TYPES OF SIMPLE SAVING TIPS

  • Jam-Jar Money Method

For sure you probably watched this on your parents or even in Movies.

Jam Jar Money Method –  is can help you making a serious  financial progress and splitting your money    up into the various ‘jars’ even you have a little to save each month. For this method to work, you first have a clear picture of how much money you have coming in and going out each month and weekly.

Label the three types of jam-jar. One marked SAVE, one marked SPEND and one GIFTS. It’s also more exciting if you added some design and color.

 

  • 52-Week Money Challenge

Many people simply love this kind of saving tips to help them save more money.  This idea is simple; the basic plan starts off by saving just $1 in the first week of the challenge put it your motivational jar, and then gradually increase your savings by a dollar a week. The next week, you put away $2, and then $3 in Week 3, and so on. You can also get free downloadable chart online.

By the end of the plan or a year, you have money to spend for something special vacation, holiday travel or emergency fund.

  • Envelope Budgeting System

This tactic many people find helpful is going “old school” and use cash. Unlike the debit cards are easy to just swipe and spend, without really considering your carefully constructed budget. As a result, it can be difficult to keeping track of how much you spend and left. Just take note that this is not a permanent solution, but a good exercise in budgeting to focus your cash flow.

 

        3 Steps of Envelope Budgeting System

 

  • Determine Your Discretionary income – evaluate how much you have available after paying your

bills and put aside for savings and investments.

 

  • Decide on a budget – this means dividing your money among the different budget categories.

Some example of common categories include:  Rent, household items, groceries, savings,

clothing, gas and gifts.

 

  • Assign each category to a single envelope – write the category name on the back or front for each

Envelope. Then you will be putting the specific amount cash.

 

The advantages of Envelop System; It will help discipline you, your budgets become more tangible, less wasteful spending and you won’t miss a payment.

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4 Smart Ways To Get Your Personal loan Approved Today

Securing a personal loan can be a bit difficult, though it can be a smart to tool (with proper planning) to overcome your temporary shortfall in funds.

If you are planning to apply, here are some tips to ensure you easily get your personal loan approved.

 

Identify credit history

Having a good credit history will be a biggest factor and solid proof of your repayment and ethics. To ensure you will get high chance of approved make sure you obtain a copy of your credit report so that you are up to date on your credit situation, and rectify any errors to avoid the possibility that could wrench your applications process.

 

Accurate Submission and Relevant Documents

Banks and lending companies consistently verifying all your personal information you have provided in your application form during the application process, so make sure you read through the documentation requirements carefully before you submit your application and double check to ensure that all relevant documentation is attached or uploaded with your application form. Accurate documentation will lead to quick disbursal of funds.

 

Failure of submitting any missing documents your loan processing time will stretch and times, your loan application may also get rejected.

 

Refrain from applying multiple loans

Keep in mind that every personal loan application generates a credit report from prospect banks and the top 10 licensed money lenders in Singapore. Applying too many loan applications at all once in order to maximize your chances of being approved is not a good idea. You should be patient. Banks and lenders can check on your credit history report. It can lead to drop in your credit score and it may affect to lessen your chances of being approved.

 

Comparing credit cards

Before you decide a personal loan offer, make sure you that you compare the market and you choose the best suitable features of interest rates and flexible paying terms. So that the loan it can’t be burden to your cash flow.

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Unsecured Loan VS Secured Loan

  • Secured personal loans

These loans is “secured” requires you to put an asset (called collateral) as security in order to borrow money from lenders. Furthermore, if the borrower don’t repay his loan according to loan terms, the lenders has the right to take hold of the pledged asset to recuperate his loss without going to court. Examples of secured loan include vehicle loans, home mortgages and home equity loans or other any valuable to get the loan. However, secured loans have lower interest rates compared to unsecured loan.

  • Unsecured personal loans

For these type of loans, lenders don’t require any collateral for the debt. Because there’s no underlying asset securing the loan for the lender. However, you still subject to repay it, failure to do so, the lender may take you to the court. The interest rates on unsecured loans are tend to carry higher on average than secured personal loans.

When you’re applying for a personal loan, it may be secured or unsecured, you should always carefully check the following information with your lender.

 

Personal Loans According to rates

• Fixed rate personal loans

The interest rate charged of the loans still remain fixed and doesn’t fluctuate throughout the fixed rate term of the loan regardless of the economy changed over time. The purpose of fixed interest rate is based on the lender’s assumptions about the average discount rate over the fixed rate period. This allow the borrower budgeting a whole lot easier for their future payment, yet typically it carry high interest rates.

 

  • Variable rate personal loans

 

The interest rates can vary and change according to a timetable included in loan terms. However, variable rate loans may also carry “caps” that limit how much rates can change at each adjustment period or over the life of a variable rate loan. As the interest rate can fluctuate repayments on this type of loan will go up and down.

 

 

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