Do you want to save more?
If yes, you are not alone. There are many people who are looking for ways to save money. Actually, as per the survey not saving sufficient money was a biggest financial regret.
Unluckily, trying to find some additional money you can set aside will feel like a task sometimes. Also, with the student loan debt, cost of living, and many other costs in life, it will appear like you do not have the money anyway.
“Bridge loans” or hard money loans are one kind of the financing generally used in the real estate investment. The hard money lenders usually are not banks, but the private individuals and companies instead.
With such kind of the asset-based loan, property itself can be used as the collateral. This type of funding is normally faster and easier for the borrowers, although it will be costly while it comes about fees and interest due to inherent risk to a lender.
Financial prudence, or “strict financial diet”, should be observed very carefully. Here are some tips that will help you to save a little more, spend very less, and secure yourself in the most challenging times. Let us check out top 5 financial tips to save yourself from loan lenders:
- Setting Right Goals
You cannot achieve your life goals when you have not set any. It is same with the finances. You should set the financial priorities just by deciding where the money must go. We have short-term and long-term financial goals. Every goal needs financing. Thus, you need to invest small amounts in your achievement of every goal. This will make sure the strict investing each month, and leaving you less to waste.
- First Save and Then Spend
It is a golden rule for saving and investing. Do not wait till an end of a month to save what is left from your income. Begin your month by securing the savings & investments –around 20% of the income – and spend from what is left. This can ensure the strict savings habit, and creating the platform of the financial stability on which you can create your wealth.
- Follow 7-Day Rule
There is another version of the same it is a 30-Day Financial Rule. Essence of both the rules is easy: delay your gratification. Satisfying our wants, needs money that is limited. Thus, when you get an urge of spending your money on the shiny new thing, which has caught your attention, follow this 7-Day Rule. Suppose after seven days, you still feel a strong urge of making same purchase, do not deny yourself. In case not, you will have saved yourself a little money.
- Know Where Use Your Money
When you have gone through some finance books, you will come to know how much crucial it is to ensure that your expenses are not exceeding the income. The best method to do is by budgeting. When you realize how your morning lesion adds up over a month course, you will come to know that making very small and manageable changes in daily costs will have a huge impact onto your financial condition when getting a raise.
Additionally, keeping the recurring monthly costs low can save you huge bucks with time. Suppose you do not waste money on the luxury apartment now, you can afford the nice condo or house before you even know it.
- Automate the Bill Payments
Do not lose any single money on the late payment fines as that is the total waste of money. In order, to avoid the late payments on phone, internet, credit card, and other utilities, automate your bill payments. For that, you can use the net banking, debit card, or other apps. They can settle your bill well before its due date and last-minute hassles.
With the simple tips, we really hope you can save some more money or take help of hard money loans, and money saved can help you to speed towards the life goals. Always remember “every money saved is every penny earned”. So, these are a few important things that you need to know and save yourself from loan lenders.