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save-money

In need of some money? Perhaps you need a lot of money and it seems daunting to think about the fact that you must take out a loan to do so. Wrong. While a loan might seem like the more convenient method to acquiring a bigger sum of money, faster, in most cases it is unnecessary. With careful planning and a little bit effort, you could save all the money you’ll need for that trip, payment, car, or whatever it might be.

Saving money is, however, a difficult thing to do and especially when you get started. Although it might seem daunting, you will reap the benefits and saving will help you reach your financial goals.

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Steps to a realistic and maintainable savings plan

    • Keep a record of all your expenses – In order to save the optimal amount and do the correct planning for it, one must conclude how much money you spend on the end of each month. Write down everything you pay for. This includes even the little things such as every coffee, meal, even a newspaper. Once you have all the little expenses out of the way, be sure to write down all the bigger payments, such as your bills which includes mortgage, gas and groceries. By reaching a total for all your expenses each month, you’ll have a better idea of how much you’re able to save and just exactly the amount you’re not allowed to spend.
    • Make a budget – Now that you have your expenses written down, get organized. Create a budget that shows your expenses and how you’ll be able to achieve a total of savings each month. It is important to plan both your spending and while doing so, plan your overspending.
    • Plan on saving your money – Once you have a budget, add a savings category to it. Aim for 10 to 15% of savings, according to your income, each month. If you’re struggling to find the 10 to 15%, have a look at the amount you spend on entertainment and exterior activities. You don’t have to go crazy, but sometimes its necessary to spend less on those. To make this process easier, you should consider your savings as a bill on its own, or rather a regular expense that you can’t afford to pay.
  • Be certain on what you’re saving for and find a reason as to why it’ll be worth it – Set a goal for yourself and get excited about it. Maybe you want to buy a car or save enough money by the end of the year to go on a holiday, whatever it might be, planning for it rather than considering a loan is always a great idea!
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What’s more important when you are going for a loan is a plan to repay them than the money itself. Most of us have high hopes when we borrow a big loan. We always have bigger plans to accomplish with the help of this loan. But we fail to take into concern the ability of the borrower to repay it when the task is accomplished that is the major reason as to why we face a lot of issues with regard to borrowings that we have. Just because you need not have to pay them as one time settlement it doesn’t mean you can pay them forever. So here we have come up with some of the simple ways to repay and close your loans at the earliest.

Prioritise the high value loans:

Always people who are one a borrowal pursuit always have a couple of loans pending. So when you have more than two or three loans it is always better to focus on the ones that have high interest and those are the ones that will demand a lot of pay and the repayment amount actuals shall be high. So it always better that you focus on these ones and end them up first. Later you can focus on the smaller ones.

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Pay more when you earn more:

This is also one of the mandatory things that you have to learn to do. In most cases when you get a big loan, banker ask you to pay them through your salary account. These amounts are auto credited, just to make sure that you skip your payments. Most loan plans are convenient enough to make sure that you do not lose out on all your funds. However, you will have to push the comfort limit and pay out more if there is a permanent increase in salary. This helps you a lot of end up the loan at the earliest.

Put all your extras in:

Again we are reminding you the fact that you are always on a comfortable zone you repay your housing loans as long as you are paying them out from the salary account also it is quite natural for you to believe that it happens automatically and that it is a gradual process. However, it is also important that you end that up at the earliest. So in the event that you receive a fat bonus, gain on a lottery or something like that it is always better that you put it in your loan amount.

Turn your investments in:

It is always good to make investments because these investments can help you out if you are really broke. When you run out of funds and you are in a situation where you have to pay out loan always these investments can help you out. They can be both small ones and big ones. So turn all your investments in and settle the loans comfortably.

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