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With a new year come new opportunities to get on the right financial track. Unfortunately, the new year also comes with a new list of challenges. In this case, the best offense is good defense  —  and what better defense can you establish than creating an emergency fund to help prepare you financially for all of life’s little surprises, including those surprises that could affect your car and its performance. Setting up an emergency repair fund can help buffer the financial strain that unexpected accidents can put on your bank accounts. It can also seem like an intimidating task. As Markus L. Horner told us, though, the benefits far outweigh the inconveniences. “I’m not quite sure why it works, but it does. It has reduced our daily stress level knowing that regardless of what happens, we will be able to handle it without going deep into debt.” We spoke with some financially savvy folks to see and learn how they did it and made it work for their families. Make ...

Unless you strictly use a cash-based budgeting system or a debit card to get by in your day-to-day life, you probably utilize some form of credit financing. But did you realize that you have a variety of personal funding options and sources other than a brick-and-mortar bank or credit card? Even if you’re very careful with money, there will still likely be a time when you’re short on cash and in need of financial assistance. While specific laws and regulations determine the products that are offered in your state, it’s helpful to know where you can turn for help . If you’re still not sure what to do or what’s best for your unique needs, read on to find out more about common sources of personal funding and how they work. Traditional Sources Most banks offer credit cards, which are a form of revolving credit. With this type, you’re approved to use up to a certain dollar amount (your credit limit), and as you repay the balance, you free up your available credit for future u...

When a lender says no, don’t give up! Instead, build up your credit and try again. Better credit can unlock possibilities: qualifying for the loan or credit card you want, getting a better interest rate or lower car insurance rates, even getting an apartment you want. Let NerdWallet help you get there! Add 100 points to your credit score: Wait, is that even possible? Yes, it is, especially if you’re starting out with plenty of room to grow. It just takes a bit of time and knowledge to choose the right strategies. Know that lenders look at more than your score. Find out what other factors could play into getting the loan or card you want. And check those “adverse action” notices you got — they’ll provide a roadmap to why you were rejected, so you know where to focus your efforts. As you build your credit, check your score frequently to stay on track. NerdWallet offers tips and goal-setting — and you can check your score as often as you like, so you’ll know when you’re ready t...

Where do you get a loan for a motorcycle? A wedding? A vacation? A horse? New options in unsecured personal loans offer financing for almost anything, with far better rates than traditional credit cards. Let’s face it: It’s not everyday you can get an online loan to buy a horse. But if you go to the website for LightStream, and scroll down to the bottom of the page, you’ll see it right there: a link for horse loans. It’s right alongside other links for aircraft financing and season ...

Before you rush to declare bankruptcy, think about the consequences. When you're loaded with debt and can't see a light at the end of the tunnel, filing for bankruptcy may seem like a good solution. With a Chapter 7 filing, your assets are liquidated to pay off your creditors and your remaining debts are forgiven (though there are exceptions). With a Chapter 13 filing, your debts are reorganized so they're easier to pay off over time. Many people assume that following a bankruptcy, they'll simply move on with a clean slate or a manageable debt payoff plan and call it a day. But, there are consequences to filing for bankruptcy. A Chapter 7 filing will stay on your credit report for 10 years, while a Chapter 13 filing will hang out there for seven years. Here are some things you might struggle with during that time. 1. Renting a home It's common practice for landlords to run a credit check on tenants before signing a new lease. If you have a bankruptcy on ...

Whether it’s because we didn’t have the money or just simply forgot, we’ve all had a bill go unpaid before. Welcome to adulthood. However, the problem is when these bills continue to go unpaid for whatever reasons, resulting in an account going into collections. Having an account in collections can be frustrating. Not only do you have to deal with unwanted calls from debt collectors, but you have to deal with the after-effects. The reduction in your credit score and derogatory marks on your credit report are just two of the things that you’ll need to address. Though it can seem a bit overwhelming at first, there is a path to getting your finances back on track. In this article, I’ll share how to recover from an account in collections. What to do with accounts in collections Once an account goes into collections, it’s important that you make an effort to get it resolved as soon as possible. Legally, debt collectors have the right to sue you for unpaid balances. Ultimately, ...

Whether to cover an unexpected expense or consolidate outstanding debts, you will, from time to time, find yourself in need of extra cash. Unfortunately, getting a loan with a bad credit score can seem impossible because lenders consider lending you riskier. So, do bad credit loans with “guaranteed” approval exist? Short answer - yes. Although it may seem impossible, you can get a loan even if you have bad credit. If you want a personal loan, but your credit score falls below the subprime line, you need to find a bad credit loan. Fortunately, many lenders are willing to assume the risk and extend credit to borrowers with bad credit. Lenders offering bad credit loans with guaranteed approval have flexible credit requirements that almost everyone can obtain. Interestingly, bad credit loans can help you repair your credit score if you make timely monthly payments. In this article, you will find in-depth information about bad credit loans with guaranteed approval. Keep reading ...

Payday loans have a very bad reputation. Even so, they do meet a need. They provide short term finance for people who may be unable to get loans from banks. People with a bad credit rating or a low income can find it difficult to borrow money. Yet, there are times when they need to finance a shortfall. Are payday loans as bad as people say? Or, are these short-term loans a much-needed safety net for the less well-off? Here's the truth about payday loans. What Are Payday Loans? Payday loans are short term loans . They are available from loan stores and online. Payday loans are also sometimes known as cash advances, check loans, or cash advance loans. Payday loans are usually repayable in full the next payday. Hence the name. They often involve giving a post-dated check to the lender to cover the repayment. How Expensive Are Payday Loans? Payday loans can be very expensive. Especially compared to conventional bank loans. Annual percentage interest rates (APR) ca...

Getting a new credit card with a bad credit score is difficult, especially the regular ones that offer bonuses, perks, and a low-interest rate. However, with a set of intelligent decisions and some patience, you can get such a regular credit card. This article will discuss what kind of credit cards you can get with a bad credit report. By using these cards, you can improve your credit report and qualify for a regular credit card. Get a secured credit card You can get a secured credit card even with bad credit because a security deposit from you backs your credit. When you close the credit card account, your deposit will be returned. Until that happens, you should use your secured credit card for your transactions, and you must pay the full amount on or before the due date. A consistent history of timely credit card payments will enhance your credit score. Someday, it will be enough to upgrade your secured card into a regular card. Get a store card Like...

Vacation is a time to unplug and relax, but that doesn’t mean it’s an excuse to drop the ball on financial security. From maintaining a tight travel budget to protecting yourself from credit fraud, theft and missed bills, it’s important to head into your next trip with a smart financial protection plan. Here are 10 ways to prepare your finances before, during and after traveling. 1. Set your budget beforehand Before booking plane tickets or a hotel room, it’s vital to map out your overall vacation budget. How much can you afford to spend? Come up with a reasonable number and build in some wiggle room in case anything unpredictable happens along the way. If your budget is tight, get some frugal vacation inspiration from this list of cheap travel ideas. 2. Notify card companies before leaving If you’ll be racking up charges on your debit or credit card over a short period of time, it’s a good idea to notify your bank or credit card company beforehand to avoid any disruptions...

If you’ve ever wondered whether it is possible to get through life without taking out a loan or going into debt, look no further than the United States national debt. Despite boasting the highest GDP of any nation, our government still has more debt than any other country. This shows that debt can be an important part of anyone’s financial strategy. Debt is like fire: If you know what you’re doing with it, it can be a great tool. Used properly, loans can help you buy a home, pay for a car, or even invest in dividend-yielding assets that pay themselves off over time. But fire can also cause burns. Similarly, when used improperly, debt can quickly pile up and destroy things like your credit, limiting your ability to get loans or qualify for a credit card. Your credit score doesn’t only impact your ability to take out loans. Sometimes you may receive credit checks without even realizing it. Bad credit (which is considered any score below 580) can sneak up on you in all areas ...

In times of uncertainty caused by natural disasters, people wonder how safe their money is in a bank. Weather-related events like earthquakes, hurricanes, and snowstorms can block roads and cause power outages, driving a temporary need for extra pocket money . During a public health emergency, however, needs are different. In fact, taking too much cash out of the bank may put you at risk of loss. In a bank, your money is insured. At home, it is not. How do the FDIC and the NCUA protect my money? In the 1920s and early 1930s, the Great Depression caused a financial panic . It was not uncommon for people to worry about losing money to a bank closure during times of insecurity. So, in 1933, the federal government stepped up to ensure bank account security. They created the Federal Deposit Insurance Corporation (FDIC) for commercial banks and the National Credit Union Administration (NCUA) for credit unions a year later. Both agencies insure accounts up to $250,000. Today, the...

  If you're considering applying for your first personal loan, it’s important that you know certain information, both so you can provide it to potential lenders and for your own awareness. Some of these things you may know off the top of your head, like your income, but there are also things you'll want to look into before you apply for your loan , such as your credit score. Let’s dive into what you need to know before you apply and why. 1. Credit score and credit history A good credit score and credit history show lenders that you pay your credit obligations on time. The better your credit, the better your chances of securing a loan at the most favorable terms. The best terms can save you thousands over the life of your loan. For example, here’s what a 2- or 4-percentage-point difference in interest can mean for your wallet on a $25,000 loan paid over five years: Interest rate Monthly payment Total interest paid 6% $483 $3,999 8% $507 $5,415 10% $531 $6,871 In this ...

Bankruptcy is designed to give people a fresh start when they need one, but it is a last resort. Here's everything you need to know about filing for bankruptcy. It’s never fun to consider declaring bankruptcy. But, believe it or not, bankruptcy can be a smart financial decision in certain situations. Bankruptcy’s designed to give people a fresh start when they need one. And if you file for bankruptcy, you’re taking a big step towards getting your finances under control. That’s a...

Proper cash flow management is a crucial factor to consider for every business out there. If you are not paying close attention to the money coming in and going out in your business, you are bound to fail in the long run. When it comes to managing cash flow in a business, people make plenty of mistakes. In this post, we'll highlight eight common cash flow management mistakes that can kill a business. 1. Lack of Proper Sales Estimation If you are running a business that sells products, you need to estimate your sales properly, or you'll end up failing big time. Some people overestimate their sales, which is why they fail mostly . Although it is critical to be optimistic, entrepreneurs are highly advised to be realistic to avoid compromising their businesses. Objectifying your sales is a cash flow mistake that you need to avoid at all costs. Therefore, it is essential to apply historical evidence when estimating your sales to help you have real numbers. The challen...

Don't blow the opportunity to make the most of your boosted paychecks. Not everyone is fortunate enough to get an annual raise. But if you have a higher paycheck coming your way in the new year, it's important that you put that money to good use -- namely, by not spending it. Of course, that's easier said than done. When your paycheck is suddenly more robust, the temptation to spend can increase. But that could, in turn, stop you from meeting your financial goals. That's why there's one important move you must make right away if you're getting a raise -- set up an automatic transfer to your savings account. A seamless approach to saving money With an automatic transfer, you arrange for a portion of each paycheck to go directly from your checking account to your savings account. That way, you avoid the temptation to spend that money, and instead ensure that it's socked away for more important things. At minimum, aim to save the exact increase your r...

You’ve made the decision to get rid of debt, and you're ready to fully commit to team #debtfree. But creating a solid debt payoff strategy can be a challenge. This is especially true if you have a mix of revolving and installment debt, including student loans. Should you use the snowball method or avalanche method? What about the debt snowflake method? And before you go looking that one up, no, it's not a legit debt payoff strategy! Instead of getting hung up on different payoff methods, use these three simple steps to craft your debt payoff strategy. 1. Write down all your debts With the myriad of ways you can get into debt, it’s no surprise that you might not actually know exactly what type or how much of each debt you owe. Track your account statements and order a copy of your credit report. Check the National Student Loan Data System for your Federal Student Loan debt obligations and their associated servicers. Make note of the following for each obligation: Curr...

Are you having difficulties in paying your student loan? Do you think that it is impacting your mental and physical health? You are not alone. Many are going through this phase. It would help if you acted intelligently to minimize the stress and pay your loan on time. You might find it a bit hard due to your ongoing financial trouble. However, there are many ways to cope with student debt. You will have to research all the possibilities. After thorough research, you will find yourself in a better position . Focus on your current financial health. Try your best to minimize your expenses. You need to pay your student loan on time. Otherwise, the consequence can be severe. You will have to avoid such a condition. You might be thinking about how to do this. We will help you with some practical suggestions. Keep reading to find ways to cope with student debt. Try to Avoid Any Default Your objective is to avoid any default payment. You will have to avoid any delay to prevent d...