Paper notes have risen and fallen over centuries, but the value of gold has always been preserved. Although cultures traditionally revered gold for its elegance, investors are now buying gold to expand their assets, inflation hedges, and to guard against the devaluation of the currency. Gold is a worthy investment, but little is understood on how gold prices are calculated and what determines the gold price per ounce. [Read more…]
Happy Holidays! Here Are Our New Year’s Resolutions
Christmas was extremely successful in our home this year. We managed to keep everything low-cost where presents were concerned. However, many of them haven’t gotten in the mail for our relatives out of town (whoops). Christmas Day we went to the dog park with our baby (Enzo) and made homemade lo mein instead of ordering takeout Chinese. We ended the holiday looking forward to creating a vision board for 2019 and setting some New Year’s resolutions.
Setting Family New Year’s Resolutions
My other half and I have a lot of goals for 2019. This year will be our first year creating a Vision Board together. It will include financial goals, of course, and personal goals for us both. On the personal side of things, we would both like to get married next year. I would also like to train for and run a 5K and lose the last 40 pounds I have to reach my weight goal.
Financially, we both have the same long-term goal: be debt-free. However, to hone in on what we need to do in 2019, we’ve made a list of our debts and plan to snowball it starting January 1. Here’s what we’ve discussed so far…
- Pay off “small” debts by March. The other half’s car will be paid off by March. We will also have our credit cards paid off by then and a small medical bill ($242). Having these things paid off in full will leave us room to pay off other debts, including new tax debt.
- Focus on tax debt while making minimum payments on other accounts. We owe a little over $9,000 and have established a payment plan with the IRS. With my other half out of work last year, we weren’t able to put taxes aside as we normally do. After we pay down the smaller accounts, we will use all of our extra cash to pay this off. Once it is paid we are also going to begin putting big chunks of cash aside for future tax bills.
- After tax debts are paid, we will be making extra payments on remaining accounts. Once the IRS is paid, we will start throwing extra cash at the remaining accounts. We will still have our Conn’s bill (about $2,000 remaining), student loan ($22K), car loan ($20K), and the tool bill ($10K).
Creating a Vision
New Year’s resolutions are overrated for the most part. Many people abandon them by the end of March. For us, creating a Vision Board is more important than resolving to change in the new year. Instead, we are focused on large goals we’d like to reach by the end of the year. Each of the steps above will be part of reaching that vision and creating a life we want to live.
What about you? What are your New Year’s resolutions? Do you create a Vision Board?
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Debt Snowball vs. Debt Avalanche: Which is a Better Approach to Paying Off Debt?
There is no sure-fire way to handle your finances or handle paying off debt. Each situation requires a different approach, depending on your personal financial needs. So, when it comes to being debt-free, what is the best way to handle paying off your accounts? How do you decide between a debt snowball vs. debt avalanche?
Debt Snowball vs. Debt Avalanche
“Debt snowball” and “debt avalanche” refer to two ways you can choose to pay down your debt. Deciding which method is best for you depends on your own personal situation. However, there are pros and cons to both approaches. Here’s what you need to know.
The Debt Snowball
Snowballing your debt is a great way to pay off your accounts in a quick fashion. To use this approach you need to begin paying off your debt in order of smallest to largest. So, if you have three accounts that need to be paid with amounts of $1,450, $6,578, and $10,755, you’d start paying as much as you can on the $1,450 account. Pay the minimums on the other two until you pay the first (smallest) account off. Once you’ve paid that account, move on to the $6,578 debt, then the $10,755.
Perks of using this method are being able to see your debt is paid off in a quick fashion. It provides a feeling of accomplishment and helps keep you motivated. You’ll also be able to free up more funds as you pay off the smaller accounts to tackle your other debt.
When it comes to comparing the debt snowball vs. debt avalanche, one con of the snowball may be that you wind up paying more in interest over time. It may also take longer to pay off your debt this way. However, it is a tried-and-true method.
The Debt Avalanche
Using a debt avalanche is another great way to pay off your debt over time. Instead of paying down debt by the total amount owed, you pay it off by the interest rate. So, if the three accounts mentioned above had interest rates of 7.9%, 9%, and 12%, then you’d want to start throwing money at the $10,755 account with the 12% interest rate first.
The biggest perk of this type of debt payoff plan is you’ll pay less interest in the long-run. You may also find that a debt avalanche approach helps you pay your debt off faster than the debt snowball approach. However, it can be harder to maintain your motivation with the avalanche method. It can also feel like it takes a longer time to pay things down.
Choosing the Best Approach For You
When it comes down to choosing between a debt snowball vs. debt avalanche approach, both will help you meet your goal of being debt-free if you stick to it. The best way to choose which is right for you will depend on your personal goals and what keeps you motivated.
If you think you’d lose motivation with the avalanche method, maybe you should try snowballing your debt first. Or maybe the thought of saving money on interest will keep you pushing forward on paying off your debt. If that’s the case, try out a debt avalanche instead.
You also don’t have to choose one or the other. Sometimes the best approach to paying off your debt is a combination of the two. Deciding what will motivate you and help you reach your debt-free goal is most important.
Have you tried either one of these debt payoff approaches?
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8 of the Best No Credit Check Loans to Apply for Now
Approved loan application form lay down on wooden desk with rubber stamp and calculator.
Strapped for cash? A lot of us need the money to get by. The problem is many of us also have bad financial scores. Almost a third of Americans have scores below 601, which is the line between fair credit and bad credit.
Even then, you need the money, so you still need that loan. What do you do? Go for no credit check loans.
You can’t go out there without knowing which one’s right for you. You need the best loans with no credit check, but which one?
In this article, we’ll choose the eight of the best no credit check loans you can apply for now. This will give you the choices you need.
1. Payday Loans
The payday loan is one of the most basic cash loans out there. They come in a variety of types, but they have some common characteristics. Your generic payday loan can have one of the following:
- Short payment scheme
- 24-hour approval
- Zero credit checks
- Small on-time payment interest
If you’re short on cash, all you need is your ID and proof of stable income. The payment scheme for this loan type should be around 30 days, hence the name. You would need to pay for these no credit check personal loans on time, however.
Forgetting to pay on time can incur large penalties. Your interest rates can go as much as 400 percent on a late payment. If you think you need more details about payday loans, here’s how you can learn more.
2. Personal Loans
Personal loans are the opposite of payday loans. Much like the payday loan, no credit check personal loans have minimal requirements. These are great if you need a quick cash influx but don’t have enough money to pay in a single month.
Not all lenders omit the credit check, but there’s a lot that do. This means there are fewer hindrances and more chances for approval. These can provide for something as low as a hundred dollars to around a thousand dollars at most.
The structure of this loan type lets you pay within a few months without having to fork over all your money from your salary, which goes as short as 60 days up to 2 years for some providers.
3. No Credit Check Quick Loans
Quick loans are another variety of the no credit check loans in the market. Like its name, this type of loan provides the fastest approval and cash disbursement among all loans.
Quick loans need no collateral and dispense money as soon as possible. This is the best option if you’re a little bit on the short end but can pay for it soon, and since they don’t care about your FICO score, you don’t have to worry.
If you need some quick money and you’re willing to pay ASAP, then this is what you need for no credit check personal loans.
4. Bad Credit Student Loans
It’s hard to get student loans on the normal credit market. It’s harder, however, to get one on bad credit. Bad credit student loans are a great solution to this problem.
The bad credit student loan exists to help poor but hardworking individuals get financing for their studies, with a flexible student loan amount covering as little or as much as you need.
Need some extra money for textbooks? Get the best loans with no credit check for as low as $100.
Need to pay for your tuition? You can borrow as much as $15,000 with minimal fees. Payment is similar to personal loans no credit check type of requests, so you can structure the right payment scheme for you.
5. Online Installment Plans
Online installment loans are a type of no credit check loans that let you borrow money if you can show two things. These are:
- An ability to repay
- A US Bank account
From here, they will transfer the money straight into your account after a few quick hoops. The transfer time goes at around one business day, with the approval period being either instant or a few minutes long.
An online installment plan has a standard payment scheme. This means you are losing a bit of flexibility on how long you can pay. If you need a fast and hassle-free way to get a loan, however, this is the option for you.
6. Title Loans
Title loans are some of the minor collateral type loans in this list. Like all the lending programs in this list, this is in the personal loans no credit check variety.
Title loans tend to use small possessions as a sort of collateral. Most customers of the service use their cars as collateral because it’s quick to access and transfer.
This is one of the riskier types of loans around. It also belongs, however, to the loans with the lowest APR and best payment flexibility for you.
7. Mortgage Loans
The mortgage loan is one of the longest term loans in this list, and for a reason. This is one of the best loans with no credit check available for anyone who has a bad credit score.
The specifics of this loan includes long-term payment structures with large payout schemes. You can do this loan type if you’re a bit short for your house fees. It’s also best for people who want to pay off their mortgage early.
8. Small Personal Loans
Small personal loans are a variant of the personal loan. It has several key features, which makes it a good option for people who don’t need more than a small influx.
These features include:
- Small principals starting at $500
- Quick installments, quick repayments
- Zero collateral
- 1 – 2-day cash delivery
The good thing about small personal loans is they have lower interest rates than payday loans, so this no credit check loan is worth it.
Finding the Best No Credit Check Loans for You
If you are looking for a quick injection of cash, it’s smart to find the best no credit check loans out there. Before signing anything, make sure to read the terms and conditions. See what kind of financing structure is best for you.
Why do we care so much about your money? It’s because we’re all family, and it’s great if you are a part of Our Debt Free Family.
Our Debt Free Family is there to help you learn how to take care of your money matters. Whether you need a loan or want to control your spending, we can teach you how to get there.
Why not hack your way into debt and investing? We can teach you how to do it easy, so you can be part of Our Debt Free Family.
What is a Scottish Trust Deed?
As the name suggests, a Scottish Trust Deed only applies to residents of Scotland and is a voluntary arrangement made between you and your creditors.
Under the terms of a Scottish Trust Deed you can make a proposal to repay your debts over a set period of time and therefore avoid bankruptcy (or ‘sequestration’ as it’s otherwise referred to). If any debts remain outstanding at the end of the arrangement then they’ll be written off and you won’t have to repay them.
How does a Scottish Trust Deed work?
If you choose to enter into a Trust Deed then all your assets will be passed over to your Trustee. He or she will then take full control of the arrangement and will endeavor to pay back as much debt as possible. In order to achieve this some of your assets might be sold – for example, any personal belongings or property you might own.
Will I have to liaise with creditors myself?
No. By entering into a Trust Deed you’ll no longer have to worry about making contact with your creditors. Any correspondence or discussions with them will be done by your advisor, who will then continue to liaise with them throughout the arrangement. All you’ll be expected to do is to make the monthly repayment to your advisor/trustee on time and then you can simply leave the rest to them.
How much will I have to repay?
When you first enquire about entering into a Scottish Trust Deed your chosen advisor will conduct an initial ‘fact find’. This enables him or her to fully understand your financial situation and to work out how much you’ll be able to repay to your creditors on a monthly basis. In making this assessment your advisor will ensure you have enough money left over to ensure that any debts which can’t be included are capable of being repaid through a separate repayment plan. The main priority is that your repayments are affordable – especially if you enter into a protected Trust Deed, which is legally binding on all parties.
What’s the difference between a ‘protected’ deed and an ‘unprotected’ deed?
If the vast majority of your creditors agree to the proposal you’ve put forward then the trust deed is likely to be ‘protected’. This means that the arrangement becomes legally binding and your creditors won’t be able to pursue you either during, or after, the arrangement to claim further money from you.
If, on the other hand, the deed isn’t protected then it’s not legally binding and you may still be pursued for any residual amounts once the arrangement ends.
How much will it cost?
You should ask your advisor for details of the cost before you enter into a Trust Deed as they can be very expensive. However, the cost of it can usually be repaid as part of your monthly repayments so that you don’t have to find the arrangement fee up front. However, if you have any concerns about the cost you should speak to your advisor.
If You Must Get a Debt Consolidation Loan, Here is How
Consolidate Your Debt in Three Steps
Debt consolidation is an option many people turn to when they feel they are drowning in debt. There is no doubt that, for some, it is a great option to consolidate and pay off your debts. So, if you have to pull out a debt consolidation loan, how do you do it?
Of course, consolidating your debt isn’t an overnight process. It will take some work and planning on your part. However, it doesn’t have to be complicated. In fact, it is as easy as 1-2-3:
Step One: List Your Debt
Before thinking about taking out a debt consolidation loan, consider whether you have enough debt to consolidate or not. Take some time to write down all of your debt. Include any loans and credit cards you have that need to be paid off. Generally, if this amount is $10,000 or more you can pull out a debt consolidation loan to ease your payments.
Be sure to list each of your debts along with the interest rate. Lower interest rates on payments may be worth simply paying off instead of consolidating. You may also want to consider seeking debt counseling before settling on consolidating your debt.
Step Two: Research Debt Consolidation Loans
Once you’ve established your need for a debt consolidation loan and have identified the debts you want to target, research the different types of consolidation loans available to you. Generally, there are three debt consolidation loans to choose from:
- Unsecured Loans – Unsecured debt consolidation loans require good credit, which is a difficulty for many people looking to consolidate their debt. These types of loans will allow you to pull out a loan, based on your credit, and consolidate your debts as you see fit, into one monthly payment.
- Secured Loans – Secured loans for paying off debt don’t always make sense. However, if you’ll save money on the interest they can be helpful. Secured loans allow you to borrow against money you have in savings or elsewhere to pay off your debt with one monthly payment. If the consolidation loan’s interest rate is less than your credit card interest rates or loan interest rates, a secured loan is a great way to go!
- Private Student Loans – For many people, student loans make up the majority of their debt. If you want to consolidate these, you will have to pull out a private student loan. Many banks offer private student loans and can provide you with a lower-interest loan to pay your education off.
Step Three: Create an Easy Payment Plan
After deciding what debt consolidation loan is best for your repayment needs, determine the terms of your loan. If you can only afford $200 per month towards debt repayment, adjust the length of your loan accordingly. You should also be sure to put your payment date on a date that is always convenient for you. To ensure the loan payment is always made, set up an automatic payment. Making the payments in full and on time will help your credit score significantly.
If you find yourself gravitating towards a debt consolidation loan, you’re not alone. Just be sure you go through the steps above and define the best course of action for you and your finances.
Readers, have you taken out a debt consolidation loan? What was your experience?
12 Cheap Stocking Stuffers Your Family Will Love
Christmas may be the season of joy and of giving, but it’s also the season when some people add to their debt. If your budget is already tight, it isn’t easy to squeeze gifts, holiday foods, decorations, and other extras into it.
Fortunately you can keep expenses down by shopping sales, making items yourself, and being selective about who you buy gifts for. But when it comes to stocking stuffers you may still overspend since the items you buy are usually small. This is especially true if you spread out your purchases.
Controlling the cost of stocking stuffers and still getting stuff everyone likes isn’t easy. To help with that dilemma, here are 12 cheap stocking stuffers your family will love.
For Kids
1. Sidewalk Chalk
This spray sidewalk chalk will have your kids excited for when spring comes. It comes in several colors and is a great cheap stocking stuffer your family will love.
2. Magnetic Putty
Your kids will get hours of fun with this fun cheap stocking stuffer. Magnetic putty can swallow magnets and even do tricks.
3. Finger Lights
What kid doesn’t like things that light up? Stick a few of these cheap stocking stuffers into your kids stocking to see their smiles light up.
For Teens
4. Flash Rocks
Teenagers can make their world glow with this interesting stocking stuffer. Just rub them together to see the sparks fly.
5. Nail Polish Holder
Help you teen stay polished but not your furniture with a wearable polish holder. It comes in different colors and fits all fingers.
6. Headphone Splitter
Give cheap stocking stuffers your family will love and so will their friends with this headphone splitter. Provide them with hours of entertainment and music for only a few dollars.
For Her
7. Screen Protectors
Do you have a fitness lover in your house? If so, pick up some Fitbit screen protectors to protect their investment and keep them moving.
8. Lint Roller
Staying neat on the go isn’t easy when the lint roller in your purse sticks to everything. Get her a retractable one instead.
9. Mood Polish
You can stay in her good graces with this cheap stocking stuffer. After she uses the nail polish watch as it changes colors with temperature changes.
For Him
10. Beard Oil
Beards seem to be all the rage among men these days. Help them keep theirs looking neat with beard oil in their stocking this year.
11. Bondic
Get a cheap stocking stuffer your Mr. Fixit will love by putting Bondic in his stocking. You may benefit from it too when he fixes what’s broken in your life.
12. Bike Repair Kit
Help your guy stay on the right path with this bike repair kit. He can fix low tires and tighten screw to be back on the road in no time flat.
Keep your holiday gift expenses down with these 12 cheap stocking stuffers your family will love. But you can find lots more great gift ideas at giftlab.co that will keep some money in your pocket.
How to Audit Your Home Energy Usage
One of my favorite things about fall is that it presents the opportunity to save money on your home energy costs. You can open windows to cool the house down and can usually use methods indoors to avoid kicking the heat on. However, before you try to start saving money on your home energy costs, you may want to perform a home energy audit to get an idea of how energy efficient your house is.
How to Audit Your Home Energy Usage
Performing a home energy audit sounds a lot more difficult than it actually is. There are a few things you can check and fix yourself to get your home ready for the colder months.
Locate Leaks (water and air)
Reducing drafts in your home can reduce your home energy cost by 10% to 20% each year. To check for “air leaks” or drafts, ensure that your baseboards are secure and without holes. You should also check for cracks at the junctures of ceilings and walls. You can also check windows, doors, fixtures, switches and electrical outlets. If you have a fireplace, you’ll want to check that for dampers as well.
Check Your Insulation
In older homes especially, insulation can need to be replaced. Replacing insulation in your home could greatly reduce your home energy cost over the winter by reducing the amount of time your heat is running. Having better insulation will improve your home’s ability to maintain temperature without any additional energy. Don’t forget to also check attic spaces and crawlspaces to determine whether added insulation in those places will help your home energy cost. Read why you shouldn’t continuously adjust the thermostat.
Inspect Your Heating and Cooling System
Like many other household appliances, your furnace and air conditioner get old and break. As those appliances get older, they can also lose their energy efficiency. If your unit is 15 years old or more, you should consider replacing it to maximize efficiency and reduce energy cost in your home. Additionally, if your unit is nearing its 15th year, start saving for a new unit!
Change Out Your Bulbs
A few years ago, everyone was switching to LED bulbs to save money on energy costs at home. If you decide to switch your bulbs to energy efficient bulbs it can save you a ton of money. Lighting accounts for about 10% of your overall electric bill so switching to LED can actually make a difference.
Inspect Other Appliances
Like your heating and cooling system, other appliances in your home get old and need to be replaced. An old refrigerator, for instance, may cost more to run than a newer model. The newer model of dishwashers, toilets, and showerheads tend to use less water and, therefore, cost less to run/maintain. Consider replacing your old, outdated appliances with new, energy-efficient appliances. This can prove to help you reduce your energy use month-to-month significantly.
These are just a few of the ways you can audit your home to make it more energy efficient. If you’re unsure of your ability to check these things, you may want to hire a handyman to take a look around and give you an idea of what your home energy usage report card looks like. Either way, making the changes necessary to transform your home into an energy efficient one will prove to be beneficial for your wallet.
See something we left out of the home energy usage audit? Comment below!
Photo: Chuck Coker
How to Succeed at the 365 Day Money Challenge
Several years ago, online challenges became really popular. Individuals challenged one another online to do 100 squats a day, lose weight, write journals, and save money. Of these challenges, one of the most popular has been the 365 Day Money Challenge. This was a finance-focused challenge that helped people save a set amount of money throughout the span of a year.
About Money Challenges
If you’ve never heard of a money challenge, don’t worry! They are fairly simple to understand and extremely easy to participate in. The 365-day money challenge helps you save $668 over the span of a year, one penny at a time. Depending on your savings goals, you can pick-and-choose between many different money challenges that have higher (or lower) savings goals.
Other challenges also have altered time spans as well. For instance, there is the 26-week money challenge, or the bi-weekly money challenge, that helps individuals put money away every other week. No matter what your goals are, there is a money challenge out there for you.
The 365 Day Money Challenge
The money challenge was one of the first to appear online. Essentially, you start with saving $0.01 on the first day, $0.02 on the second day, $0.03 on the third day, and so on. On the 365th day, or after one year, you will have accumulated nearly $670.
One problem with challenges, however, is that many people fail to complete them. Maybe they grow bored with it or they don’t have a plan in place for saving. Whatever the case may be, follow these tips to successfully perform the challenge:
- Print this sheet to track your 365-day money challenge progress. Tracking your savings will help encourage you to continue on. You’ll be able to see the money stacking up over time. Also, writing your contributions down will help make you feel like you are being held accountable for saving that money.
- Join a Facebook Group. The 365-day money challenge has been around for a few years and thousands of people have tried it out. There are plenty of forums and social media groups to talk about the money challenge, ask for help, and bounce ideas off other individuals. Having support like this can encourage you to continue saving and complete the challenge.
- Ask a friend to join you. By asking someone you know to join you in the challenge, you can create a small feeling of competition, making the challenge more interesting. It can also provide you with someone to go to if you are having trouble saving or sticking to your plan.
- Keep your eye on the prize. Whatever the reason is for you want to take on the 365-day money challenge, write it down on a sticky note and put it wherever you are stashing your pennies every day. Seeing that reminder will help you continue driving forward with your savings goals.
No matter what those goals are, participating in a challenge like the 365-day money challenge is a great way to add to or kickstart your savings. Making the decision to take on a year-long challenge is a big commitment but can prove to be extremely beneficial.
Have you tried a money challenge? How much did you save?
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Use This SMART Goal-Setting Worksheet to Reach Your Financial Goals
So, how should you go about starting a setting goals worksheet?
The S.M.A.R.T. Method of Goal-Setting
As with anything, there is a smart way to go about setting goals. The SMART method of goal-setting simply spells out all of the things you should decide before setting a goal and attempting to reach it. As a senior in college, I learned about SMART goal setting in a resume writing course I took. The class was a great course for preparing me for the “real world” and it also provided me with some information about setting SMART goals.
SMART stands for Specific, Measurable, Attainable, Relevant and Time Based. If your goal cannot answer each of these questions, you should reconsider what goal you are trying to reach.
- Specific – You have to make sure your goal is specific. Most people have the goal of wanting to save more money. You’re more likely to reach that goal if you have a specific number in mind though. For instance, I would like to save $1,000 for an emergency fund.
- Measurable – Next, make sure that your goal is measurable. If you are preparing a setting goals worksheet you always need to be able to SEE, or measure, results. Sticking with the saving money theme, you can measure your progress by tallying up how much you’ve saved in total.
- Attainable – You should feel challenged by your goals but remember to also keep them realistic. Many people have the problem of setting unattainable goals and becoming discouraged. If you are trying to save money, for instance, set a goal that makes sense for you. If saving $1,000 seems like too much, start at $500.
- Relevant – Does your goal even make sense? If your goal isn’t helping you further other parts of your life why are you doing it? If you are saving money, why? What is the end game? You shouldn’t be trying to save for a yacht if you have $0 in an emergency savings fund.
- Time Based – Lastly, set a timeframe in which you would like to reach your goal. For instance, “I want to save $1,000 for an emergency fund by December 31.” By setting a date for your goal to be reached you are holding yourself accountable.
Tracking Your SMART Goal
You can use this SMART Goal Worksheet to answer each of the SMART questions above. Once you’ve begun to set out on reaching your goal you can journal your progress or use a goal tracker (I use Lifetick). Writing down the progress, hardships and eventual success will help you reach your goals even faster.
This is only one of thousands of ways to organize your goals and plans to reach them. Do you have another way of goal-setting you’d like to share? Let us know.
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