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Money Hacks for Young People

Published on September 14th, 2016

Being young and broke is the reality of almost everyone who has been in their teens and twenties and is cited as the number one cause of stress for Americans. The key is to organize, plan, and be diligent about your spending. We know that all sounds boring, but you know what’s worse? Being bored at home because you can’t afford to leave the house. Here are some life and money hacks for the struggling young person.

Chase Opportunities

When you’re young you usually don’t have a lot of commitments to a spouse or children. So go after that job offer in a new city! Don’t let fear of the unknown stop you from pursuing new, better-paid positions because you’re much more unlikely to be able to make big moves in the future. Don’t be afraid to follow your career aspirations to different parts of the country, you’ll be successful if you show you’re passionate enough about a job to make the move. If the cost of moving is what’s stopping you consider Payday loans. Payday loans can provide you with the fast cash you need to make the move so long as you can repay it on your next payday. This quick infusion of money could be all you need to start a successful career in a new city.

Dividends

Stocks that pay dividends usually outperform those that don’t, and dividends are essentially free money. With the amount of cash your dividends pay out on a relatively modest investment you could get a meal or concert tickets for free!

Insurance

Young people tend to feel invincible, like the high cost of health insurance is just not worth it for their healthy, youthful bodies. However, insurance costs a lot less when you’re young than when you’re older. Get it now, save later.

Buy Don’t Rent

Buying a place can seem like way too expensive of an option, and it is, at first. Real estate is one of the best investments you can make. A percentage of what you pay on your mortgage will go to paying down the principle of the loan you took out. It also increases your net worth and contributes to assets that have longevity. Rent goes up every year and at the end of your payment you own nothing. Buying the place you’re living in is a much smarter and secure way to spend your money.

Pay Attention To Your Credit

Probably the worst thing you can do when you’re young is mess up your credit. A bad credit score makes it difficult to get a car, home, loans and a variety of other important things. Payback debts on time without interest and be careful what you spend. Payday loans are a great source of fast cash if you find yourself in a situation where you can’t pay your rent or electricity bill on time, which can affect your credit score. However, if you do take out a loan make sure you’re certain you can pay it back. Short Term Loans’ payday loans are a good resource because your credit score will not prevent you from receiving them.

Short Term Loans is happy to be a resource to you in trying times. As a Payday loans lender we want to make sure you receive the cash you need to make it to your next paycheck. Apply online today to get your loan!

Courtesy of Lifehack

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