The answer to this can vary from finding a job with a higher pay to using your credit cards. Taking out a loan is also a great option if you’ve to fulfill sudden financial needs.
The point is, you can have the lifestyle you want, without spending a fortune or getting financially strained, if you plan your finances right.
Here are some of the things you can do when you don’t avoid unconventional funding options.
Travel the world
It’s always a great idea to take a break from your monotonous life and go on a vacation. You can explore the vibrant streets of Venice, trek on the snowy slopes of the Alps, and watch a Broadway show in New York, or spend a day at Disneyland. All you need to do is plan your finances strategically and you’ll be able to take that trip.
No matter what your budget is, there are chances that you’ll be able to find a tour package that fits the bill. You can explore the cities within your country if you’re short of funds. But, if you really want to go on that much-coveted international trip or book a cruise, you can opt for a travel loan to finance it. The loan will not only cover the cost of your itinerary but will also help you pay for your hotel accommodation and sightseeing trips.
Traveling to other countries alone or with your loved ones will give you significant insights into the world’s culture and history. You’ll also get to learn new languages, taste local cuisines, and immerse yourself in the culture of the city.
So, the next time you’re feeling drained with everyday life, don’t hesitate to treat yourself to a vacation.
Buy the house of your dreams
No matter how comfortable you’re staying with your parents or in a rented apartment, nothing surpasses the joy of owning a home. Investing in real estate is a great way of securing your future and saving up money that you would’ve otherwise spent on rent. It’ll also help you get positive cash flow and maximize your tax benefits.
With options of floating and lower Home Loan interest rates available in the current financial market, now is a good time to apply for a Home Loan. You can also apply for a joint Home Loan to reduce your financial burden and benefit from additional tax deductions.
Finance your own wedding
Let’s face it, weddings don’t come cheap. You have to factor in the expenses of catering, decorations, venue, transportation, photography, videography, and a lot of other things. The list can be endless and each expense will create a dent in your finances.
To meet your wedding expenses, you can either pool in your savings or borrow from your loved ones. But, instead of letting your parents take out money from their savings or retirement plans, you should consider seeking out other financing options. You and your fiance can together apply for a Personal, not a business Loan which require more paperwork, and free yourself from the financial stress that comes with wedding planning.
Get that ride you’ve always wanted
If you’re tired of getting stuck in a crowded bus or paying those hefty cab bills, it’s time to get your own vehicle. Whether you’re getting a bike or a swanky car, riding your own vehicle will always be a delightful experience. So, if you’ve been putting off buying that bike you’d laid your eyes on, it’s time to bring it home.
If you don’t have the funds to get a vehicle, you can either take a loan from an auto dealership or approach a financial institution. However, it’s advisable that you go for a Personal Loan, as it doesn’t demand any collateral and requires less paperwork. A vehicle loan won’t let you have complete ownership of your bike or car, till you clear the debt. And if you default, the lender can claim you vehicle.
So, manage your personal finance or take a Personal Loan to get your own ride, and say goodbye to cab charges and overcrowded public transport systems.
Consolidate all your debts
One way to financially liberate yourself is to opt for a debt consolidation for all your pending loans. Debt consolidation is basically integrating all your existing loans into a single debt account. Doing this would ensure that you don’t have to keep track of multiple loan accounts, thereby avoiding higher interest rates. For instance, if you’ve an education and a car loan, you can consolidate both into a single debt account and take a Personal Loan to clear it off. More about debt management importance and debt management strategies can be found here and here.
Debt consolidation helps you get lower interest rates, thereby bringing down your monthly installment amounts. Keep a tab on the current market trends and watch out for Personal Loan interest rates across different institutions. Once you’ve found the one that suits your financial needs the best, take it to clear off all your existing debts.
Don’t let your bucket list remain unchecked anymore. The next time you feel like taking an exotic trip, or want to marry the love of your life in a grand way, make it happen by going beyond traditional means of financing. Research different types of financing options available in the market, zero in on the most suitable one, and make your dreams come true.
This post was last modified on December 26, 2016 13:25