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You’re not alone if you’re asking the million dollar question; “How am I going to make more money?”! In fact this question is on the minds of so many of us. Now some of us are thinking about it, because we are strapped for cash not able to make ends meet and get by every month without landing ourselves in the read. While others ask themselves this question as a way of improving their financial status and security.

Discovering new ways to make more money can be really exciting, especially if you’re thinking creatively and out of the box. But before you jump the gun, take a look at your money earning strategies that you currently have and see how those can be improved, before adding more to your repertoire!

Sometimes we get so comfortable in our jobs that we lose track at what our markets offer in terms of salary, and we forget about other opportunities that could improve our income. Perhaps it’s time to give some thought into changing your job. When you have a job and you’re looking for a new job, you have the luxury of being picky and asking for exactly what you need! When you’re hired for a new position, after demand an increase on your previous income, you have automatically changed your earning potential for future positions, as you continue to move up the ladder. If you’re too nervous to jump ship, then see if your boss is willing to bump up your salary. A raise in dollars can go a long way!

So often, we have a full time job which is our primary focus, that we lose track of other money making opportunities, because we aren’t really looking for them. If you’re looking to make more money, then you need to change your mindset and actively seek out opportunities that will help you to do this. With every job we have we own a set of skills, and things that we do well. So why not use that to your advantage and try to find so freelance work in your free time, to add to your already steady stream of income.

Adding onto that idea, is to really give some thought, if you haven’t already, to the things that you are good at doing. Offering services, either locally or online have shown to be the quickest way to increase your cash flow. People like to hire others for short term projects, to help them do things that they aren’t so good at themselves. When you find what you’re good at, offer that service to others, or offer an online course to help others gain the skills that for you are so simple. In our society today we are taught not to brag and it’s sometimes seen as egotistical to say that you’re good at something. But when it comes to making extra cash, it’s important to be clear on what you’re good at and to not be afraid to publicise it.

Making a commitment to improve your financial situation involves increasing financial awareness, proper planning and controlling debt. Credit card debt can be a stressful situation to deal with and paying down your debts as soon as you can is a critical financial goal.

Financial Planning

If you need to get back on track with your bills and reducing debt, you need to have a plan. Credit card bills need to be paid off every month, preferably in full. You have to establish how the balances will be paid down and fully paid off eventually.

Being strategic will help to preserve your credit and prevent the impact of high balances. Proper planning will enable you to deal with financial emergencies because you will be able to cover any unexpected costs that may arise.

Lifestyle Changes

Saving is another essential financial goal because it enables you to set aside funds and afford purchases without landing in debt. Debt is a habit that is relatively easy to form and there are various lifestyle adjustments that you can make to avoid it. Such changes will make it easier for you to stick to your budget and fulfill your financial responsibilities each month.

Income and Expenses

If your expenses exceed your income, you need to figure out how you can earn an extra income to accommodate your lifestyle. If increasing your income is a challenge, it is advisable to cut down on your spending until you do. The only viable ways to ensure that you do not spend more than your earnings is by getting a higher income or reducing your spending. For more about debt review, visit here.

Positive Attitude

In order for you to be able to handle your money more efficiently, you need to develop a positive attitude. With the right attitude, you will be able to make better financial decisions. Spare some time on a regular basis to evaluate your budget and find out which areas need improvement.

Regardless of how small a debt may be, paying it off is an accomplishment and takes you a step further towards financial relief. One of the best ways to celebrate such accomplishments is by setting up a savings account where you can direct any extra money that you have. As your personal finances improve, you can look forward to being debt free and having access to more money.

Financial Emergencies

An emergency fund will enable you to be self reliant as opposed to depending on credit cards whenever an unexpected financial situation arises. Save a percentage of your earnings and create your own emergency fund. Several households continue to deal with debt as they take on more loans and credit card debt to cover their costs.

Situations such as lack of income and medical bills can cause people to go into debt. If you are in debt, there are various options worth considering. You can find your way back to financial control when you plan, work hard and remain persistent. When your finances are back in order, make an effort to keep them stable and avoid debt.

Take a seat

The stock market can be a confusing place for a newbie. While it’s true that you learn as you go along, you need to come into trading having some basic knowledge of how the market runs and how to play it. At the very least, you should be able to define some common terms so that your investment portfolio manager doesn’t have to speak in a certain way to you…if you get what I mean.

So this is a simple guide into first time investing with all the fancy terminology and great tips. You certainly won’t become a billionaire by sticking to this simple guide but you certainly won’t lose your hard-earned money, and that’s a pretty good deal, right?

Basic terminology

Stocks and funds are not the same thing. A stock is a share in a company that you can buy, hold and sell in the market or privately. A mutual fund consist individual investors buying into different companies together. It is managed by a team of professionals.

If you don’t want to manage your investment, then a mutual fund may be the way to go but then you could also hire a certified financial planner to manage your individual stocks, at a cost of course.

Trading and investing are also slightly different terms. Trading refers to the actual and frequent buying and selling of stocks or funds. Investing, on the other hand, has to do with a long-term approach so the movement of stocks or funds is not as frequent.

Have a plan

No one has money to waste in stocks so you need to have a clear plan going in. You need a CEO and a CFO for the planning and budgeting respectively. This doesn’t mean you should hire people. The point here is to emphasize the need for a vision and a plan as well as a budget and more importantly a reserve fund, in cash, to take care of any emergencies. The reserve fund will help you not have to sell the investment before time, or worse, get into more debt.

Get the capital

Part of plan is to know what you are going to invest i.e. where the cash is coming from. Saving may take too long to make the kind of investment you are thinking about so consider using your 401(K). Most employers have it and it’s pretty easy to have it as your investment capital. Some companies even have ‘classes’ over lunch explaining how it works and would even match your investment dollar for dollar. If you start early, you could have the retirement of your dreams!

Set up a brokerage account

You will need to get a brokerage account with a credible, licensed firm that will conduct your trading and manage your account for you. This is not for free of course, so you will be funding this account. The money will be in the cash portion of the account and used to settle orders. Stocks bought and commissions are debited from this cash, while stocks sold, interest and dividends are credit here as well (which you can withdraw).

Now you’re ready to start the business of buying and selling; and that’s a whole other class. Good luck!

Home loan India is the perfect option for those who want to get a place of their own and do not have the necessary funds to pay the entire amount. For people who have a decent monthly income, this can be really easy however for those who have a fluctuating income it can be a real challenge at times.

The different factors for the housing loan evaluation

To evaluate the kind of housing loan a person is eligible for, there are a few factors that play a vital role. They are

The individual’s job and field- There are certain fields that are not permitted to get a loan due to the nature of the way the field operates. This is called Negative professions. This is one of the main reasons why financial institutions need to know the field that the person work’s in.

Property location – Knowing where the property is located is also another important factor. Just like how there are black listed professions; there are also blacklisted areas as well as limits that are set.

Personal history of the person – This helps the loan company to know how the house operates as well as the number of earning members that are there in the family. This also helps them to know if the person has any other loans taken out elsewhere and help them to determine the creditability of the person’s ability to pay back.

Required documentation to take out a home loan India

Income Proof – Be it a single borrower or a joint one, the income proof is used to make the necessary evaluation and decide how much loan can be given to a person as well as the monthly repayment.

Personal identification Proof – This includes the person’s driving licence / their voter ID/ Pan Card/ Aadhaar card/ passport etc

Resident Proof – If it is a second home, then the person can submit the present address proof which can be in the form of the electricity bill / passport/ receipts towards the property tax paid etc. In the case of the first ownership, then a letter can be taken directly from the builder if it is a new or ongoing project or after the registration is completed.

Business Proof- This is applicable for those who own a business and want to go ahead and apply for a loan.

Experience Proof – Some banks require a letter from the place of employment where they have the experience of a certain amount of time at the present company.

Age Proof – Different banks have different age criteria’s to give different kinds of loans as well as the tenure and amount of the loan.
Property documents – This would include all the various documents such as the sale deed, registration deed, NOC (society or builder), Occupation Certificate etc.

Buying a house requires a lot of finance which has to be paid either in full or in installments depending on the kind of property you choose, home loan India gives you a financial backup to live your dream.

If you are finding it difficult to pay back your debts, you may be able to apply for temporary financial hardship. This would mean that your payment arrangement changes for a few months and the type of assistance may vary between creditors.

So what exactly is financial hardship and who can qualify?

An individual that is unable to meet their repayments and unable to pay for the bare necessities is considered to be in financial hardship. Such provisions that a person cannot support either for himself/herself, family or dependents can be:

1. Food
2. Accommodation
3. Clothing
4. Medical expenses
5. Education and other basic necessities

Creditors will examine your inability to pay basic bills on your current income. These are all lumped together as living expenses, but if you find yourself struggling to pay any one of these you may qualify. Having this information available when you call your creditors is generally a good idea.

Most creditors will want to know why you are having this financial hardship. If you have been made redundant, had your hours cut, had to take leave from work due to illness, etc., you should be prepared to send them paperwork confirming your financial situation.

Factors that led to financial hardships

1. Tragedy in the family
2. Serious illness that it drained your resources
3. Injury that caused an inability to work

If you have lost a home, are having medical difficulties, or are going through a time of family emergency you may also be able to apply. Medical trouble can be a real problem with the inability to work when you are accruing larger medical bills. This means that if you find yourself needing to have extensive surgery, are injured on the job and you find yourself with unexpected expenses such as child care, you may be eligible.

Generally the creditors will want to know that your situation is temporary. If you have lost your job that means you must be on the look-out of a new job. They may ask you to estimate how long you anticipate needing assistance and only offer you help for that time period. However, you may be able to ring them up again and extend the terms of your agreement. There are only a limited number of times that one is able to apply for temporary hardship assistance and if you’re financial difficulties are more permanent,you may need to look for a long term debt management option.

Each creditor has different criteria and assesses the client’s whole situation with a financial statement of position plus looking at their circumstances as to why they can’t afford to pay their debts. During financial hardship you may be able to get your payments reduced or stopped temporarily. This will assist you to get back on your feet and pay your debts back in a timelier manner.

All requests for hardship must be responded to within 21 days by your creditors. This means that you will know within the month if your application has been successful or not. If your application is rejected or requires more proof, the company must tell you why otherwise you may be able to file a dispute with the Financial Ombudsman Service. Confirming the agreement in writing can save you a lot of time and money later as well.

If you want to know more in how to go about this; and if you are not sure of approaching the creditors, you can check the website www.debtcutter.com.au as they provide a number of fact sheets to guide people through applying for a financial hardship.