Decades later, I heard personal finance guru Dave Ramsey talk about his envelope system. It brought back fond memories of my dad and the lessons he attempted to impart to me about budgeting, responsibility and the value of money.

As an adult, I had my own version of this envelope system but pretty much abandoned it as I dealt less with cash and more with debit cards, credit cards, and online payment systems. The world seemed to be going cashless and the envelope method seemed terribly antiquated.

Enter Qube Money. This is a budgeting and banking app that puts a modern twist on the old envelope method. 

There’s an app and a card.

Here’s how it works:

You link your bank account to your Qube account.

Transfer funds from your bank to your new Qube account.

Then you make your own envelopes (called qubes) and designate particular amounts for each qube.

Like $250 for groceries, $500 for household bills, $500 for car-related items, $200 for clothes, etc.

You decide how much to put in each qube and how you want to divide up those funds.

Then, let’s say, you’re at the grocery store.

You open the Qube app, see that you have $250 in your grocery qube, enter that you want that $250 transferred to your Qube card from the grocery category.

You make your purchase using the Qube card. If the total purchase was $100, that is paid to the store and the remaining balance in your grocery qube will be reflected as $150. It’s as simple as that.

One of the really cool things about Qube is that there are different plans to accommodate a wide range of needs. 

There’s a Basic individual account that is free and includes: 10 qubes, a mobile wallet, and peer-to-peer transfers. There are two new features that are coming soon: bill pay and the ability to get your paycheck two days early.

There’s also Premium ($8 per month), Family ($15 per month) and Platinum ($25 per month) plans that offer more controls and permissions and the ability for multiple people (and kids) to use.

Because there is a history of purchases for each plan, it’s easy to keep track of everything.

I love that the app works in a way that’s easy to understand and let’s me allocate, budget and track the way I want. I feel like I’m melding the old and new. I know my dad is smiling that the way he did things has gone digital.

Start your budgeting journey with the  Qube app here. 

The post Qube Money App: The Power of Digital Banking with Cash Envelopes appeared first on Shopping Kim.

If you skip the phase of drafting your own diy will, your estate will pass to the heirs in the order of inheritance by law.

What To Know

Last will is a legal document in which a person disposes of their estate in the event of death: how exactly and among what people their property, debts, and rights need to be divided. The law allows you to include a wide variety of conditions in the will and makes it possible for each person to make a testament that considers their wishes and needs as much as possible.

A testament only takes effect after death. Unlike a gift or rent agreement, it does not grant any rights during the owner’s life. You might be confused about where to get started, so these are the steps you need to take before you start writing your last will and testament:

1. Check whether you qualify under the requirements for the testator.
2. Identify the property.
3. Choose the inheritors.
4. Select an executor (the person who will be responsible for distributing your assets).
5. Write the text of the will or get help from an attorney.
6. Sign the will yourself and find two witnesses who are not mentioned in your will to sign it too.
7. Notarize it if needed in your state.
8. Find a safe place to store it.

You may also want to name a guardian for your underage children or get the estate planning done or consider the option of finding an inheritance funding company. Those things need to be done earlier to get all of the required information about your assets (including your personal finance, real estate, life insurance policies, etc.). Besides debts, beneficiaries (people who may or may not be your family members and organizations that will inherit your assets), guardians, or executors who will make sure your assets are distributed according to your wishes.

Writing Your Will

There are no strict requirements for wording, and it can be made in free form, but you still need to describe your wishes clearly and distinctly. You may want to find a free online template, but it is not always a good idea, so ensure there is no chance of ambiguous interpretations. To avoid fatal mistakes, you can make a will alongside an attorney or take legal advice from a law firm.

A will can only be written. You can write it by hand or type it on your computer, but you can ask your friend, family member, or another person in power of attorney to do it for you. Now, all that is left for you to do is make a list of things you want to leave to your significant others.

Maybe after some time has passed, you would like to implement changes, for example, update your first choice of the estate plan or disinherit one of your children. Feel free to enforce edits at any moment. You can write a new will or submit an order to the attorney to cancel the old one. You can make a new testament with different conditions and undo all the previous ones. The old one, in that case, must be destroyed.

If you are not going to change the preсeding will’s terms, you can clarify or supplement them by making a codicil. A codicil will be in the form of an additional legal document written on a separate page and requires a signature and two witnesses.

What Makes a Will Invalid?

Factors that make the will a legally binding document vary from one state to another, and violating the requirements can lead to declaring it invalid. Nevertheless, some of them are crucial everywhere.

At the time of signing (and certification by a notary if needed) of the testament, you need to be of sound mind, which means being officially mentally healthy and understanding the meaning of your actions. You cannot be intoxicated or under the influence of potent drugs. The process also requires the presence of two witnesses that are not listed in your will.

Conclusion

The negative impression of the words “last will and testament” is a common stereotype. It has nothing to do with bad omens, and in fact, it is an essential legal document that, once signed, provides safety and order into your and your closest ones’ lives.

In the will, you can leave an inheritance to anyone and specify what property and under what conditions the heirs will receive. It is the only way to divide your estate according to your wishes, not the state’s regulations.

The post How to Make a Will Correctly appeared first on Shopping Kim.

However, you need to know the basics of online trading to get confidence in assessing available options.

Here are the steps of starting online trading:

1. Pick a Reputable Broker

If you are new to online trading, the first step is opening a brokerage account. The broker should be a respected and trusted online platform. There are many online stock brokers, but some are better than others.

While considering a trading platform, consider factors such as traditional commission fees, available educational tools, and intuition of the website or app.

Choosing the best trading platform depends on personal preference, and therefore, traders will have more options. Many brokers are specializing in perfecting the user experience with their apps.

2. Research on Instruments to Trade

After having a brokerage, it’s time you consider the stocks to trade. If you’re new to online trading, choosing stocks may not be the best place to start but ETFs. With exchange-traded funds, investors can buy many stocks at once. That helps when you don’t feel confident about picking one company over the other. An experienced trader will diversify their holdings using assets and not stocks like bonds. That helps to hedge their risks during downturns of the stock markets.

However, deciding to invest through individual stocks, consider financial analysis ratios to compare its performance. It is a hassle to choose individual stocks, but with extensive comparative analysis, you’ll be sure you’re selecting the best stocks.

3. Pick The Right Trade

If you decide to buy and sell ETF, stock, or other assets, it depends on the trade order you’ll place. The basic types include the limit orders and market orders.

Limit orders will not execute right away, although you get significant control over the price to pay. Market orders, on the other hand, executes immediately with the best available price.

After you own a stock, it is best to consider placing a stop-loss sell order. With that, you can continue riding positive momentum where you can sell automatically after the trade turns on you.

Nevertheless, there is no order type which is better than the other. That’s because all have their place, and when you learn many of them, it helps you ensure you use the right tool.

4. Determine The Cost

One of the challenges that most people face in trading is expenses. These are money you’ll pay to buy trade securities. Among the expenses you’ll incur will be commission fee, and you have to consider while planning to invest.

If you consider a brokerage that will not charge you a commission fee, therefore, you’ll not incur expenses. But, trading ETFs, mutual funds, or other types of investments understand the investment ratios. That’s because these funds will be managed by an individual who will get paid a percentage every year. For example, if ETF will have a ratio of 0.2%, you have to pay $0.20 per year on every $100 you will invest.

5. Understand The Relationship Between Trading Stocks And Tax

You must understand the tax regulations of your positions after you aim to trade stocks. These taxes that you’ll pay after making a profit are called capital gain taxes. If you hold a stock for less than one year, you have to pay more capital gains and vice versa. The tax structure has been designed so that it can encourage long term investment.

On the other hand, you have to sell stocks for a profit, which increases your tax bill, and selling fewer decreases your tax bill. So that you can prevent people from taking advantage, consider the “wash sale rule.” The role of this rule is to delay the tax implications of profits or losses. In other words, after selling the stock for a loss but after a week you buy the same stocks, the loss you made doesn’t give you tax benefits anymore and will be carried to a new position and can only be accountable after selling stock again.

6. Trade Your First Stock

After you add money to your brokerage account, you’re ready to select the stock you can trade. So, you have to pick an order type, then place your order.

Once you have placed the order, check and ensure it’s executed. If you choose market orders, your order should be executed immediately. But with limit orders, the order might not execute immediately. If not patient, try to move your limit price close to the bid price (if you are selling) or ask price (if you are buying).

7. Learn Stock Trading Strategies

For a beginner, you have to stick to simple buy or sell trades until you learn the ropes. After you have mastered the basics, you can add more advanced strategies. For example, some options will expose you to significant volatility, and you can quickly gain. But you can also quickly lose.

However, for advanced strategy, it’s where you can borrow money from trading platforms and trade stocks through a process called trading on margin. It is risky to approach and suit experienced traders. Learning is essential until you’re confident. With margin, you can grow your portfolio, which you can quickly land into debt.

8. Stock Trading Alternatives

Stock trading is only one way you can engage in the market. However, after you add ETF trading, that will only be scratch on the surface of investment methods. Considering mutual funds, these securities don’t trade like ETFs or stocks, but alloy you invest in different sections.

Robo advisers, on the other hand, they are app-based types of investment services. They use algorithms where they help to answer basic questions and automate investment decisions. For beginners, these are suitable because they are easy to learn and understand. Also, they come from having low fees. However, they are recommended because you don’t have to hire a traditional financial advisor who helps you make investment choices.

Image Source: QuoteInspector.com

The post Achieving Financial Freedom: A Guide to Online Trading appeared first on Shopping Kim.

If you want financial products for saving and investing or to tap a new line of credit, by getting a loan or acquiring a new credit card, thoroughly searching for financial products is a good idea. Shopping around for financial products can save you money.

Run through this guide and learn how to find the best priced financial products.

Where To Look For Best Deals:

Remember an unwritten rule when you compare any financial products or services, never fall for claims made in promotional advertisements or materials. Some marketers also suggest that their services and products are way superior to those of their competitors. Now, don’t get us wrong, such claims may be true- but they are more likely to be biased.

You should always look for comparisons that are more appropriate for you and your needs. And bear in mind, marketing materials and advertisements are eye-catching and can grab your attention. However, their purpose is to sell and promote one specific product or service.

So where should you look? Depending on the kind of product or service you need, the reliable sources for unbiased and authentic information will differ.

We have compiled a list of some of the reliable sources of comparison shop for your financial products, the following can help:

• Unbiased Online Comparison Site:  you can visit online comparison websites that collect information from a wide range of financial products and service providers. You can compare different types of financial products and make better financial decisions. For example, Friendly finance, allows their consumers to compare common consumer finance products such as credit cards, auto loans, and personal loans.
• Finance Related Publications: Stocking up on personal finance business magazines makes good sense if you want valuable finance information . These magazines regularly publish ratings and comparisons of hundreds of financial products and providers, from auto loans and insurances to credit cars and retirement plans.
• Local Newspapers: you can look for rates and fees of common consumer financial products in the business and finance sections of your local newspaper.
• Other Service And Product Providers: You can also check out the comparison directly by asking for the term sheets and fee tables from financial products and service providers or other financial institutions.

A good wifi and a computer or your local library will be able to point you to these and other helpful sources for comparison unbiased information.

But remember to read the fine print of any offer that’s available. And even though client ratings and comments give valuable insight, amazing testimonials can still be faked.

The post Comparing Financial Products: Another Clever Way Of Saving A Lot Of Money appeared first on Shopping Kim.

Unfortunately, there aren’t many ways that let you do just that. Acquiring a fortune requires a lot of hard work. You can also get really lucky and make it big by winning a lottery or a round of blackjack. These games also require a certain investment on your side, so they can’t really be considered “scams” per se. 

Then there are those who put in a lot of effort into getting lucky by analyzing past results, number patterns, and coming up with strategies that could help them win wads of cash at a time. Experts from Lottery Critic, who specialize in compiling lottery data and tactics, emphasize that strategizing and researching these games can only help you consistently win smaller prizes over time. 

As far as hitting the jackpot is concerned, luck is the only thing that can truly help you win. If you consider yourself lucky, keep reading to find out how you can utilize that to secure those big winnings! 

MegaMillions 

One of America’s two most popular lotteries, the MegaMillions is known for its incredibly high jackpot prizes. The most recent one was won in September 2020 by a lucky anonymous ticket holder from Wisconsin. What was the amount? 120 million dollars. Twenty million was taken away from them due to taxes, but even $95 million basically ensures that you, your children, and your grandchildren never have to work again. 

Powerball

If you’re not a fan of MegaMillions, you can always give Powerball a try. It works on more or less the same basis as the lottery giant mentioned above, with some minor differences when it comes to picking out your winning numbers. The most recent Powerball winner ended up taking $90 million home on September 16, 2020. 

Aside from mind-shattering jackpots, Powerball also has some other games on offer, with significant prizes to be claimed from those, too. You should also keep in mind that both of the lotteries described above pay smaller prizes out for guessing some of the winning numbers as well, so don’t go throwing away your ticket if you only get 4 out of 6 correctly! 

Poker 

Various card games are great gambling options, but poker is definitely their uncontested king. There are a couple of poker varieties, with the most popular (and profitable) being Texas Hold’em. Another appealing factor of this game is the fact that it’s not all about blind luck. Bluffing, reading your opponent’s expressions, and placing your bets wisely all contribute towards the final outcome. 

Sports Betting 

Betting on various sports, such as soccer or hockey, is a tricky ordeal. On the one hand, it is the most knowledge-based way to gamble. If you’re up to date with various teams’ in-form players, past scores, and the history of each fixture, you’re able to place a bet that has a good chance of winning. On the other hand, sports are unpredictable, and you can never be sure of any particular game outcome. However, if you’re into sports and want to add an extra thrill to watching games over the weekend, betting on scores is a surefire way to do so! 

Horse Races

Placing bets on horses is in many ways similar to betting on other sports, with the exception being the fact that it is much classier and best enjoyed if you’re actually at the race venue. It also offers the best odds. Many people tend to avoid horse races due to accusations of fixed races that pop up every now and then. Although it is true that this sport has been known for corruption in the past, nowadays it doesn’t happen nearly as often as people think. 

Blackjack 

If you’ve seen Rain Man, then you’re certainly aware of the fact that blackjack can be manipulated by counting cards. Of course, not anyone can do that. If you’re not a math genius, you shouldn’t even attempt counting cards, as you might get in serious trouble if you get caught. Blackjack is not only a good way of making a decent amount of money if you’re in luck, but it is also one of the most thrilling card games out there! 

The Bottom Line  

There is no shortage of ways to win sizeable amounts of money by relying purely on sheer luck. You need to keep in mind, however, that gambling is not a feasible method of making a living — the income isn’t guaranteed, and it’s also highly addictive. As long as you treat it as entertainment with the added possibility of getting some cash out of it, you should be in the clear. 

Finally, remember that losing money is an inseparable part of gambling — never bet any cash that you’re not prepared to lose and don’t bet more in hopes of making up for your losses. It almost never works and can send you down a dark spiral of debt and despair.

The post How to Get Money Fast If You’re a Really Lucky Person appeared first on Shopping Kim.

This approach to life can make it very difficult for anyone to save money, after all, it’s much easier to spend it. It’s also potentially more satisfying in the short term.

That’s why you need to start teaching your child about saving from a young age, here are our 5 best tips to teach children healthy money habits early:

1. Talk To Them

The first step in educating your child about saving is to sit down and talk to them about wants versus needs. Your child needs to understand when they need something and when they simply want something.

It’s a good idea to use your own budget to illustrate tall the bills that need to be paid and how much money that leaves to cover wants.

Of course, you also need to talk about unexpected needs, hence the need to save.

2. Earn It

The next step is for them to have an appreciation of money. The best way to do this is to pay them for doing chores. You can set a rate per chore or simply pay them a fixed rate per week to complete an agreed list of chores.

This will help them to understand the work involved in earning money and they’ll think twice before they spend it.

3. Saving Goal

To encourage your children to save set them a saving goal. Tell them that when they reach a certain amount they’ll get a treat or you’ll give them a specific extra amount.

They can also set a savings goal to allow them to purchase a specific item. Simply work out with them how much they need to save each week and how long it will take them to save the necessary money.

Then, it’s up to them to do the saving.

4. The Savings Spot

Children need somewhere safe to save money. This may mean giving them a piggy bank, perhaps with a lock on it. Alternatively, if they are old enough, they can have a bank account.

This will help them to see how their savings are building. The higher the figure gets the more they’ll be inspired to save.

5. Be The Bank!

On occasion, it can be useful to be the bank for your child. For example, if they really want something for $100 and don’t want to save then agree to lend the money to them but they have to pay it back from their allowance with interest.

Show them all the figures and encourage them to understand that having the item instantly on credit has cost them a lot more in the longer term. Waiting and saving is a good thing.

Teach them to spend responsibly using a service like Greenlight, a debit card for kids, managed by parents. With the tap of a button, send money to your kids — anytime, anywhere. No trips to the ATM, no cash, no hassle. Set flexible parental controls that are right for your family and get real-time notifications every time your kids spend money.

In short, you’re using being the bank as an opportunity to teach them the benefit of waiting for things. Ideally, this should start as they start a reputable center of early learning Bendigo, or wherever you live.

The post 5 Tips to Teach Your Child to Save Money appeared first on Shopping Kim.

What is a Trust Fund?

A trust fund is a type of legal entity used as a tool to hold and transfer assets to a beneficiary. It can transfer the grantor’s property, business, money, stock, and bonds to the benefactor. A trustee can arrange and manage the assets in the fund.

Roles

• Beneficiary: This can be an individual, organization, or business chosen by the grantor to have access and receive the assets stipulated in the trust fund.
• Grantor: This is an individual who currently owns the assets, chooses the beneficiaries, and the terms for the trust fund.
• Trustee: It can be an individual, such as an advisor, or a company. The entrusted third-party will arrange the grantor’s terms and ensure the beneficiary will receive the trust fund.

How Does it Work?

There are different types of trust funds to meet your needs. These include irrevocable trust funds, revocable trust funds, and charitable remainder trust. All three have ways to transfer assets; however, they vary in legal guidelines. As with anything relating to your finances, we suggest your talk with a qualified financial advisor first.

Irrevocable Trust Funds

The irrevocable trust fund cannot be rescinded or alter the beneficiaries or conditions. Creating the trust fund causes the grantor not to have a legal claim over the assets. Therefore, the grantor does not pay income tax earned from the assets or estate tax. Lastly, it protects the assets from being taken to pay withstanding debt of the grantor after death. Thus, the beneficiary will still have control over the assets and capitalize on its benefits.

Revocable Trust Funds

Revocable trust funds are also known as a living trust. Unlike the irrevocable trust funds, the stipulated terms and chosen beneficiaries can be changed or removed until the grantor’s death. Therefore, if the grantor decides to rescind the trust, all assets will return to their estate. The revocable trust permits flexibility. Nonetheless, if the grantor has an outstanding account or debt, these assets will be allocated to meet the bills.

Charitable Remainder Trust

The charitable remainder trust is also known as the charitable annuity trust. It allows the grantor to transfer assets to a chosen charity. A donation of a set percentage income to cause will remain until the funds are exhausted.

The Benefits

Tax Benefits

Transferring assets to a trust fund minimize the tax on your estate due to moving your assets to a lower tax bracket. Depending on which variety of trust funds, specific tax benefits and guidelines can benefit the grantor.

Protection

It ensures that your legacy is secured. It enables your family, businesses, or other organizations you care about will be stable. Trust funds also provide that assets will not be wrongly allocated or seized in certain circumstances.

Ongoing Transfers

There are varied ways to attain a trust fund. Using a life insurance policy to allocate funds to benefactors has benefits. These depend on the type of system and what the company offers. Ongoing transfers are a fixed amount given throughout a set period. Additionally, utilizing the money to generate dividends, interest, or income for the beneficiary to possess.

The Drawbacks 

Expense

When creating a trust fund, consulting the expertise of a lawyer might be required. These fees can be expensive, depending on the extent of the work. However, individuals can also seek financial advisors who can further aid in planning their funds. Another point of consideration is if sufficient funds are available to be utilized in daily life and allocated to a trust fund.

Moving Forward

Planning for the future is a task never too early or too late to do. A trust fund is a way to ensure that what you cherish the most is secured. It has different varieties to meet your needs. Nonetheless, there are benefits and drawbacks to consider; however, evaluate if this is what you want and need for the future.

The post Everything You Need To Know About Trust Funds appeared first on Shopping Kim.

Many people settle for installment loans because they give them the privilege to divide the payment that has to be made back in a certain time.

Contrary to this, if you had to return a conventional loan, you might have to put a cut on your monthly budget. With installment loans, you can easily divide your debt and manage routine expenses easily.

Here, in this feature, we will guide you through everything about an installment loan.

How Does an Installment Loan Work?

You must know this loan type if cliché, and you can easily get it from any financial institution. For example, if you want to buy a car but don’t have enough money to pay for it, you can visit a bank and get an installment loan. The car dealership will manage your money and set up a loan option for you. However, a part of your money will be charged an interest rate by the lender. The intriguing thing to note about an installment loan is, you get a bundle of cash on time. This means you won’t have to return to the banking institution frequently.

Secondly, the installment loans have a defined term. This can range from 6 months to 20 years. Unlike any other loan, the installment loan has a set end date. However, if you settle for a long time, you will have to pay a lot of money from the term-end. However, most of such loans are fixed, so you don’t need to worry about the whole term.

Types of Installment Loans

Here, we will guide you through the most common types of installment loans:

1. Personal loans

Simply put, this is a multipurpose loan, which is used for paying medical bills, house repairs, and/or consolidating debt. These loans are unsecured, so you don’t have to put the money down. This means, if you fail to pay the loan amount on time, you will not have to offer any collateral.

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2. Allotment Loans

Allotment loans for federal government employees are being issued in staggering numbers because many such people have a poor credit history. These loans can help government employees who have retired or are unable to work. After all, the government employees are entitled to several benefits, so this loan type is also offered as merit to them.

3. Student Loans

If you talk to any undergraduate, you will hear from them talking about the student loans. These loans are gaining popularity as the costs of academic institutions continue to rise. These loans can easily suffice for tuition fees, living expenses, and supplies. However, these loans are unsecured, and you can use a decade to pay off the total money.

4. Mortgages

While it takes you some time to pay off the loan amount over a specified time, this loan kind allows you to buy and live in the house at the same time. Experts say that you can pay for a mortgage home in 30 years. However, the interest rate continues to change with time. 

The post Everything You Need to Know About Installment Loans appeared first on Shopping Kim.

5 Stunning Credit Card Statistics

Credit cards. They’re everywhere, and they come in all shapes and sizes. You’ve got your Visa, your MasterCard, your American Express…the list goes on and on. But how much do you really know about them? Here are five stunning credit card statistics that will make you think twice before reaching for that plastic next time you’re at the store.

1. Rewards Not Redeemed

It stands to reason that consumers choose “reward” credit cards, to get the rewards. However, as many as three out of ten of these same consumers never cash in their rewards. This means they’re missing out on travel perks, food, gas and more!

2. Annual Interest

Statistics gathered in 2017 show that the average household pays a little over $900 annually in credit card interest. Honestly, that’s a lot of money when you think about it, which could be spent on so many important things.

What’s worse is the fact that consumers who only pay their minimum balance each month will see the interest amount grow and grow!

3. The Responsible Midwest

If you reside in the Midwest, most especially near the Great Lakes, chances are higher that you’re a responsible credit card user. Specific reasons for this aren’t totally clear. But, data indicates this fact is generally true.

4. Keeping Up with the Joneses

You’re probably familiar with the phrase “keeping up with the Joneses.” It’s been around for quite some time and is apparently something consumers are still trying to do, no matter the debt they incur.

Statistics indicate that close to 40 percent of millennial’s have, at one time or another, irresponsibly spent money just to keep up with their friends and acquaintances. The moral of the story? Don’t do it!

5. In the Millions

In 2016, a whopping 110 million new credit cards were issued. That translates into a ton of interest, making banks and other credit card issuers very happy campers. This number is approximately 50 percent higher than it was only six years before.

These are just five somewhat stunning statistic, when it comes to credit card usage. Can you relate to any of them? More importantly, do you feel you have your credit situation under control?

The post 5 Stunning Credit Card Statistics appeared first on Shopping Kim.

However, there is a bit of a downside. If you refinance federal student loans, you may miss out on the opportunity to apply for income-based repayment plans or federal loan forgiveness programs. That being said, here are a few questions you should ask yourself before deciding to refinance your student loans.

Are Your Loans Private or Federal?

Federal student loans are loans issued by a federal student aid organization. Private loans are granted by independent lenders. While both  types of loans can be refinanced, federal loans are sometimes eligible for loan forgiveness or repayment plans. If you refinance a federal loan through a private lender, you lose the ability to apply for these plans. Check to see if any federal student loan assistance is available before you refinance.

Do You Qualify?

In order to refinance your student loans, you first need to be approved. To qualify for refinancing, you’ll need a steady income and a decent credit score. There may be other requirements, depending on the lender you’re working with. Go over the requirements before you apply, and see if you think you qualify before proceeding.

How Much Will You Save?

The biggest benefit to refinancing is the ability to renegotiate your interest rate. When you first applied for a loan, you likely had to settle for a high interest rate because you were a new student. But, chances are, your financial situation has probably improved since then.

Working out  a refinanced loan with a lower interest rate can add up to a lot of savings at the end of the year. Plus, if you need to save a bit more money, you can choose to make lower payments over a longer period to give you more money to work with each month.

As you can see, there are benefits to refinancing a student loan. Researching the possibility could potentially save you thousands of dollars. What could be better than that?

The post Should You Refinance Student Loans? appeared first on Shopping Kim.