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How to Pay for a Funeral: Your Complete Guide

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End-of-life expenses are always a bit sad to think about and hardly ever a favorite conversation topic. However, have you ever asked yourself what would happen if a loved one passed on unexpectedly?

Funeral services, memorials, and cremations can quickly add up in cost and place additional stress on family members in an already tense situation. Of course, the best way to lower some of this stress is by proper planning–but you can’t always plan death.

We’re going to discuss how to pay for a funeral–whether the circumstances are completely unexpected or there is awareness of the imminent situation. Keep reading for more information!

Cremation vs. Burial

If your loved one did not have a preference on whether they are buried or cremated, choosing cremation is the less expensive route. This choice still allows for a memorial service, however, there is no need for a casket or burial plot–two major sources of expenses.

Be sure to consider all urn options, as these containers can vary greatly in cost. Green Meadow Memorials offers a large selection of cremation and keepsake urns at fair prices, allowing for your funds to go further.

Planning a memorial service on weekdays and in the early morning will also help reduce costs, or you can simply choose to have a celebration of life at your home.

Government & Insurance Benefits

Part of having a life insurance policy is that it pays out upon death. This payout can range greatly but is often intended to help cover any final expenses.

There is also a Social Security death benefit and VA (veterans’ affairs) assistance for former military members and their spouses. While the Social Security benefit won’t cover any large expenses, the VA can help with burial plots and grave markers.

If your loved one has any association with clubs or organizations, (Rotary, Lions, and other fraternal groups,) you may consider asking for final expense assistance.

Religious Organizations & Crowdfunding

Should you still find yourself struggling to pay for a funeral, approach religious organizations or faith-based groups. This is best done if you or your loved one are (or have been) associated with them.

Many of these establishments have funds in place to aid in the cost of funeral services, caskets, cremations, and burial plots.

Because not everyone is religious, it may also be helpful to set up a crowdfunding campaign. These sites allow you to set a financial goal, share it among friends and can help you obtain the money needed for these final expenses.

Be sure to research these sites thoroughly as crowdfunding site charge a percentage. This percentage can vary from site to site.

How to Pay for a Funeral: Plan Accordingly

Unfortunately, you can’t control whether your loved ones plan for their end of life expenses. This can leave your family in debt or struggling to make ends meet.

However, you can choose to invest in retirement plans or life insurance to help cover your own funeral costs. Choosing to plan for your end of life expenses can help ensure your children never scramble to pay for your funeral, casket, or other related expenses.

If you have any other tips on how to pay for a funeral, let us know by leaving a reply below!

Can You Talk to Your Spouse’s Collection Agency?

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Talk to your spouse's collection agency

As you know, I recently got married. My husband and I have had anything but “normal” for the first few months of marriage. We’ve moved, had a few job changes, moved again, and now we are finally ready to refocus on paying off our debt. Hubby doesn’t like to call and talk to anyone on the phone when it comes to finances, which got me wondering on how I can help. More importantly, I needed to find out if you can talk to your spouse’s collection agency.

Can You Talk to Your Spouse’s Collection Agency?

Many people would read that and say, “make him do it himself.” However, in our marriage, it is important we both support each other in the areas we aren’t super comfortable in. For me, he takes care of in-person meetings and anything we have to take care of face-to-face. I take care of bills, most of the finances, and anything we need to make calls about.

So, the answer is yes, you can talk to your spouse’s collection agency. As far as collections are concerned, a spouse is the same debtor. You may even receive calls about your husband or wife’s debt without being asked to.

No collection agency is allowed to disclose information to any other third party without consent. To get that, you will need to give verbal and/or written consent to the collection agency for the third party (friend, relative, etc.).

Some additional information may be needed to verify you have consent to talk to the collection agency as well. In some cases, they will ask you to set up a verbal password for the phone. Other times, they will ask you to verify the account holder’s Social Security number, phone number, account number, or other identifying information.

Managing Debts Together

Most of our debt is in joint accounts (except for my student loans). For the most part, I draw up the budget, and plans for paying off debt each month. My husband has a certain amount of “play” money that he uses for whatever he’d like, as do I.

When it comes to managing money together, that is what works best for us. I think it is different for every couple. Finding what works for you and your spouse is what is important.

How do you and your other half manage money together? 

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The Complete Guide to Getting Out of Debt

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,getting out of debt

In total, Americans owe about $986 billion in credit card debt alone. For mortgages, the average borrower in the US has $236,443 in housing-related debt. Student loans also pack a punch, leaving the average borrower owing around $39,351. With so much debt piling up, many households are desperately trying to reduce their balances and eliminate their debt. If you want to conquer your credit cards, ditch your mortgage, free yourself from student loans, and otherwise remove creditors from your life, here is a look at the steps you can take to get out of debt.

Create a List of Your Debts

Before you take any steps beyond making your minimum payments, you need to understand your debts. Create a list that includes all of the lender names, debt types, interest rates, minimum monthly payments, and remaining balances.

As you compile the information, you should end up with a table that looks like this:

Lender Name Account Type Interest Rate Minimum Monthly Payment Remaining Balance Owed
Bank of America Auto Loan 6.25% $336.21 $18,112.36
Wells Fargo Mortgage 5.5% $925.00 $174,536.14
Capital One Credit Card 17.9% $181.40 $7,256.18
Best Buy Store Credit Card 25.9% $64.67 $2,586.88
Sallie Mae Student Loan 6% $168.16 $23,472.01
Credit Union Personal Loan 12.9% $50.47 $1,499.98

After gathering those details, you also want to total up your monthly payments to see how much you owe every month as well as your total balance owed. Using the example above, the total minimum monthly payments would be $1,725.91, and the total balance owed would be $227,463.55.

The idea is to get an incredibly clear picture of what companies you are paying, how much you are directing toward debt payments each month, and how much you owe.

If you are worried that you are overlooking a debt, head to AnnualCreditReport.com and request a free copy of your credit reports. The website is officially supported by the government, and you can get a copy of each of your reports from every major bureau every year at no cost. Then, you can review the reports for information about your creditors, including who you owe and other details.

Know Your Rights

If you have fallen behind on your debt payments, you might be stuck dealing with debt collectors. If so, it’s important to understand that all debt collectors have to follow certain laws.

Review the details of the Fair Debt Collection Practices Act if you want the most in-depth understanding of your rights and the various rules. If you want a solid overview using simplified language, the Federal Trade Commission’s Debt Collection FAQs is a good place to start. Along with information about what is and isn’t allowed, you can find out how to report a debt collector who violates the laws.

It’s important to note that individual states may have additional regulations regarding debt collection practices. In many cases, your state’s attorney general’s office can provide you with further details about your rights under your state’s laws. You can find contact information for your state attorneys general office through the USA.gov State Attorneys General search page.

Make Sure You Actually Owe on the Debts

There are instances where a person is subjected to billing or collection efforts even though the debt isn’t actually theirs. A company or debt collection agency might say that you need to pay when, legally, that isn’t the case.

At times, these attempts to get you to pay for a debt aren’t nefarious. In some cases, it is simply a mistake. A debt was associated with you on accident, such as through a technical error or an employee incorrectly entering customer information. If you believe one of the debts you are dealing with may fall in this category, contact the company or vendor. For additional support, you can also reach out to the Consumer Finance Protection Bureau, Better Business Bureau, or the Federal Trade Commission.

It is also possible that you have been the victim of identity theft. In these cases, someone else pretended to be you or used your personal information – such as your name, Social Security Number, and birthdate – to fraudulently open an account, making it appear that the debt is yours. If you might be the victim of identity theft, the Federal Trade Commission’s Identity Theft website can give you details about how to address the problem.

If a lender or debt collector says that you are responsible for a deceased loved one’s debt, they are usually incorrect. Debt can’t typically pass from one generation to the next if the surviving family member isn’t listed as an official borrower, such as by being a cosigner. Instead, any repayment is handled through the deceased’s estate. However, if you aren’t sure about your liability, you can consult a lawyer. Inheritance laws may vary from one state to the next, so it is wise to speak with a professional to confirm you aren’t responsible.

There are also situations where the debt was genuinely yours, but you are no longer obligated to pay it based on its age. There is a statute of limitations for many kinds of debt, and, once that period ends, the unpaid amount is time-barred. How long that time period is varies based on the type of debt and state law. If you aren’t sure if one of your debts is time-barred, contact your state attorney general’s office.

Understanding Your Interest Rates

Most people have heard debts being referred to as “high interest” or “low interest.” However, there isn’t usually a clear line that identifies what rates fall in which categories.

Since common repayment advice usually tells borrowers to focus on high-interest debts, it’s important to have some form of benchmark. One of the easiest ones is to compare the interest rate to what you could earn as a return if you invested the funds. If the interest rate is above the average return on an investment, consider it high-interest. If it is below, then consider it low-interest.

For example, the average S&P 500 return over the years has been about 10 percent. Using that example, all debts with a higher rate would be high interest. Any debts below 10 percent would be low interest.

Negotiating Principal and Interest Rates

Some borrowers are surprised that negotiating on debt principals and interest rates is an option. If you are struggling with your debt but have managed to stay current on your payments, you might have a decent credit score. If that is the case, you might be able to request a lower rate, reducing how fast interest builds up and potentially lowering your minimum payment.

If you do get any reductions in interest rates, update your debt list to reflect the new interest rates and minimum payments. Additionally, recalculate your total monthly payments and total amount owed, ensuring the information is current.

Additionally, if you can offer a substantial lump sum that is slightly below what you owe, the lender or debt collector might accept that amount as payment in full. Contact them, let them know what you can pay, and see if they will settle the debt for that amount. If so, get their commitment to closing everything out in writing before you send the payment. That way, you are protected if they try to avoid living up to their end of the bargain.

Just keep in mind that, if you settle the debt for less than you owe, there may be tax implications. You could receive a 1099-C (cancellation of debt tax notice) from the company. That means the difference between what you paid and what was owed might be considered income by the Internal Revenue Service (IRS), impacting your tax obligations. If you want to find out if the canceled debt is taxable, review IRS Topic No. 431 for additional information.

Create a Household Budget for Tackling Debt

Once you know who you owe and how much, have confirmed that you are responsible for the debts, and have negotiated when possible, you need to create a new household budget. Use your debt list as a starting point.

Next, add any more monthly expenses you have to handle. For example, this could include rent payments, utility bills, home or renter’s insurance, auto insurance, and any other recurring bills.

Then, put in details about your other living expenses that aren’t bills. For instance, groceries and fuel for your car would fall in this category.

The goal is to get a holistic view of where your money goes every month. If you spend money in one area on a monthly basis, write it down.

If your expenses exceed your income, then it’s time to make some cuts. See what costs you can reduce or eliminate. For example, eliminate cable television, reduce the number of streaming services you use, and pare down your food budget.

If you do not have a budget template, you can get one here.  Here is a handy screenshot so you can see what a good budget looks like.

While you might have to live a bit uncomfortably for a while, this process will help you live within your means and pay off debt. Otherwise, you’ll need to find options for augmenting your income if you want to make serious headway.

Increasing Your Earnings to Defeat Debt

Whether you have a budget shortfall or simply want to tackle your debt as fast as possible, increasing your income is always a smart move. Begin by examining all of your household items and decide if there is anything you could sell or donate for a tax deduction.

After that, consider if you can enhance your earnings. Is getting a raise at your current job a possibility? Could you take on a second job? What about some freelance gigs? If increasing your income from work is possible, explore it.

Finally, you can also see if there is any assistance available that might allow you to pay off your debts faster. Check to see if you are eligible for government programs based on your income. Reach out to area non-profits, particularly if you might miss a rent, mortgage, or utility payment. While you might not find any options here, it is worth checking out if you are genuinely in dire straits.

Creating a Debt Payoff Strategy

Before you go beyond making your minimum debt payments, you need a payoff strategy. This will help keep you focused and prepare you to tackle your debt in the best manner possible.

There are two effective and popular strategies for paying off debt.

1) Debt Snowball. The Debt Snowball strategy was popularized by Dave Ramsey, a personal finance expert. In this approach, you focus on the debt with the smallest balance.

Essentially, you pay the minimum payment on every debt but the smallest. Next, you send every extra dollar you can toward the smaller debt. Once you tackle it, you get the mental boost of having a success. Then, you focus all of the money that was going to that debt to the new smallest debt, continuing the cycle until everything is paid off.

2) Debt Avalanche.  The second option, the Debt Avalanche, concentrates on the highest interest rate debt first instead of the smallest. You make the minimum payment on every debt, only sending extra cash to the highest interest debt. Once that one is conquered, you focus on the new highest interest account. This approach is the best financially, as you’ll pay less in interest than if you use the Debt Snowball method in many cases. However, if your high-interest debts are large, you don’t get a mental win as quickly, which can be tough on your motivation.

Either approach is viable, as they both help you get out of debt. Consider if you need the mental boost of a quick win. If so, the Debt Snowball is for you. If not, then use the Debt Avalanche to save on interest.

Sometimes, it is easier to decide if you can see the difference. Luckily, you can find easy to use debt snowball and avalanche calculators that will do the math for you, allowing you to input information about your debts and see exactly how the results differ.

Keeping Yourself Motivated

Paying off your debt takes time. As a result, you need to find methods for keeping yourself motivated that don’t involve unnecessary spending.

Many people enjoy having a visual aid. For example, you might create a debt thermometer that you can color in as you pay down your balances. This can help you see how far you’ve come, making it clear that progress is happening.

Additionally, updating your balance owed on your debt list to show the lower amounts can be encouraging. You get to put in smaller balances every month, an that can help keep you motivated.

Don’t Look for Shortcuts

While nearly everyone wishes that there was some kind of shortcut that can lead to debt elimination, there usually isn’t. It takes time, work, and dedication.

While there are reputable debt management organizations out there that can help make the process more manageable, there are also a ton of scams. Any company that touts their supposed ability to work a miracle and make your debt disappear should be considered highly suspect. If you are considering a formal debt management plan, research the organization heavily to make sure it is legitimate and doesn’t charge high fees that make your tough situation worse. If you have any doubts about their credibility, walk away, and get out of debt on your own.

Similarly, while many would suggest debt refinancing or consolidation, that isn’t always an ideal road. If you don’t have stellar credit, you might get a worse interest rate than you are dealing with today. Plus, it could potentially open the door for accumulating more debt, and that could make your situation worse.

This is especially true for balance transfer credit cards. Even if you could get a 0 percent rate for a period of months, using the service typically comes with a fee (around 3 percent of the amount transferred). Plus, if you miss a payment, you might lose the promotional rate, leaving you stuck with the regular (or even a penalty) rate instead. Unless you can be genuinely diligent and pay off the entire transferred amount before the promotional period ends, it usually isn’t worth pursuing.

Helpful Resources

There are plenty of helpful resources that can make your journey easier to manage. For example, online communities can give you moral support and might share tips that can help you get out of debt. Here are a few worth checking out:

There are also tons of Facebook groups dedicated to getting out of debt. You can perform a simple search and find people who are on the same debt conquering journey, which can be very beneficial.

Additionally, there are a bunch of personal finance experts that dole out helpful advice, including:

While you might not agree with everything they say or recommend, all of those experts can help you start thinking about personal finance in a new way.

Ultimately, it is possible to get out of debt. While it does take time and diligence, it is a journey worth taking. Assess where you are, figure out where you want to be, and create a strategy that will let you get from point A to point B over time. In the end, you’ll be happy that you started on the journey and elated once you are done.

I’ve Gotten a Call About Student Loan Forgiveness – Is It Real?

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student loan forgiveness

Most commercials, calls, or advertisements you’ve seen about student loan forgiveness seem spammy. I’ve been dodging calls like that recently, and I’ve written them off as scams. However, there’s a chance you’re ignoring legitimate chances to reduce or eliminate your student loan payments.

Calls I’ve Received

Recently, I’ve received a number of calls regarding my student loans. I have right around $20,000 to pay back and recently was sent an email to not pay anything until August (this was back in June). The email, which was verified to be Navient, stated there may be some changes to my account and they wanted to extend my deferment by two months. It also noted I may have other repayment options available.

Since then, I’ve been receiving calls that I’d honestly written off as spam calls about student loan forgiveness. As it turns out, they may be totally legitimate.

Navient Lawsuit

Navient has been hit with a number of lawsuits from the Consumer Finance Protection Bureau (CFPB), as well as a number of teachers and state attorney generals. The lawsuits claim Navient failed to do a number of things to help its borrowers pay off their loans. Complaints include the following…

  • Navient has failed to apply payments to accounts on a number of occasions.
  • Private student loan borrowers claim to be deceived by Navient regarding cosigner requirements.
  • Navient officials have failed to inform borrowers of income-driven payment (IDR) plans and instead steered them towards forbearances (usually multiple).
  • When individuals were informed about IDR plans, Navient neglected to give them information about renewal dates for the plan.
  • Credit bureau reporting was done incorrectly.

Navient is accused of a number of other wrongdoings, including persuading borrowers to maintain their loans with Navient, even if they have a lower-interest option. Some borrowers were also wrongfully denied Public Service Loan Forgiveness.

Each of these lawsuits is ongoing. However, there is no real Navient Student Loan Forgiveness.

How to Verify the Legitimacy of Calls

student loan forgiveness

More than likely, the calls I’ve been receiving are a scam. CNBC reported that student loan forgiveness scams were on the rise. Coincidentally, this is also right around the time I began getting the calls.

Oftentimes, these scams claim to be able to provide reduced payments (or forgiveness). During the call, you’ll be asked for your loan ID number. With that, the person on the other end can change your mailing address. This will make it difficult for your loan servicer to contact you about your missed payments.

After you’ve gone months without paying, your loans will fall into default. At that point, you’ve fallen victim to a scam that will be extremely difficult to dig yourself out of. Here are a few ways you can spot a student loan scam fast.

  1. It is a scam if the company offers immediate student loan forgiveness.
  2. If you’re asked for money upfront to reduce your payments, it is probably a scam.
  3. There should be no sale and no pressure to sign up.
  4. You’re probably speaking to a scammer if they ask you for personally-identifying information as well.
  5. You’ll probably be able to see advertisements for the company when you Google them. Always be wary of any student loan company that is paying for advertising.

Does Student Loan Forgiveness Exist?

With that said, there are some instances in which student loan forgiveness actually exists (though it probably doesn’t for me).  If you’re a Navient customer, you may still qualify for student loan forgiveness elsewhere, no matter how the lawsuits are settled.

Here are a few programs that may be able to help.

  • Borrower’s Defense to Repayment Discharge: This program can only help individuals with federal student loans. You also must prove the school you attended misled you in some way, performed an illegal activity, or otherwise committed fraud against you.
  • Public Service Loan Forgiveness Program: You can get your student loans completely forgiven if you work within a qualifying public service job. If this is the route you want to go, you also must stay in the position for at least 10 years to have your loans forgiven. You will still need to make a number of payments before you can have your loans forgiven completely, but you’ll pay far less.
  • Non-Profit Student Loan Forgiveness Program: This program offers complete student loan forgiveness for individuals who work full-time for nonprofit agencies. Like the forgiveness program above, you’ll need to stay in nonprofit work for at least 10 years to qualify.
  • Government Employee Student Loan Discharge: Like the nonprofit and public service programs, you’ll need to be a government employee for at least 10 years to qualify. However, if you are, you can receive complete forgiveness.

Outside of these programs, you can also utilize outside sources to relieve the stress of paying back your loans. For federal student loans, you can call the Student Loan Relief Helpline at 1-888-906-3065. They can help look at your options and set you up with a plan to reduce your student loan debt as soon as possible.

 

Individuals with private student loans can seek out the help of an attorney to negotiate with lenders on their behalf. One company, McCarthy Law PLC, has a good reputation with helping borrowers settle their loans for less than they owe. They can be reached at 1-877-317-0455. If you have issues with your credit or old debt, they may also be able to help.

 

Using the RSI indicators to trade the daily time frame

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The daily time frame trading technique is often considered to be the most boring trading strategy. In fact, the novice traders always try to find quality trades in the lower time frame. In a nutshell, they want to scalp the market to secure a quick profit. But do you really thinking scalping the market is a good way to develop your trading career? The simple answer is no. It’s true that many professionals are using a scalping strategy to live their life but being a new trader it will be really hard. In fact, you will be under extreme pressure most of the time. So it’s better to trade the higher time frame since it will help you to execute a trade with an extreme level of confidence.

About RSI indicators

Before you learn to trade the daily time frame, you need to understand about the RSI indicators. RSI refers to relative strength index and it’s a very popular indicator. Starting from the novice end with the professional traders, everyone uses it to find the overbought and oversold condition of a certain asset. It acts more like a trade filter tool. For instance, if you spot any bullish reversal signal in the daily time frame, you can easily look at the RSI indicators reading to assess the quality of a trade.

Understanding the reading of the RSI

There are two basic things you need to consider when you analyze the RSI indicators reading. If the value of the RSI reading stays near or below the 30 marks, you need to consider the reading as a buy signal. It’s more like the market is in an oversold condition. On the contrary, if the value of the RSI reading stays near the 80 mark consider it as an overbought condition. You need to look for sell signals. Reading the RSI value is fairly easy. Some of the novice traders often make things worse by using in the lower time frame. Always make sure you use the indicator reading in the daily or weekly time frame to get the very best trade setups.

Though Forex trading Singapore is a very popular profession, every few traders actually understand the proper way to use the RSI indicators. This is not a big problem since you can use the Saxo demo account to learn to trade. Try to trade in a different time frame in the demo account and see how the indicators react to the price movement of a certain asset.

Executing the trades

Trade executions based on RSI reading is fairly easy. To do so, you must have a balanced trading strategy. Consider the RSI indicator as trade filter tools. Never think you can make a huge profit just executing the trades based on the indicators reading. You need to use other important parameters like support and resistance level. As a novice trader, use the demo account to create a balanced trading strategy. The starting of your trading career will be a little bit boring since you will have to lose many trades. Losing doesn’t really matter since you will be learning in the demo account. Once you feel confident with your trading strategy switch back to the real account.

Developing your mental stability

Mental stability plays a great role when it comes to the trading business. You can’t make the best division by executing the trades under stress. You need to control your greed and minimize your risk exposure at any cost. At times you might feel frustrated with your trading result but this is absolutely normal. Take a small break and try to rephrase your mindset so that you can find the best trades. Since you will be trading the market with an indicator based trading system, make sure you keep your trading chart clean. Never use more than two indicators because it will make things worse. Most importantly, you will get confused by seeing the different readings of the indicators.

Beware of Bad Credit Installment Loans With Guaranteed Approval

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<p>It is difficult to be in a squeeze where you feel like you need extra cash right now. We’ve all been there. Predatory lending companies know it too. It is important you don’t fall for bad credit installment loans or guaranteed approval loans. Both of these are dangerous and will rope you into a cycle of debt.</p>::Pexels

It is difficult to be in a squeeze where you feel like you need extra cash right now. We’ve all been there. Predatory lending companies know it too. It is important you don’t fall for bad credit installment loans or guaranteed approval loans. Both of these are dangerous and will rope you into a cycle of debt.

Bad Credit Installment Loans

When you hear the words installment loan you should immediately think of high interest. Typically, high-interest loans will take you longer to pay off and subsequently put off becoming debt-free. Many of these types of loans can take years to pay off.

However, if you’re struggling with your credit, paying off debt, and have no emergency savings in place, an installment loan may be necessary if something comes up. If that is the case, leaning on your credit could be nerve-wracking. Knowing that you can get guaranteed approval may provide peace-of-mind.

Many lenders boast being able to guarantee approval for your loan. That doesn’t mean it is at an interest rate you can afford or even the amount of money you need.

Can You Get Guaranteed Approval?

If you’re asking yourself, “do guaranteed approval loans exist for people with bad credit,” the answer is no. There are certain loans designed for individuals with bad credit. However, there is no such thing as guaranteed approval.

In all reality, guaranteed approval is a myth. It suggests that no matter how bad your credit is, you will be approved for a loan with the lender. More often than not, these lenders offering a payday loan and taking a post-dated check as a promise of your payment. This type of lending also typically leads to an unending cycle of debt.

Why You Should Probably Think Twice

Bad credit installment loans, guaranteed approval, and payday loans are all things you should walk a wide circle around. For someone with bad credit or a desire for an immediate fix to their personal financial problems, these terms are just baiting you to borrow from them. It is also important to note that guaranteed approval basically tells you the lender has zero interest in whether you are actually able to pay the loan back or not.

If you’re in a crunch and feel as though you need an installment loan or you’re tempted by the words guaranteed approval, here are a few alternatives to consider.

  1. Assistance Ministries and Nonprofit Organizations: Research nonprofit organizations and crisis assistance ministries in your area. Some organizations have the ability to give you financial help and counseling if needed. This can greatly help you avoid these predatory lenders.
  2. Low Income Housing Energy Assistance Program (LIEAP): This is a federally-run program that will help low-income families pay their electric or other utility costs. Sometimes just having one less bill to pay can make all the difference. LIEAP programs vary from state to state. Research your local program and be sure to apply as soon as possible to receive these benefits.
  3. Borrow from a friend or family member: Although it can be uncomfortable, asking your friends and family for a loan is sometimes the best option. Many times, they will understand and help you out, especially if you are willing to open up about your financial situation and why you need the money. Even if they can’t give you all the cash you need, they may be able to pay for something like groceries or gas to ease your finances.
  4. Payday alternative loans: Also known as PALs, payday alternative loans are an option for members of federal credit unions. These allow bank members to borrow small amounts of money at a lower cost than a traditional payday loan and you’re able to repay it over a longer period. You will have to have been a member of the credit union for at least one month with proof of consistent income to apply for this type of loan.
  5. Credit cards: Although wracking up credit card debt isn’t something I’d recommend to anyone if you can take care of your emergency with a 0% interest credit card, it is better than getting an installment loan or falling for a “guaranteed approval” loan. Just be sure you read the fine print on your card to be sure you know when the interest will kick in.
  6. Personal loans: Most people with bad credit won’t be able to get a personal loan. However, if you are able to apply and get approved for the amount you need, they are a much option than a payday loan.

Every year, payday loans entrap millions of Americans in a cycle of debt. Don’t get yourself tied up with payday loan companies! Consider the information and alternatives detailed above.

Lastly, remember your debt does not define you. If you are feeling depressed or in need, you can always call the Crisis Hotline at 1-800-273-8255. They have experience providing support for individuals in any type of crisis, including a financial crisis, and may be able to help provide you with resources that will help.

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The Effects of Financial Stress on Marriage and Other Relationships

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<p>You really don’t release the effect stress has on your mind, body, soul and even your relationships until it is too late. Similarly, financial stress can greatly effect your life but what are the effects of financial stress on marriage and your other relationships?</p>::Pexels
You really don’t release the effect stress has on your mind, body, soul and even your relationships until it is too late. Similarly, financial stress can greatly effect your life but what are the effects of financial stress on marriage and your other relationships?

What is Financial Stress?

There is no doubt that money causes a lot of stress in this world. Financial stress (when you are unable to be financially stable) is something that effects many people but is seldom spoken about. Seven out of 10 Americans would say that finances are one of their number one concerns. Only 1 in 10 seem “carefree” about their financial situation.

If there was ever a definition of financial stress it is the last seven months (or so) of my life. I was put out of a place to stay, lived in a hotel and somehow managed to pay off $2,000 in debt and save money to move into an apartment. That being said, those seven months were some of the most trying times of my life and the financial stress definitely impacted my life in ways I didn’t even realize.

How Financial Stress Can Effect Your Life

Financial stress can impact your life in many different ways. Personally, financial stress impacted my health mostly. I was unable to eat normally and got sick every few weeks. There are many other effects of financial stress that you may not realize.

  • Health: Stress of any kind can be detrimental to your health. Stress can cause anxiety attacks, heart issues, blood pressure problems, ulcers as well as a number of other health issues. If you feel like your financial stress is getting the best of you, seek professional help.
  • Credit Scores: Of course your financial stress is likely to effect your credit score over time. If you’re unable to pay bills, etc. your score will start to slip. The thought of this, though, is likely to cause more stress.
  • Loss: You can lose a lot when you’re going through financial stress. If you’re not able to pay bills (as mentioned above) you may start to lose things. For example, if you’re unable to pay your car note it may get repossessed.
  • Mood (Depression): Financial stress can also have a huge impact on your overall mood and can even cause depression. When you become depressed you begin to let other parts of your life slip too (usually). Your job and even relationships may begin to feel the impact of your stress.
  • Relationships: Your relationships may also suffer when you’re going through financial stress. Friends and family may not understand the stress you’re going through or you may not want to talk about it. You’ll also be less likely to be social because of your financial situation.

Outside of personal relationships (friendships, family, etc) financial stress is also known to have a huge impact on marriage. In fact, money is one of the number one things couples fight about.

What are the Effects of Financial Stress on Marriage?

Your spouse is someone you share everything with, which means that sometimes you’ll both have to bear some stress for one another. Financial stress can really put a strain on a marriage though. Some of the effects of financial stress are (but not limited to) anxiety, depression, alcoholism, sever health issues, eating disorders and even the inability to sleep. Each of these things can greatly effect a marriage.

All of that and you and your partner are both suffering. You both have to deal with the thought of having absolutely “nothing” or having to change your lives as you know it to better your financial future. This can lead to fights and even a feeling of loneliness (if you feel your partner isn’t communicating enough). There is good news though. You can always overcome your financial stress.

As a side note, if you are having marital problems, it makes sense to figure out how to solve them fast.  I recommend John Gottman’s book The Seven Principles For Making Marriage Work.  It is a really solid handbook for improving your marriage and handling stress.

How to Overcome Financial Stress

Overcoming your financial stress won’t be a cake walk but there are things you can do to relieve and even overcome your financial stress. Here’s how I did it:

  1. Figure out what has you stressed. If there is a credit card payment keeping you stressed out, looming debt or whatever it may be, identify the problem. Once you’ve done that you’ll be able to start to overcoming financial stress.
  2. Try and think positively. One of the things that pulled me through my time of financial stress was focusing and how great life was going to be once the stress was gone. Keep your head up! It will help you overcome your financial stress.
  3. Set realistic goals. It is easy to say “I want to pay off all my debt” but without realistic, smaller goals you won’t ever get anything done. Sit down and set some realistic goals for your financial future. Oftentimes writing these things down can help you reduce your stress tremendously. You can use this tool from Undebt.it. They provide a mobile-friendly snowball/avalanche calculator app to help you live debt free. The payment is easy-to-follow so you can finally eliminate your debt!
  4. Make your dollar count. When I was working on overcoming my personal financial stress I focused on trimming my budget. Everywhere I could cut something I did. Be sure you’re getting the best deals possible and trimming your budget to the best of your ability.
  5. Lean on someone. You don’t have to overcome your financial stress alone. Find a family member or friend you can confide in and don’t be afraid to share your goals with them and lean on them when you need to. Overcoming financial stress is difficult.

Do you have a personal story on how financial stress effected your life? We’d love to hear from you. 

 

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Pros and Cons of a Real Estate Investment Partner

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Investing your money to build wealth is a great way to help you toward a more secure future. There are, of course, several different ways you can invest your money to help you toward such a goal. If real estate investing interests you, it may help to have a partner when you are getting started. But, as with many things, there are both pros and cons of a real estate investment partner.

Pros:

1. Down-payment

If you are new to investing and have decided to invest in real estate, it can take several thousand dollars for your first down-payment. In order to have enough money, you could split that amount with a partner in order to reach your goal faster. Obviously it is an advantage for your partner as well because they get the same benefits as you – being able to invest sooner rather than waiting until they have saved enough on their own for the initial down-payment on a property.

2. Experience

Are you interested in real estate investing but lack the experience necessary to get started? This is another area having a partner can help. Choose wisely among your family or friends to ensure you are getting someone who not only has the experience necessary, but also has had success in real estate investing in the past.

3. Time

When you have a partner to invest with, you may be able to accomplish your goals more quickly. For instance, if you are investing to flip the property and you both plan on also investing sweat equity, having two of you to do the work can help you get finished faster. The quicker you finish, the quicker you can sell the property, bank the profits, and move on to the next one.

Cons:

1. Inability to Compromise

When you have a real estate investment partner, it helps make the process go smoother if you get along well with each other. Before deciding to enter into a business relationship together, talk to your family member or friend to ensure you have the same ideas and goals for the property. If one of you wishes to fix the property and flip it but the other wants to rent it out, for example, you must be able to come up with a plan that you can both live with. That may mean one of you gives in to the other about the end result. Or, if neither of you is willing to compromise, you might need to find a different partner.

2. Lack of Planning

Investing with a partner requires some planning. If you and your partner are investing to rent the property, have you planned for what could happen if you are unable to find a renter? There are ways to plan ahead for such a possibility by choosing to invest in a turnkey operation.

3. Failure to Communicate

You must continually interact and communicate with each other about what is happening to your project along the way when you have a partner. Any failure to do so could completely sink your project, your relationship with your partner, and possibly your own finances.

4. Lack of a Contract

As with any type of partnership where money is involved, you should draw up a legal contract for both parties to sign. This holds true whether you are partnering with a friend or family member. In addition, each party should have their lawyer look over such an agreement before signing it.  This way, both parties are protected in case the deal, or property, goes south.

As you can see, real estate investing with a partner is not something you should enter into lightly or on just a handshake. That may have worked for some people in the past, but to ensure you don’t end up getting into a bad situation, think carefully about the pros and cons of a real estate investment partner before you write any checks.