Debt has a way of creeping up on you. One minute you’ve got things under control and the next your head is spinning, trying to decide which bill is more important than another. Before you reach this point, it’s important to reduce your debt sooner rather than later. Thankfully, there are ways to get your debt down or paid off faster than you might imagine.

Credit Card Transfers

If you’re like many people, you probably have in your possession anywhere from 3 to 6 credit cards. If you pay them off each month, there are no additional fees and you make out fine. However, most people charge things and then pay them off over time. The problem is that even though you have the credit to do this, you’re putting yourself at risk for throwing your hard-earned money straight out the door. The interest that accumulates many times on a purchase paid over time ends up costing you more than the actual item you purchased. The good news is that there are companies such as CreditSoup.com that find credit card companies who have benefits beyond the credit privilege. For instance, they provide you with a list of different credit card companies and their specialty. Some of them include credit card balance transfers which you can use to take your existing balances and transfer them on a new card interest-free for a period of up to 12 months.

Refinancing your mortgage

If you have equity in your home, you could opt to refinance it and use the monies to pay off your other debt like credit cards, medical bills, student loans and personal loans. This way they are paid and you can reduce your monthly budget by the hundreds, maybe even a thousand, depending on the number of cards and personal loans you currently have.

Borrowing from your 401K

Many people have money at their disposal and don’t even know it. If you are currently paying into a 401K and have done so for many years, you have cash you can use to pay off your debt problem. Find out what bank handles your 401K and then contact them to see if you can take out a loan. With a 401K you can borrow up to 50% of your accrued balance. As an added bonus, when you repay the loan with low-interest you’re paying yourself back.

Debt consolidation loans

If you have more debt than simply credit cards and your credit is good, you may want to consider a debt consolidation loan. Most banks that offer it will require that you have sufficient collateral such as a home, but in the end, this is a fast way to take most, if not all of your outstanding debt and lump it into one affordable monthly payment.

Debt Management Program

If your credit score is less than good, acquiring a loan from a bank is probably not going to happen. Entering into the debt management program gives you access to another way to keep up your debt with the help of a debt counselor. They work similar to a loan acquired from a bank, except that you will use your money to reduce the debt. The advantage to this versus trying to go it alone is that these agencies have regular dealings with the credit card and loan companies, and because of this many times they can get your current interest rate and the minimum monthly payment reduced. However, if you miss a payment, the agreement is null and void.

If you are starting to feel a little overwhelmed with the amount of debt you owe, it’s wise to do something before you miss a payment and your credit score turns from good to bad. There are many ways to achieve this, and once you eliminate your debt it’s good to remain in control of your finances to avoid it happening again in the future.

Before you begin a business there will be a lot of preparation until you become customer facing and launch your new enterprise to the public. A lot of this process will be about questioning your goals, opinions and abilities in order to define how you will build your business into a venture that’s successful as possible. It is essential, therefore, to develop a robust business plan that not only charts the future of your new endeavour, but also addresses the many ‘what if’ scenarios that could potentially occur. Read on for a rundown of some key questions you should address before you open your doors.

What is my operating format?

How you intend to sell your products or services to your clients will shape how you decide to structure your operations. You can sell many things and some services 100% percent online. Other businesses will benefit from a physical storefront such as car repairs and sales and products that people want to see in the flesh before purchasing. Unless you have a sizeable deposit or investment partners, in this instance you will most likely need to consider finding a commercial property for lease.

The location of a physical store will also require substantial research to determine an ideal site. Although you may feel that a retail hotspot is the best place to find a property for lease, it’s important to firstly complete an analysis on the type of customer that you will probably attract and also identify the location of where your target demographic most likely shops. This could lead you to a smaller local shopping area, for example, that is well serviced by car parking or transport, or to a site in a business centre where the service or product you offer is not currently available but in demand.

Where will I go for further capital?

A flattening economy, rising unemployment and even unseasonable weather can drastically impact upon projected sales, so ask yourself where you can go for additional money if you don’t initially achieve the success you have projected? Equally importantly, it is good to consider how you would want to raise additional capital in the event of expansion.

Who is my back up?

Have a contingency plan in place for when you are unable to be at the helm.  In the event of illness, have suitable people ready who’s able to manage the business while you recover. This also allows you the opportunity to take some time off for holidays, which is essential given most business owners work excessive hours.

Under what circumstances would I sell?

It may seem bizarre to start a business thinking about how you might get rid of it, but considering why and for how much you’d sell it for will inform your long term management strategies. Furthermore, this exercise helps to define your terms aside from the sale price, with clauses such as keeping certain staff or certain branding, or allowing you to stay on in a non-executive capacity if desired.

As a college student, saving money is probably your top priority. Attending college and studying for a degree is no cheap feat; tuition fees are at an all-time high and more and more college students are increasingly finding themselves grappling with a rising cost of living. However, this isn’t to say that you must end your college years broke and in thousands of dollars’ worth of debt. In fact, there are several savvy things that you can do to cut down on the amount that you spend and save money over time whilst you are studying for your college degree. We’ve put together some top tips to help college students save more money.

Tip #1. Study Online

Today, there’s no need to attend a physical college if you want to earn a college degree. There are hundreds of program options available to choose from online, from bachelor’s in business, nursing, or sciences, to more advanced programs such as this online MCM degree. In general, studying for your college degree online is likely to save you around two-thirds when compared to what you would be paying for a traditional campus-based college degree program. And, on top of those savings, you can also enjoy far more flexibility, which makes it easier for college students to work more often and increase their earnings.

Tip #2. Take Advantage of Discounts

One of the best things about being a college student is the number of great student discounts that you will be entitled to. Each time you shop, don’t forget to first check whether you’ll be able to save some money simply by showing your student card. Along with this, there are many sites and card schemes that you can join, which are designed exclusively for students to allow them to save some money on their purchases on anything from technology to new clothes.

Tip #3. Live at Home

If it’s possible to continue living at home with your parents whilst studying for your online master of communication management degree, then it’s a good idea to take advantage of this opportunity whilst you can. Although staying at home with mom and dad isn’t the coolest of choices to make when it comes to socializing at college, if you’re more interested in getting your degree and saving money, then it’s a very wise option to go for.

Tip #4. Sell Your Stuff

As a college student, you will quickly learn that you have a lot of things that you can actually make some money from. For example, if you needed to buy textbooks for studying during the first year of your degree program, then by the second and third years, you could sell these on to new students who’ll need them now that you don’t. Along with that, don’t forget your gadgets, for example, your smartphone, tablet or laptop, which you’ll likely want to upgrade at some point. Don’t let your old things sit and collect dust – you’ll be surprised at the type of things that people will happily buy.

When it comes to saving money at college, it’s not always as difficult as it sounds!

It’s hard to imagine a thing so easily accumulated and so demanding to manage as debt. It is a fire-breathing monster, eating up all the money we throw its way and is always on the lookout for more. Luckily, ways to master the monster exist, and the Udemy search box provides a great start. There’s myriad of courses on debt management on Udemy, of which we extract only the most useful ones. Before you pick the course that’s right for you, make sure you save a few dollars and find the best Udemy coupon available; there is no use paying full price to learn to save money.

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