Many young people say they can not emancipate themselves, although they work and paid fixed salaries. Others did try, but eventually returned home from their parents. These days, independence is downright difficult, but is available to most with a little planning and control. The number one rule is always, always, always spend less than what is entered.
If you have not yet started the new job, remember to address a number of expenses before receiving their first paycheck.
Credit Cards For no Credit for example, perhaps the work requires him to move to another location. The costs can be substantial if not paid the company. Rate the cost of living in your new city. The same wage does not provide the same lifestyle in Madrid and Barcelona in a small town.
Even if staying with their parents, there are additional costs associated with their new work situation: new clothes, travel expenses, meals away from home. If it is impossible to hold out until you receive your first salary, try to negotiate an advance with the company.
We emphasize the importance of adhering to the budget and not spend more than you can afford. The debt has an effect of "snowball" and could be found quickly in serious financial difficulties that weighed him for many years. It is no way to start a life.
Funding Requirements
Even adjusting to a frugal budget and exerting the greatest possible self, you may need funding to cover new spending, especially if emancipated. Other sections discuss the purchase of a car and house purchases. Read the following to other consumption expenditure.
Advances. As mentioned, many institutions give advances of the amount of the salary, without interest, has provided the address in the account. But the deadline to return the advance is very short and if they start charging you interest transferred.
Credits 0%. Some banks offer loans and small loans (about € 3,000) without interest, especially if you have their salary. The processing time for these mini-loans usually very short, so that the client will have the money almost immediately. The repayment period, ie the time to repay the money, usually very short, usually between three and six months.
The offer is varied and always have to compare between various entities. Not all offer credit without interest. Some charge arrangement fees and some not, some also offer disability insurance or unemployment to secure the loan, etc.
These products may be appropriate in a precise moment of need or to pay certain acquisitions necessary if you have enough money saved. But remember that even in the case of not charging interest, a loan of € 3,000 payable in six months means a monthly fee of 500 € to be added to your other monthly expenses. Can he afford it? Avoid debt that generates more debt.
Personal loans. Credit institutions offer countless personal loans, also called consumer loans, with different trade names and for different purposes: car loans vacation, wedding loans, credit "buy everything", but with small variations loans are all formulas for have money to buy a good or service immediately and return the money within a specified period, together with interest.
To compare the wide range of consumer loans in the market to consider:
- Rate of interest
- Origination fees and cancellation (total or partial)
- other expenses
- Amortization period (time to return the borrowed money)
- Amount of monthly fee (determined by the interest rate and term).
Instead of comparing the nominal interest rate is always preferable to use the APR (Annual Percentage Rate). It is a better indicator of the actual price of the loan, and that includes the nominal interest rate plus commissions and bank charges.
Before granting a loan, the credit institution will conduct a feasibility study to assess their ability to pay. This study is similar to developing your personal budget. Contemplate especially your monthly income and its payment obligations as other debt, including balances on credit cards, to estimate if you are able to pay the monthly loan without difficulty. The bank also assess their creditworthiness (property, investments, other bank accounts, etc.), which serves as collateral.
If you are young, have adjusted income and few assets to support you, it is probably necessary to have a guarantor (someone who signs be willing to take over the debt if you do not pay) to get a personal loan.
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