How Much Homeowners Insurance Do I Need?

Homeowners insurance is essential to protect what may be your most valuable asset — your home. But many people ask themselves, “how much homeowners insurance do I need?” It’s a valid question — buy too much and you’re wasting your hard-earned money. And if you don’t get enough coverage, you’ll be wishing you had more […]

The post How Much Homeowners Insurance Do I Need? appeared first on The Simple Dollar.

Source: thesimpledollar.com

Why Set Impossible Goals for 2021? [The Ultimate New Year’s Savings Hack]

In the 1980s, self-driving cars and smartphones without antennas were only things you’d see in movies — unimaginable futuristic goals. Now, these “impossible” inventions are part of people’s everyday lives. These innovative ideas were thought to be outlandish years ago until creators like Elon Musk and IBM’s team put their impossible goals to the test.

Impossible goals are things you want to achieve that seem out of the ordinary — ones that feel as if you may never reach them, even in your wildest dreams. These goals could be turning your dream side hustle into a full-time job or building your savings from zero in the next year to buy your dream home.

While the end result seems unreachable, a mix of motivation, determination, and hard work can get you further than you think. To see the strategic process of setting and achieving your biggest life goals, keep reading our jump to our infographic below.

What’s an Impossible Goal?

An impossible goal is a goal you think you could never achieve. Becoming a millionaire, buying your dream home, or starting a business may be your life goal, but one too big that you never set out to achieve. Instead, you may stick to your current routine and believe you should live life in the comfort zone.

Becoming a millionaire usually requires investing time, confidence, and a lot of hard work — things that may challenge you. But when you think about the highest achievers, most of them had to put in the effort and believe in themselves when nobody else did.

Flashback to 1995 when nobody believed in the “internet store” that came to be Amazon. While that was considered impossible years ago, Amazon’s now made over $280 billion dollars.

In other words, when you make your impossible goals a priority, you may be pleasantly surprised by your progress. We share how to set hard financial goals, why you should set them, and how these goals could transform your financial portfolio this year.

Impossible Goals Set by the Rich and Famous

4 Reasons to Reach for the “Impossible”

Impossible goals challenge you to shift your way of thinking — getting comfortable out of the safety zone. They help fine-tune your focus for daunting tasks you’re willing to put in the time and work for. Whether you’re looking to become a millionaire, buy your dream house, or pay down your debts, here’s why you should set goals for things you think you could never achieve.

1. You May Be Pleasantly Surprised

Everything seems impossible until you do it. When you’re in elementary school, maybe you thought getting a four-year college degree would be out of reach. Regardless, you put in the time and hard work to become a college grad years later. The same goes for your potential goal to write a book. You may think it’s hopeless to write a few hundred pages in the next year, but you may find it attainable once you hit the halfway point.

2. You Check Off Micro-Goals Along the Way

It’s hard to set your goals too low when you’re trying to reach for the stars. In the past, you may have set small goals like being more mindful with your money. While mindfulness practices are extremely beneficial for your budget, you may need more of a push to save for your dream home. By setting impossible goals, you may find it easier to reach your savings goal this year. You may have no idea how to do it, but your goal is to figure it out. Side hustles, a new job, or starting a business are all potential starting points.

3. It May Not Be as Hard as You Think

It can be uncomfortable to try something for the first time, so to avoid the doubts of reaching your goals, create a strategic plan. Download and print out our printable to breakdown each impossible goal. Start with your big goals and break them down into mini-goals. For example, if you want to start an online ecommerce store, researching the perfect website platform is a good starting point.

4. What Do You Have to Lose?

If you already live a comfortable life, you may only have experiences to gain and nothing to lose. When embarking on this journey, check in with yourself every month. Note all the lessons you learned and how far you’ve come. You most likely will face failures, but you’ll be failing forward rather than backwards. Your first ecommerce product launch may not have gone smoothly, but you may know how to improve for the next time around.

Impossible Goals Roadmap

Impossible Goals Download Button

How To Set Impossible Budgeting Goals in 6 Steps

If your impossible goal is related to finances, your mindfulness, time, and dedication will be required to put you on a path towards your dream life. To get started, follow our step-by-step guide below.

Step 1: Map Out Your Dream Lifestyle

  • Get out a journal and map out your dream life. Some starter questions may be:
  • Do you want to afford that house you’ve always dreamt about?
  • Do you want to have a certain amount of money in your savings?
  • Are you hoping to turn your side hustle into a full-time job?
  • What do you find yourself daydreaming about?

Track all these daydreams in a notebook and curate the perfect action plan to achieve each goal.

Step 2: Outline Micro-goals to Reach Your Financial Goals

Now, list out mini-goals to achieve your desires. Start with the big “unachievable” goal and break it down into medium and small goals, then assign each mini-goal a due date. For example, saving $10,000 this year may take more than your current monthly earnings. To achieve this, you may create passive income streams. If that side hustle is to start a money-making blog, you may need to research steps to successfully launch your website.

Step 3: Believe and Act Like Your Future Self

Think of yourself as the future self you want to be. You may picture yourself with a certain home, financial portfolio, and lifestyle, but your current actions may not reflect your future self. Your future self may invest, but your current self is too intimidated to start. To act like your future self, consider doing the research and finding low-risk investments that suit you and your budget.

Step 4: If You Fail, Learn from Your Mistakes

When working towards your dream life, you may hit roadblocks and experience failures. As Oprah explains it, “there is no such thing as failure. Failure is just life trying to move us in another direction.” While failure may happen, you’re able to learn from it and pivot. Every mistake you make, analyze it in your journal. Note what worked, what didn’t, and what you want to do better tomorrow to surpass this roadblock.

Step 5: Track Your Results Consistently

Host monthly meetings with yourself to see how far you’ve come. Consider creating a goal tracking system that suits you best. That may include checking your budgeting goals off in our app month after month. Find a system that works for you and note your growth at the end of each month. If you’re putting in the time and hard work, you’ll get closer to your goals in no time.

Step 6: Be Patient With Your Budget Goals

Throughout this journey, practice patience. Setting goals may be exciting and motivating, but when you’re faced with failures, you may feel hints of disappointment. To avoid a failure slump, be patient and open to learn from your mistakes. If you didn’t make what you wanted from your side hustle the first year, you’re that much closer than you were last year.

Why set your sights on hard goals? Everything feels out of reach until you do it. All it takes is motivation and determination to achieve the impossible. To boost your lifestyle, budget, and drive this New Year, consider setting goals that feel out of reach. Keep reading to see why these goals may be perfect for you. Why Set Impossible Goals for 2021? [The Ultimate New Year’s Savings Hack] appeared first on MintLife Blog.

Source: mint.intuit.com

21 Ways to Make Extra Money (No Survey Sites!)

2020 has been a real humdinger. Unemployment is currently at 13.3% and there are entire businesses and industries that have been shaken up to the point that they may not return. It’s left a lot of people reevaluating the future…

The post 21 Ways to Make Extra Money (No Survey Sites!) appeared first on Modern Frugality.

Source: modernfrugality.com

The Shame of Debt

Money doesn’t make you happy. That’s how the saying goes, and you can’t deny that there’s some truth to it. However, while having lots of money won’t make you happy, having very little is more likely to make you stressed and depressed. 

The less you have, the more likely you are to stress over the smallest of things, and if debt is forcing that poverty on you, hanging a dark cloud of uncertainty over your head, that stress and that depression will increase.

Psychological Cost of Debt

Debt has a massive psychological cost and a lot of that boils down to shame. Debt stress and debt shame are more common than ever in the United States, as debtors seek to hide their troubles from their families and loved ones. There is an unmistakable link between debt and an increased suicide risk.

A student conducted several years ago looked at the finances of people who had committed suicide and found they were significantly more likely to have massive debts (student loan debt, credit card debt). Similar studies have been conducted on mental health, noting that people are more likely to suffer from debilitating depression, stress, and anxiety when they have problems with debt.

And it’s easy to see why. Not only do many debtors choose to keep their problems to themselves, feeling an immense shame that stops them from telling even their closest friends and family, but debt can also lead to anxieties about debt collectors, foreclosures, repossessions, bankruptcy, and more. 

How to Overcome the Shame of Debt

To improve your mental health, you need to fight debt stress and shame. That’s easier said than done, but there are a few things that you can do:

Understand Where the Shame Comes From

The first step is to understand why you feel the way that you feel. This might not fix your debt shame, but it will help you to understand it more.

There is no single, overriding cause of debt shame. Some debtors feel shame because they see themselves as the breadwinner, the provider, and if they have debt it means they have failed. Others feel shame because they come from frugal backgrounds and have been wasteful or because their debt is the result of a drug, alcohol or gambling problem.

Whatever the reason, you need to find it, address it, and fix it. Get help for that gambling or drug addiction, get advice from that frugal family.

Admit Your Fault

Debt doesn’t mean that you’re a bad or useless person. It doesn’t mean that you don’t care about your family. It’s not a character flaw tied to your personality, it’s a behavioral issue tied to impulsivity and even mental health issues. It’s still your fault, but it’s easily fixed and doesn’t make you a bad person.

Understanding this can help you to get rid of that shame and deal with your stress and mental health issues.

Improve Your Financial Knowledge

Researchers have found a direct correlation between debt and financial knowledge; the more you have of the former, the less likely you are to be competent in the latter.

Fortunately, it has never been easier to educate yourself. Take a look at the many guides here on Pocket your Dollars, spanning everything from pay off strategies for credit card debt to money-making ideas, recommendations for loans and credit cards, and more.

Get Credit Counseling

Credit counseling exists for a reason and can help you in your time of need. They’re not mental health counselors, they can’t prescribe you medication and they can’t help with your insomnia and anxiety. However, they have worked with countless debtors, many of which have anxiety and depression, and they understand what it’s like to be in your shoes.

They can help you to assess and manage your debts before advising on the right course of action. A financial therapist can also provide assistance with any relationship issues, counseling you on who you should tell, how you should tell them, and what sort of reaction to expect.

The problem that many debtors have is that they think they know everything. They won’t speak to a counsellor because they’re convinced they know what the counsellor will say. But let’s be honest, if you’re struggling with debt, there’s a good chance you’re not a financial wizard and even if you are, it always helps to speak with an expert, voicing your concerns out loud and bouncing some ideas around.

Stop Spending

We spend when we’re depressed, get depressed because we’re in debt and are in debt because we spend too much. It’s a cycle that’s keeping your favorite retailer in profit and doing untold damage to your finances. To get out of debt, you need to accept that this cycle exists and that the only way to escape is to stop that spending immediately.

Anything that isn’t an absolute necessity can be left for another day, preferably one when you actually have money to spend. Limit your spending to clothes, food, rent, utility bills, medical bills, and everything else that allows you to continue living comfortably from day to day, but give the alcohol, cigarettes, vacations, and other luxuries a miss.

How to Take Control of Your Debt

The best way to avoid the shame and stress of debt is to get rid of it. Studies on debtors have found that at least 9 out of 10 believe they will be much happier if they didn’t have debt. These beliefs have been confirmed by individuals who successfully pay off debt, claiming = they are much happier than they ever were.

There are many ways you can pay off debt and we’ll look at a few of these options below, but generally speaking, you need to:

  • Assess your financial situation
  • Check your credit report and credit score
  • Get help from a credit counselor or financial therapist
  • If your debt-to-income ratio is low, budget better and pay off more with a debt payoff strategy
  • If your debt-to-income ratio is high, try debt relief
  • Create an emergency fund to prevent future issues

Best Ways to Get out of Debt

There is no debt shame if there is no debt. As discussed above, debt is not something you should be ashamed of, but it’s also not something you should cling onto. It can cause you a great deal of stress, placing strain on your relationships and generally making life very difficult for you.

So, while it’s important to face the truth of the situation and dispel those feelings of shame, it’s just as important to fight your debt and get your head above water. Here are a few debt relief options and debt payoff strategies that can help. For more information, including expensive guides and recommendations on each of these options, take a look at the relevant sections on Pocket Your Dollars.

Snowball and Avalanche Methods

The debt snowball and debt avalanche methods are two of the most popular debt payoff strategies, and ones that we have discussed at great length before (see debt snowball vs debt avalanche). They can make the process more systematic, which, in turn, may provide you with the support and the structure you need to get your debts in order. 

In both cases, you need to make a list of all your debts, covering things such as Balance, Monthly Payment, and Interest Rate. For debt snowball, sort the list by balance and go from the smallest to the largest. For debt avalanche, focus on the debts that have the highest interest rate and get those out of the way first. With both methods, you need to keep meeting your monthly payment obligations, before putting any extra money you have towards your chosen debt.

Debt avalanche provides the most practical benefits as it clears the problematic debts first, thus reducing the total interest. Debt snowball provides more of a psychological boost, giving you motivation as you steadily clear your debts.

Major Sacrifices

The biggest issue with any debt payoff strategy is that it isn’t easy to get the extra money you need to make those additional payments and clear your debts early. However, many debtors are trapped in a cycle of debt not because they can’t scrape the cents together no matter how hard they try, but because they struggle to budget properly and make the necessary sacrifices.

The average American debtor spends thousands of dollars every year on uneaten groceries, lottery tickets, and media subscriptions. They drop hundreds of dollars on luxuries they don’t really need and spend over $3,500 a year eating out. If debt is dragging you down then it’s imperative that you clear it, which means making some sacrifices and getting your priorities in check.

If you genuinely can’t spare a dime and don’t waste money on unnecessary expenses, then look into some of the options below.

Debt Settlement

Debt settlement is tailor-made for unsecured debt and works especially well for clearing credit card debt, as well as private students. Debt settlement companies often request that you stop meeting your monthly payment obligations, which puts the accounts into doubt and means your creditors are more likely to accept a settlement.

This settlement will clear the entirety of the debt for a fraction of the price, often around 50%. This means that a credit card debt of $10,000 would be cleared for $5,000, providing you with some big savings even after the settlement fees have been taken into account.

Debt Consolidation

A consolidation loan is a large loan that pays off all of your debt at a reduced interest rate and for a reduced monthly payment. The loan is often extended by several years, which means you pay more in the long-term, but the reduced monthly payments alleviate some of the burden and make the debt more manageable.

Debt Management

Debt management provides debtors with a debt repayment strategy, with all funds funneled through the debt management plan and then distributed to creditors. This service is often provided by credit counseling agencies and credit unions, who begin the process by negotiating with creditors and then assuming control of all debts.

These companies often ask that the debtors cancel all but one credit card, which can reduce the debtor’s credit score by impacting their credit utilization ratio.

Balance Transfer

A balance transfer credit card lets you move all your credit card balances onto a single card, one that offers a 0% APR for the first 6, 12 or 18 months, allowing you to pay down debt without interest, thus reducing compounded interest and clearing the debt quickly.

This method works with all credit card debt and you can typically move between 1 and 5 balances onto a new credit card, providing that card isn’t offered by the same company.

The Shame of Debt is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

What Are the Best Loans If You Have Bad Credit?

If you need to borrow money but your credit is less than stellar, it’s possible you’ll wind up with a bad credit loan. These loans are geared toward individuals with imperfect credit histories who can prove their income and ability to repay the loan. As a result of their bad credit, however, consumers who use bad credit loans typically pay much higher interest rates and loan fees. Bad credit loan customers may also be limited in how much they can borrow as well as the terms of their loan’s repayment.

From our perspective, LendingClub is the overall best option when it comes to getting a loan when you have bad credit.

Borrow Money with LendingClub

What To Do If You Think You Have Bad Credit

Step 1 — Get Your Actual FICO Score

The only way to find out if you have bad credit is to take a look at your FICO score, which isn’t difficult since many companies offer online access for free. While your FICO credit score isn’t the only credit score you have, it’s the one used by most lenders that offer personal loans.

According to myFICO.com, the credit score ranges are as follows:

  • Exceptional: 800 and up
  • Very Good: 740 to 799
  • Good: 670 to 739
  • Fair: 580 to 669
  • Poor: 579 or below

If your credit score falls below 579, there’s a good chance you could only get approved for a bad credit loan. If your credit is just “fair,” on the other hand, there’s still a chance you’ll wind up with a loan for bad credit.

Get My FICO Scores

Step 2 — Compare Multiple Offers

Once you have determined your credit score, you’ll want to start comparing offers from different lenders to see what fits your needs. You can use this tool to start that process.

Continue reading to find out how Good Financial Cents breaks down the best loans for bad credit and what you should watch out for.

Best Bad Credit Loans of 2021

If you feel you’re a candidate for a bad credit loan, it still makes sense to compare loan options to find the best deal. Loans for bad credit may come with higher interest rates and more fees, but some are still better than others.

For the purpose of this guide, we compared all the bad credit lenders to see how their loan products stack up. The following loans are the best of the best when it comes to loans for poor credit:

  • LendingClub
  • Avant
  • LendingPoint
  • OneMain Financial
  • Upstart

Bad Credit Loan Reviews

Before you apply for a loan with one of the bad credit lenders above, it helps to have a basic understanding of their loan offerings, interest rates, and any other important details they offer. The following individual loan reviews can help you determine which lender offers loans that might work for your situation.

#1: LendingClub

lendingclub bad credit loans

LendingClub is a peer-to-peer lender that operates outside of traditional banks. This means loans funded through the platform are initiated by private investors instead of banks, and it also means you may be able to get funding through LendingClub if you can’t get approved for a loan elsewhere.

Investors in search of higher returns on their money can agree to offer loans to consumers with bad credit who present a higher risk. As a result, LendingClub personal loans come with APRs that range from 6.95% to 35.89%. Obviously, loans with rates on the higher end of the scale will go to those with low credit scores.

Before you apply, it’s important to be aware that LendingClub charges an origination fee that can equal up to 6% of your loan amount. You can repay your loan anywhere from 36 to 60 months, and there’s no prepayment penalty if you pay your loan off early.

  • Pros: No minimum credit score requirement: check your rate online without a hard inquiry on your credit report
  • Cons: Potential for a high origination fee and interest rate

Get a Loan from LendingClub Today

#2: Avant

avant bad credit loan

Avant is another lender that often extends personal loans to consumers with low credit scores. With Avant, your interest rate will fall somewhere between 9.95% and 35.99% and you can repay your loan from 24 to 60 months. A loan funding fee of up to 4.75% of your loan amount is required as well, which will push up the cost of borrowing.

Avant claims that they have loaned $4 billion dollars to more than 600,000 consumers so far and that they have a 95% customer satisfaction rate. You can apply for a personal loan through Avant online, and you can even check your rate without a hard inquiry on your credit report.

  • Pros: No minimum credit score requirement; you can check your rate online without a hard inquiry on your credit report
  • Cons: High APRs and loan fees for bad credit

Borrow Better and Faster with Avant

#3: LendingPoint

lendingpoint bad credit loan

LendingPoint is another bad credit lender that offers personal loans to consumers who are willing to pay whatever APR it takes. Loans from LendingPoint come with APRs between 15.49% and 35.99%, and your loan origination fee can be as high as 6% of your loan amount.

You can repay your loan for anywhere from 24 to 48 months, and loans are offered in amounts up to $25,000. LendingPoint also lets you check your rate online without a hard inquiry on your credit report. You do need a minimum credit score of 585 to qualify for one of their loans.

  • Pros: Check your rate without a hard inquiry; low minimum credit score requirement
  • Cons: Pricey APRs and loan origination fee; loans not available in every state

Sign Up Today with LendingPoint

#4: OneMain Financial

one main financial bad credit loans

OneMain Financial offers personal loans in amounts between $1,500 and $20,000, and you can repay your loan for anywhere from 24 to 60 months. Interest rates range from 18.00% to 35.99%, and an origination fee may apply as well.

You can apply for a bad credit loan with OneMain Financial online, and you can get your loan approved and funded within a matter of days. You can even check your rate and gauge your ability to qualify without a hard inquiry on your credit report.

Finally, note that OneMain Financial has 1,500 physical locations in 44 states. To have your loan funded, you’ll need to visit a OneMain Financial location and meet with a loan specialist.

  • Pros: No minimum credit score requirement; borrow up to $20,000
  • Cons: Potential for pricey APR and loan origination fee

Get Started with OneMain Financial

#5: Upstart

upstart bad credit loan

Upstart is a unique online lender that makes it easier for borrowers with poor credit to qualify for a loan. This company considers more than your credit score when approving you for a personal loan, meaning they may give more weight to additional factors like your income and how much education you have.

Borrowers who qualify can access between $1,000 and $50,000 in loan funds with a repayment period of 3 or 5 years. Interest rates range from 5.69% to 35.99%, however, depending on creditworthiness and other factors.

Fortunately, loans from Upstart don’t come with any prepayment penalties. You can also check your rate online without a hard inquiry on your credit report.

  • Pros: No minimum credit score requirement; borrow up to $50,000
  • Cons: Potential for pricey APR and loan origination fee

Get the Loan You Deserve with Upstart

How We Chose the Best Loans for Bad Credit

The lenders above offer loans that can be exorbitantly expensive when you factor in interest rates and fees. Since expensive loans are the norm for consumers with bad credit, however, these still represent the best loan options for people with risky credit profiles.

With that in mind, here are the factors we considered to come up with the loans for this list:

Easy Rate Check

Having the ability to check your loan rate online without a hard inquiry on your credit report is beneficial for potential borrowers who aren’t quite ready to fill out a full loan application. We ranked lenders who offer this option higher as a result. With an easy rate check, you can get an idea of your interest rate and loan fees before you apply.

Check Your Credit Score for FREE

No Prepayment Fees

While loans for bad credit typically come with high interest rates and more loan fees, we think prepayment penalties cross the line. We looked for bad credit loans that don’t charge prepayment penalties since borrowers should have the option to pay their loans off early.

Ability to Apply Online

Lenders that let you apply for a personal loan online are considerably more convenient, so we gave a better loan score to loan companies that offer this option. Bonus points were applied if you can complete the full loan application online and have your loan funded electronically.

Loan Reviews

We also looked at individual loan reviews on company loan pages and websites like Trustpilot. While all lenders have their share of poor loan reviews, the lenders that made our list boast considerably more positive user reviews than bad ones. Most of the lenders that made the cut for our ranking have customer approval rates over 90%.

Loans for Bad Credit: What to Watch Out For

Bad credit loans are not ideal since they come with high rates and fees that push up the total cost of borrowing. However, some bad credit loans are also considerably “better” than others based on how they charge fees and the rates they offer. Here’s everything you should watch out for before you apply.

Consider the Impact of High Rates

First, it can be immensely helpful to check your rate with multiple lenders in this space before you apply. There’s a huge difference between paying 25.00% APR and 35.99% APR even though both rates aren’t great, so you’ll want to pay the lowest interest rate that you can.
How much difference can it make? Imagine for a moment you need to borrow $10,000 and repay it over 60 months. Here’s what your monthly payment would look like — and how much interest you would pay overall — if you repaid your loan over 60 months with three different rates:

Loan APR Monthly Payment Total Interest Paid
10.99% $217.37 $3,042.46
25.99% $299.35 $7,960.73
34.99% $354.84 $11,290.34

Avoid Origination Fees If You Can

Also try to avoid loan origination fees if you can, although this may be difficult if your credit score is on the low end of the scale. Loan origination fees are charged as a percentage of your loan upfront, so you can’t avoid them — even if you pay your loan off early. They also add unnecessary expense to your bad credit loan without any benefit for you, the borrower.

Check for Prepayment Penalties

Also, make sure to check for any prepayment penalties that may apply to your loan, and if you can, opt for a lender that doesn’t charge these fees. It would be nice to have the option to pay your loan off early without a penalty if you wind up having the money you need to do so. If you’re able to pay your loan off ahead of schedule, you could pay a lot less in interest over your loan’s term.

Bad Credit Loans: Should You Improve Your Credit First?

If you’re worried about the impact of a bad credit loan on your finances, it can make sense to spend some time improving your score before you apply. If you’re able to pay all your bills early or on time for several months, for example, you could have a positive impact on your score. That’s because your payment history is the most important factor that makes up your FICO score. According to myFICO.com, this factor alone makes up 35% of your score.

The same is true if you’re able to pay down debt to decrease your credit utilization. This advice is based on the fact that how much you owe in relation to your credit limits is the second most important factor making up your FICO score at 30%.

In the meantime, try to avoid opening and closing too many accounts since either of these moves can also ding your score.

If you were able to move the needle and boost your credit score in the “fair” or “good” range, there’s a very good chance you could qualify for a less expensive personal loan with better rates and terms. Of course, this isn’t always possible if you need to borrow money sooner rather than later.

The Bottom Line

Bad credit loans may come with pricey APRs, but they are often the only option of last resort for borrowers whose credit has taken a hit. If you’re in the market for a loan and know you’ll need to get a loan for bad credit, the best thing you can do is compare loan options to find the best deal.

Keep an eye out for bad credit loans with the lowest interest rate and origination fee you can qualify for.

Also, look for lenders that let you check your rate and get prequalified online and before you fill out a full loan application.

With enough research, you should end up with a bad credit loan that helps your finances instead of making them worse.

The post What Are the Best Loans If You Have Bad Credit? appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

Convince Your Spouse You Need To Get Out Of Debt

The post Convince Your Spouse You Need To Get Out Of Debt appeared first on Penny Pinchin' Mom.

Need to convince your spouse you need to get out of debt?  You can’t just tell him or her.  You need to address it in the right way.

How to Convince Your Spouse You Need To Get Out of Debt -- Without Fighting!!

Getting out of debt and taking control of your finances is important to your relationship.  Whether you are just starting out or have been together for 25 or  more years, you have to be in the same page financially, or you will be destined for failure.

So, what happens if your spouse is a spender and you are a saver?  Or, what do you do if you want to create a budget you both contribute to, but your spouse refuses to help?  What happens if you want to get out of debt, but your spouse thinks you are fine?

These are questions I get over and over again from readers just like you.  Get my answers on what you can do if you find yourself in any of the following situations.

CONVINCE YOUR SPOUSE YOU NEED TO GET OUT OF DEBT

I WANT TO GET OUT OF DEBT, BUT MY SPOUSE DOES NOT AGREE

This is a very common scenario.  One person feels that there is too much debt and their spouse or partner thinks that they are doing just fine.  What do you do in this situation?  I’ve got the things you can try to help get your spouse or partner onto the same page as you.

 

SET A DATE

Timing is everything when you are discussing debt with your spouse or partner.  If you casually mention it over dinner, it may not actually resonate that you are serious.

Set up a date with your significant other.  Carving out time to have a real, honest discussion about your finances can make all the difference.

 

USE “WE”  – NOT “YOU”

When you sit down to talk, your money and finances should be discussed as “we” and never as “you.”

For instance, instead of saying “You are spending more than you make” – say “We are just spending a bit too much money lately.”

When you are in a relationship, your money is no longer yours and mine, it is ours.  Addressing your debt should be addressed in the same way.

 

NAGGING NOT ALLOWED

If, after you have this discussion, your spouse is still reluctant to get started, take a break.  Circle back around a few weeks later and have another discussion.

The thing you do not want to do is nag him or her about it.  That will create more resentment and be much less successful in developing a plan you both can follow.

MAKE SURE YOU CAN STILL HAVE FUN

The main reason many people are reluctant to get out of debt is they fear that they will not be able to spend any money on anything at all.  That does not have to be the case.

Talk to your partner about your budget and show him or her how you can still leave money for dinner out or the weekly movie dates you love to have together.

One way that my husband and I do this is that we have a “mad money” fund.  This is money which can be spent on whatever we each want.  We designate an envelope for each of us.  When our money is gone, we are done spending.  We actually have turned this into a challenge to see which of us can actually go the longest without spending any money!  After a few months, we agreed that we both won and then turned around and used that money in planning a Disney vacation.

You are a team and together you will need to work up your budget so it works for both of you.

 

BE WILLING TO COMPROMISE

When you sit down for your meeting, don’t have everything planned out.  As tempting as it might be to have the budget all mapped out and show it, that may actually result in your partner being more resistant.

When you talk, take the time to truly listen to what your partner has to say.  Once he or she voices concerns, you will also have a chance to make your case.

When you show that you really do want to listen and work together on this journey, he or she may be much more willing to join you.  However, if you shut him or her out of the conversation, you will not be successful.

 

CREATE A PLAN TOGETHER

Once you both are on the same page with your debt, it is time to make a debt payoff plan. It should include a list of your debts and a way to track your success.  You will work together to achieve your financial goals.  Go through everything together and make sure you both agree to how much you will pay on the debt, your budget and much more.

Putting it in writing will help you both focus on the big picture and give you accountability to one another.  Before you know it, you will be on the path to financial freedom.

 

 

The post Convince Your Spouse You Need To Get Out Of Debt appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

3 Ways to Beat Debt Burnout

3 Ways to Beat Debt Burnout

Paying off debt with “gazelle intensity” is a great way to get rid of debt quickly. Cutting your budget to a nearly bare-bones level and working hard to increase your income, speed up debt payments and save up for retirement will help you make great progress on your financial goals, but most people can only live on a strict budget for so long before they begin experiencing debt burnout.

Find out now: How much do you need to save for retirement?

What is Debt Burnout?

Burnout is feeling exhausted with your day-to-day routine or the lack of flexibility in your budget. Some people get tired of not having extra money in their food budget to go out to eat occasionally or buy a wider variety of foods at the grocery store. Others grow tired of having little to no budget for entertainment and fun. Burnout leaves you feeling fatigued, frustrated and ready to give up on your debt-free dreams.

Beating Debt Burnout

After you’ve diagnosed yourself with debt burnout, it’s important to take immediate steps to correct it so you don’t end up un-doing all the progress you’ve made toward paying off your debt. The steps to beating burnout don’t have to be drastic. It’s possible to do it by making a few simple adjustments.

1. Reassess Your Budget

After you’ve paid down some of your debt, it’s common to start feeling some burnout from the lack of flexibility in your budget. This may be a good time to reassess your budget and perhaps give yourself a little more money for things you enjoy, like increasing how much you spend on entertainment or giving yourself a little more money for going out to eat with friends and family. This may decrease the amount of money going to debt payments, but that’s better than getting burnt out and going on a crazy credit card shopping spree down the road.

2. Plan a Fun Trip or Event

While your family is paying off debt, it’s common to give up all vacations, trips and fun events. But when you start experiencing debt burnout, planning for one of these events is a great way to stay motivated and give your family something to look forward to. The trip or event doesn’t have to be a huge and expensive ordeal. Even a short day or weekend trip is something to look forward to when you are living on such a tight budget. Try planning for when you hit a milestone – paying off half of your debt or even for when the whole thing is paid off.

3. Find Some Support

When you start to feel burnt out and unmotivated to continue your debt payoff journey, seeking out an accountability partner is a great way to help you stay on track. Single people can especially benefit from having someone to confide in and bounce ideas off of. But even couples and families can use the outside perspective of an accountability partner to help them keep focused on their financial goals and beat debt burnout.

Debt burnout is a real thing that many people struggle with as they work their way out of debt. The more debt you have to begin with and the longer the time frame for paying it off, the more likely it is that you’ll face burnout at some point.

Find out now: Should I get a fixed or adjustable rate mortgage? 

What other ways can you think of to help beat debt burnout?

Photo credit: flickr

The post 3 Ways to Beat Debt Burnout appeared first on SmartAsset Blog.

Source: smartasset.com

How to Make a Side Income Running a Vending Machine Business

As we continue to make our way through COVID-19, many people are still looking for ways to get items they need without physical contact with another person.

Vending machines serve that purpose — and make money for the machine’s owner.

Owning and operating vending machines is big business, providing passive income without any specialized skills. It’s also called automatic merchandising.

Basically, all you need to get started is some startup money to buy a machine, a good location and the right products.

The Vending Machine Business During COVID-19

Revenue for the vending machine industry was $24.2 billion in 2019, up 3% from the year before.

That data came from the Automatic Merchandiser’s Annual State of the Industry Survey — before the full impact of COVID-19 hit.

There were 2,175,756 vending machines in service in 2019 in a variety of locations including:

  • Manufacturing areas
  • Offices
  • Retail spaces
  • Hotels/motels
  • Schools
  • Hospitals and nursing homes
  • Universities/colleges
  • Correctional facilities
  • Military bases
  • Restaurants, bars and clubs

Cold beverages were the top-selling product category. A majority of vending machines involve food and beverage products including sodas, coffee, snacks and candy.

There are also machines for bulk vending like gumballs, stickers, toys, novelties and more. During COVID-19, machines popped up selling masks and hand sanitizer.

At places like airports, vending machines often sell tech accessories and travel essentials like neck pillows, blankets and eye masks. Laundry rooms in residential buildings often have machines with detergent and fabric softener.

With many offices, businesses and other public spaces closed or restricted due to the coronavirus pandemic, the vending industry is certainly taking a hit.

“We’re in a tough, tough industry right now with COVID-19. A lot of stores don’t want the machines there, they don’t want the kids congregating, they don’t want people touching them,” said Scott Ausmus, director of manufacturing for National Entertainment Network, Inc. and president of the National Bulk Vendors Association.

He grew up in the vending business. The machines he sells and operates are the novelty kind, offering things like stuffed animals, toys and gumballs. Many are in restaurants and entertainment venues like bowling centers.

Many factors make owning a vending machine an attractive business venture.

The startup costs are relatively low, sometimes around $2,000. The work is flexible and often doesn’t require much day-to-day involvement. The risk is comparatively low and there is growth potential.

“There’s a higher profit in the gumball then there is anything else,” Ausmus said. “The cost of goods is low on the gumballs and everybody likes gum, so everybody still purchases a gumball and so that is a winner for a lot of people.”

Starting a Vending Machine Business

While the startup costs are low and the income is often passive, owning vending machines is not without risk. You must be able to understand your own financial situation and how much you can afford to invest.

There is the cost of the machine, the cost of inventory, personnel to keep it stocked, maintenance and more.

The more perishable the product and the busier the area, the more of your time the machine will take.

“If (your machine location has) a big break room and a lot of employees, you would have to be there once a day to fill your machines up because that’s how busy they are,” Ausmus said. Other machines like toys and candy don’t require as much restocking.

One of the first steps in starting a vending machine business is finding your niche and deciding what to sell. That takes a bit of research and knowing who your customer is.

“You gotta buy the right product. If you buy the wrong product, it won’t move and you won’t make any money and you certainly don’t want to throw [product] away,” Ausmus said. “You’ve got to have the variety for people and find out which ones they want and that’s what you restock with, what sells.”

Vending machine businesses are scalable, meaning it’s possible to start small and expand. You don’t have to wait for payments because customers pay when they purchase an item.

Location, Location, Location

To put yourself in the best position to be profitable means finding the right location.

Places with lots of foot traffic are good. Before COVID-19, that meant schools and universities, malls, office parks, etc.

Think about where people need to wait. While waiting, they may get hungry or thirsty. Ausmus’ novelty machines need kids around.

“One of the hardest things to do is to locate a location,” he said.

Location can be about trial and error.

“It’s really not a bad risk to put it in a location and find out that it’s not making enough money. … You can remove it and move it to the next one until you find that right location,” Ausmus said.

When looking for locations, be prepared to approach the owner or landlord with a business plan for the machine.

Also be prepared to:

  • Pay a percentage of sales or other fee for having your machine in their location.
  • Pay for the electricity the machine uses.
  • Ensure the security of the machine. There is money inside a machine as well as inventory. Theft and vandalism are always possible.
  • Research state and local laws and regulations.
  • Pay sales tax on the revenue the machine generates.

Key Purchase: Your Vending Machine

Then you will need an actual vending machine. There are several types, and prices vary depending on what is in the machine, whether it needs refrigeration or heating, and the interactivity.

Buying directly from a manufacturer or supplier is one option, as is purchasing on a secondary market. Some companies also rent machines. Ausmus cautioned to make sure there are spare parts and support available for what you buy.

Machines range from about $1,500 for a used or refurbished machine to several thousands for a new, high-end machine with many technical features.

Some machines have:

  • Remote monitoring software: This helps keep track of how the machine is working and notifies the operator if something is wrong.
  • Low stock alerts: Notify the operator when items needs replacing.
  • Vending management systems (VMS): Tracks sales and other data to help owners make better business decisions.
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Running a Vending Machine Business

While owning vending machines does not require any special skills, it is a business.

You will need inventory and someone to keep the machine stocked and maintained. This may require a van or truck.

Perishables need to be stocked more often than other items. Learning some basic maintenance skills could keep you from having to hire someone if there is a problem with the machine.

Different types of machines have different capabilities. Some take only cash while others will process credit or debit cards. Some models have touch screens or voice capabilities.

“Make sure that you have your phone number on the machine, and that the store location knows your phone number,” said Ausmus. “If somebody didn’t get what they wanted, make sure the store can give them a refund and you pay the refund back to that store. Then get out there as soon as you can to fix the machine so that you can continue to make money.”

Automatic merchandising isn’t for everyone, but owning and operating a vending machine can be a good business. Being able to retrieve the money you make and restock your machines easily is the key.

“Then you only work probably three days a month, basically on the whole gig,” said Ausmus. “Three four days a month can make somebody a good little extra income.”

Tiffani Sherman is a Florida-based freelance reporter with more than 25 years of experience writing about finance, health, travel and other topics.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

6 Cheap Super Bowl Snacks to Serve With the Big Game

Everyone knows that Super Bowl time is snack time.

But this year, given the ongoing coronavirus pandemic, you may be staying home to watch the game rather than heading to a big bash or going to a bar or restaurant and plunking down big bucks.

However you decide to watch the game, you can still enjoy some classic Super Bowl snacks.

6 Cheap Super Bowl Snacks to Enjoy With the Big Game

1. Chex Party Mix

Everyone loves this crunchy, salty snack. While there are thousands of different ways to make it, this time-tested recipe from The Spruce Eats is super easy and will appeal to the garlic lovers in your crowd.

Prep time: 15 minutes

Cook time: 60 minutes

You’ll need:

  • ½ cup butter
  • 2 tablespoons Worcestershire sauce
  • 1 teaspoon seasoned salt
  • 1 teaspoon garlic salt
  • ½ teaspoon onion powder
  • 3 cups corn Chex cereal
  • 2 cups wheat Chex cereal
  • 1 ½ cups mixed nuts
  • 1 cup small pretzels
  • 1 cup garlic-flavored bagel chips
  • 1 cup mini pretzel rods

Preheat the oven to 250 degrees. Melt the butter in a large pan and stir in Worcestershire sauce, seasoned salt, garlic salt and onion powder. Add everything else and toss thoroughly until well-coated. Bake for one hour, stirring the batch every 15 minutes. Let cool and store in an airtight container.

2. Honey Garlic Crockpot Meatballs

For a hearty main course, this incredibly easy meatball recipe from Family Fresh Meals will keep your crew happy. Serve them over noodles or rice for a main dish, or just let people enjoy them as an appetizer.

Prep time: 5 minutes

Cook time: 4 hours

You’ll need:

  • ¼ cup brown sugar
  • 1/3 cup honey
  • ½ cup ketchup
  • 2 tablespoons soy sauce
  • 3 minced garlic cloves
  • 1 (28 oz) bag fully cooked, frozen meatballs

Mix together the brown sugar, honey, ketchup, soy sauce and garlic. Next, place the meatballs in a three- or four-quart crockpot and cover in sauce, tossing to coat. Turn the crockpot on low for four hours and stir occasionally.

3. Baked Mozzarella Sticks

Enjoy the diner classic at home with The Spruce Eats recipe for baked mozzarella sticks.

Prep time: 15 minutes

Cook time: 5 minutes

You’ll need:

  • ½ cup brown rice flour
  • ¼ cup tapioca flour
  • 1/4 cup parmesan cheese, finely grated
  • 1/2 teaspoon garlic powder
  • 1/2 teaspoon salt
  • Freshly ground black pepper to taste
  • 2 large eggs
  • 6 sticks of low-moisture, part skim milk mozzarella string cheese (cut in half crosswise and frozen for 3-4 hours)
  • Grapeseed oil for frying
  • Marinara or other sauce for dipping

Add grapeseed oil to a skillet, and then mix the flours, parmesan, garlic powder, salt and black pepper in a shallow dish. Beat the eggs and add them to a separate dish. Coat the cheese, alternating between the dry mixture and the egg. Make sure to cover the entirety of the cheese pieces, including the ends.

Next, heat the oil in the pan to 360 degrees and then drop the frozen cheese into it. Turn them every 20 to 30 seconds until they are a golden brown color. Place the cheese on paper towels to absorb the excess oil, and then transfer them to a platter for serving.

4. Pigs in a Blanket

Prep time: 15 minutes

Cook time: 15 minutes

Go with the classic childhood favorite: buttery dough enveloping tasty mini-sausages. Pillsbury has a great recipe for pigs in a blanket. 

You’ll need:

  • 2 cans (8 ounces each) refrigerated crescent dinner rolls
  • 48 cocktail-sized smoked linked sausages

Preheat the oven to 375 degrees. Unroll all the dough and pull into 16 triangles. Cut each triangle into three narrow triangles. Roll a sausage link up in each triangle of dough. Place them on unlined baking sheets. Bake for 12 to 15 minutes until golden brown, rotating halfway through. Serve warm.

5. Crockpot Beer Cheese Dip

Prep time: 10 minutes

Cook time: 40 minutes

This snack from The Spruce Eats just may be the most indulgent one on this list. Have it with pretzels or tortilla chips — or even try something fancier like apples and vegetables.

  • 1/2 cup beer
  • 1/4 teaspoon Tabasco sauce
  • 1 pound processed cheese spread loaf, cut into 1-inch cubes
  • You’ll also need food to dip into it; The Spruce Eats suggests not only tortilla chips and hard and soft pretzels but also apples, crackers, bread cubes and assorted vegetables.

Combine the beer, Tabasco sauce and processed cheese spread in a slow cooker. Add more Tabasco sauce if you prefer a spicier treat. Cover and cook on high for 40 minutes. Once the cheese has melted, stir it to make it smooth. Keep it in the slow cooker on low and serve with the dippers.

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6. Restaurant-Style Buffalo Chicken Wings

It really is possible to enjoy restaurant-style buffalo chicken wings at home. This recipe from AllRecipes takes more time than others on the list, but that’s only because you need to chill the chicken before cooking it.

Prep time: 60-90 minutes (includes time to chill ingredients before cooking)

Cook time: 15 minutes

  • ½ cup all-purpose flour
  • ¼ teaspoon paprika
  • ¼ teaspoon cayenne pepper
  • ¼ teaspoon salt
  • 10 chicken wings
  • oil for deep frying
  • ¼ cup butter
  • ¼ cup hot sauce
  • 1 dash ground black pepper
  • 1 dash garlic powder

Mix flour, paprika, cayenne pepper and salt in a small bowl. Put the chicken wings in a nonporous glass dish or bowl and then sprinkle the flour mixture on top, evenly coating the wings. Cover the dish and refrigerate it for 60-90 minutes.

Heat the oil in a deep fryer to 375 degrees. Mix butter, hot sauce, pepper and garlic butter in a small saucepan and then put it over low heat. Stir until the butter melts and blend the mixture thoroughly. Then remove it from the heat.

Remove the wings from the refrigerator and fry them in the hot oil for 10 to 15 minutes. Remove them from the heat, put them in a serving bowl, add the hot sauce mixture and stir before serving.

Kristen Pope is a contributor to The Penny Hoarder. Editor Sushil Cheema contributed to this post.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com