Tuesday, 29 September 2009

Tips on How to Save Money on Home Expenses

In this economic crunch time, we all are looking for ways on how to save money. But if you just take care of a few things on your home related expenses, you will save significantly. Although Potential savings will vary from person to person, but still the more money-saving measures you adopt, the more money you'll save.

You can start by saving on your home related utilities like electricity. Install the new type of fluorescent bulbs in lights you leave on for long periods. They provide 4 times as much light and last 10 times longer than incandescent bulbs. Set thermostats not higher than 68 degrees in winter and not lower than 78 degrees in summer. Also make it a point to turn the heater down when you are not at home.

Check out if your utility company offers free energy audits, through which they inspect your home for energy effectiveness and recommend economical ways to cut energy costs, such as insulating hot water heaters, weather-stripping, etc. here is a tip on how you can save further on electricity. Use your microwave instead of oven whenever required and you could save up to 50% in energy costs for cooking.

Refinancing is one option to save money on mortgage. It’s also a good idea to opt for long-term mortgage plan to have better saving.

Friday, 25 September 2009

Money Saving Tips for Students

With the growing expenditure in education, students can easily get caught in heavy loans and debt. Even while studying, part-time jobs, socializing and participating in extracurricular activities, you can still straighten your finances through some money saving tips.

Here are some tips on how you can save money even while studying.

Check out the scholarship grants. Even before you move into your dorm room, check out your eligibility for student scholarships and other grants. Make a list of your finances and expenditure which you are expected to do incur weekly or say month wise. Then plan a budget according to your expenses and stick to it.
Watch out for student discounts. Several establishments offer special discounts on students programs. Take full advantage of those discounts. Also, regularly utilize any particular establishment and you are bound to get bonus cards for being a loyal customer.
Don’t get into the trap of credit cards and debit cards. Make it a point to use cash for your purchases. As you have already set a weekly or monthly budget limit, chances are less for you to exceed your expenditure.
Involve yourself in different activities. Join clubs of interest. The basic idea is to keep yourself busy so that help you stay away from things that you are likely to spend money on when you get bored.

If you follow these simple tips on budget plans, you will be surprised at the amount of money that you will manage to save.

Thursday, 24 September 2009

Avoid Debt in Retirement

Technological advancement has made our life too comfortable and convenient. You travel by car, sit at the comfortable desk at office in the automatically temperature controlled environment. You have instant food to satiate your taste buds. So in a way everything is within your reach and you feel life is great. But what you might not be aware of is that these very comforts are dragging you towards a sedentary lifestyle.

Today we hardly do any manual work and exercise and that’s the reason we suffer from health related problems like high blood pressure, high cholesterol, heart disease, diabetes, and obesity. But even a small increase in your daily level of physical activity can dramatically improve your health. A little bit of regular exercise can help to burn up the calories which can help you to lost weight.

Regular exercise helps you combat anxiety, depression, and panic attacks. Often chemicals do get build up in our bodies which block our systems and make us feel miserable. But exercise helps our bodies to flush these excess chemicals out.

Our musculoskeletal and immune systems also benefit hugely from regular exercise. This is especially beneficial for older people. Regular physical activity keeps their muscles, joints, and bones strong. It also improves their immune systems, makes their coordination better and defends against many of the illnesses and injuries that might affect us later in life.

How to Consolidate Student Loans with Smart Borrowing Plans

The college or graduate parent with outstanding federal college loans can now enjoy lower monthly student loan payments. Mere consolidation of their federal parent or student loans will enable them to lower their monthly student loan payments by up to 42%.

There are several simple yet effective ways which students may consider for easy consolidation of federal college loans. While consolidating eligible federal college loans, students may be able to extend their repayment term from the standard 10 years to up to 30 years. It will give them more time to repay & as a result they have to pay a typically smaller amount each month.

Here’s an example: Your projected monthly payments on a $75,000 NextStudent Federal Consolidation Loan fixed at 7.25% and repaid over an extended term of 30 years will be $512.

On comparing this $512 to estimated monthly payments of $879 on a $75,000 Federal Stafford Loan issued at 7.22% and repaid over 10 years, anybody can notice a huge difference i.e. a reduction of 41.8% in your monthly payment amount. So you can imagine how advantageous it can be to consolidate your federal student loans.

Smart Borrowing with Student Loan Consolidation

Consolidating your eligible federal parent or student loans with the federal student loan consolidation program will bring you all the borrower benefits that are common in NextStudent Federal student loan consolidation:

  • One payment for multiple student loans
  • Long repayment period
  • Lower monthly payments
  • Fixed interest rates
  • Deferred payments
  • No credit checks or co-signers required

Wednesday, 23 September 2009

Student Loans & Bad Credits

If it is just the beginning of your life as a student and you are plagued with concerns like paying for your education, books, room, computer etc. then obtaining a student loan is the ideal solution. Paying for your college education with student loans is good, but what about bad credit? At times before having any other degree, you have acquired the one for bad credit.

This bad credit tag seems to attach itself to students’ loan applications too very promptly. However, bad credit student loans are offered to students previously, presently and will be offered in future also. Alternately, you can deduce that the opportunity is way beyond wasted.

In the first instance, students with bad credit taking loans may not seem as a very positive action. It is unlikely that every person pursuing education has enough money for funding his education. Many students are unable to pay for college education directly. With bad credit already haunting you, you perhaps don’t want to take a bad credit student loan. But many people misunderstand the meaning of bad credit or bad credit score.

Some common practices that can damage a credit rating include making late payments, exceeding card limits, skipping payments, or declaring bankruptcy. Bad credit can even result in being denied credit. However, there is nothing to be worried about. Bad credit student loan is payable only after the student completes his education and starts earning a minimum amount. Hence, if you want to straighten out your bad credit situation, a bad credit student loan can promulgate establishing a good credit status.

Tuesday, 22 September 2009

When to Consolidate Student Loans?

If you have completed your studies just recently, then amount of huge debt can be a matter of concern for you especially when you are yet to get a job. Student loan consolidation is a great way to reduce the debt which many of you have taken under student loans.

In consolidate student loans, although the principal of the loan will not be affected, you can lock in the interest rates to a fixed rate and thus reduce your monthly payments and make it substantially better. You can reduce your monthly payments by up to forty percent. Plus, you might be able to stretch out your payment time to decrease your monthly payment amount even further. Its more or less like housing refinancing loan scheme.

But when you consolidate student loans during your initial six month grace period, you must start making your payments right away. Otherwise it can be difficult especially incase where you are unable to find a job after graduation. Although you can wait until just before the grace period ends to consolidate and still receive the lower rates. Another disadvantage of consolidated loan is that once you have consolidated your student loans, you cannot un-consolidate them again. Hence, it’s recommended to consider your choice carefully before opting foe consolidated student loans.

Friday, 18 September 2009

Basics of Student Loan Programs

Those of you opting for higher studies often fail to arrange the required capital to fund your anticipated study program which might stretch to several years. There are many institutions that you can turn to for financial assistance about your education program. But you need to remember that except grants and scholarships, all other loans taken have to be re-paid in time. Many repayments start during graduation only. That’s why it’s very important to get a clear idea about various loans and their down payment structures.

Student loans can be broadly classified into 2major categories. One is Federal Loans and another category is Private Loans. Federal loans are government sponsored loans and generally carry fixed, low interest rates. This type of loan can be obtained through schools, banks and other student loans lending institutions.

But private loans, otherwise known as alternative education loans, are granted by private lenders and are obviously at higher interest rates than federal loans. Here, there are no federal forms to be filled. Moreover, you do not need to you’re your financial problems for the amount of the loan and there is also no maximum limit. But have to show a good credit score to avail this loan facility. If your credit score is not good enough for the lender, getting a cosigner of high credit standing to support your application may achieve those extra benefits for you.

A Guide on Student Loans

With the education getting expensive, student loans are a much needed necessity today. These days many students do not have the means to fund either tuition fees, course materials or general living expenses and find themselves having to apply for student loans. Student Loans can be a real help in allowing you to study to improve your prospects in the marketplace and in this light can bring a positive contribution to your future.

Generally the government funds two types of student loans; The Federal direct student loan and the Federal family education loan. In direct student loan program, student can directly take a loan. But for Federal family education loan, although the federal government approves the loans, they are actually provided by private and public lenders such as banks, saving associations. Many credit companies also offer this loan through ACS or Affiliated computer Services.

If yours or your family’s income falls below a certain level, then you may qualify for a subsidized student loan. It’s a good option to apply for this loan as there can be a considerable saving. However, those who do not qualify for subsidized student loans prefer to opt for private student loans. The College Board extra credit loan is another student loan option. Theses are actually run by the colleges themselves and can be an expensive way of getting a student loan.

Information About 2009 Student Maintenance Loans

The basic motive of student loans is to cover up the costs of your tuition fees, and basic living costs like rent, bills, food etc. There are several types of loans available, but tuition fee loans and maintenance loans are the two prominent ones. Depending on the type of the loan, the interest rate can vary. It also can have a severe impact upon the overall debt at the end of your degree. But as the e interest rate on a government student loan only takes inflation into account, so the overall amount will, in real terms, be the same as the amount borrowed.

Any student, who meets the basic eligibility requirements, can get loan. There is an age limit for applying for student loans. In England or Wales, the age criterion is under 60. You can apply for any amount up to the full cost of fees that you are charged for tuition fee loans. Usually this loan is paid straight to your university or college and it does not depend on your income. But in maintenance loans, the amount you are entitled to depends on your income or your parents' or partners income.

For the current year 2009, students who are living away from home and studying in London are entitled to get a maximum maintenance loan of £6,928, students living away from home and studying outside London could get up to £4,950, whilst students who live at home with their parents could get up to £3,838. This year, the final academic year of a course is viewed as having fewer weeks than previous years, which include the need for financial assistance during summer holidays, so the loan will be lower in your final year.

Thursday, 17 September 2009

Secrets to Avoid Debt

Are you under debt and want to debt-free? It’s really possible. You not only will be debt-free, but can also avoid getting into debt again. The secret to stay out of debt is to live below your means. It might sound a bit weird, but if you analyze, you will see that it actually works. For instance, if you are in debt and still living within your means, it will no way help you to keep you out of your debt. It’s like walking on a treadmill, you work hard but you fail to go anywhere.

Its not that you will have to sacrifices many luxuries if you live below your means. You just need to follow a spending plan. It’s easy to create this spending plan. It can be a simple hand written graph listing your expenses or it can be as complex as a fancy computerized program tracking every dollar you spend through PDA and laptops.

When you follow your spending plan and keep it to the minimum necessary, you will be generating a surplus amount of money each month. You can use this surplus money to pay your debts until you are debt free.

Living below your means is the real secret to personal financial success. You can also use the surplus savings to build an Emergency Fund, which you can use for your children's college education or for your retirement plan.

The Impact Of Student Loans Disaster In The UK

There is a strong buzz that student loan in UK is going for a major change this current year. Many people are being told there is no specific guarantee that they will receive any funding this calendar year. And if at all they manage to get loans even, there is no security that they will receive the money on time to enter, or return to, their course in time.

The government has taken the most crucial tasks by stopping the student loan plans. It will surely have disastrous consequences. Many students will be forced to take a year out from their studies, which will send the unemployment figures even higher.

Education is expensive in UK and a majority of students depend on loans to cover their tuition and accommodation fees. The currently assigned Student Loans Company have exclusive license to issue loans, and of course the loan amounts, interest rates and repayment terms are non-negotiable. But unfortunately it has massive disparities. In some parts of country, students don’t have to pay any fees, while in some other parts they have to pay full tuition fees for the same program. This clearly indicates what a big a failure is the government’s approach, where they had claimed equal opportunity for universal higher education.

Thursday, 10 September 2009

Calling all students who want to avoid debt!

Being a university student isn't easy. The night's out, trying to stay awake during lectures, even struggling to wake up for lectures- even if it is 2 o-clock in the afternoon, it's a hard life.

And with the recession causing unemployment rates increasing significantly each day, you could be left thinking how on earth you will be able to pay your way through uni life.

Debt is one factor you may leave uni with. Student loans, credit cards, overdrafts, or anything else. Remember- it's not free money...you're going to have to pay it off one day.

Im not saying don't have fun at uni. Just make sure you manage your finances before you end up in a situation of regret.

I found an article on advice on how to save, and yes, its target audience is you!

Click here to read it: HERE