Mistakes are an unavoidable attribute of everyday life. People make mistakes in many matters, and finance is no exception. It is especially important to properly manage money if, in addition to everyday expenses, you also need to pay with a lender.
There is hardly a person who is always able to act thoughtfully when disposing of money. It happens to spend more and save less than planned. There are large unforeseen expenses, without which it is simply impossible to do (the refrigerator broke down, a loved one became seriously ill, etc.). Unnecessary unforeseen expenses also occur (when a new phone that is not too necessary is purchased under the influence of a momentary desire). It doesn't matter if your own money is spent on such purchases. It is worse if, due to a lack of finances, it is necessary to attract loan funds.
Thousands of Russians feel the severity of the "debt pit" today. Many of them are unable to cope with the repayment of loans taken earlier and are forced to attract new loans to pay off debts owed to former creditors. Accordingly, new loans are provided at higher rates and the situation for the borrower becomes even more depressing.
By itself, a loan is a good source of financing, if you approach its design competently. If with the help of the bank's money you can not only satisfy momentary needs, but also earn money, it is certainly advisable to apply for a loan. However, in order to successfully pay off the bank later, it is important to avoid several common mistakes.
Finance and loans: so that the balance of the family budget converges
Without a clear financial plan, it will simply not be possible to pay off debts. And the reason for this will be primarily the irresponsibility of the borrower.
There is hardly a person who is always able to act thoughtfully when disposing of money. It happens to spend more and save less than planned. There are large unforeseen expenses, without which it is simply impossible to do (the refrigerator broke down, a loved one became seriously ill, etc.). Unnecessary unforeseen expenses also occur (when a new phone that is not too necessary is purchased under the influence of a momentary desire). It doesn't matter if your own money is spent on such purchases. It is worse if, due to a lack of finances, it is necessary to attract loan funds.
By itself, a loan is a good source of financing, if you approach its design competently. If with the help of the bank's money you can not only satisfy momentary needs, but also earn money, it is certainly advisable to apply for a loan. However, in order to successfully pay off the bank later, it is important to avoid several common mistakes.
Finance and loans: so that the balance of the family budget converges
- Everyone seems to know the well-known saying that money loves an account. However, not everyone wants to control daily expenses. Most of our fellow citizens find it difficult to answer how much money they spend per month to buy food, how much it costs to pay utility bills and how much their credit card debt is. If you do not know exactly how much money is spent monthly and where exactly they go, it is unlikely that you will be able to successfully cope with the repayment of a large loan.
- Oddly enough, a significant part of the monthly expenses are small daily expenses. When it comes to a large purchase, the cost of upcoming expenses is always calculated to a penny. A cup of tea in your favorite cafe or a party with friends does not require too much money. However, thousands of rubles are quietly spent on such trifles every month.
- As you know, personal finance and loans are very interconnected. Often, problems with repayment of loans arise due to the fact that an unsuitable loan product is initially selected. The notorious payday loans are provided at a rate of 1-2% per day, which in annual terms is at least 365% per annum. The rates on credit cards and quick non-targeted loans in banks are much lower, but still do not allow us to consider such loans a profitable solution. If the financial situation is hopeless, it is important to apply for a loan only according to the classical program with the provision of a full package of documents confirming the borrower's solvency to the lender.
- The solution of financial problems is in your hands. To successfully pay off debts, it is important not only to create your own financial plan, but also to strictly adhere to it. The belief that planning and controlling expenses is a boring and unnecessary activity is actually absolutely wrong.
Without a clear financial plan, it will simply not be possible to pay off debts. And the reason for this will be primarily the irresponsibility of the borrower.