Here are the 5 financial tips for the last week of August 2013. Check out the tips and implement them in your life for a better financial future.
Tip no 1: Take all the steps to safeguard yourself from scams. You may have to spend as much as 600 hours to implement a damage control plan.
Always try to protect yourself from the rampant scams that are happening nowadays. Make sure you're not a victim of identity-theft. This is because identity-thieves are quite smart at what they do. They can simply create a serious damage in your credit file. You'll have to exhaust your energy and a lot of time for formulating and implementing a damage control plan. It may take as long as 600 hours just to recover from the damage. You won't be able to live peacefully during this period. Moreover, you'll be at the risk of losing a huge amount of money.
Tip no 2: Keep your boss happy with your sincere work or else you may get fired very soon.
Gone are the days when your job was secured. You could just work for 7-8 hours at office and relax for the rest of the day. However, the situation has completely changed now. The unemployment rate in the month of July 2013 was 7.6 percent. Though the condition of the job market has slightly improved now, yet there are thousands of unemployed people in the country. So, take your job seriously and avoid doing anything that will annoy your boss. Complete all the projects within the deadlines to avoid getting terminated.
Tip no 3: Learn how to strike out a deal wherein both the parties will win. If you don't, then all your negotiation skills will go in vain.
You should negotiate in such a way that both parties will get a fair deal. For instance: if you're dealing with your creditor, then try to offer a deal wherein both the parties will be happy. Your creditor won't accept a deal unless he benefits from it. On the other hand, you would obviously won't seal a deal wherein you would not get any advantage. So, before you start negotiating with the creditors, make sure you draft a plan which will your creditors are less likely to refuse. If your outstanding balance on a credit card is $20,000, then avoid making a settlement offer of $1000. Your creditor will reject it straightaway. So, make an offer which your creditor will find it hard to resist and you'll save money at the same time.
Tip no 4: Create a smart financial plan as it helps you find out the flaws and rectify them for a better future.
Devise a financial plan that will help you find out the mistakes you're making in your life. Mistakes can prove to be fatal. Costly mistakes can just jeopardize your financial life. You can lose your money, home and even spouse due to these mistakes.
Once you find out your mistakes, take steps to rectify them on your own. For instance: if you're spending the bulk of your income on the branded clothes and accessories, then you should stop doing that immediately. You're only wasting your resources. Nothing else. Allocate the maximum amount for the necessary expenses on food, mortgage, insurance, retirement plans, etc. If you're left with spare cash, then save it for your future needs.
Tip no 5: Learn to say 'no' to the payday loan lenders. Resist your temptation for fast cash.
When you're in urgent need of money, you would obviously be tempted to get fast cash. After all, who would agree to to give you money without checking your credit report and score. You can get a small amount of money from the payday loan lenders within a very short period of time. However, you'll have to pay a heavy interest for that loan. In fact, you may have to pay as much as 500 percent interest on the loan. This would drain your funds in the long run.
There is yet another problem associated with cash advance loans. The problem is that not all the payday loan lenders are legal in your state. The illegal lenders are notorious for harassing borrowers. If you take out a loan from an illegal lender, then you'll just invite fresh troubles at your home.
With proper help you can
- Lower your monthly payments
- Reduce credit card interest rates
- Waive late fees
- Reduce collection calls
- Avoid bankruptcy
- Have only one monthly payment