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9 Ways to Earn Money While Studying in a College

There is no doubt that the time during the university days is the best of all. And it can be hardly argued, isn’t it? It is the time when you grow as a person professionally, build networks, decide your career path and many more. But it is also the time when you live on a strict budget and are always on a lookout for ways to make money.

However lack of time for studies and little work experience make finding a job a real challenge. And if you find work, it will always be part-time. So you’ll have to work work hard to make ends meet.

However, there are many ways for you to earn money while studying in college and without affecting your grades.

And here’s how:

1. Find out more about the scholarships and apply

Colleges usually have a scholarship program to help their students. All you need is good grades to be able to apply for one.

However, there are other institutions or websites that offer university scholarships, so it is a matter of researching all the different possibilities available.

2. Become a tutor

Do you excel in any subject? E.g. programming, designing, playing musical instrument, etc. If your answer is yes, then you should start taking advantage of that to make extra income while in college. Contact one of your professors to see if there is a chance that the university will pay you for a course.

Also, you can put up posters (i.e. advertisement) around the university where you offer your services as a tutor on a certain subject. Be flexible and give them the option of both personalized as well as group tutoring.

And definitely you will find students needing a trainer.

3. Take notes for someone else

In every university there are students with disabilities who need extra help to study. Nowadays it is very common to see the university assign another student to take notes, perform tasks on the computer, print them out or send them by e-mail. It’s an hourly task and you get paid too.

4. Correcting student work

This job is ideal for those who have impeccable writing and spelling skills. This not only allows you to earn money, but also continue learning.

In addition to reviewing their written work, you can offer to make presentations. Post ads on your social networks, and distribute small posters at the university, you’ll see that many students will contact you to get their job done!

5. Apply at the university’s employment program

Universities always have employment programs for their students. One of the biggest advantage of such program is that you can change your schedules according to your classes without any problems.

It is common to find employments such as secretary, librarian, cafeteria assistant, or receptionist.

6. Sell your study material

If at the end of each semester your books are in good condition, then you can sell them to other students or at used book stores.

It is normal for anyone to buy books which would be never used again. So what’s the point in keeping them?

7. Sell food

Everyone in this world has craving for some special food. And when you are young then definitely you will have more cravings. This can be a good money making opportunity. What you need to do is researching on what food is not sold in the cafeteria and then offer it to your classmates. For e.g. cakes are loved by most of us and if your cafeteria don’t sell cakes or dessert, it’s your chance to make it available and earn money doing this.

In addition, you can offer breakfast services on request, you only have to make ads with good pictures and spread the news.

8. Look for a job as a waiter

Working as a waiter is a good way to generate extra income, as you earn money through tips in addition to your salary. In fact, the amount of money you make in tips is always more than the salary you get.

You can make money as waiter, a food delivery boy, a bartender and others.

9. Share your car

If you have a car, you can make the most of it. There are students who live far away or who need to go to a certain place but do not want to take public transport or pay a lot for a taxi.

Offer your services like transportation for lower fares. But remember to charge a reasonable money as students don’t have much money.

Being a college student and making money at the same time is difficult, but it depends on your attitude and flexibility to make this change. In addition to the above mentioned options, there are many other ways to earn money while studying. But the above listed ones are most common and tested by students worldwide especially in the United States and United Kingdom.

So it’s time to get creative and start making money while studying.

9 Tips for Better Debt Management/Recovery – Planning & Saving

If you feel that no matter how hard you try, you can’t fill the debt gap, and on the contrary, it gets bigger or you plan to buy new credit, then read this article to avoid making your situation worse.

First do the analysis of how your debts are going…. and not wait until the end of the year when you are already immersed in a series of obligations and end up being another purpose again for the year that begins.

For the honest man, debt is a bitter slavery. And historically, debts have been stigmatized as a bad habit, which instead of helping in life become a growing burden.

But if you know how to manage your obligations, they can be the best ally to achieve your goals. Debt allows you to get goods and services that have a high value. And knowing how to manage these obligations will guarantee you to enjoy everything you have achieved, or else you may losing everything.

So here are some guidelines for debt recovery

1. Review your debts

Typically, mortgage debt, personal loans, and vehicle debt make up the majority of your total financial obligations. Analyze how you have these obligations distributed and begin to organize your payments to phase them out.

2. Start paying off higher-interest debt first

Some debts are difficult to pay because they grow uncontrollably over time. Analyzing and paying these obligations early will ensure that you avoid paying even two or three times for the product or service purchased. If you have several debts with similar interest rates, pay first the one with the lowest balance, this will allow you to feel free and will motivate you to continue paying the rest of your commitments.

3. Make a payment plan

Depending on your ability to pay, start paying off high interest debts so that you can lower your amount in the future. If, on the other hand, these obligations are too high, start paying off the debts of small installments, so that you can get more cash flow and you can start making your payments of highest installments.

4. Reduce time and no fees

When you are called by a bank or financial institution proposing to reduce the fees you have been paying, what they are doing is increasing the term of that obligation, and thereby increasing the interest you were scheduled to pay. What you should do is shorten the term of the debt so that you end up paying less interest on it.

5. Reduce your monthly expenses

Lack of cash flow is often a barrier to debt reduction. But have you really thought that these “unnecessary” or “whimsical” expenses could become the fee you can overpay? Simply review what expenses are not needed on a day-to-day basis and at the end of the month you will have a percentage of cash that you can use to reduce some of your major debts.

6. Make progressive savings

Most people know that saving is very important, but why don’t they do it? The main reason is that they do not have a simple and effective method. If you start by saving $2,000 and daily increase that savings by $500, you will have $1,005,000 after 60 days. Do not use this money for buying something expensive but to pay off a debt, or why not generate a new source of income. This is a very simple method recommended by financial experts.

7. Eat healthy, stay healthy

It is proven that eating fruits, vegetables, fish meat, mineral water, is healthier and improves our body; it is also more economical. In contrast, all processed, pre-cooked foods contain components that are detrimental to your health. The no. 1 cause of illness is poor nutrition, so this point not only generates savings in the present but also avoids high health costs in the future.

8. Eating at home is healthier, more enjoyable, and financially smart

Eating in a restaurant is practical and very simple, and avoids the need to clean the kitchen and other requirements. But actually eating out can be 3 to 5 times more expensive than eating at home. Preparing food at home helps not only your health but also your financial balance.

9. Provisioning is better than borrowing

There are expenses that are not incurred every month, but every six months or every year. Taxes are one such issue. So it is best to set aside an amount of money each month for this and when the time comes you will not need to resort to a loan or financing for this payment.

All purpose requires effort and sacrifice, if you learn to manage your debts and financial obligations you can achieve great things in a shorter time than you might have imagined. There is still time to correct bad practices or improve your financial habits.

How to Save, When You Earn Little

Saving should be one of the main objective of everyone including businesses. Let’s understand why and the best ways to do it.

It is not a coincidence that restaurants, as well as shopping malls, among other places, are usually full on the payment date of companies whereas opposite is the case, i.e. days before the payment, as it has very few people. The reason is very simple – the financial habits of the people.

The financial culture of most people is the reason why they live in debt and the money they receive disappears quickly.

Savings can be a solution to this problem, as a worker with money in reserve, in his or her accounts is safe from any eventuality. You can’t expect to earn more money to save, nor can you think of salary increase as an opportunity to spend, nor visualize saving as a sacrifice, rather than an investment.

To talk about savings,it is also necessary to talk about expenses, because many do not understand what this implies, nor do they seek to change consumption habits that keep them empty. Remember that to buy something it is better to have a savings, because if you do it with a credit card you end up paying 20% or 30% more for the same product.

Surely it must have happened to you that on a busy day, when you were in many different places and paid multiple costs for meals, transportation, and the occasional gifts, you finally realized that everything you had in your pocket was gone. This happens because you didn’t have any control over the expenses, since you didn’t have the budget to spend that amount of money for that day.

To save money, you must have a strong conviction, so it is advisable to have an incentive, this may be to pay for a trip, a house, a new TV or any other good or service you want. This will give you a goal and range of money to save.

Here are some tips to help you save money

Spend less on services

There are bills you pay every month and can be much cheaper, this is the case with utilities such as water, gas or electricity, most people spend more than they need, especially on water resources. You can spend less time bathing or washing your dishes with little water, you can also turn off the lights and turn off the appliances you are not using. For services where you can’t save money, such as the Internet or television, it’s worth checking to see if you can buy a cheaper package from another operator.

Make a budget

To prevent money from going out of your pocket, make budgets and record all your expenses so you don’t think money will fall out of your pocket and have more control. It’s even good for knowing clues to help you understand what expenses you can start saving on.

The budget should include an amount earmarked for savings, and in the case of families, you should try not to make daily expenses by visiting markets often.

Save the extra money

If a friend suddenly pays you back a debt that you wrote off, or you sell some property or got a bonus on the job, use this capital to save it for some purpose. Be strong and resist the temptation to spend it immediately.

Generate more income

You should not consider that your only source of income is the salary, which almost never goes up. Instead think of ways to get more money authentically. If, for example, you have free time, consider these hours as an opportunity to earn money, you can work as a freelancer or train for a better job.

Spend less by changing habits

To save you money you don’t need to go hungry or significantly reduce your quality of life, you can do it by changing habits that generate similar results. For example, you can ride your bike or carry lunch from home. And it’s also important to watch out for offers on day to day items. If there’s one thing the ‘spendthrift’ loves, it is the offers.

8 Things You Must Do Today to be RICH in the Future

There are two types of people in life: those who live in dreams and those who make their dreams come true. The former are usually the ones who, in addition to their pockets, also have a poverty mentality. They are the same ones who spend their days waiting for a better chance, for a better job or a higher salary and who one day will win the ballot. What’s more, people who wander off into the wilderness are often the most likely to lose money in illegal businesses such as pyramid scheme and to be easily sweetened up by others.

And the later ones are those who have the perfect reasons to take the time out to learn new things and gain experience and turn their dreams into a reality. While those who do work on a day-to-day basis to achieve their goals have their “feet on the ground”, even though they dream happy and successful. They know that they have to move to achieve it, that if they do not pursue their desires they will never achieve it, they do not believe in luck but in efforts. And they consider that the quality of who they are and the work they do is completely under their control. They decide to become the kind of person who naturally attracts success and simply seek it out.

This article is for all everyone but especially for people who are not clear and unaware of where they are going.

Listed below are some of the keys to success that will allow you to earn a good amount of money for your future provided you start planning and implementing them as soon as possible, in order for it to work.

Here’s the list of 8 habits which will help you to become rich:

1. Be firm in your objective: Do you believe in something? What is your conviction? If you know how to answer these two questions, then that’s great. Because you know what you really want. If not, you must start working on it, and to do so, you must identify what your liking is, which makes you devote your time to a specific objective.

Basically, it’s about your ability to answer the why of things, why do you do it? Or why did you choose this and not that? People don’t buy what you sell, they buy why you sell it. In this process what should stand out is the difference, what distinguishes it from the others.

2. Define what wealth and success are for you: There are people who believe that money is everything in life, while others believe that this is only the means to meet your goal. In fact the most successful people have demonstrated and assured on many occasions that money is a tool to get and do more work.

3. Don’t focus on time and effort, but rather on results: The only people who concentrate on working hours and hours without thinking about anything else are those who live in stability. People who only expect the monthly payment in their company regardless of the results of their work, team and/or organization, live in their comfort zone.

Ideally, you should change your approach so that with little you achieve much more. It is important that you relax, take time off for rest and personal development, and that you arrive more recharged and full of energy for your work activity.

4. Set goals without fear: Write down your goal on a piece of paper, write down why you have that goal and not other. And add how you would measure the accomplishment of that goal to see if you are really working on it. Doing this task will help you to remember your achievements everyday and make them a reality.

5. Create a win-win strategy: Healthy competition is good because you strive to highlight and demonstrate how capable you are. Yet when competition is focused solely on winning, the real solutions are set aside.

But when you open up to others, you realize how much you can get from other people who are specialists in other areas. Remember that collaboration creates a unique, mutually supportive connection that is useful in meeting the objectives outlined above.

6. Don’t work for money, work for learning: Even if you don’t believe it, doing this will bring you many benefits. The first and most important one is that you will be happy because you are passionate about what you do. It is as simple as that. If you don’t feel comfortable with your work, you will live your whole life in vain and bitterness.

In fact, you should only spend 20% on your real work and the rest is to improve, learn and rest, this will help you become a better professional. The sacrifices will then be rewarded, because if you are dedicated to learning over time you can charge more for what you do because no one else will know how to do it.

7. Invest at least 10% of your income in yourself: It is the same as any other type of investment, profitability will be achieved over the years, either with the goals achieved, the money earned or simply professional satisfaction. The good thing about investing money for yourself is the feeling of appreciation and the seriousness you put into what you decided to study or do to improve your situation or your knowledge. Remember to always surround yourself with the best of the best.

8. Invest in things that make you more money: Many people aspire to get a high salary and a position of greater recognition with the goal of a better quality of life from the time they first start working. But when they do, they forget that the job can’t last them a lifetime and that the money has to be grown, not wasted on purchases and luxuries, which after a few days have no value.

If you want to have a good living for your old age, you should think of investing as an important vehicle for making money. It is never too late, the important thing is the intention and start as soon as possible with the support of an advisor or expert.

Don’t wait for the situation to get better overnight, work on what you want and be confident. And if you really want to have a lot of money, start doing this as soon as possible.

5 Credit Score Killers Every American Should Know

Mistakes (money, health, relationships, etc.) are part of life and their effects vary depending on the scale or intensity. In this article we will talk about financial mistakes and to be very specific – mistakes that affect credit score. There are a certain financial mistakes that could sabotage your credit score and in turn your future financial life. But some mistakes do much more harm than others.

And here are the five particular mistakes, so serious, that they could be called credit score killers. To protect your creditworthiness every person living in the United States (infact, across the world where credit scoring plays an important role) need to be aware of what they are to avoid them.

1. Late payments

This is the number one enemy of credit scoring. Late payment of the monthly bills affects your credit score and frequent late payments are actually a disaster. This is because, credit rating companies put more stock into your bill payment performance than any other financial behavior.

In fact, late payments hurt your credit score more than the other culprits on this list combined. That’s important because your credit score first tells lenders if you are a credit worthy borrower or not. If you are not paying your bills on time or are missing payments completely, your credit score will be adversely affected. So it is crucial and essential to pay your bills on time and fully. Meaning, do not just pay the minimum balance due.

2. High Balance Amount

This is not as important as your payment history but it does weigh on an individual’s credit history. Foreclosure of large amounts of debt on your credit report is a definite red flag for lenders. They are very interested to know that you can manage the amount of money you want to borrow. Therefore, credit rating companies will penalize if you borrow more money than you can comfortably afford to pay.

It is definitely not a good idea to run large balances on your credit cards. That’s a sure sign for lenders that you may not be able to handle any new credit. If you want a better credit score you need to keep your debt to income in balance.

3. Lack of Credit History

You cannot get a job without having a resume describing your work experience (at least when you are applying for a position requiring relevant experience). Similarly, a credit resume is needed that will illustrate your experience with credit. That’s what credit history is, it is your credit resume. If you are an experienced borrower your credit history is important, and if you are a novice you are crucial. Of course, this leads to the proverbial dilemma of how to prove that you are credible with a limited credit history. One answer may be to pull out a secured credit card and build your credit with it.

4. Excess of new credit

Money loans come with a lot of responsibility and lenders want to see that you handle your credit carefully. If you are constantly applying and using new lines of credit, your credit score will be negatively affected. By doing this frequently, the time will come when you will no longer be given credit. You should resist most credit card offers, taking only those that are vital to your financial strategy. Try to avoid applying for and using too many store credit cards to take advantage of in-store discounts.

5. Having too little credit

To get a high credit score you need to have a mix of different types of credit: credit cards, a car loan, a mortgage loan and even a personal loan is taken into account.

How many of these credit score killers are currently at large in your financial profile? Take steps now to put them behind bars and you’ll quickly see your credit score go up.

Rs.5000 Income: Credit Card @2% Interest from Syndicate Bank for Poor Earners

Credit is needed by almost everyone especially at the time of need. And such individuals either meet their requirement from their own savings, ask their friends/relatives, or take financing from lenders such as banks, private money lenders, peer to peer lending companies, and others.

However there is one financial product known as “credit card” loved by people across the world. And the main reason for its attraction is the free money which the card issuer (mostly banks) provides every month and time frame to pay back the credit used. In fact, it is the widely accepted payment method worldwide and you can buy whatever you want. Be it – expensive clothing, jewelry, etc.

But there is a myth amongst people especially low income group individuals that credit cards are offered only to high income earning people. And this myth is false. There are many banks in India requiring very minimum income for the credit card.

Syndicate bank offers 3 credit cards for low income earners having income less than Rs. 10,000 per month. For income less than Rs. 15,000 per month there are 4 credit cards.

Here is the table showing list of such cards and the minimum income required:

Sr. NoCredit Card NameMinimum Annual Income RequiredEquivalent Minimum Monthly Income
1Classic for SalariedRs. 60,000Rs. 5,000
2Classic for Senior CitizenRs. 60,000Rs. 5,000
3Classic for Self EmployedRs. 1,00,000Rs. 8,333
4Gold for SalariedRs. 1,50,000Rs. 12,500
5Gold for Self EmployedRs. 2,00,000Rs. 16,666

Features of Credit Card

  • Since the product is targeted towards low income earning individuals, there is no annual fee or joining fee.
  • For a security point of view, card has photo of the owner.
  • Interest charged is just 2% per month.
  • Minimum free credit period is 20 days and maximum is 50 days.
  • Card owner can get a supplementary card (also called as add-on card) for his/her family member. Add-on cards is one of the best way to build credit history for a beginner (especially housewife, student, and others). And most importantly there is no credit history check for the secondary card owner. However such cards are issued only when primary card owner has good repayment history and has used the card satisfactorily i.e. within the credit limit, no payment default, has done full repayment before the due date and so on.
  • Like other credit cards in the market, these cards can also be used for cash withdrawal at ATMs and online/offline purchases. But remember that using the card for withdrawing money from ATM carries a charge and also affects credit score. So try to stay away from frequent withdrawals, as it indicates being credit hungry.
  • Non-Resident Indians and Persons of Indian Origin are also eligible for this card provided they hold account with the bank.

Check out credit card for NRI.

Documents Required

  • For Salaried – computerized pay slip, salary certificate, form 16 and IT return acknowledgement form
  • For Self Employed or Businessmen –  Form 16 A, IT return, Form No. 10 CCAC
  • For Senior Citizens – They have to be pensioners of the bank.

In addition to credit cards, Syndicate bank offers various types of personal loan for low income earning individuals. The table below shows two loan products along with the minimum income required:

Sr. NoName of Loan ProductPurposeAnnual Income RequiredEquivalent Monthly Income
1Synd VahanPurchase of New Two WheelerRs. 50,000Rs. 4,166
2Synd KuteerPurchase and construction of residential plot, buying new or old dwelling units, Construction of house on already owned site/plotRs. 1,00,000Rs. 8,333

There are many other personal loan products offered by Syndicate bank but minimum income requirement is not available as follows:

  1. Synd Senior – For pensioners from government establishments who pension is routed through Syndicate bank. Minimum loan amount provided is Rs. 50,000. For such quantum of loan, the income required is typically low.
  2. Synd Swarna – For any genuine credit requirement for salaried and non-salaried person. Applicant can get minimum loan amount of Rs. 10,000. Since it is a gold loan, applicant has to deposit gold or gold ornaments as a security with the bank. Interest rate on secured personal loan are low compared to traditional personal loan without security.
  3. Synd Connect – This is for employees of government/public sector unit and, blue chip companies. 15 times of gross salary, loan amount is provided.


Vijaya Bank: Credit Card for Low Income (Rs. 4,167) Earners

Post demonetization, usage of digital payment methods has increased tremendously in India and hopefully citizens help making India a “less-cash” society. Digital payments include net banking, mobile wallets, debit cards, credit card and others.

Of these options, credit card is most sought payment method used. This is due to multiple reasons as follows:

  1. Card owner gets free money (called as credit) to use every month.
  2. There is a time frame (usually 20 days) given to make the repayment each month after the monthly bill is generated.
  3. Merchants offer rewards and cash backs on the card usage.
  4. Most importantly, it helps in building credit score and many others.

However the minimum income eligibility criteria for credit card keeps it out of reach of individuals earning low income. The reason is the repayment capacity. Non-payment of the credit is loss making for the issuer.

This is the reason, most of the banks in India, prefer giving credit cards to individuals earning high income. However there are many banks in India providing credit cards to low income earners (working or self-employed). And Vijaya bank is one such bank. The minimum salary/income asked by Vijaya bank are actually lowest and poor income earning individuals can easily apply and get approved.

Credit Cards from Vijaya Bank for Low Income Individuals

Vijaya Bank offers 3 credit cards – Visa Classic, Visa Global and RuPay. The card can also be taken against fixed deposit. Having a credit card against the fixed deposit offers many benefits and most important one being the credit history of the applicant is not checked.

Here is the table showing credit card along with the minimum income required:

Sr. NoCredit Card NameMinimum Annual Income RequiredEquivalent Minimum Monthly Income
1Visa Classic for Self EmployedRs. 50,000Rs. 4,167
2Visa Classic for SalariedRs. 60,000Rs. 5,000
3Visa Global for Self EmployedRs. 1,00,000Rs. 8,333
4Visa Global for SalariedRs. 1,20,000Rs. 10,000
5Vijay RuPay Credit CardNANA

But remember that income is the most important criteria for any type of credit approval (loan or credit card). But it is not the only criteria. In addition to the income; banks also check for employer, city you live in, your credit score, document proof. Salary slip is required for working professional and income tax return statement for self-employed. Depending on the case, bank may ask for additional documents as well.

Features of Credit Card

  • Cards from Vijaya bank are highly secured and chip enabled and offered to the account holders of the bank.
  • Cards are accepted by both national and international merchants and can be used for almost any type of payment.
  • Can be used outside of India as well.
  • Card user is protected through insurance for any fraudulent use.
  • Upon successful usage of card by the primary card holder, add-on card is also offered.

The above listed are just the few features. For more features and benefits of the card, you may visit their website: https://www.vijayabank.com/

Card Support

For more details on credit card, you many reach following:

Toll Free Number: 1800 425 5885 / 1800 425 9992 / 1800 425 4066
E-Mail: [email protected]

Canara Bank: Credit Card, Loan for Low Income (Rs 8,333) Earners

Amongst many banks owned by Indian government, Canara Bank is one of them. The bank has been in existence for over 100 years and was founded in the year 1906.

They have various financial products catered to the common people such as personal loan, vehicle loan, credit card, etc. However there is often a myth that financial products are targeted for high to medium ranged income earners. Of course, the primary target of any bank is such category of individuals only due to their high repayment capacity since the income is good.

But this does not mean that poor earners are not eligible for much needed financial products especially personal loan. In fact, these categories of individuals are in need of money more. And products such as credit card and personal loan are the only solution to their problem.

Canara bank has many retail products having a very low income eligibility criteria.

Listed in the table below are the credit cards and personal loan from Canara Bank along with their minimum income criteria.

Sr. NoCredit Card NameMinimum Annual Income Required (in Rs.)Equivalent Minimum Monthly Income (in Rs.)
1Canara Visa Classic1,00,0008,333
2Canara MasterCard Standard1,00,0008,333
3Canara Global Gold2,00,00016,667
Sr. NoName of Loan ProductPurposeMinimum Net Take Home Salary (Monthly) after installment
1BudgetPersonal or domestic need10,000
2Pension - General PublicMedical expenses and other genuine personal needsMust be a pension drawer from Canara Bank
3Teachers LoanPersonal or domestic need10,000
4Swarna Loan (Gold Loan)Medical expenses and any other contigencyDepends on the value and quality of the gold ornaments
5Canara CashInstant CashDepends on the value of the shares
6Consumer LoanPurchase of consumer durable items6,000
7Home ImprovementFurnish house/flat2,000
8Home ImprovementFurnish house/flatMinimum annual income of Rs. 50,000 (for self employed i.e. non-salaried)

There are many benefits of owning a credit card as follows:

  1. Helps in building credit history especially for the beginners. In fact, credit card and loan are the only options to build credit history. Debit card or a normal bank account will never help in building a credit history. Not having a credit history has its own negatives. Most importantly, a person with no credit score has higher chance of credit application rejection. This is because, lender has no way to evaluate credit worthiness of such applicants.
  2. A good credit score further helps in getting loan at a lower interest or increase credit limit in the future at no extra charge.
  3. Convenience offered by cards are many since it is accepted by most of the merchants today.
  4. Rewards and cash backs received help in saving money.
  5. They come with high level of security which is not possible in case of cash.
  6. Many cards come with insurance as well. Although there are insurance for low income earners in India, having additional insurance does no harm and that too with no premium to be paid.
  7. There is a 20 days (or more) grace period offered to make the repayment. So especially poor salaried or self-employed individuals have sufficient time to make repayment.

But remember that income (high or low) is just one of the factor (but the most important one) taken into consideration by the lenders. Even if your income meets the eligibility criteria, there is always a possibility of credit application rejection either because of poor or no credit score, insufficient or fake documentation such as salary slip or IT return, company where you work for, city you live in, and so on. It’s upto the bank to decide whether credit card or personal loan application should be approved or denied.

Despite of carrying highest interest rate (but less than a credit card) since it is mostly a unsecured loan, personal loan also has many benefits as follows:

  1. Is the second option to meet emergency money requirement after the credit card. Of course you can ask your friends/relatives for money at the time of need. But if all options fail, personal loan is the only solution left.
  2. Money is disbursed in a speedy manner.
  3. Can be used for almost any purpose such as medical expenses, house improvement, buying a vehicle and so on.
  4. As mentioned above, helps in building credit score.
  5. There is no mandatory requirement of collateral. Although you can also get a secured personal loan by pledging property, shares, gold, LIC policy, mutual fund and few others. This type of secured personal loan has low interest rate compared to traditional loan.
  6. Very minimal documents are required compared to other types of loan e.g. home loan.

Irrespective of the credit taken, make a habit of making complete payment before the due date. Never utilize your credit limit fully, and use it wisely and do not let lender know that you are credit hungry.

11 Worst Financial Mistakes You Can Make in 30’s

After a decade of trial and error and growth, most people learn to overcome the most common financial mistakes as they turn 30. But as they enter a new decade, they will be welcomed with new challenges.

Here is the compiled list of the worst financial mistakes that anyone can make before turning 30, a key time in anyone’s development and future, as it is often the time to buy a home, build relationships, start a family, and save for retirement.

1. Saving too much in wrong products

Investing is important, but people in their 30’s often overemphasize their pension funds and other retirement savings plans, and put savings aside for other large purchases.

But there are other important purchases on the horizon, especially if you’re having children or thinking about having a house, for which you’ll need savings.

Put money into a pension plan, but don’t forget to set aside money for other things, such as a house, a car, a good vacation or your children’s education. It is recommended setting up different savings accounts for specific purchases. Take a look at the options your bank offers and see if it allows you to create different savings accounts.

2. Prioritize your children’s education over your own retirement

While focusing too much on the pension plan is a common financial mistake, not saving enough money for retirement is also a common problem, especially when child’s education expenses come into effect.

Obviously, your children’s education is important, but the number one priority at 30 – even if you have a family – should be retirement. Think long-term. If you don’t set aside enough money for your own retirement, your children may have to help you in the future, which could end up being more expensive in the long run than student loans would be.

Make sure you save fast for a decent retirement before you start saving for college. Once you get that rhythm, you have enough extra funds and you can and should save for college.

3. Neglecting insurance

Insurance in general – health, life, home and disability – is often given lowest priority for two main reasons: “It’s not a fun thing to talk about, so it’s often delayed off longer than it should be. “People often don’t have good insurance advice. They are often advised to just get coverage – no matter what kind, just get some – but years later, when they get close to 50 or 60 and something happens, they find they don’t have the right coverage.

It is advisable to spend time studying insurance plans or talking to a trusted advisor.

4. Not buying long-term disability insurance

One type of insurance that is neglected more often than the rest is long-term disability coverage, but not having it can be extremely risky. Disability insurance is designed to provide income in the event of a disability that prevents you from working, which is more likely to happen than many people think. It is estimated, according to the Social Security Administration, that more than 25% of those who are now 20 years old will suffer some form of disability before retirement.

Many people will buy life insurance that covers in the event of death. But they don’t think about the possible disability – especially if it’s not covered by your company – and that’s a bigger risk. You’re not dead, but you can’t work and you can’t do anything to avoid bankruptcy.

5. Not talking about money before you get married

It’s no fun or simple conversation topic, but talking about your personal finances, spending habits and financial plan with your partner is crucial. Couples often have this conversation too late, if at all. When they finally sit down to discuss it, there is already a great deal of emotional involvement in the relationship, which causes many couples to play down important financial differences.

The conversation must take place and sooner the better. First, you need to understand your partner’s financial background, which will help you understand how he or she makes financial decisions. You can then decide whether to keep your finances separate, if you both work; or whether to combine them, and then you should agree on how to spend together.

6. Spending too much on a wedding

Too many people are spending an absurd amount of money on organizing a disproportionate wedding. Today, an average wedding in the United States costs a staggering $35,329 (30,000 euros).

It is recommended to plan a modest wedding, and use the remaining money as an advance on a house. Organizing a big wedding for less than $5,000 is possible if you are careful with your budget.

However, it’s a very personal decision: whether organizing a big wedding is important to you, all right. You just have to start saving soon.

7. Spending too much on the first child

When the first child is born, new parents tend to overspend on high-end cribs, bottles, clothes and baby accessories. The spending problems we usually see in 20-year-old’s are moderated until the children are born and then they explode.

You should raise your child in a comfortable environment, but think twice before spending thousands of dollars on a branded cart that leaves you without savings, when other unexpected expenses are likely to arrive.

8. Spending too much on cars

Another area in which experts see a serious financial error is overspending on cars. People get bored of cars fast. They always want a new car and have to pay for it. But car is a rapidly losing value asset. You don’t want to invest money in something that won’t be worth anything after a few years.

So it is recommended to keep the cars for at least 10 years. After you buy a new one, make sure you finish paying for it in five years, so you can spend that money on other savings for the next five years. After 10 years, if you go to the dealer again and if you have taken care of your old car, you can get a good price for it, which will help you pay for the next one.

Another option is to use leasing. You can decide if it is a good option for you or not. Also, consider giving up a new car and buying a second-hand one, which could save you an significant amount.

9. Taking a master’s degree for wrong reasons

A master’s degree is usually quite expensive, so make sure you go back to school for the right reasons, especially if you’re paying for it out of your own pocket.

It should certainly help you progress in your career. Let’s take an example of MBA. If you don’t know what your goal is after getting the MBA, you’re not doing the right thing, considering the fact that cost of MBA is very high. If getting the MBA helps you get a position that enhances your long-term career, then it’s the perfect solution.

It is also recommended that you earn while you learn. Do not stop working while you study, if possible.

10. Taking a job with short-term money in mind

When you’re in your mid-thirties, you’re preparing to enter your higher income years, and it’s important to prepare for this stage of your life.

At this point, you shouldn’t take jobs with short-term money in mind. You must choose a job that prepares you for much more money in the long run.

11. Optimistic of having more money in the future

While optimism is a good and must to have quality, too much optimism can be dangerous, especially when it comes to money.

People tend to assume that they will make a lot more money when they reach 40. This is one of the most serious and common mistakes in each person’s personal finances.

The basic rule should be to live below your means. If you can’t afford to buy a new car, then buy a second-hand car with guarantee. Saving first’ should be your motto: save for retirement first and spend with the remaining money. People tend to do just the opposite thinking, I have to buy this, this and this, and what’s left, I’ll save it. Pay for your future first, and make sure your present is secure.

Trade War 2018: Impact of Biggest War in Economic History

The war has erupted between the two largest economies of the world – United States and China.

Tit-for-Tat economy scenario has begun as United States has started the “biggest trade war” in history. And to start with, the first country US targeted is expectedly the China – the world’s manufacturing power house.

Accusing the US of starting “the biggest trade war in the history of the economy” by imposing tariffs of 25% which is likely to affect more than 800 Chinese products worth $34 billion worth. The products largely going to get affected are industrial machinery, medical devices, solar panels, washing machines, and auto parts.

In immediate retaliation, with equal scale, equal intensity, China imposed tariffs on U.S. export goods – including cars and large agricultural goods such as soybeans and meat. These products are worth the same as U.S. affected Chinese products.

The United States is also ready to impose 25 percent tariffs on another $16 billion of Chinese exports in the coming months, and China has promised to retaliate against similarly valuable U.S. goods.

But Trump has said his government will respond to Beijing’s retaliation with much larger waves of tariffs, raising the possibility of worsening retaliation. Last Thursday, Trump suggested the possibility of tariffs on at least $500 billion more Chinese goods.

The main objective behind trade war is to safeguard national interests and the interests of people by strengthening manufacturing in their own country. In case of United States, the anger is largely over the $500 billion a year trade deficit resulting because of Chinese goods and another $300 billion because of intellectual property theft. Tariff is actually a punishment to the China for the alleged theft of US intellectual property rights, creating fake products identical to famous US brands, steal and share trade secrets with companies in Mainland China.

The trade dispute between the world’s two largest economies has shaken markets and prompted corporate warnings about the outcome of these policies and higher price for consumers.

The $34 billion tariff on Chinese products went into effect at Friday, 06 July @ 12:01 a.m. in Washington.

How will the tariffs be implemented?

U.S. and Chinese customs services will be responsible for collecting the new duties when imports pass through the port of entry. When the products included in the list of additional charges are declared to customs, the importer will pay the additional taxes.

Russia Jumps into Trade War

Similar to China, Washington imposed tariffs of 10% and 25% on imports of certain aluminium and steel products from Russia.

In retaliation, Russia imposed tariffs of between 25% and 40% on a number of U.S. products in response to the tariffs adopted by the United States on imports of Russian aluminum and steel. This will affect certain industries such as road construction machinery, equipment for the petroleum sector, tools for working metal and rock drilling, as well as optical fibre.

Russian exporters’ losses from U.S. tariffs are estimated at $537.6 million.

The Russian Government, like the other complainants countries, claims that the US tariffs violate provisions of the General Agreement on Tariffs and Trade (GATT) 1994 and the Agreement on Safeguards.

Bilateral talks provide both sides with the opportunity to discuss the dispute for 60 days and to find a mutually satisfactory solution without having to take another step in the WTO dispute. If consultations fail within 60 days, Moscow can ask the WTO to establish a dispute settlement panel, which the United States can block only once.

Trade war with other nations – Europe & Canada

Trump is also ready for a trade war with Europe with car import being the first to hit, which would essentially threaten another $500 billion.

Trump government is also fighting over the issue of trade with allies like Canada.

Impact of Trade War

According to the world’s leading Economists, if the situation of trade war stops here, the overall impact on both the economies will be minimal even though some industries will suffer. However the further spread of trade war will cost jobs and impact growth around the world.

It would also mark a new and damaging phase in a conflict that would shake markets, worldwide, resulting in a gloomy global growth prospect.

Chinese stocks have been hit in recent weeks, entering a bear market, as concerns about the trade war have been mixed with concerns about how the current debt control campaign will reflect on economic growth prospects.

Companies are postponing investment and hiring, because of uncertainty about what happens next.

U.S. stocks will be impacted.

The tariffs are already having an effect. As an example, Chinese companies are reselling US soybeans and Chinese companies are expected to cancel most of the remaining soybean orders they have committed to purchase from the US in the year ending 31 August, once the additional levies come into effect.

Some American businesses are preparing for the impact. U.S. manufacturers and business groups have said that tariffs could increase their costs and translate into price increase for consumers.

US is one of the two largest soybean sellers in the world, along with Brazil. And China is the largest buyer of soybean – with a 60% share of total imports. If tariffs are introduced, U.S. farmers will lose competitiveness in the export market and will immediately need to find other buyers. And this will definitely impact their businesses. American companies have started worrying about the impact of the trade war on their financial health and that of the economy, even though the Trump administration says that growth should not suffer. The U.S. Chamber of Commerce estimates that “about $75 billion” of U.S. exports have been affected so far by retaliatory measures by U.S. trading partners.

Tariffs will have an impact on U.S. businesses, workers, farmers and consumers as foreign markets will close to U.S. manufactured goods and prices rise in the country.

A 10% tariff on US trade that is fully passed on to the consumer could move the global economy into a state of stagnation and reduce corporate profits by 2.5%.

Countries such as Taiwan, Hungary, the Czech Republic, South Korea, and Singapore could also be as vulnerable or more vulnerable to the risk of trade dispute. Taiwan, for example, is a hub for the technology and semiconductor industry and is home to major electronics contractors such as Foxconn, which manufactures Apple’s iPhone, among many other important devices. Electronic integrated circuits accounted for 40 per cent of Taiwan’s total exports.

Hungary, whose largest trading partner outside the European Union is the United States, enjoys large investment flows thanks to a large manufacturing base, especially in the automotive sector. Cars and motor vehicle parts were Hungary’s two largest exports in 2016, accounting for 15 percent of the country’s total.

As the world is in a better recovery mode after the global financial crisis in 2007-2008, the economic uncertainty created because of trade war could put economic recovery at risk, worldwide.