something better than what you were getting before.

Tap into your tech gadgets:

With the advancement of technology and invention of brand new financial apps, tallying over your money has become much easier than before. Tap into your tech gadgets and install some of the necessary apps that can help you maintain a firm grip on your finances, your expenses and your savings. So, if you wish to spend a debt-free 2016, make sure you follow the expert personal finance tips mentioned above. To know more on such tips, you may even hire a personal finance expert who can help you with a detailed discussion on your finances.]]>

It Is Not Hard to Pay Off Your Student Loan Debt

Student Loan Debt

The day you graduate from your school is surely one of the rosy days in your life. It calls for celebration as getting a degree will open up a sea of opportunities to help you find your foothold in the job market. However, once the celebration is over, realization dawns upon you that there is a lumpy sum of student loan to pay off. As the payment could be dragged for a long time, most of the students feel restless when the ‘pay off’ period takes off. I had a comparatively small amount as student loan debt – only $15,000 – after my graduation. However, it demanded a lot of hard work, discipline and dedication from my end to clear the debts. If you make a wise decision and stick with your way of loan repayment planning, it won’t be hard for you to manage your loan even if it is more than what I had. Here are four simple steps for you to follow: You should have a clear hang of your student loan  I think you did not get into the details of student loan when you took it out. Now when the time comes for repayment, you need to revisit ins and outs of your student loan. Most of the students don’t find it important and opt for the minimum payment. I will suggest that you should get the idea about the lender, status of loan and balance of each of your loans if you have borrowed more than one. I do think that grace period – the time gap between you graduate from school and repayment period starts – will be fine to gather all these details. Make a repayment plan Without a plan in place, you will head nowhere. This is the most crucial part of loan repayment process. Every loan has a certain time period of pay off. You need to decide if it is possible to clear the debt within this time frame. I know it is really hard to figure this out when you are yet to land in a job or have just started. However, you need to be as pragmatic as possible. If you find it difficult to clear loan in time, there are options such as debt consolidation to facilitate payment. Get Organized All loans don’t attract same interest. Usually, private loans have more interest if compared with government loans. If you have multiple loans, you need to make a list of priorities about which ones should be cleared first. I will advise you to start with private loans.

More payment will be a good idea

If you can flex your financial muscle, pay more than minimum amount. This way, you will be able to reduce interest on the loan as a time of repayment will be shorter. What is more, you will get rid of financial slavery earlier. Whatever the situation is, getting at top of your loan status is most important. Having the right mindset is what will see you bid adieu to your debt burden. Failing to pay off student loan will give you a hearty slap of severe consequences. That is why, a strong frame of mind is most important to ease off and ultimately, shrug off the burden of your debt. Article contributed by, Tina Roth who is a personal finance blogger at PRO Finance Blog.]]>