Senior Situations: 4 Tips to Help You Survive a Financial Crisis

Most seniors are on a fixed income, and that will make it very difficult to deal with a financial crisis. From unexpected injuries to household disasters, older adults could find themselves drowning in debt in the blink of an eye. Here are a few tips and tricks that will help seniors survive a financial crisis.

Start with an Emergency Fund

Older adults need to have some type of emergency that they can access at any time. As a general rule, your emergency fund should be able to cover all of your expenses for at least three months. 

If you have people who depend on you financially, then you should try to build an emergency fund that will cover all living expenses for six months or longer. That fund will give you plenty of time to reorganize your finances after an accident or injury occurs.

Downsize

A senior who is on a fixed income never wants to get too far behind on their bills, and you should consider downsizing if your monthly expenses are beginning to overwhelm you. Living in a larger home or driving a new car might be impractical luxurious once you retire. Moving into a condo and downgrading to a used car could end up saving you thousands a year.

Search for Assistance Programs

There are hundreds of assistance programs for older adults who are struggling with their finances. In addition to state and federal programs, you might also want to contact AARP to discuss their Daily Money Management (DMM) programs. 




Those programs can help a senior create a budget, pay bills, and negotiate with creditors. They also offer classes on how to avoid scams and what to do if you are being harassed by aggressive debt collectors.

Contact an Attorney

If the financial crisis was caused by another party, then you need to contact personal injury lawyer to explore your legal options. Trying to win a civil case on your own is going to be nearly impossible, and an experienced lawyer can help you get the compensation that you deserve. Your legal representative will also negotiate with insurance representatives if your claim never makes it to court.

Racking up credit card debt is never ideal, but a credit card could be your last line of defense against a financial catastrophe. Once you are back on your feet and things have begun to stabilize, you should aggressively pay down your credit card debt in order to avoid huge late penalties and unmanageable interest rates.

Short Term Loans to Expand Your Scope During Financial Crisis

A short-term business loan is a right choice for a businessperson who wants needs some funds for their business. With too many loan options available on today’s market, you may feel hard to know the right type of short term loans for your business. 

Therefore, you need to know the different terms and conditions of the most popular f short-term business loans to make the process a bit easier. Short term loans are the secured loans and you need to mortgage some of your assets to avail such loans. 

Apart from that, these loans come with short tenure and you need to replay the amount within the deadline provided by the lender. 

Types of short term loans:

We all generally know more information about the short-term business loans. The short-term loan options will further categorize into four main types. Let’s take a quick glance at how your business benefits from these funding options.

1. Merchant cash advances: 

It is not a loan but an advance. The merchant cash advances are the most widespread and accessible type of short term loans. If you have credit cards, then you can avail such short term loans on your card. You just need to pay the EMIs to your credit card account and you will be offered some top-ups after certain period of repayment by the lenders. 

Merits:

• Flexible to change service providers 
• Comes with a higher fee compared to traditional loans 

Everyday deductions of your credit card receipts would seriously reduce cash flow, but you can also choose some monthly repayment system and convert your loan into personal loan in future. 

2. Lines of Credit:

This is like credit card loan and you would get a credit limit up to which you can spend as per your requirements and then repay the money you spent gradually. This type of funding often deals in cash without rewards such as travel miles or cash back. Moreover, the accessible APR is also lower in contrast to a business credit card.


Merits:

• feasibility of tapping the capital at any time 
• Just pay interest on the money you spent 
• Available for lower personal credits 

Build your credits and you will get the flexibility for your repayment.

3. Invoice Financing:

This form of short-term loan aims to offer a solution to a financial conundrum. With the help of invoice financing, the lenders would advance you a high percentage of your outstanding invoice. The interest rate is relatively very low. These short term loans are the most reasonable and easiest option, as you do not need to submit any collateral rather than your outstanding invoice.

Merits:

• No need to put any assets as your invoice will be the collateral 
• The credit of invoice business decides the loan rates and approval 
• Immediate access to your invoice value 

4. Short-term business loans:

As the name suggests, short term loans are the most simple and straightforward loan option available for you. As like the condensed version of traditional loans, your business receives a huge amount of cash that you would pay off along with the interest based on a predetermined payment schedule. But in that case, you need to mortgage some of your assets to avail such loans. Or else, you can also apply for some short term business loan as project loans.


Merits:

• Fixed payment structure 
• Instant funding 
• No or less paperwork required 
• Available for lower personal credit scores 
• a variety of business expenditure 

Low cost of capital is the most notable perk of short-term funding. Usually, short-term funding accumulates interest for a limited period while paying off. Hurry up to choose one among the four styles of short term loans that exactly suit your business needs.

Always Ready: 4 Tips to Deal with Any Problematic Financial Situation

Financial hardships can hit anyone at any time. How you handle the hardship can mean the difference between financial stability or becoming utterly destitute. Here are four tips that can help you turn a financial crisis into an opportunity.

Don’t Fall Victim to Procrastination

It’s very common for those who fall into a financial crisis to cope with the situation by procrastinating. They will find the easiest activities in which to dump their time to distract themselves from their problems. 

While this can help alleviate the stress for a very short time, the problem will only continue to grow worse. As with any problem, it’s best to deal with it as soon as it happens. 

If you need some time to deal with the stress, take a day to rest your mind so that you can focus and attack this problem head-on tomorrow.

Utilize What You Have

When a financial crisis hits, it can throw off everything else in your life. When bills come due, it’s going to be a nightmare trying to figure out how to get through the month. 



The best way you can prolong the stability in your life by using what you currently have in the house. You may not be able to go grocery shopping next week, but if you already have food in your fridge and canned goods in your cabinet, stretch those resources into meals for as long as you can. 

Some companies, like Discount Tire Centers, know that if the tires on your vehicle are bald or damaged, replace them with any spare tires you may have before going out to buy new tires. Use what’s in your home first before going out and spending money.

Make a Plan

In your downtime, find a quiet place to sit and think about what your next steps should be. This could include taking out a small personal loan, picking up a second job, pawning some of your items, selling some of your items, asking family for help, or downsizing into a smaller home with cheaper bills. 

Figure out what you could do in your life to help trim down some of your expenses and restore your financial stability.

Take Action

A plan is nothing without action. Once you’ve mentally mapped out a plan, the next step is to put it into action. You won’t be able to fully implement your plan in one day, so don’t expect to see immediate results. 

You must learn to have patience in times of crisis. Do what you can every day to bring your plan to fruition and when the opportunity presents itself, capitalize on it and change your fortune.

Always remember to curb your excess spending. During a financial crisis, the worst thing you can do is to continue to spend your money on meaningless things. Instead, save your money and use it to set your recovery plan into motion.

Finding Finance: What to Do When Cash is Tight

There are few feelings worse in life than knowing that you don't have the money to pay the rent or other bills. If you are facing a financial crisis, it is critical that you know where to turn for help. 

In most cases, lenders will offer reasonable terms that make it possible to muddle through until your financial situation improves.

Talk to Your Creditors

The first thing that you need to do when you know that you can't make a car or mortgage payment is to talk with your creditors. It may be possible to work out alternate payment plans or even postpone payments until you can make them again. 

If you do get your payments postponed, you may still be responsible for any interest that accrues on the balance.

Find Ways to Cut Expenses

It is likely that you spend money on things that you don't need or use. For instance, you could trade your dinner out for a bowl of cereal or a tuna fish sandwich. 

You may also be able to swap out your smartphone for a phone that does nothing but take calls or send text messages. Reducing your expenses may make it easier to pay your bills until you can get back to normal financially.

Apply for a Cash Advance

There are many ways that you can get a cash advance. For instance, it may be possible to get one from your credit card provider or ask your employer for an advance. 

Payday or title loans from companies like EZ Check Advance and similar business may also help you get the cash that you need in a hurry. However, payday or title loans generally come with higher interest rates than those from a credit card or given by an employer.

Apply for a Personal Loan

If you have good credit, a personal loan may be an affordable option for paying your bills or covering other costs in a pinch. They may be repaid over periods as long as five years, which keeps your monthly payments to a minimum. Interest rates can be lower than 5 percent depending on your credit score.

Stressing over your financial situation can lead to a myriad of physical and mental health problems. Instead of hoping that your money issues will go away, it is important that you come up with a solution to overcome them. 

Whether you choose to take out a personal loan, cut costs or work out alternate payment plans with creditors, getting in front of the problem is generally the best way to resolve it.

Family Finances: 4 Emergency Funding Options When Money is Tight

Even though you might try hard to be financially responsible, you never know when a financial disaster could hit your family. It may never happen, but it never hurts to be prepared in the event that it does happen. 

If you have found that your family is going through a bit of a financial crisis, you might be unsure of what to do next. Luckily, though, you do have a few options for acquiring cash while in a tough situation.

1. Head to a Pawn Shop

One option that you can look into is heading to a local pawn shop. One option is to sell old items that you don't want any more for cash. 

Then, you do not have to worry about paying anything back, which can be a bit of a relief when you're going through a tough financial situation. Different pawn shops are often interested in different things, but in general, you can often sell jewelry, electronics, musical instruments and equipment and other similar items of value in these shops. 

If you don't want to permanently part with these items, you can consider a pawn shop loan, which is a collateral type of loan in which you leave your item at the pawn shop until you're able to come back and make your payment.

2. Take out a Cash Advance

If you have a paycheck coming your way but need the money now rather than later, a cash advance can be a good option. Companies like American Cash Advance and Title Loan might be able to help you out. 

With a cash advance, you can generally borrow an amount equal to your paycheck until payday rolls around. Even though you might have to pay interest and fees for the service, it can be worth it if you need to get your hands on some cash immediately.

3. Look into a Title Loan

If you have a car that is paid for, a title loan might be a good option for you. With this type of loan, you use your car's title as collateral for a loan. Then, you can borrow the cash while still driving your car in the meantime. 

This can be a good option, particularly if you need to borrow a larger amount of money. This is because lenders will often grant more on these types of loans, since you are using your car to back up the money that you are borrowing.

4. Take on Odd Jobs

There are always a few ways that you can make some extra money. One of those ways is to take on some odd jobs. This could include going to a temp agency and see what they have available, to just doing something around your local community or neighborhood. You can do little things such as mowing lawns. 

You could even help out with some light landscaping. If you go that route, start with your own yard. Do a good job and take pictures to show your neighbors and other perspective people in your community. 

Ask if you can do something similar for their yard to help make it look nice. However, be somewhat flexible with how much they are willing to pay you. After all, some money is better than no money when you have fallen on hard times financially.

As you can see, if you and your family are going through a financial crisis, you do have options. These are three options that you can look into if you need to get your hands on some cash fast.

Financial Matters: How to Help your Loved Ones

Financial burdens can strike unannounced. Everyone suffers from financial troubles at one time or another. Your close family and distant relatives may encounter financial problems that are too much to overcome alone. 

Whether your loved one experiences an unexpected and expensive medical bill or is exhibiting worrying financial habits, helping them get to the right direction can secure their financial future. Here are four ways you can achieve that and much more. 

Know When to Come in

One important thing to remember is that when a loved one is going through a financial crisis, that it is a very sensitive subject. They may be too prideful or too afraid to say that they have a money problem and to ask for help. 

When it comes to family, most people don't want their loved ones getting involved in their financial problems. After all, it's a matter that you'd want to keep privately. Knowing when to come in and provide financial aid is important to maximizing the impact of your actions. 

If your loved one looks capable enough to manage the situation that has befallen them, give them time to fix it before intervening, but make yourself readily available to them should they come to you for help. 

Help Them Invest

Investing isn't something that you normally talk about with family members at a dinner table. However, it is financially savvy to collaborate with loved ones about possible investment vehicles that can grow their retirement funds. 

Advise against parking their free cash in a savings account and even in fixed deposits since they tend to yield the lowest interest rates. Instead, go for higher-yielding assets like stocks and currencies. Be careful giving this kind of advice to your loved ones. You will need to know exactly what their financial situation is in order to give them this advice. 

If they do not have enough money to make adequate investments, then they should be encouraged to save their money for a period of time before making such a step. Investments can be risky. If the investment fails, it could hinder your loved ones finances even more. It may be better to refer them to a professional as they can properly advise them how to invest their money wisely. 

Be Efficient

If you're going to lend money to a loved one who is in financial trouble, at least make the process as efficient as possible. Wasting time and money in delivering the cash yourself only amplifies the free cash you are losing. 

Use financial services like ShareMoney.com to send money online to loved ones in the U.S., Mexico, and Brazil. The rates are cheaper and using the online platform saves you time and gas money from having to march to your bank to send payments. 

Tweak Their Lifestyle

If spending habits are slowly chipping away their retirement nest, you can help your loved ones by making subtle changes to their lifestyle. 

For example, if they are subscribed to magazines every month, you can advise them to cancel on these subscriptions especially if the materials aren't being used or isn't of intellectual or financial value. Teach them how to use coupons and when best to buy certain times like toiletries and food.

Having a financial adviser on board is also a great way to help your loved ones overcome financial difficulties. They can help your loved ones manage their money in the most efficient manner. In the end, however, it takes a solid familiar bond to actually improve the quality of living of your loved ones through smarter financial choices and decisions.

Top Eight Wealth Tips for Women

Finance (Photo credit: Tax Credits)

There are lot many financial problems with women. Often it is heard that women delegate their financial issues to her husband or someone important in the family. Later if the condition deteriorates and situation turns to divorce, it plunges them into dearth. Apart there are women who spend more than their earning and ultimately become mired in debt. With this article I want to convey all women that don't let your fate die like this be judicious in your financial planning and let write a balanced economical story.

A recent research conducted by national center for women and retirement research showed that there is a direct correlation between women’s traits and the way they deal their finances. Boldness, honesty to change, and having an optimistic outlook towards the situation are the qualities that are liable to pilot smart money choices. The problem with money and cash is directly related to our life and relationships. If we are successful in working with economical issues, many of our problems will be automatically solved or will take care of themselves. There are instances in the lives that we have solved our financial issues and all our other problems are solved automatically.

People are emotionally attached with the money. It represents the power, love and control over the living standards. The belief about money and the emotions attach to it are strongly influenced by the way we spend and handle our income. Just take the case on yourself, imagine where you should be financially, and examine what are the prospects that drive you emotionally. If it is the money try to figure out, what is the psychological stumbling that restricts you from achieving your aim.

I have collected 8 most vital things that are easy for women to opt for and change their economical star in favor. Just follow these points and secure your financial future…

1. Never rely on others, not even husband or boyfriend, for your financial security. Be educated and keep yourself updated about your money management plan. Try to keep note on your investing and overcome the financial gender gap. 
2. Set your goals because it is the only way that will lead to financial success. 
3. Remember, money should never be used to make you feel good. It is just like fleeting. It is better to do things that help to gain self respect and ingenuity. 
4. The key point is to spend less than you earn, it is the only secret that will help you to create wealth. 
5. Be educated, it is seen that people having college degrees earn more than those who have no degrees. 
6. Try to have an emergency fund, it need to be built by you. Having no emergency fund will push you into problems in the adverse conditions like losing job and incurring unexpected bill. 
7. Be involved in daily management of the money in your family 
8. Never overcome the fear of losing money over power you. Learn from your mistakes and invest on secured options like TermLifeInsurance.com. These are safe options and it will help you to secure your financial future.