Dealing with Student Debt

April 17, 2013 by Leave a Comment

Students who fall in to the debt trap with student loans are often unaware of the long term implications that await them in the future. At the age of 18, there are far too many things going on the youngster’s mind and debt repayment is definitely not among them.

But sooner or later, everyone who has availed of a loan must learn to deal with the effects. Here are a few tips that will help you manage your student debt better and in an easier way.

Understand the figures

You have to sit down and make sense of all those numbers if you really want to get out of the debt trap soon. First of all, take a look at your monthly loan payment amounts. If this amount adds up to just 20 % of your entire monthly budget, then the chances are higher that you can successfully manage your debt well.

If the figures are higher, and form about 20-30 % of your total monthly budget, then you will still manage the debt well, but may need a little bit of effort then and now.

The worst case scenario is when the installments exceed 30 % of your monthly budget. In case such a situation develops, go on and see if the next tip works for you.

Work Around the Obstacles

In case such a situation develops and you find yourself struggling to pay the installments on time and in full each month, you should not lose all hope and give up entirely. Doing such a foolish mistake will not only get you labeled as a delinquent but also will scar your credit report for a long time to come. That is why sites like Wonga.co.za  (or one of their sister sites if you’re not based in South Africa like yours truly) that offer loans without the least hassle strongly advise you against taking out their loans if you cannot afford to repay them or do not fully understand your contracted obligations.

Instead of that, you should approach the bank and inform them of your predicament. Take advantage of the income based repayment program which will reduce your installments to around 15 % of your income.

But the perks come with some bad effects too like extension of the duration of the loan to 25 years. This means that you will now be paying more interest over a prolonged period of time, but when you are at a risk of facing delinquency, this option is the best alternative.

Chart a Clear Plan

Now that you have got the bank to reduce your installments, you will have to find some income to support the timely payments. Look around and find some jobs that you can do in the free time when you are not busy studying or attending college. The best option for busy students to make some money is to take up freelancing work.

You can either work on the weekends or work at a time that is convenient to you. Students usually prefer working for a couple of hours at night, when there is no one to disturb them at all. Remember to save the money that you earn and use your savings to pay the installments on time.

Filed Under: Student Loans

Top Money Saving Tips for University Students

April 17, 2013 by Leave a Comment

University life is known to be the most fun yet the most stressful phase in every student’s life. This is the time when students need to budget both their time and resources to make sure that they do not go broke by the end of the semester. Saving money during college has always been a struggle for many students, so to help make their lives, including yours easier, here are some tips on how to save money provided by the money experts at https://www.Wonga.com

  • Choose a cheaper mode of transportation.

If you are fortunate enough to drive your very own car, you may think that this is a lot more budget friendly option for you. However, it’s the other way around. Bringing your own car to school is not cheap at all, since a chunk of your allowance will be spent on gas and car maintenance alone! There are actually several transportation options that you can use to save up. You can ride your bike to school, take the bus, walk to campus if you live nearby or you can carpool with your friends.

  • Spend less on take outs and start cooking

Whether you live in an apartment, dormitory or your parent’s home, you can still save a lot of money by making your own food. Start a new hobby by learning how to cook simple, budget friendly and really healthy meals. You will realize that by the end of the semester, you have saved more money than you have imagined.

  • Spend less on clothing and start rummaging through thrift shops

You really do not need all that signature clothes just to look presentable and fashionable in school. University students can still look sassy without spending too much. And this can be done through paying your local thrift stores and garage sales a regular visit.

  • Tip 4.  Spend less on university books

Of course you would need your text books to finish school, but who says that you need to spend thousands of dollars on books? Instead of buying brand new ones, you can visit your local bookstores and look for previously used or owned text books which you can purchase at really cheap prices. There are also bookshops that offer university books for rent.

  • Tip 5. Earn a little extra by selling your works of art

Be student cum entrepreneur by working part time at your local internet café or coffee shop or diner. You can also start selling your goods at university wide bake sales or thrift shops. Not only will you be able to advertise your work, you will also earn more.

University students such as yourself should not struggle financially. All you need are your skills, your creativity, a positive mindset and these tips and you will never be strapped for cash.

Filed Under: Campus Life

Manage your gaming budget effectively

October 26, 2012 by Leave a Comment

It can get harder and harder to stay on top of your finances and manage your budget, and whilst you want to enjoy financial security and freedom you also want to experience some of the finer recreational things in life. The earlier you can prepare yourself for a solid financial future the better, and creating a budget that effectively helps you manage your money is a good starting point for anyone who wishes to live within their means. Because everyone’s financial situation is different it is impossible to say just how much of your income you should dedicate to gaming and entertainment, so we have compiled a list of tips to help you learn how to manage your gaming budget and avoid the pitfalls of unnecessary debt.

  • Draw up a budget, allocate a portion of that budget to gaming and only spend what you have stipulated. This may take self control and discipline but you will benefit by reaping the financial rewards in the long term.
  • Only bet what you can afford to lose. If you run out of money and still want to enjoy the entertainment on offer then visit a site like www.jackpotcitycasino.com that offers both free and real money versions of all their games.
  • Manage your budget by deciding how much you will play per week or month and only deposit your budgeted amount with your chosen online casino. If needs be, you can limit your spending with a casino by implementing their limiting option that only allows you to play to a certain amount.
  • Avoid hidden costs that you have not budgeted for. Be aware of the fees and charges involved when you choose a payment option and build these fees into your budgeted amount.
  •  Conduct some in-depth research on which casinos offer the best online casino bonuses in order to increase your bankroll without spending more than you can afford.

Determine your budget and goals from the outset and stick to the limit you have set yourself. Recreational activities do not have to put you into debt and can be enjoyed in a controlled and disciplined way whilst still offering maximum enjoyment with worry-free results.

Filed Under: Uncategorized