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How Buying a House in College May be Able to Save You Money

Posted on Mar 31, 2013 with No comments

Mar 31, 2013

College is expensive, and most college students aren't in a position to pay for it themselves. Their busy schedules don't permit them the time to work well-paying jobs, and most haven't yet established themselves professionally or had the work experience to save before they start classes. As a result, many college students end up in debt that will take them years and years to pay off.

There are many ways that college students can save money to reduce debt, from attending a state school to buying used textbooks. One of the more unconventional ways that students may be able to save money is to buy a house. Though it may seem counter-intuitive, here are a few ways that buying a house in college may be able to save you money:

A Mortgage is Typically Lower than Rent


Let's face it: Most rents are high because the person who owns the house is paying a mortgage and has to charge more to clear a profit. You can cut out the middle man and just pay the mortgage directly. In most cases, you will pay less than rent. Of course, it will depend on your credit, how much you were able to put down and other factors. However, you are likely to save several hundred dollars a month with a mortgage instead of rent.

You Can Get Others to Pay the Mortgage


College students are already used to living with roommates. Why not put those roommates to work for your finances? If you buy a house, you can rent out the rooms and make enough money to cover the full cost of the mortgage (or at least most of it). You'll then be able to live in the house without paying any monthly rent (or at least a very small amount).

You Can Earn Tax Credits


Many of the expenses associated with owning a home are tax deductible. You can write off your interest, and if you're renting out rooms, you may be able to write off some home improvements. Depending on how much you pay and other factors, you may be able to write off thousands of dollars per year on your taxes --all of which could come back to you as a return at the end of the year.

You Can Grow a Garden


When you live in an apartment, you don't have much space to call your own. When you own a home, you have many more opportunities, such as being able to grow a garden or plant fruit trees. By growing your own food, you can save a significant amount of money each month on your grocery bill. If you grow enough food, you may even be able to turn a small profit by selling it to your neighbors or at a local market. With enough land, you can even raise chickens, saving you even more.

Though it may seem unconventional, buying a home while you are still in college may be able to save you a lot of money, helping you to reduce your debt burden after you graduate. You'll also be earning equity, which can provide you big returns on your investment in the years to come. Though buying a home may seem out of reach, there are many loan programs that can make it possible even on a limited income, and you can talk with your parents about the possibility of co-signing. In the end, the savings will be worth it.




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What To Do With Student Loans After Graduation

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Everyone knows that the cost of a college education is increasing dramatically every year. Depending on the type of education you receive the cost could be well into the six figures. This will always make a student worry about what to do post college and what kind of decisions they should be making regarding their student loans and how to repay them.

Student Loan Consolidation


If you currently have more than one student loan you are paying on you might want to check into the option of a student loan consolidation. This is where you take all of the current loans you have and put them into one loan with one payment and interest rate. This can help you to not only pay off your loans quicker but save money throughout the life of the loan. It will also help you when creating a budget for your monthly expenses.

Refinancing the Student Loans


Refinancing your student loans is another option that is available for recent college graduates that are trying to pay down their loans. This is the perfect option if you are having trouble meeting your financial obligations every month and cannot afford the monthly payment you currently have. Many times the way this is accomplished is by working with the lender directly to see what the options are. The most popular of the options is to extend the length of your loan. This will drop your payments every month but you will be paying for a longer period of time. This will end up costing you more money in the long run but sometimes it is worth it to have the option of a less expensive monthly payment.

Borrowing From Family or Friends


Another option for a recent college graduate making their post college decisions are to borrow money from a family member or a close friend to help pay off their student loans. This is a much less expensive way to pay off the loans without paying a large amount of interest. Most family or friends will charge you a small amount of interest if any at all to borrow money from them.

Of course the downside here is that if for some reason you default on the loan and no longer could pay them back if cause a large, uncomfortable gap in the relationship. This is a decision that should be thought about long and hard before making.

Grace Period


A recent college student should also find out if there is a grace period before starting to make their monthly payments on their student loans. Often times the loan companies will offer a grace period of six months or so for the student to find a job in the field of which they graduated. This will help the student by being able to save a little bit of money while looking for a job in their career field.

When making post college financial decisions it is important to be sure that you look at every aspect of your student loans as well as the opportunities that are available to you when it comes to paying them back.




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How Do I Know When To Get a Mortgage?

Posted on Mar 27, 2013 with No comments

Mar 27, 2013

Deciding when to take out a mortgage is a massive decision. It is influenced by a range of factors, from your current financial situation to your personal situation, as well as the current environment of the housing market. Moreover, you must consider the mortgage cycle – when exactly is the greatest time of month and year to get a deal. So when pondering whether to take out a new mortgage or switch mortgage providers, you need to look at the market, your current situation plus many other factors discussed below. 

Your Financial Situation 


There are many factors that will determine whether or not your finances allow you to be in a position to take out a mortgage. If this is your first mortgage, you’ll need to a good credit history and saving to allow you to qualify for a loan. On average you will need to put down a deposit of anywhere between £5-20k. 

Generally speaking, you can expect a loan that equates to roughly three and a half times your salary. There are, however, extra costs associated with getting a mortgage from survey fees to removal costs which can amount to a large sum. 

Your Personal Situation 


The most common reason people to look to buy a house – they are fed up of paying rent. Rightly so, if you can financially afford to get a mortgage, then getting on the property ladder is a great move. However it also comes down to marital status, kids and other factors that influence when the right time in your life to take that step is. 

The Housing Market 


In the current housing market climate, it is possible to take a calculated risk, although with the expectation that the market is in a depression. The selling price of homes are at their highest since 2007 and the property market crash, the average cost of homes rising to £219k (0.8% increase on 2012). New buyers can benefit from low-interest rates, with offers of 5 year fixed mortgages and the Government sponsored Funding for Lending schemes are making it easier to afford a deposit. 

New Mortgages 


If, like many, you already have a mortgage but may need to refinance or change to a new provider, then you’ll have to work out when your deal is ending and when is feasible to look at new lenders. If you switch your contract during the process, you face charges on your account. A lot of people look to move to a new fixed rate mortgage if they are about to move to standard variable-rate mortgages with their current lender however it is important to always seek advice. 

Mortgage Cycles 


The timing of a mortgage can be affected by whether lenders are in a good position to begin issuing new loans. The beginning of the month is often the best time to start applying for a new mortgage as lenders look to build up new deals for the month ahead. People tend to look at buying properties in the Summer months meaning demand is often high during these times, with early Winter often a great time to purchase. 


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8 Planning Tips to Maximize Your Savings Account

Posted on Mar 24, 2013 with No comments

Mar 24, 2013

Even though one of the most basic budgeting recommendations is to start a savings account, not all of us are doing it in the right manner. Some of us aren’t even putting any cash aside as well, which is a real concern. If you are though, here are a few helpful techniques that you can utilise to boost your bank balance, allowing you to actually see your savings grow over time.

An Interesting Point


The first step towards a larger bank balance is to look for a suitable high interest bank account. Since you are going to be leaving your money in the bank anyway, you may as well take advantage of an account that offers higher interest than usual. After waiting a lengthy period of time, you can watch the small additional amounts accumulate and grow.

Depositing Habits


Let’s say that you manage to cut down what you spend on your groceries or utility bills. What should you do with that extra money? The smart choice is to deposit any cash that you have saved directly into your savings account. After all, you are cutting down the money you spend for a reason. Don’t waste it, but deposit it away for the future.

Clearing Up the Clutter


Another way to gain some extra cash is to sell anything that you never use. If you have some old clothes, books or furniture lying around the home, pass it to a second hand dealer and earn some more money. Again, rather than spending this, you should add it to your savings account. In this way, you can turn your old goods into financial stability.

Extra Income on the Side


If you have time, you could even get an extra job for a boosted income. A website such as Money Vista can help you calculate the amount you need to save to reach your goals. Afterwards, you can find a job that increases your income enough to reach this target. This is a great way to boost your balance in a rapid manner as well.

Keep the Change


Another handy tip is to make room for a change jar at home. Every time that you get some spare change, place it in the jar instead of your wallet. Not only will this stop impulse buying using this cash, but the total will grow over time. When the jar is full, you can then take it to the bank and make a deposit.

Pay Rise Management


If you happen to get a pay rise in the future, try not to think of this as extra money to spend. After all, you survived well on the old wages, so why increase your expenses? Instead, you should deposit the extra monthly income directly into your savings account. In this way, you won’t spend it on frivolous things just because you feel like it.

Financial Bonuses


If you receive any sort of extra money - bonuses, commission or tax returns - you should also deposit this straight into your bank account. You don’t need to spend them. You have lived without them in regular months so there is no point in wasting the additional cash now. Storing it away for the future is a much smarter choice.

Credit Cards


If you still owe money on your credit cards, you should pay these off as soon as possible to reduce the amount of interest charged. Once you are debt free, you can continue to make your regular credit repayments except this time send the money to your savings account instead. You survived making these payments before so there is no reason to stop now.

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5 Most Successful Careers to Choose in 2013

Posted on Mar 22, 2013 with No comments

Mar 22, 2013

A career is where you set your future. You aspire to be a doctor, a pilot or even a biggest liar (almost rhymes with lawyer) on the planet. Over the years several careers have popped up which have shown promising results. There are options which failed, miserably and are struggling to come to the top. Here are the 5 most successful careers you can choose in 2013. These careers have been researched and check for its value in the future too:

1. Doctors, the diagnostic side: Medical College is the longest course anyone has to go through. With evolving and new infections coming in to picture each day, the world need those who can help them who cannot fathom what hit them. This career path is the most successful compared to all the others. There is a constant need of doctors. There are many sub categories you can choose from too.

2. Lawyers and judges: Lawyers and attorneys are always in demand. Both in the criminal court or the civil court. You may also know that lawyers love to charge a high fee for their services. The bigger the firm, better the pay. But it is a long hard way to reach the top. Put a little extra effort in it and you will go places.

3. Psychologists and Counselors  This chaotic world has many reasons for its chaos. The most important being the human’s stupidity. Help them find a sane life. Psychologists and counselors are very important for many reasons. Most importantly for those who need to find the right way of life. Counselors are in high demand in many places and other careers too.

4. Business management: It is vital for many businesses to have the right management for a healthy growth in their company and for its smooth functioning too. Highly promising and rewarding, the management sector has many openings throughout the year. Hard work matters.

5. Media: The media is what keeps the world informed. Although it is a long way to reach the top, media has the highest number of openings and is a vast field. This career path is not the typical medicine or business administration course; you require a lot of creativity. For that creative person, media is an optimum career path.

Many take educational loans with payment protection insurance, please contact a ppi claims executive or firm for more details on securing the payments. At the end of the day, job satisfaction matters. Find that job which suits you best.

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Which Grad Programs are Really Worth the Investment?

Posted on Mar 7, 2013 with 1 comment

Mar 7, 2013

There are so many grad programs that it can be difficult to choose the best. Some will teach you everything you need to know in order to prepare you for a successful career. However, others are nothing more than a huge waste of money. How do you know which the difference between these programs? In truth, it is hard to tell. However, if a program seems to good to be true, and it is easy to get into, then you may want to reconsider it. However, the following list will help you pick out which grad programs are worth it, and which others are should be avoided.

Scholarships and Financial Aid


A good grad program will be accredited and offer partial scholarships or financial aid. Do not be suckered into an expensive "brand name" school. Often, schools lower their acceptance rate policy for grad schools because they know they can count on people paying full price. They know that a graduate degree is easier to justify paying full price because it is not four years of undergrad. Just be careful when choosing a school so that you do not end up at one that is a colossal wait of time and money.

Accreditation


Any school you are considering needs to be accredited. If it is not, then any potential career you want may not consider your education as valid. Thus, if the school is not accredited by any form of higher institution council, then avoid it. The only exception to this rule is if it is a new program and it is waiting for its accreditation. However, even then try to avoid institutions that are not yet sanctioned under a governing body. This is for your own protection as student, and for your future career.

Location


Is there a place that you love, but it lacks grad school programs? Perhaps you love a school, but its location is dismal. You need to think about the career you want to have. Most people enter thing business need to be in a place where they love because that is where they will intern and meet contacts. Do not go to business school in an area where you do not see yourself settling down. The same thing goes for researchers or doctoral candidates. You will be spending a lot of time at this school. Do not go somewhere where you would be miserable.

Career Help


The school you choose should help you with your career.Grad school is not like undergrad where there are many things to factor. The only reason one applies to grad programs is to help advance their career. If it does not have the connections or programs you need, then look somewhere else.
In conclusion, there are many reasons that should factor into your grad school search. Just make sure that you are willing to spend the money on a program that will give you everything you ever wanted.



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Top Tips for Paying Off Tuition and Legal Debts

Posted on Mar 4, 2013 with No comments

Mar 4, 2013

Being financially in the red is no fun, especially if you are busy struggling with your student loans. If this is not enough to handle, what happens if you are suddenly slapped with a traffic fine for allegedly violating a local driving law? The combination of these two financial demands can be too much for some people. Fortunately, there are ways in which you can get out of this tough situation. Getting advice about debt management and legal issues is merely a matter of contacting the right sort of people after all.

Don’t Attempt Recovery Alone 


During these times, it is necessary to let your ego take a backseat. Paying off tuition fees and dealing with traffic offenses are both serious matters which should be dealt with in the right manner. Rather, you should contact someone who can help you make the right decision. For example, you can read up on debt management and student payments on the net. Learning about the most efficient strategies to get you smoothly through college or university without financial stress can be accomplished by browsing over the right sort of websites.

As for legal problems, these can be best dealt with by contacting a reputable legal firm. If you have been accused of a traffic violation, you should talk to someone who deals with this specific field. In this way, you can tap into the knowledge shown by the best lawyers and help fight any accusations that you may feel are wrongful. The right advice can make any difficult situation much easier, whether you are paying off your tuition fees or dealing with an unwanted traffic fine.

Managing Your Cash 


When it comes down to the basics, everything from student loans to speeding tickets should be dealt with in the same manner, by looking after your finances. For example, you can contact a lawyer through drivingoffencesolicitor.co.uk and ask them about how much they charge for their services. This will then give you a good idea of what you will need to put away each month to cover these costs. Likewise, paying your student loan off on time without much interest will require the same amount of careful budgeting. In either case, you will need to ask the following sorts of questions:

  • What is the total fee that your solicitors are asking for? 
  • Who will end up paying this cost once the case is settled? 
  • Can you apply for legal compensation from anyone else? 
  • What are the monthly repayments for your student loan? 
  • How much can you actually afford to pay for tuition? 
  • What is the interest rate of the money you have borrowed? 

With the right thought, you can then budget to cover these costs whether you are paying off your university loans or fighting some sort of driving accusation. Just remember that the money you have will dictate whether you are able to deal with these tuition fees and legal issues in an easy, straightforward manner or not.

The End of Troubled Times 


This is all that you really need to get through some of life’s more stressful times. Just use your head when contacting debt management specialists and dealing with traffic lawyers and you can stabilise everything in a fairly hassle-free manner. If you are currently worrying about how you can deal with a large student loan or some driving violation accusations, you now know how to solve these problems with some expert assistance by your side. All that you need to do is contact the very best legal firms and student loan specialists out there and the rest will fall into place.

About the Author

Founded in 1985, Cunninghams Solicitors Ltd at drivingoffencesolicitor.co.uk is a leading British criminal lawyer, offering the best legal assistance in all areas of crime, from serious fraud offences to road traffic violations.
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