Perhaps you’ve lost your job, suffered an injury or become ill, and you’re finding yourself trying to cope with severe financial difficulties as a result. Debts are piling up, and you aren’t sure what to do next. While you may be feeling overwhelmed, there are steps you can take to begin to manage your financial situation. Read on to learn about some of them.

Make an Assessment

First, you’ll need to make a full assessment of your financial situation. Begin with the latest copy of your budget, and determine what has changed in your income and expenses. If you don’t have a budget, make one now. List all your sources of income and all your monthly expenses in two columns, and see how they balance out. You should also calculate your current level of debt and jot down information like due dates and interest rates. This information will at least let you see exactly how you’re doing financially.

Cut Your Expenses

If your budget refuses to balance and you find yourself in the red, then you’re going to need to cut some expenses. Look first at how much you spend on entertainment and technology each month. You might be able to unsubscribe to some streaming services, stop going out to eat, or switch to a cheaper cell phone plan. This may seem painful, but remember your priorities. You and your family need food and shelter before movies and games. You may also have to switch from brand-name products to generic options, shop at less expensive stores or even thrift stores for some items and skip the extra treats for a while.

Boost Your Income

On the other side of the equation, you should also be looking for creative ways to boost your income. These days, there are plenty of “side gigs” available that you could dig into for extra cash. Play up your talents. If you like to write, apply for some freelance writing jobs. If you have a knack for working with animals, set up a side job as a pet sitter. There are many possibilities, so do some research on side gig and work-from-home job sites, and try a couple of options.

Get Some Help

Finally, you may have to get some help in the midst of your financial difficulties. This could mean taking out a loan. You might do so informally by borrowing money from a relative or friend. To keep everything fair, draw up an agreement that clearly states the amount borrowed, the rate of interest, payment requirements and the expected due date. Sign the agreement, and have it notarized if you feel that’s necessary. Alternately, you can visit with a loan officer at your local bank or credit union to see about taking out a loan in that way.

If your financial situation is truly dire, you may need to speak with a financial counselor or lawyer. Ask about options like a domestic asset protection trust or even bankruptcy and for guidance to determine the best course for your circumstances.

Financial difficulties can cause serious stress, but there are ways to cope if you make a firm commitment to doing so.

Personal loans are an excellent financing option in monetary emergencies that borrowers can use to fund their wedding, vacation, education, home improvement projects, or take care of medical emergencies. Financial institutions do force the usage of personal loan. 

A personal loan also aids in the consolidation of debts. The loan amount closes multiple debts with a single EMI. Multiple loans tend to become burdensome over time. Tracking several instalments is bothersome, and in case of a miss in the repayment of even a single EMI attracts penalties. A debt consolidation loan simplifies the financial outgoings of the borrower through a single payment process. The borrower no longer has to track different loan EMIs and is responsible for back the borrowed loan principal and the interest in equated monthly instalments for the duration of the loan tenure. 

The borrower has to return the cumulative borrowed amount of all the debts together but in a single instalment. A personal loan debt consolidation is a viable option because of the following reasons:

Single EMI: After consolidating multiple debts, the borrower has to take care of only a single EMI payment which is easier to track and manage. Lenders offer a personal loan EMI Calculator on their online portals that calculate the EMI based on the loan amount, interest rate, and loan tenure. 

Lower interest rate: Multiple debts with different lenders often incur a high-interest rate when added cumulatively. A personal loan is available at low interest with a good credit score and repayment history. The total cost of the loan gets reduced with a low-interest rate deal.

Fixed loan tenure: A personal loan is available for 1-5 years. Borrowers can get rid of their liabilities quickly if they go for a personal loan for a loan duration within which they can repay the borrowed amount. 

A personal loan debt consolidation comes with the following features:

• Personal loan applications are quickly approved. The lenders verify the documents and disburse the loan timely.
• One can apply for a personal loan through the online portals of banks, NBFCs, and financial institutions. Fintech companies like LoansJagat offer a comparative platform wherein the borrowers can compare over 40 lenders for their offerings on the loan amount, interest rate, processing fees, pre-payment charges, loan tenure and EMI to choose the one which best suits them. 
• Personal loans are unsecured and don’t require any collateral or security to be attached. 
• Personal loans are flexible and allow pre-payment to wind off the loan quickly.

But, before one considers a personal loan for debt consolidation, it is advisable to keep the following aspects in mind.

• Don’t opt for debt consolidation if repayment is possible in a short time.
• The credit score determines the interest rate offered on a personal loan. If the borrower has a low credit score, it is not advisable to shift to a single EMI payment. A personal loan is advisable if one gets a low-interest rate deal. 
• Different lenders have different eligibility criteria. To avoid rejection of the loan application, the borrowers must check and compare lenders for their eligibility criteria. 
• Different lenders offer different interest rate deals varying from 10.99% per annum to 24% per annum. To grab the best offer, compare before zeroing on the lender.
• Personal loans have short loan durations. When opting for debt consolidation, make sure that you can pay off the loan amount in the chosen loan tenure.

Personal loan debt consolidation minimizes the debt burden. Get a personal loan in Bangalore at the click of a button. Weigh the pros and cons of personal loan debt consolidation before opting for one.

Couples aren’t often on the same financial schedules. The relationship often starts when one person has more than enough money and the other person is trying hard to make ends meet.

That’s why financial tips for couples are so important to learn. If this rings true for your relationship, it’s time to take action.

In this article, we will discuss some money tips that couples can follow.

Financial Tips for Couples

Couples who are in a relationship should discuss their financial goals and needs early on. This will help avoid any surprises or arguments down the road. It’s important to be on the same page when it comes to your finances, especially if you plan on marrying or living together.

Here are a few tips for couples to help you stay on track.

1. Discuss With Your Partner

It’s no secret that money is one of the leading causes of stress and arguments in relationships. If you’re not on the same page financially as your partner, it can lead to serious problems. That’s why it’s so important to communicate openly about your financial goals and expectations.

Sit down with your partner and talk about your short-term and long-term financial goals. Discuss how you’re going to save money, how much you’re comfortable spending, and what you’ll do if there’s a financial emergency.

By communicating openly on how to manage finances, you can avoid arguments and ensure that you’re both on the same page. This will help you build a strong foundation for a healthy and happy relationship.

2. Create a Budget That Works for Both of You

Planning and managing money can be stressful for couples. Both partners need to be on the same page when it comes to spending and saving. One of the best ways to achieve financial harmony is to create a budget that works for both of you and stick to it.

Make sure to include all of your income and expenses in the budget. Once you have all of your expenses accounted for, you can start making adjustments to ensure that your spending aligns with your goals.

It’s important to be realistic when creating your budget. If one of you is a spender and the other is a saver, you’ll need to find a middle ground that works for both of you.

Finally, don’t forget to review and adjust your budget on a regular basis. As your income and expenses change, so should your budget.

3. Be Open and Make Decisions Together

When it comes to finances, it’s important to keep your partner in the loop and make decisions together. It can be easy to keep secrets when it comes to money, but this can lead to problems down the road.

Be transparent about your financial situation, income, debts, and credit score. This will help you avoid any surprises and help you make informed decisions together about your finances.

By staying informed about your financial situation and making decisions together, you and your partner can avoid financial arguments and build a strong financial future together. This also includes decisions on whether or not you should file taxes jointly or separately. 

4. Save Money Regularly to Reach Your Financial Goals

Saving money regularly is one of the most important things you can do to reach your financial goals as a couple. There are a few key things to keep in mind when doing this.

First, make sure you have joint savings account that you both contribute to equally. This will help you stay on the same page financially and make it easier to reach your goals.

Second, make sure you are automatically transferring a fixed percentage of your income into your savings account each month. This will help you make headway on your goals without having to think about it.

Finally, make sure you have a plan for your savings. Decide what you are saving for and set a timeline. This will help you stay accountable and on track.

By following these simple financial tips, you will be well on your way to reaching your financial goals as a couple.

5. Attending Financial Counseling Sessions

If you and your partner are having trouble communicating about money, it may be time to seek out financial counseling sessions together.

These sessions can help you and your partner learn how to better communicate about finances and work together to make joint financial goals.

Financial counseling can also provide you with tools and resources to help you make better financial decisions as a couple. If you’re not sure where to start, look for a reputable financial counselor in your area that offers couples counseling services.

6. Have Separate Accounts and Joint Account

Money is often one of the biggest issues couples face.

One way to help alleviate money fights is to have separate accounts but also have a joint account for shared expenses. This way, each person has their own money to spend as they please but you also have an account to cover shared expenses like rent, groceries, and utilities.

Discuss with your partner what expenses will be covered in the joint account and make sure you are both comfortable with the arrangement.

Having separate accounts can help prevent arguments about money and give you both financial freedom.

Financial Tips for Couples

Communication and being on the same page are the keys when it comes to finances in a relationship.

It’s important to be honest about spending, make a budget together and understand each other’s financial goals. By following these financial tips, couples can help avoid arguments about money and manage their finances in a healthy way.

Do you want more advice on how to improve your finances? Take a look at our blog for more!

When you think about investing in crypto, you might have heard about its incredible security. However, you might not know that over $100 billion in Bitcoin has been lost. And there’s no printing more – that crypto is gone forever.

So with the risk of never seeing your money again, you might hesitate on your purchase. Fortunately, there are ways of adding extra layers of protection to your digital currency. Keep reading to learn how to store crypto safely.

What Is Crypto?

Crypto, short for cryptocurrency, is a digital token representing the value of a transaction. The currency uses encryption and decentralization to skip intermediaries. This allows for safer and quicker transactions.

While this sounds great on the surface, it also means that if your crypto is lost or stolen, there’s no way to get it back. When you think about using it, you’ll have to know how to store crypto safely. Investigating security measures allows you to take advantage of the benefits that crypto brings to your transactions.

What Are Crypto Wallets?

Digital currency works differently than traditional currency. There is no centralized vault where your tokens go, and you don’t have to buy a leather wallet and carry it around. Instead, your crypto is stored on a digital public ledger, or a blockchain, which is secured with a variety of methods. 

To access your collection of crypto, you are provided with a public and private digital key. Losing this key means losing access to your money, and without security measures, there is no way to retrieve it. Crypto wallets provide an extra measure of safety in the event your key goes missing.

A few types of crypto wallets exist ranging in level of security and ease of use. The types of wallets include:

• Custodial wallets
• Cold wallets
• Hot wallets

When you purchase crypto on an exchange platform such as Coinbase, you get default storage called a custodial wallet. The platform ensures your crypto is safe in exchange for them having partial access to it. Visit this homepage to learn more about Nested, an exchange that makes using your crypto easy.

There are other ways to ensure your digital currency is secure without giving your key to someone else. Hot and cold wallets are intermediaries that store your crypto online or offline, depending on your preference. They give you sole control of your money and provide extensive security measures.

How to Store Crypto Safely

Even with the use of crypto wallets, you can always add extra layers of security to your digital money. Actions that you can take to further protect your crypto include:

1. Enable two-factor authentication on all of your accounts.
2. Store sensitive information in a secure offline location.
3. Use a variety of passwords.
4. Update the security of your email accounts.

In addition to these effective security measures, it is important to know the common scams involving crypto. Never give away your personal information and use caution when entering your password on unknown websites. When in doubt, use trusted service providers.

More on Crypto Security

As currency continues to go digital, knowing how to store crypto safely is imperative. For more on digital wallets and what to do with crypto, check out our Finance section.

The last time inflation moved higher was back in April 2021, when it hit 4.2%. It’s now been 13-months since there has been double-digit inflation. Inflation continues to be well below the Fed’s target range of 2% to 3%.

But if history is any indication, things are about to change. The current level of low inflation could change quickly. A lot of investors know that a globally diversified portfolio is a smart way to grow their money.

But where are the best places to invest as we face this next period of inflation? We will dig into the asset classes to find where you must put your money.

Asset Classes on Inflation Investment Strategy

There are many asset classes that can help to inflation-proof your investment portfolio. One important asset class is real estate. Real estate has a long history of protecting against inflationary pressure and can be a very effective inflation hedge.

Real estate is a good investment, and If you are in real estate, you are considered wealthy in America.

Other asset classes that can be used to inflation-proof your investment portfolio include commodities, gold, and silver. These asset classes can all help to provide a buffer against inflation and help to keep your investment portfolio afloat during periods of high inflation.

Recognizing the Early Signs of Inflation

Over time, inflation erodes the purchasing power of money, which means that each unit of currency buys fewer goods and services. The earliest signs of inflation are often an increase in the prices of raw materials and commodities.

This is followed by an increase in the prices of finished goods, and, finally an increase in the prices of services.

Another early sign of inflation is an increasing demand for money. This increased demand can lead to higher interest rates and a decrease in the money supply. When this happens, the prices of goods and services increase, and the value of money decreases.

What to Do When Inflation Hits

Review your budget and make necessary adjustments. Inflation can cause prices to go up, which means your budget may need to be adjusted in order to account for these changes.

Invest in commodities. When inflation hits, commodities tend to go up in value. This can be a good way to protect your finances and even make some money.

Keep an emergency fund. Inflation can be unpredictable, so it’s always a good idea to have an emergency fund to fall back on.

Portfolio Diversification

The best way to inflation-proof your portfolio is by diversifying your investments among all asset classes. That way, if one asset class is doing poorly, chances are, one of the others is doing well. For example, if stocks are losing value because of inflation, bonds and cash may be gaining in value.

Remember, the key to successful investing is to create a diversified portfolio that meets your risk tolerance and return objectives. By investing in a mix of asset classes, you can help protect your portfolio from the effects of inflation.

If you’re interested in learning more about creating an inflation-proof investment portfolio that is designed to help you, please read more of our blogs.