Using the Internet to Save you Time and Money

Have you ever had that moment after work when you realize you have dozens of errands to run but all you want to do is eat pizza and watch the latest episode of Dancing with the Stars? Well, maybe it wasn’t that type of food and television program, but you get the picture. Running errands can take up a ton of time, and sometimes even things you want to do don’t fit in your busy schedule.

Luckily, the Internet has made everything super convenient, and you can even save money by taking the easy route! (How often does that happen?) Here are 4 things you could be doing online to save you both time and money.

Managing Finances

The days of having to stop at the bank on your way home to deposit your paychecks and needing to whip out your checkbook to pay your bills are long over. With the Internet, you can manage and transfer your money using online banking; track your credit card expenses and pay your bill; and even deposit checks using mobile apps. Many banks will also send you email alerts about account updates if you’re participating in online banking, so you can save money by making sure you don’t overdraft.

You can benefit from more than just common banking transactions, though. If you need money quickly, you can even take out a payday loan online so you don’t ever have to leave your house. If you’re going to college, financial aid is generally dealt with online, and almost every financial aspect of your life can be managed via the Internet.

Getting Groceries

When you’re low on groceries, you know you’ll have to set aside at least an hour to trek to the supermarket and get everything you need. Browsing around can take a while, especially if you’re not sure what you want and there’s 50 billion other people wandering the aisles.

You can cut down on your shopping list by participating in programs like Subscribe & Save through Amazon, which delivers nonperishable grocery items right to your door at a lower cost based on the schedule you set up. There are more than 50 online services that help people get their groceries easily and cut down on all of the non-perishables you’re always buying at the store.

Taking Classes

College classes are expensive anyway you spin them, especially if you’re going to school full-time. Why not take classes online? It might not be cheaper, per se, but it’s definitely more convenient and would save you a ton of time — you wouldn’t have to travel to class anymore.  Whether you commute, walk, or take public transportation, all of that time spent going to and from class really adds up over the semester.

You don’t even have to be a college student to take advantage of getting knowledge online. Instead of enrolling in expensive courses or programs, there are plenty of free online tutorials and webinars that can save you a ton of money in the knowledge department. This list of resources can help you find which free online courses make sense for you.

Finding a Date

It’s hard to find a date these days, and going out to a bar trying to meet people isn’t exactly easy. Flirting can be awkward (especially if you’re trying too hard) and buying expensive drinks can really lighten your wallet. Plus, these days it’s difficult to even find the time to get out on the town when you’re not working or doing chores around the house.

That’s why online dating has become more and more popular. Sites like eHarmony and Match.com will try to connect people according to their compatibility, but these sites usually charge a fee. Other sites like OkCupid and Plenty of Fish offer free online dating services, so you can make a profile and meet people based on your likes and dislikes without having to go to expensive bars and restaurants or worry about having enough time.

Conclusion

The Internet allows individuals to do things they generally wouldn’t have time for, but it also offers people new ways to do things already commonly present in their lives. If you’re looking for a cheaper or faster way to get stuff done, do your online research, and you’ll most likely find an Internet-based way to do it!

Filed Under: Savings Tagged With: , , , , ,

Why It’s Hard to Live Without Loans

The way our society functions often prompts us to borrow money to accomplish life achievements, like buying a house. Other times, emergencies come up when we’re low on funds, and we turn to borrowing to help us through the urgent situation. While borrowing can be necessary sometimes, making responsible decisions and only taking out loans and using credit when necessary is key.  Here are a few examples of how life events prompt us to borrow.

Student Loans

For many people, getting a higher education is worth the investment. Sometimes it doesn’t cost too much; for example, some two-year colleges have tuition costs of a couple thousand dollars. In these cases, a student can save up or work in order to pay off tuition. However, if a student decides to leave state or go to a more expensive university, everything changes.

About 28% of full-time students at private, nonprofit colleges pay $36,000 or more a year for tuition and fees, according to College Board. Most people don’t have a hundred grand lying around, so students have to weigh their options.  Stay local, or go out of state? Go to a public school or a private school?

Those students who took out loans in the college class of 2010 owed an average of $25,250 by graduation, according to The Huffington Post.  If students decide to take out loans, the important thing is to make sure they’ve done all they can to get scholarships and other financial aid, and then take out loans they can reasonably pay off in the future.

Mortgages

Most people don’t have tens of thousands of dollars lying around, and even if they did, it’s even more unlikely that all of this money could be put toward paying off a house in full. Typical Americans don’t need to have all of this money on hand in order to be homeowners — they can take out a mortgage, which is a loan for the use of buying a house or property of some sort.

Homeowners can pay a monthly mortgage to work toward paying off the house. Because this is a type of loan, it’s difficult to avoid unless you have a significant amount of money on hand or would rather rent instead of becoming a homeowner.

However, it seems Americans still value homeownership, as about 74% of Americans say home buying is a good buy, according to a Yahoo! poll reported by Forbes. Of those polled, 81% say owning a home remains part of the American dream, as well. And with the average price of new homes being $272,900 in 2010, it’s not a dream that’s easily afforded.

Emergencies

If you don’t have an emergency fund, unexpected events can really set you back financially. Whether it’s a job loss, a car accident, or a medical emergency, life can throw serious obstacles at you that also happen to cost thousands of dollars. It’s times like these that people turn to borrowing in order to alleviate the short-term predicament.

According to a survey done by the National Foundation for Credit Counseling, in the event that someone needed to pay a $1,000 unplanned expense, only 36% of people said they’d draw from their savings account. Out of the others, 17% said they’d borrow from family or friends, 9% said they’d use a cash advance on their credit cards, and another 9% said they’d take out a loan (all ways of borrowing).

If a family member or friend can’t help, getting a payday loan or line of credit is a viable option to get out of an emergency and pay back the borrowed money quickly. It’s tough to handle emergency situations, and if you’re borrowing, it’s still important to do it responsibly and not decide to start taking out loans to go on vacation, go clothes shopping, or do anything that isn’t urgent.

Conclusion

While it’s best not to take out your credit card and pay for a bunch of products you can’t afford to pay off in the short- or long-term, borrowing can be very useful in terms of major life investments and urgent situations. The trick is knowing which loans to take out, making sure you’re borrowing at a reasonable level, and planning your repayment schedule so you don’t end up overwhelmed in the future.

Filed Under: Loans Tagged With: , , , , ,

How to Select a Payday Lender

If you decide to take out a payday loan, it’s important to choose the right lender in order to get the best deal. Getting your money fast while also arranging a low interest rate and a reasonable amount of time for repayment are very important considerations, among others. Here’s how to search through dozens of payday lenders and choose the best one.

1. See if there’s a website.

Lenders without websites seem less credible. Why wouldn’t they want their information online? Why don’t they let everyone know about the services they offer? It’s better to trust the ones with sites so that you can see everything broken down before you even have to talk to someone or apply. Plus, this makes the whole search process easier.

 2. Make sure it’s a state licensed lender.

There are lenders out there operating outside of the U.S. so that they don’t have to abide by the laws set in place. Verify that the lender is licensed by your state. If they have a website, this information should be on it. If it’s not, call and find out. Don’t take out a loan when you don’t know the terms, and don’t allow yourself to be out of the realm of state law when you have the option of remaining in it.

 3. Find out when you get the money.

If you’re going to get a payday loan, you probably need the money urgently. Check to see how quickly you’d be getting the loan and find out how long the application process will take. Some lenders can approve you in minutes and have the loan to you by the next business day. You can usually find this information online, so compare and see what works for you. However, don’t let this be your only criteria when picking a payday lender.

4. Compare interest rates.

This is a huge factor when it comes to choosing a lender, as it’ll be the dollar amount charged on top of what you’re already borrowing, which you also have to pay back. Obviously, you’re going to want the lowest interest rates possible. Make sure you know of ever fee you’re being charged. If it’s not listed, ask someone specifically. Sometimes interest rates can be broken down into lender interest and additional fees, so look for a total. When you compare, make sure it’s for the same number of days, as well.

5. Research what services are included.

Just because you’re taking out a loan doesn’t mean that’s all the lender has to offer. If you get the loan online, some lenders allow you to have access to your account at any time of the day in order to check what your remaining balance is. Others will offer a reminder feature in which they send you emails to alert you when a payment is due. Simple things like this can make a big difference and help you stay on track.

6. See if they offer customer service.

If a lender’s role simply involves giving you the money and then being MIA until they need it back, you need to find another lender. Sure, you’ll be expected to repay regardless, but some lenders offer customer service lines that allow you to speak to someone if you have an issue. You’ll feel more assured if you can speak to someone when you have a problem with the loan instead of feeling isolated and confused about what to do next.

Conclusion

Don’t just walk into the first payday establishment you see on the street or give your information to anyway website you stumble upon. Research different lenders and find out which are best for you and will help you make your payments in a timely manner. Make sure you understand all of the details of the loan before agreeing to anything, and don’t be afraid to ask for clarification.

Filed Under: General Finance, Loans Tagged With: , , , , , ,

Times When You Should Not Use a Payday Loan

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Many people feel that a payday loan can be used as an extra paycheck to help them meet their normal monthly expenses. This is far from the truth because payday loans should primarily be used in the case of an emergency. When you have unexpected medical expenses or have experienced an auto accident, then you may want to consider using a payday loan to help you recover from the loss. There are several examples of payday loans that are used for purposes that are either not the smartest choice or are even illegal.

The first thing we will cover is the use of a payday loan that is illegal. You may not use collateral on multiple loans at the same time unless the value covers all loans simultaneously. This means that while a home can have multiple mortgages (as long as they all add up to less than the value of the home), your paycheck can only have one advance. It is illegal to get a payday loan on your check and then get another loan on the same check. You can also get into trouble if you get a loan from one company to pay off the balance at another. This practice is a legal gray area where you technically can only have one loan at a time. If you should lose the money en route, then you will have two loans on the same collateral, which is illegal.

You really shouldn’t use a payday loan for something like a family vacation. Planning a vacation can be difficult, and many people save for years just to take a week at a high-end resort. Instead of using a payday loan to cover any last-minute expenses for a vacation, you should just plan for every eventuality. You need to make sure you have the money for the transportation, whether it’s air, car, or bus. You need to see about pre-paying the hotel room, and then budget a certain amount per day for food and souvenirs. Often you can budget for a vacation and meet your needs by planning ahead. You may want to calculate a certain amount every week or even every month to go into a vacation club account just for the vacation. If you plan properly, you shouldn’t need to get a payday loan.

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Some occasions, such as birthdays and Christmas, it may be tempting to take a payday loan out for a little extra cash. However, while paying your bills at the last minute, you should also prepare for these types of expenses. People can do without or give something unique, such as a homemade gift. Even give an IOU and fulfill it when your paycheck comes in. Going into debt over a gift is never a good idea.

The same goes for parties. You may want to give your child a birthday party or host a New Year’s gala, but keep in mind that these are not emergency situations. It’s just not worth getting a loan and ending up deeper in debt for a party. Instead, consider having a potluck or attending someone else’s party. One year without a shindig won’t hurt anyone, and it will help protect your pocket book, not to mention, leave you with more options should a real emergency situation come up.

Payday loans should never be used for impulsive purchases. This is because an impulse purchase is something that you do not need but that you just want. Often, we purchase items such as video games and movies just because they are on sale, or they are something we really want. Never use a payday loan for this type purchase because you will be eliminating a source of income in the event that you have a real emergency, such as an auto accident or an unexpected medical bill. It’s financially irresponsible, and if you are using a loan for frivolous things, it piles on top of your other debt, and makes it harder to get out of debt.

Payday loans are extremely helpful when you have an emergency. When you are in a car accident and have to pay a large deductible, then a payday loan may help you keep your car on the road and keep your job. You may also need car repairs, such as brakes or new tires, in which case the payday loan may be the best option to keep you mobile. Medical expenses and rent or utility bills are just a few of the more urgent reasons you may need cash in a hurry, and these are perfectly valid reasons to get a payday loan. On the other hand, if you use your payday loan to purchase a new video game or a chair for your patio, then when you do have an emergency, you may not be able to find the extra cash for a true emergency. Prepare accordingly, and use payday loans in a responsible manner.

Filed Under: Debt Management, Loans Tagged With: , , , ,