John J. Bowman Jr

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December 11, 2017

3 Ways to Rid Yourself of Student Loan Debt in 2018

Student loan debt affects a huge part of the population. In fact, the overall student loan total in America skyrocketed to over $1.3 trillion in 2017. Fortunately, 2018 yields some promising tools and processes that can help citizens rid themselves of it. Here are three personal finance tips for getting rid of student loan debt:

Choose the Right Occupation

One way to get student loan debt forgiveness is to work for a government entity or a nonprofit organization. Doing so will allow you to become eligible for a forgiveness program after 5-10 years as an employee. Public school teachers who work in low-income neighborhoods are eligible for student loan forgiveness, as well. Therefore, you may want to consider putting in an application in those fields.

Choose a Repayment Plan The Works for You

Another personal finance tip for you is to sign up for a reasonable repayment plan. If you have low income or limited income, you can sign up for for a plan that’s income based or income contingent. Doing so will ease the burden for you as you pay down the debt. Eventually, you’ll make it to financial freedom.

To sign up for the special repayment plans, you just have to visit the website and complete an application. You may have to mail or upload some information so that the debtor can assess your income situation. Once they do that, they will let you know if you qualify for a specialized repayment plan.

Pick up a Second Job

Finally, you could always pick up a second job to pay down your student loans. Many retail stores hire at an accelerated pace during the holiday season. If you have some time to spare, you can put in a few hours every day and use everything that you earn toward those loans.

You deserve to have financial freedom, and you can get it if you handle your loans intelligently. Try these methods and watch your student loans decline in the blink of an eye.

November 19, 2017

Tips for Purchasing Your First Car

Congratulations! You’ve finally got your license and you are ready to hit the open road! The only thing stopping is figuring out exactly how to save enough money to purchase an affordable vehicle. Whether you are looking into buying a new car or a used car, here a few things you might want to consider:

Timeline

How soon would you like to purchase your new vehicle? It is important you figure out a timeline such that you can save the proper amount of money and you have the opportunity to get all of your other finances in order. Make sure your timeline is realistic and falls in line with your income and other expenses.

Car payment plan

You need to figure how much you are comfortable spending in car payments each month. While creating this budget, bear in mind that you will need to be able to simultaneously save  enough money for car insurance and car maintenance. Maintenance can include but is not limited to tire rotation, oil change, car batteries, etc.

How much do you need to put down?

Take advantage of all the internet has to offer and use available tools to help you figure out how much you need to put down. Take the time to test different down payment amounts and terms to see which scenario can best fit in your budget.

Save!

Now that you have figured out when you want the car, how much you can afford and how much you need to put down, you need to start saving! Eliminate anything from your budget that you don’t need to spend money for and allocate that money towards your “new car fund”.  This may not be as easy as it seems but it will definitely be worth it once you’ve reached your goal and are behind the wheel of your new car.

November 15, 2017

Christmas Budgeting Tips

Christmas is right around the corner! This means lots of holiday cheer, family, and gifts. Lots of gifts. This sounds great but if you’re not properly prepared you will end up blowing the budget you worked so hard to maintain throughout the year. Here are a few tips to help you get through the holidays without increasing your debt.

Create a Christmas Budget

Keep it simple by doing these two things:.

  • Write down how much money you can save between now and Christmas day
  • Figure out how much of that money you are willing to spend on Christmas gifts.

Make a list and check it twice

Write down a complete list of all the people you want to buy gifts for. This list should include family, friends, co-workers, neighbors, your favorite service providers (mailman, delivery boy, teachers, paperboy, etc), and anyone else you feel is deserving of a gift from you.

Once you’ve completed your list, look it over and remove anyone that you are unsure about. After that, separate the list into 3 groups:

Christmas cards – Everyone in this group will be receiving a thoughtful Christmas card instead of a gift.

Handcrafted gift – Everyone in this group will receive a unique handcrafted gift. These gifts to not have to be extremely detailed or time consuming. In fact, they can be as simple as a baked good like cookies or a cake,  handmade ornament or a personalized coffee mug.

Paid gift – This is the group that directly affects your budget. Everyone is this group will receive a gift purchased with the money you have saved.  Place the amount of money you are willing to spend for person on this list. For example, you may want to spend $100 on a joint gift for your parents, $50 on a gift for your sibling, and $25 on a gift for your co-worker.  Just be sure not to overspend on after you set each amount.

Now, what are you waiting for? Follow these tips and start your Christmas shopping today!

Happy Holidays!

September 1, 2017

Credit Cards for Bad Credit

One of the most detrimental stigmas when managing finances is a low credit score, which can be caused by any number of reasons which may be no direct fault of the card holder. It doesn’t help that companies aren’t inclined to give second chances, regardless of reason or circumstance. If you have bad credit, it will follow you every time you attempt any sort of financial transaction. This being said, there are still some credit companies who understand and are willing to work with you to provide you with several options to bring your finances under control.

Low deposit credit cards
One example are low deposit credit cards, which require you to pay only a fraction of a deposit for a credit limit, while typical ones require an equal deposit. You can also pay off deposits in installments, making this card ideal for those with damaged credit.

No credit check cards
No credit check cards don’t require credit checks or even a bank account at the expense of no method to upgrade to an unsecured card.

Rewards cards
Rewards cards have no annual fee and give cash back rewards on restaurant and gas spending and lower rewards for other spending, at the cost of requiring an initial deposit from a bank account.

Low interest and fee cards
Low interest and fee credit cards offer an APR of only 12.50%, half that of many secured and unsecured cards with no deposit restrictions at the cost of requiring a credit union membership.

Secured cards
A particularly appealing option are first progress secured credit cards, which require no minimum credit score or even a credit file, though your security deposit must equal your credit line.

Pre-paid debit card
While not technically a credit card, pre-paid debit cards set a limit to your spending without requiring a credit score but don’t affect your credit card score positively either.

There are options for you if your credit is less than ideal but they’re still not a free pass and come with the expectation that you will work take responsibility to rebuild your credit. If your finances are in the drain you can still bounce back, as long as you work to not repeat the same mistakes in the future.

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