Joseph Underwood – Smart Money Moves: Using Savings to Pay Off Debt

Should You Switch Careers To Improve Your Income Potential?

Part of your long-term financial strategy should be to improve your income. If you are in debt, a bigger income can help you pay off those personal loans faster. In any event, more money in your pocket can mean more money to add to a buffer account or retirement savings plan. Everyone wants to earn what they deserve, but some people think that they need to make a career change to earn more money.

Changing careers can cost a great deal of money – you may need training and may need to start at the bottom with an entry-level position in your new career. Before you make a big switch for financial reasons, then, try to evaluate your current situation. What is the average income potential for someone in your position? You can use the Internet to determine this. Are you happy with your job and just thinking switching for money reasons? If so, consider ways to increase your income without giving up what you love.

Take a look around you. Who at your company is making more money and how attractive are these positions for you? Are there other people in your field who are making more money? Investigate how they have earned the wages they are earning and develop a plan for boosting your own earning power. If you do decide that a change is in order, consider carefully. Look for a job where you can use at least some of the skills you have now, so that you will not have to start from scratch. Make sure that you will love the position (as well as the money) before you make the leap.

One way to increase your income without switching careers is to improve your skills and qualifications. Take courses, attend workshops and seminars, or pursue a certification that is relevant to your current job. This will show your employer that you are committed to your job and willing to learn and grow. It may also make you a more valuable employee, which could lead to a raise or promotion.

Another way to increase your income is to negotiate your salary. Many people are afraid to ask for a raise, but it is an important step in boosting your income. Before you approach your boss, make sure you have done your research and can demonstrate why you deserve a raise. Show how you have contributed to the company, the value you bring to the team, and how you have gone above and beyond your job description. Be prepared to negotiate and be open to alternative forms of compensation, such as flexible working hours or additional vacation time.

Finally, consider starting a side hustle or freelancing. With the rise of the gig economy, there are many opportunities to earn extra money outside of your regular job. Use your skills and talents to start a small business, offer freelance services, or sell goods online. This can be a great way to supplement your income and build your financial security.

In conclusion, improving your income is an important part of your long-term financial strategy. While changing careers may be one option, it is not always necessary. Take a look at your current situation and explore ways to increase your income in your current job, whether it is through improving your skills, negotiating your salary, or starting a side hustle. By taking proactive steps, you can boost your earning power and improve your financial situation.…

Improve Your Loan Approval Chances

Applying for a loan can be a difficult experience, especially if you are not quite sure whether you will qualify for a loan. There are several things you can do, however, to ensure that you qualify for your loan:

Improve your credit rating. Think about your loan well before you will need it. Then, take the time to check and improve your credit rating by paying down your loans and paying your bills on time. Your credit rating is used to determine your eligibility for most personal loans, so the better your rating the better your chances of securing a loan;

Understand which loans you qualify for. If you have a decent income, your own home, and a good credit rating you should qualify for a range of cash loans. If you have a smaller income, however, there may be a limit to what lenders are willing to offer you. If you have a low credit score, you may only qualify for bad credit loans or payday loans. Make sure that you apply for a loan you qualify for, since you will only face rejection if you do not;

Be prepared. Have proof of your employment and income ready when applying for most cash loans and unsecured loans. Have identification and proof of any assets you have – this will make it easier for you to prove to lenders that you are a good candidate for a loan;

Shop around for the best loan deal. Do not settle for the first loan offer you receive, as it may not be the best one available. Different lenders offer different interest rates and terms, so it pays to do your research and compare loan offers from multiple lenders. This will help you find the best loan deal that suits your needs and budget;

Consider a co-signer. If you have a poor credit rating or low income, consider asking a friend or family member with good credit to co-sign your loan. This can help you qualify for a loan with a lower interest rate and better terms than you would have received on your own. Just make sure that your co-signer is aware of the risks involved, as they will be responsible for repaying the loan if you are unable to;

Be honest about your financial situation. When applying for a loan, it is important to be honest about your financial situation. Lying about your income or assets may seem like a good idea to get a larger loan, but it can lead to serious consequences down the line. If you are honest about your financial situation, lenders will be more likely to work with you to find a loan that suits your needs and budget;

Have a plan for repaying the loan. Before you apply for a loan, make sure that you have a plan in place for repaying the loan. Consider your monthly income and expenses, and figure out how much you can afford to repay each month. This will help you avoid defaulting on your loan and damaging your credit rating.

By following these tips, you can improve your chances of getting approved for a loan. Remember, the key is to be prepared, honest, and realistic about your financial situation. With a little effort and planning, you can find the right loan that suits your needs and helps you achieve your financial goals.…

Why Summer is the Perfect Time to Upgrade Your Job Skills

Summer presents a great opportunity to enhance your job skills and increase your chances of success in your career. Here are some reasons why:

– Take advantage of summer sessions: Many colleges and universities offer shorter and more affordable courses during the summer. This allows you to develop your skills without incurring significant expenses.

– Hire student tutors: During summer, many students are looking for summer jobs, including tutoring. This provides an excellent opportunity to learn a new language or acquire computer skills from student tutors who are both affordable and abundant.

– Attend professional conferences: Summer is the season for many professional associations’ annual conferences, where you can attend panel discussions, lectures, and network with professionals in your field. This is a great way to stay up-to-date on the latest research and advancements in your industry.

– Flexible schedule: Summer is a great time to take on new projects or learn new skills because many employers have a more relaxed schedule during this season. You may be able to negotiate a flexible work schedule or take a few days off to attend a training session or conference.

– Outdoor training opportunities: Many companies offer outdoor team-building activities and training sessions during the summer months. This allows you to improve your communication, leadership, and problem-solving skills while enjoying the beautiful weather.

– Learn new skills online: Online learning platforms offer a wide range of courses and certifications that you can take from the comfort of your own home. This is a convenient and affordable way to learn new skills and advance your career.

– Volunteer: Summer is also a great time to volunteer for projects or organizations that align with your career goals. This allows you to gain valuable experience and expand your network while making a difference in your community.

In conclusion, summer presents numerous opportunities to improve your job skills and enhance your career prospects. Whether you choose to attend a professional conference, take a course, learn online, or volunteer, investing in your professional development during the summer months can pay off in the long run.…

How to Save Energy to Save Cash

Energy costs are burning up your cash. Heating, cooling, and powering your home can be costing you hundreds of dollars a month. In some cases, people need to rely on payday loans or cash loans just to pay their ballooning utility bills, especially as energy prices increase almost every year. Luckily, there are many things you can do to save cash on your energy costs:

– Install energy-saving devices in your home. When you need new appliances, buy ones that use less power. Even when replacing your light bulbs, buy new green bulbs that use a fraction of the energy.

– Watch out for vampire energy usage. Do you see that flashing LED screen on your microwave or clock radio? You’re paying for that, around the clock. Most appliances continue to leach a small amount of electricity when they are plugged in, even when not in use. Unplug everything unless you are using it or buy powerbars that let you flip appliances on and off as needed. This simple step can save you 10% on your energy bills each year.

– Use less. In the summer, leave windows open in the evening to let in cool air rather than letting the fan run. On chilly evenings, put on a sweater rather than turning up the heat. Turn off the TV when no one is watching. It’s a simple way to slash your costs without sacrificing a thing.…

Surviving Tough Times: 10 Tips for Financial Stability

Although the economy has been improving recently, many are still worried about jobs, foreclosures, debts, and more. When times are tough, it is useful to:

1) Keep your ear to the ground about job options. Knowing ahead of time lets you act fast if you do suddenly lose your job.

2) Stock up on essentials. If you see a great bargain on items, by all means budget and stock up. Having a full pantry of lower-cost items helps you to prepare affordable meals, too.

3) Build that emergency fund. Having an emergency fund is simply the best way to be prepared for personal emergency or larger financial woes.

4) Take care of your house and car. This is still not the time to be buying new cars and homes for many people, especially if your job future looks a little shaky. Taking care of your home and your car (as well as your other bog ticket items) helps them go further with fewer repairs.

5) Pay down your debts. When times are tough, carrying lots of credit card debt, personal loans, signature loans, student loans, and other debt is generally a mistake. If you are suddenly faced with reduced hours or job loss, lots of personal loans can push you over into bankruptcy. Pay down what you can.

6) Create a financial emergency plan. A financial emergency plan includes a detailed listing of what you can do immediately if you are faced with a job loss or other financial crisis.

7) Look for ways to cut costs. This may mean cutting back on non-essential expenses, like dining out or cable TV, or finding ways to save on everyday expenses, like groceries and utilities. Every little bit helps when times are tough.

8) Explore income-earning opportunities. This might mean picking up a part-time job or gig work, starting a side hustle, or looking for ways to earn passive income. Be creative and think outside the box.

9) Seek professional financial advice. If you’re struggling with debt or financial insecurity, it might be helpful to consult with a financial advisor or credit counselor. They can help you create a plan to get back on track and achieve your financial goals.

10) Stay positive and stay focused. It’s easy to feel overwhelmed during tough times, but it’s important to stay positive and focused on your goals. Surround yourself with supportive people and keep taking small steps towards your financial stability.…

10 Ways to Get Free Stuff and Entertainment

Free is a wonderful four-letter word. Getting stuff for free lets you enjoy more of your paycheck each month and lets you funnel more of your money towards repaying your debts and saving up. It’s also truly amazing what people give away for free. You can furnish your entire home with free furniture, enjoy free entertainment, and even enjoy that proverbial free lunch. Here’s how:

1) Use trading sites. Online trading sites allow you to swap you no longer need or want for things you do want. You can often post wish lists of what you are looking for, too. If you can’t find what you need online, check local swap meets.

2) Send away for freebies. Many products send free samples (and coupons) to customers. All you need to do is ask. Just Google “freebies” or “free samples” and you can sign up to get everything from free soap to free cereal.

3) Check out freebie sites. Many online classified sites and even auction sites have “freebie” sections, where people post stuff they want to give away. Everything from tires to furniture is listed.

4) Check out rummage sales and yard sales towards the end of the day. By the end of the day, yard sale holders and people selling things through a farmer’s market or flea market are ready to start offering bargains. Some are more interested in giving away stuff than hauling it to the local junk yard.

5) Try events with free lunches. Plenty of local events (which are free) and meetings offer free refreshments. It’s a great way to enjoy a free lunch.

6) Free entertainment. Many communities have free events, free concerts, free readings and even free days of admission to museums. Check around and you’ll be able to enjoy lots of fun with no cash. Be sure to check out college campuses – many offer free concerts (including some by big bands) and free movie screenings. You can also always check out the public library, which offers free audio books, movies, and music.

7) Freecycle. Freecycle is a non-profit organization that helps people give and receive free stuff. You can find a local Freecycle group online and start browsing for free items that people are giving away in your area. You can also post items that you no longer need, and someone else in your community might be happy to take them off your hands.

8) Craigslist. Craigslist is another great resource for finding free stuff in your local area. You can search for free items in the “For Sale” section or check out the “Free” section. You never know what you might find – from furniture to electronics to clothing.

9) Dumpster diving. While it might not be for everyone, some people have found great items by diving into dumpsters behind stores and apartment complexes. Be sure to use caution and common sense when doing this, and always ask permission before entering private property.

10) Ask friends and family. If you’re in need of something specific, ask around to see if any of your friends or family members have what you need. You might be surprised at what people are willing to give away for free.

Remember, while getting things for free can be a great way to save money, it’s important to be respectful and grateful for what you receive. Don’t take advantage of people’s generosity, and always say thank you. Happy freebie hunting!…

Debt vs. Savings: Why Prioritizing Debt Repayment Pays Off

Savings are a great thing to have, but if you are in credit card debt, should you tap your savings to pay off your debt? In most cases, the answer is a resounding “yes.” Although you may want to see your savings grow larger and larger, paying down your debts first and then attacking your savings account with more fervor makes sense.

Most credit cards charge double digits for interest while most savings earn low one-digit interest and take a tax hit. You’ll save more by paying off that credit card than you’ll earn on the savings. So it makes more financial sense to pay off that credit card.

Keep in mind, however, that you should never use all your savings to pay off a credit card debt, car loan, or other debts. Make sure you have en emergency fund in place. If you use up all your savings and emergency fund to pay off your debts and then land right in another financial emergency (a sick pet, and unexpected medical bill) you’ll land right back in debt again.

Additionally, if you have high interest debt like credit cards, it’s important to prioritize paying them off as soon as possible, as the interest charges can quickly add up and make it even harder to get out of debt. Once your high interest debt is paid off, you can redirect the money you were using to make those payments towards rebuilding your savings.

In summary, while it can be tempting to let your savings grow untouched, using them to pay off high interest debt like credit cards can make a lot of financial sense. Just make sure to keep an emergency fund in place to avoid falling back into debt in case of unexpected expenses.…