3 Advice for Young People to Borrow
Even if you have become a lawyer and now receive a good hourly salary, it also means that many financial duties are signed up. Managing your own finances requires a great deal of responsibility, and this can be challenging for many. If you are in the unfortunate situation that you have more expenses than income, here we have gathered 3 advice for you who are young and need to borrow money.
Give you an overview of your finances
It may sound boring and overrated, but it is necessary for you to maintain a healthy economy and for you to make the most of your money. Furthermore, an overview of your finances will give you peace of mind as you avoid unexpected bills suddenly flying in the door.
How to get started: Make a note of all your purchases and classify them: Food, shopping, city tours, transportation, miscellaneous consumption, etc. In one other column you record your income. This way you can quickly spot where it is. are you spending too much money and wherever you may be. can focus on saving in the future.
Talk to others about your finances
It is easier to reach your goal if you are not alone in it. Make personal finance a topic of conversation, others may have good tips. Find someone who can encourage you and who you are comfortable with.
It is important that your sparring partner motivates and inspires you. It can be a friend, family member or outsider, such as your bank advisor. Get around people who only point to your mistakes. They will not help you if you are already aware of the problem and are trying to do something about it.
If you are more people who would like to save money, you can make it a competition between you. Who can save the most? Should there be a profit each month, to the one who saves the most. Or is it just to get the credit?
Choose the loan that works best for you
It may take some time before you start generating profits in your private economy. In the meantime, make sure your expenses are financed optimally. It can save you a lot of money to research the market and find the best financing for your needs.
Here at Rocinante you can easily compare the various loans and find what suits your needs. Also consider whether a bank loan at the bank would be a good solution and if you are undergoing training, it might be that an SU loan is a good idea. It is free and interest-free as long as you are a student.
When choosing a loan, you should look for the loan with the lowest APR. The OPP is responsible for annual costs as a percentage. The term takes into account all costs associated with a loan and it is mandatory for all loan providers to disclose.
Most banks offer free credit card creation, but here too, there may be money to be gained by investigating whether other banks have more favorable terms and rates than your current bank.
Settle your loans as soon as possible
If you’ve finally got into a good period of financial profits, spending the extra money on yourself can be tempting. But hold on again. It is important that you settle your loans as soon as possible, and there are several reasons for this:
Your loan stands and accrues interest as long as it is not repaid and it can quickly add up to a significant amount. The money you spend on interest can benefit you more if you spend it on something else. As a young person, it is often the smaller amounts that make the difference.
Avoid forgotten debt
If you do not repay your loan immediately, the debt can quickly fall into oblivion. This means that you may later receive an unpleasant surprise in the form of an unexpected bill you must have paid. Make it a habit to pay off when you can and avoid becoming a bad payer.
Start on a fresh one
When you are debt free you can start on a fresh, old debt that lies in the back of your mind and gives you a bad conscience. Use your new financial room with good conscience. When you no longer have to worry about the sins of the past, you become both happier and less stressed.