The five mistakes that keep you indebted

Image result for accumulateNo matter how you accumulate your debt, it is quite possible to pay for it and be financially free. Unfortunately, there is no easy way to get out of debt. On the other hand, try to avoid the following five mistakes that could prevent you from repaying the debt faster.

Do not negotiate

This is unquestionably the first thing you should do once you have decided to repay the debt. Most people are afraid to negotiate or even think that trading is not an option for them. If your debt is mostly credit card debt, then trading is probably the first step. Do not let your fear of bargaining prevent you from improving your financial situation. Call your credit company and simply ask if lower interest rates would be possible. Although very easy, the majority unfortunately does not opt ​​for this option. Here are some tips to keep in mind during your call:

  • Do a research, know your current interest rate and know what would be a more reasonable interest rate.
  • Take your time when calling. Do not do it just before leaving home, it may take some time.
  • Make sure you talk to the right person
  • Be polite, firm and confident
  • If they refuse, ask them when could they consider lowering the interest rate?

Even if trading is not your forte, have the courage to do so, as it could save you a lot of money in the long run. Use the tips for the phone call and, in the worst case, they will not just tell you.

Be part of the flock of sheep

It is not because others are in debt that you must be so. To think that it is normal to be in debt because everyone is so is a big mistake. Seeing your friends and family indulging in activities, traveling and shopping is a tough thing, especially if you know they are in debt but they do not care too much. If you are not happy with being in debt, you are the only one who can change something. Think about the well-being that the absence of debt will bring you.Image result for no debt

Pay off the debt without making a plan

Making a list, budget or plan is the best solution to help you repay your debt. Many people think that a plan or budget is useless, but when you plan to pay off your debt completely, develop a plan of action is essential. In making your budget, you will see the amount spent on food, activities, transportation, which will allow you to make the necessary cuts more easily. If you make a plan, follow it. You will thank yourself once you are free of all debts .

Change your attitude

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If you are trying to get out of debt, but you can not, it may be because you are bogged down. You must start a new page of your life, both personally and financially. If you start your repayment process with a change of attitude, you are certain to succeed. Start by changing the little things and the big changes will be easier to manage in the future. A change of attitude could allow you to change your life for the better.

Be distracted

Getting distracted by other priorities could have a negative impact on your debt repayment process. Life exposes us to a lot of distractions and it’s important to know how to handle them. Your debt repayment must be your highest priority. This means that savings go before spending, shopping or going out with friends. If you feel like you’re being distracted by your friends who come out frequently, make sure to budget for your expenses and make a commitment to pay off your debt.

Nobody is perfect. Do not blame yourself for the debts you have. Instead, focus on repaying them. Avoid the mistakes above and you should free yourself of your debt soon.

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Student life: good sides, bad sides and a little more expensive sides

Image result for Student life: good sides, bad sides and a little more expensive sidesStudent life brings with it costs that can not be avoided. However, he has many tips and advice to make the financial situation more pleasant and easier to manage.

There are also many factors that will determine the cost of your studies: the choice of university, the books you will need to buy, housing, transport, etc. All of this, of course, adds to the cost of a healthy student life: outings, trips, activities, etc. Although it may seem difficult to manage, do not worry. Developing a structured budget could help you organize your spending well and spend the money wisely. A good budget will allow you, in short, to have a rich student life both academically and socially.

The budget

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Budgeting should be one of your priorities before the beginning of each academic year. It will not be nice, but it will guide you throughout the year to remain responsible and to enjoy a healthy student life.

  • Make a written budget: Write a list of all possible expenses you may have. Include food, entertainment and, if you live outside your home, the cost of the return trip. When you go to see the list of expenses, you’ll be a little scared at first. But, believe it, it’s better to be surprised now than when that happens.
  • Identify your financial habits: Everyone manages their money differently. Be honest with yourself and try to identify your personality type. If you prefer public transportation to get to school, then plan a little more money for the “transportation” category. If, on the contrary, you like outings with friends, give a larger sum to the “amusements” category.
  • Add it all up: Once the list is fine, add up the expenses and compare them to your income, savings and student loans.
  • Review It : It’s important to make sure your expenses do not exceed your income. If this is the case, then review your priorities and find out where it is possible to make cuts. By making the decision beforehand, this will allow you to be safe, psychological and financial throughout the year.

Be organized

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Being organized is a quality that will be useful to you not only during your studies, but in your life in general.

  • Keep an eye on your budget: If you have a budget, do not forget to follow it. Having a budget is a good thing, but if you are not overseeing your expenses and going beyond your limits, then the budget is not going to help. Keep your receipts and write down all your expenses.
  • Organize your business well: In order to stay organized, buy a binder in which you will insert all invoices and receipts. Also, if you benefit from financial aid or student loans, it is important to organize the papers so as not to get lost. Separate your binder into different categories: receipts, official papers, etc. So you will not be lost when you need it.
  • Have a bank account (check and savings): It is important to have a bank account. Even more important is having a checking account and a savings account. This way, you will be able to see what your expenses are and what your savings are. Also, this would allow you to keep your money in your savings account and transfer only the amount of money you need at the beginning of each month. This will save you from spending all of a sudden.
  • Anticipate the unpredictable: Your budget may already be tight enough. On the other hand, it is always advisable to put some money aside for an emergency or an unforeseen event. You never know when your car may need repairs or, if ever, a travel opportunity at a cheap price is offered to you.

Earn money and spend it wisely

Image result for spend wiselyStudies must be your number one priority. However, having a part-time job to pay for your books and outings is always an asset. In addition, it is never bad to have some extra money.

  • Find a job: Studies will take a lot of your time. On the other hand, a part-time job, even a few hours a week, could make your financial situation easier. Many students are forced to work throughout the year in order to pay their tuition fees. Take inspiration from them and try to insert a few hours of work into your schedule.
  • Avoid the university bookstore: Try to find alternatives to your university bookstore. Go for websites or look for someone who sells his old books. Ask friends if they know someone who has already taken the same course in the past. Finally, buy your office items (pen, pencil, etc.) in stores offering discounts. Quite often, the prices in your university bookstore are doubled.
  • Avoid the car: If you do not need a car at school, do not take it. A car is a big expense even if you rarely use it. The parking price alone is a big expense in your budget. Opt for public transportation instead.
  • Choose wisely your activities / outings: As a student, you are often exposed to a lot of activities. Make sure you make the right choices. He is very fond of spending all his money on night outings with friends. Pay attention and respect your budget.
  • Take advantage of student discounts: Many places around your campus offer student discounts. It may not be a huge help, but it can do the trick. Ask the Student Help Desk at your university for a list of places that provide this type of discount. This way, you will be able to plan your outings in advance, which will save you some money.
  • Scholarships: Apply for all possible scholarships. Your school must have a large list of scholarships. Why not benefit then? It does not matter whether the amount is small or big. A scholarship is a financial aid that no one should refuse.
  • Desires vs. Needs: Learn to distinguish between your desires and your real needs. Being a student does not mean bathing in luxury. So, by resisting your temptations and your desires, you make sure you have a healthier and more stable financial situation in the long run.

Student life is filled with stress and there are financial responsibilities. So your money should be your priority. You do not want to worry about your financial problems during the mid-term or during the final exams. By being organized and having a budget, you avoid this kind of stress and, in fact, take another step towards success.

Premium loan, or almost | Loans Quebec

Image result for premium loanAfter the economic crisis of 2008, getting a loan has become more difficult. Creditors only lent money to those with almost perfect credit ratings. First class consumers (with perfect credit scores) were the only ones who could get the financing they needed.

But, over time, other consumers began to pay off all their debts and take care of their finances, so that they became the consumers of almost the first category. These borrowers have a better credit rating than the at-risk borrowers, but at the same time, it is not as good as that of the first-class borrowers. These people did not have a perfect credit history, but they made the effort to put their finances back on track.

First category, almost first or same risk category

Banks and other institutions like to categorize consumers by their ability to repay the debt. Before the economic crisis, borrowing restrictions were not widely practiced. After the crisis, however, creditors became very concerned about the consumer’s ability to pay their debt, especially for the risky consumer. All of a sudden, the only ones who could get a loan were first class consumers.

  • First class consumer : A consumer who has a credit score greater than 720.
  • First-class consumer: There is no exact figure, but their credit score varies between 660 and 720.
  • At-risk consumer: This is a consumer whose score is less than 660.

While the effects of the crisis are still being felt, first-class consumers continue to be turned down for loans, lacking funding to buy a house or start a project. The risk of insolvency continues to haunt lenders.

The majority of the financial problems of the consumers of almost the first category concern the past and not nothing to do with their current financial stability.

The good news: things change

<strong>The good news: things change</strong>

In general, consumers of almost the first category continue to be refused by the banks for financial faults of their past which are now out of their control. Unfortunately, our financial mistakes remain on our credit report for 10 years. ( Learn how to protect your credit report here ), which negatively affects the credit score for the same period. This could prevent you from obtaining the necessary funding. When the creditor takes the time to look beyond the credit score, he often discovers that the consumer of almost first class is a reliable pillar.

The good news is that things are changing. Currently, the average Canadian:

  • Has the opportunity to repay a loan on time and in full
  • Has a job
  • Has an income of $ 50,000 or more
  • Has enough money in your bank account

Fortunately, creditors began to analyze other data to assess the reliability and creditworthiness of the borrower.

  • Telephone bills
  • The bills of the charges (water, gas, electricity)
  • Your bank statements
  • Your rental history

If creditors offer more chances to consumers in the first category, they will have the chance to improve their credit rating and access more financing in the future.

Will I be approved?

If you are a consumer of almost the first category, it is difficult to know if you will be approved or refused. The lending market has changed dramatically since 2008 and it continues to change today. But more and more consumers are getting the desired financing, so do not lose hope.

Some financial institutions have already realized the opportunities available to them if they start to finance consumers of almost the first category. Know how to seize this opportunity.

Autumn holidays – Autumn holidays for a small budget

You want to spend a wonderful holiday in the fall and not spend so much money? Then you do not have to wander into the distance, because for the autumn vacation there are many opportunities in this country. Why do not you decide for a trip to Lake Constance? Autumn holidays for little money, for example, in Lindau. The small town will inspire you and in the afternoon you can really enjoy your autumn holiday with a piece of cake on Lake Constance.

Autumn holidays - Autumn holidays for a small budget

The cheap holiday in autumn at Walchsee: the paradise for the whole family

Your autumn holiday should be cheap and still offer something for the whole family? In Austria, too, you will find what you are looking for: If you spend your favorable autumn holiday at the Walchsee in Tyrol, then you will not only be enchanted by the charming place, but you can also follow a variety of water sports. Climb the “Tame Emperor” and take a look at the surrounding countryside during your autumn vacation. The hikes are suitable for the whole family and you do not have to spend money on these special moments. You can visit the Hechtsee during your autumn vacation. In the midst of beautiful forest landscape you will experience very special autumn holidays for little money. There is nothing to stand in the way of a cozy picnic on your autumn holiday, and you will be spoiled with homemade snacks in the adjoining restaurant. If you spend a cheap autumn holiday, then your travel budget is not strained and yet the recovery is not too short.

Experience the Thuringian Forest in your autumn holidaysImage result for thuringian forest

Even in the Thuringian Forest can spend a cheap autumn holiday. Autumn holidays for little money are in demand and all family members get their money’s worth. The holiday in the autumn holidays should not burden the travel fund and therefore the autumn holiday should be cheap. But how is an autumn holiday favorable? By choosing activities that cost little or no money. Hiking is always in demand and even a nice city trip does not always have to be associated with expenses. Your autumn holiday should be cheap and you still want to experience something? Then visit the beautiful town of Coburg on your autumn holiday and let yourself be enchanted by the charm of bygone days. This affordable autumn holiday inspires and the castle landscape of the city becomes an eye-catcher. Plan your holidays already in the autumn holidays. If you book early, then the fall holiday is also cheap. If your children are not yet in school, then you should travel outside the holidays to make autumn holidays possible for little money.

So you can afford a holiday in the fall

If you’re planning a low-cost fall holiday and still need a short-term online loan, then you should bet on Nora Helmer. With Nora Helmer the money is fast in your account and also the credit decision for the on-line credit falls after one minute. With Nora Helmer, applying for an online loan is a breeze, and your travel fund for the autumn vacation is filled up quickly. With the online loan, you can create a decent cushion for your autumn vacation. Treat yourself to this break and experience the special in autumn.

In Canada, is my mortgage interest tax deductible? | Loans Quebec

Image result for mortgage canadaFederal and provincial taxes play an important role in the functioning of our economy. They help build government programs, fund health care, education, and maintain our cities, towns, and villages. Over the years as a Canadian taxpayer, you will find a variety of ways to save money here and there during the tax period. You will learn which expenses are tax deductible, how you can reduce your taxable income, and other benefits while advancing in life and contributing to our country.

One of the questions we are often asked is whether in Canada the interest on your mortgage is tax deductible. Our American neighbors are lucky and can declare their mortgage interest as tax deductions. So, is this the case in Canada? To give a simple explanation, our tax system does not work that way. But the good news is that if you decide to sell your principal home and make a profit, you will not have to pay tax on that money. While in Canada you will not be able to claim interest on your mortgage, you will benefit from the system when selling your home, tax free.

Why are mortgage interests not tax deductible in Canada?

Image result for Why are mortgage interests not tax deductible in Canada? In 2009, a case was heard in the Supreme Court of Canada, where two homeowners deducted more than $ 100,000 in interest on their mortgage between 1994 and 1996. Unfortunately, after review, the Minister of National Revenue cited the deductions as “abusive tax avoidance” and declared them invalid. After the owners brought lawsuits, the Supreme Court sided with the Canadian government, officially proclaiming that no tax deduction could be made on mortgage interest payments, unless the house does not generate income when it is rented.

What if you use your home to run a small business?

If you work from home, or use it to run a small business, you can deduct certain costs associated with your workspace. This may even include home-related expenses, such as electricity, but you can not under any circumstances deduct the interest on your mortgage.

For example, if a homeowner sets up a home office, equipped with a computer, a fax machine and a printer, because of the extra power the appliances create, the electricity bill will increase. The owner might even need office supplies, maybe even pay employees to help him with his workload. They can contact the Canada Revenue Agency and find out if their home qualifies as a business and what expenses, if any, can be claimed. If the home is eligible, the landlord may report things such as the supply, property taxes (or property costs) and other related costs related to taxes, and be entitled to a deduction for amounts spent during the tax year.

What if your house produces rental income?

As mentioned above, one of the only ways to get a tax deduction on your mortgage interest would be to use your home or condominium for rental purposes. In other words, you should turn your house into an investment property. For example, if you rent one or more of your rooms, or if you need to renovate a portion to make a living suite in the basement and earn income through a tenant, your expenses will be as well. related to the rental. You can then claim the taxes. However, if your property or condo does not generate any income from a business or lease, you will not be entitled to any tax deductions.

What happens after the sale of your house?

First of all, be aware that working from home or converting your principal residence into an investment property has certain tax advantages. Selling your house after generating income with it has a persistent disadvantage. If and when you decide to sell your house, you will have to pay taxes on the profits of your investment property. This is called “the capital gains tax, in which you will pay taxes on about half of the profits that your property (your house) has earned since it started producing you a returned.

However, if you decide not to convert your principal residence into an investment property, the income generated by the sale of your home will be tax-sheltered. In other words, if you bought a house 10 years ago for $ 350,000 and sell it today for $ 500,000, the additional $ 150,000 earned will not be taxable. Keep in mind that since 2016, the Canada Revenue Agency has clarified that homeowners and condominium owners must now report profits from the sale of their homes under schedule 3 of their rebate even if you sell your principal residence and are exempt from capital gains tax.

Should I try to make the taxes on my mortgage interest deductible?

 Should I try to make the taxes on my mortgage interest deductible?

In conclusion, mortgage interest payments are not tax deductible except in special circumstances, such as renting your property to earn income. In addition, home-based businesses that do not involve rental of any kind will not benefit from tax deductions on mortgage interest. So if you’re thinking of turning your home into a small business or investment property, and want to save some tax dollars, do not forget to consider all the factors and know what you’re getting into.

Extension of the term of the First Call POCTEP 2014-2020 until 01/22/2016

Image result for INTERREG VAThe Follow-up Committee of the INTERREG VA Spain-Portugal Cooperation Program (POCTEP) 2014-2020 has approved the extension of the deadline for submitting applications for the First Call for projects until January 22, 2016, the deadline for which is the registration and sending of candidacies in COOPERA 2020 at 2:00 pm (Spanish peninsular time).

 

Approved by the European Commission (EC), in its Decision C (2015) 893, on February 12, 2015, the INTERREG VA Spain – Portugal Program (POCTEP) 2014-2020 is the direct consequence of the favorable experience that since 1989 has Of course cooperation on the border between the two countries has allowed and that it intends to continue making progress in improving the quality of life of the inhabitants of the Cooperation Area.

The POCTEP 2014-2020 acts in five major areas or thematic objectives:

  • Promote research, technological development and innovation
  • Improve the competitiveness of small and medium enterprises.
  • Promote adaptation to climate change in all sectors.
  • Protect the environment and promote the efficiency of resources.
  • Improvement of institutional capacity and efficiency of public administration.

The POCTEP contemplates actions in favor of research, development and innovation, such as:

  • Research and innovation activities, including the creation of networks.
  • Technology transfer and university-business cooperation, especially for the benefit of SMEs.
  • Processes of research and innovation in SMEs.

It also includes actions related to business development and the promotion of quality employment:

  • Promotion of entrepreneurship and entrepreneurship in SMEs.
  • Business development of SMEs, support of networks of tutors and support for entrepreneurship and incubation.
  • Self-employment, entrepreneurial spirit and creation of companies, including microenterprises and entrepreneurial SMEs.
  • Promotion of internationalization.
  • Mobility of workers, companies and entrepreneurs.

Likewise, in terms of the environment and energy and ecological infrastructures, the POCTEP foresees measures of:

  • Adaptation to climate change and prevention and risk management.
  • Development and promotion of the tourism potential of natural spaces.
  • Protection and promotion of the assets of culture and natural heritage.
  • Treatment of household waste.
  • Management and conservation of drinking water.
  • Integrated pollution prevention and control.

Finally, the Program provides for other types of actions related to improving the institutional capacity of public administrations and services through cross-border cooperation.

What is the term for the payment of life insurance?

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What is the term for the payment of life insurance? Can I receive interest if the payment is delayed?

Every year there are more than 30,000 families who, thanks to Life Insurance, can economically rebuild their lives, which, according to the latest data from the Social Insurance Report, is based on an average insured capital of 23,920 euros.

But if the amount of coverage is important, so is the insurance premium. Many people use this amount to pay for urgent expenses and the majority to be able to adapt to a change in family circumstances that almost always involves a cut in income, but keeps a good part of the expenses.

A collection process that protects the insured

Image result for protectionThe collection procedure seeks to make it fast and agile. The facilities begin with the payment of taxes, allowing the partial settlement of Inheritance Tax only for the amount of the insurance and with the added advantage in some products, such as life insurance of AEGON , which even advance the amount of the Tax to be able to pay it. and request payment.

Liquidated the Tax, you can request the payment of the amount. As stipulated in article 18 of the Insurance Contract Law : “The insurer is obliged to pay the indemnity at the end of the investigations and appraisals necessary to establish the existence of the loss and, where appropriate, the amount of damages that result of the same “to which it adds that:” In any case, the insurer must make, within forty days , from the receipt of the declaration of loss, the payment of the minimum amount of what the insurer may owe, according to the circumstances known to him. ” All this, as also states Article 19 : “except in the event that the loss was caused by bad faith of the insured.”

Payment of interest if there is a delay in payment

But what happens if these 40 days pass and the insurance payment is not received? Article 20 of the Insurance Contract Law stipulates a series of rules that protect the insured in case of delay in the payment of compensation.

In the first one, it indicates who may claim the insurance company, in the case of life insurance, it clearly defines it as: “It will affect, in general, the default of the insurer with respect to the policyholder or insured person and, in particular, , to the delay with respect to the third party injured in the civil liability insurance and the beneficiary in the life insurance “.

After paying the Inheritance Tax and requesting the payment of the insurance, the figure of the beneficiary of the life insurance is more than clear and it will be only this one who can claim from the insurance company the payment of any type of compensation for the delay in the payment .

This delay occurs when: “he has not fulfilled his benefit within three months from the production of the loss or has not proceeded to pay the minimum amount of what may be due within forty days from the receipt of the declaration of the sinister “.

From this period is when you can penalize the delay of payment and would do so as long as there is no justifiable cause by the insurance company:

  • With the payment of an annual interest equal to the legal interest of the money in force at the time it is accrued, increased by 50%. Currently the legal interest is 3%, increased by 50% would require the payment of 4.5% per year, calculated by the days of delay. It is important to highlight a point of this article 20, which is not necessary to make “judicial claim” to request the payment of this interest.
  • To accelerate the collection, the regulation also establishes a high interest, clearly with a penalizing objective, if two years have elapsed since the request for payment, thus it determines that: “after two years from the production of the claim, the annual interest can not be less than 20% “

Although the delays of payment in any sense, without there being a justified circumstance, are very rare. What is clear is that the insured is protected by a regulation that, if not even improved by the insurance contract, establishes a fast collection period and penalizes with high compensation any delay.

SPAIN GETS MORE THAN 60 MILLION EUROS FROM THE EUROPEAN RESEARCH COUNCIL

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  • Centers and universities achieve 32 Consolidator Grants, placing Spain as the fourth recipient country of aid
  • Each researcher selected has up to 2.75 million euros for his project

The Spanish centers and universities have obtained 32 Consolidator aids from the European Research Council (ERC), which means an approximate financing of 60 million euros. The 2014 call, aimed at excellence projects of distinguished researchers, places Spain as the fourth recipient country of aid with the Netherlands and only behind the United Kingdom, Germany and France.

Thanks to the aid granted by the ERC, Spain has managed in recent years to attract top-level foreign researchers and facilitate the return of national scientists who developed their work outside. The Consolidator Grants, which grant up to 2.75 million euros per selected project, are grants from the leading research funding body of excellence in Europe for experienced researchers.

During 2014, Spain has significantly increased the aid received. According to a report published by the Spanish Foundation for Science and Technology (FECYT), Spain has tripled the number of projects funded by the ERC from 2008 to 2013. The report states that Spain was ranked eighth in terms of funded projects, positioning itself above the average with 208 grants awarded in the period 2008-2013.

In terms of financing, Spain ranks seventh in the total amount granted through grants, with a rate of return of 5.2% for all countries and 6% for EU countries.

4 steps to stop living with your parents without dying in the attempt

Image result for moving outAs you grow up and become an adult, you begin to need your own space to have greater independence, to set your own rules and achieve personal goals. However, sometimes the opposite occurs. According to the INEGI, in 2015, 32% of young people between 18 and 34 years old still lived in the house of their parents or relatives and only 18% had decided to become independent.

The Condusef reported that 5 out of 10 young people continue to live with their parents, because they enjoy a roof, food and receive partial or total funding for their studies. This tells us that many young people feel more comfortable living with their parents.

However, it is also true that current economic conditions are unfavorable for young people. According to a study by Dada Room , the platform for sharing a department in Latin America, the salaries received by recent graduates range from $ 5,000 to $ 10,000. While the rent of a room in Mexico City can cost $ 3,800 and the rent of a department for a person costs around $ 5,200.

As a result, young people will allocate an average of 47% of their monthly income to rent an apartment, says Dada Room. This percentage exceeds what is recommended by specialists, which is 30%.

With this panorama, we can find several reasons to continue living with the parents, but we know that becoming independent must be carried out sooner or later. For this, in Finerio we share 4 steps that will help you start a new stage of life.

1. Plan

Image result for financial planIf you are already convinced to leave the nest, before hurrying and start looking for a place to live, ask yourself: when am I going to change houses? How much money do I have or how much do I need to achieve it?

The Condusef recommends putting a saving period of 3 to 5 years. This seems crazy, but it depends on each case. For example, if you set a monthly savings for 5 years, you can even reach for the down payment of a house. So, the idea does not seem so outlandish anymore, right?

The more time you have to plan, save and invest, the more successful the transition will be.

2. Create a budget

To be independent means to assume different expenses such as: food, services, rent, deposits, taxes, among others. To keep track of any expenses that may surprise you later, make a budget.

A good reference to prepare your budget is the 50/20/30 rule, which allows you to make a balanced spending plan, including a savings fund.

The rule is about using 50% of your income for essential expenses such as: water, food, gas, electricity, transportation and essential items. You must allocate 20% to your savings and debt payment plans. 30% is for personal expenses that improve your lifestyle. In this last category are considered expenses such as cell phone plan, subscriptions such as Netflix or outings with your friends.

On the other hand, you should consider that, when moving, you will need furniture, kitchen utensils, refrigerator, washing machine, among others; what you will also have to add to your list of possible expenses.

Your budget can be arranged in the way that suits you, but the most important thing is to put it into practice and stick to it. Start helping your parents with the payment of services and the pantry that covers your needs, so you have an idea of ​​how much things cost and you get used to making those payments.

To keep track of your money, you can rely on Finerio, the first application in Mexico that allows you to link your bank accounts and register your purchases in cash, to have all the information of your expenses in one place. Also, the app allows you to create budgets, which automatically tracks and shows you, through graphics, how you are spending your money. It’s totally free and available for Android or iOS.

3. Save and invest

Related imageOnce you have your budget, start saving the amount you will allocate to future payments such as: the payment of the deposit, the rent and the basic needs that you will require in your home.

Also, it is a good time to eliminate all those unnecessary or avoidable expenses, that is, fast food, coffee outside the home, sweets, chips, bottled water or payment of commissions. These small amounts that disburse little by little are adding up a large amount of money, but they can be a great savings opportunity.

When you have collected some money, invest it to generate returns. Some investment options that require little capital and offer attractive returns are, for example, Cetes or Fintechs such as Doopla or Kubo Financiero.

4. Look for new sources of income

To move, it is essential to have a job that allows you to cover the expenses of your independent life. If you need to increase your income, look for other ways to get money such as working as a freelancer on weekends or selling items that you no longer need.

In this way, you will have a higher income and, therefore, better economic conditions to start this new stage of your life.

So, get to work, if you want to stop living with your parents, start your new lifestyle as soon as possible. Define the time you want to become independent. Make a budget of everything you’ll need. Support your parents or save on the cost of food and services. Collect the money for the deposit and the rent. Grow your money through investments. Look for additional sources of income. No doubt it is a difficult process, but not impossible if you propose.

Can you ask for a loan while taking another?

Image result for multiple loansDebts? One of the things that gives people more fear is debt, often generated by ignorance of the financial product that we have or lack of information for the optimal management of our finances. When this happens, the safest thing is that we think “can you ask for a loan while taking another?

When we talk about credit we always think that our only option is financial institutions and, therefore, we faithfully go to them to make our request. In the case of being accepted and that later we have the credit, we already know that with the interests and rules of the bank is not played, so we can not even think about having arrears. But what happens when we have a failure in our personal finances that prevent us from continuing with our payments correctly?

In addition to taking our sleep away, desperation leads us to think about requesting more borrowed money, either with the same bank or with the person we trust the most and we know that it has a solid economy to provide us with the help we need.

In this case, requesting a second loan is a possibility that we can consider when we have an active loan. However, for this to be a good idea, we must review what are the conditions so that we can request it. We will have to make an analysis of our current financial situation and the panorama that is painted in the case of having a second loan. All this will lead us to a conclusion that will be the first step to make the best decision.

Remember that applying for a second loan should be a great opportunity to heal your finances. Knowing the existing financial products in the market will facilitate the decision making and will allow you to choose the alternative that suits you at all times. Always keep in mind that the credits are a commitment, so we recommend you not to request one that in advance you consider complicated to fulfill.

Below we will tell you some of the conditions under which you can request a loan having another:

Unify debts: one of the situations under which a loan can be borrowed with another asset is when the debts come together and become one. It is common for people who have a loan that has become complicated to pay to apply for another financial product or ask for some type of loan with friends or relatives to pay the first debt.

Despair usually complicates our visibility and does not allow us to see that instead of ending debts we are increasing them more, and that now, possibly, instead of having only one, we have two that continue to grow large. If this is your case, do not worry, within the financial market there are options that allow you to unify your debts. One of these products is the “financial consolidation”, where through a credit you can pay all your debts and only pay a single account.

Have at least 50% of your first covered credit: if you think you can only request a second credit when the debts are torturing you, you are in a serious error since you can also do so when a large part of your first loan is covered. One of the benefits that you can obtain is that the second credit is adapted for the moment in which you finish paying the first, so that you do not have to give higher monthly or biweekly payments, depending on the frequency of your credit.

This means that you could start investing the second loan as soon as possible, so you can pay some debt if you have one, or you could use the money for some urgency or business. These types of financial products are known as “refinancing” and can be a great opportunity if you need to know if you can borrow another loan.

Request it in different institutions: if you have a loan with a financial institution and then want to request another, it is common that this process becomes complicated and that the second loan is not accepted. We know that banks are institutions that take care of and must secure third-party money, so if you do not have a good record within the credit bureau , it is more likely that you will not be given the opportunity to have access to a second option. of loan. But do not be discouraged, this is not the only option you have to apply for a loan .

In reality, outside the banks you can have access to great opportunities offered by credit institutions that can offer you a refinance even if you have not consolidated your first loan.

Something important that the debts should teach us and the situations that lead us to ask for a second loan is the administration of our money. This is a fundamental part for the growth of our personal and family finances. The financial issue consists of good and bad decisions, so if you have financial problems you should turn to see what you have been doing with each of your weights.

A good option to apply for a second loan is to obtain one with discounts via payroll for government workers . Behind these types of products there is the possibility of unifying your accounts under the concept of “financial sanitation”. On the other hand, the discounts, being payroll, will cause interest to be reduced and you can finish paying your credit in a shorter period of time.

Loans for government workers are like a balloon that opens up and elevate you when you are about to fall into a swamp full of debt. If you are a public education teacher you can request one of these credits and, in addition, get the money quickly to put your finances in order.