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There are times when a mortgage loan becomes hard to pay. Because of all the expenses that burden us, payments for the mortgage may be missed. In these cases, refinancing your mortgage loan may prove to be the best option. When we choose to refinance, we must first understand how it works and how it can help us keep our property.

There are two major refinancing types for a mortgage:

Fixed Interest Rate

This type of refinancing grants the borrowers a loan with a fixed rate. The interest applied to the loan will be fixed during the entire term of the loan and will not change. This helps the borrowers to gain comfort in knowing the interest will not change during the loan period.

Adjustable Interest Rate

The advantage of having adjustable interest rates allow the borrower to enjoy low-interest rates that the market dictates. It can possibly provide lower loan payments compared to borrowers who applied through fixed interest rates.

Interest Only Loan

A borrower can avail of a refinancing loan where only the interest will be paid for a specified period. This allows the borrower to recover from the financial downturn. Once the period granted for the interest-only payments are done, then regular payments will continue.

Rate and Term Financing

This type of loan allows the borrower to take on a new loan with a lower interest and a longer term to refinance the existing mortgage debt. A careful review of this type of loan is needed as there may be a chance that higher payment might be made compared to continuing the original mortgage loan.

Cash Refinancing

A refinancing method that allows a borrower to loan an amount higher than the current mortgage loan. The excess amount will be received in cash which you can use to pay off any existing debt. This method can help you lower and eliminate your debt which can help ease your monthly spending. Refinancing your mortgage may be a good way to help you cope up with your expenditures especially if your income has been compromised. But you need to make sure that refinancing your mortgage proves to be more beneficial as you may end up paying more than the original loan.

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The idea that living a healthy lifestyle is only for the rich and famous is just a myth. Your personal finance is not a big factor when it comes to healthy living. You just need to be
smart and find ways to stick with your goal.

Check out the following tips that you can do to be healthy and fit without breaking the budget:

Plan Your Meals

Planning helps you consume the right amount of calories you need each day. Start a food journal to begin your healthy journey. When you plan your own meals, you can tweak them
to fit your dietary needs. It prevents cravings and overindulging.

Cook your own food

Cooking is fun. It also helps you save a lot of money and protect your personal finance. Reduce the habit of eating out or taking out foods from food chains. Start with simple
recipes that are healthy and delicious. Whip out fresh salads.

Shop your food wisely

List what you need to buy. Stick to the list. It will help you curb the habit of buying in impulse. Find cheaper alternatives or cuts without compromising the quality of food.
Refrain from buying non-essential things that affect your budget. Read the nutrition facts on the labels.

Buy and cook in bulk

Buying in bulk makes you spend lesser compared to buying in small portions. However, refrain from buying more than you need. Always check expiry dates before keeping them in stock. Be mindful of buying versatile food items and ingredients. Learn to mix and match them to whip up different healthy dishes.

Cook your weekly meals and store them in small containers. Preparing your foods in advance is cost-efficient and time-efficient.

Join free fitness groups or DIY

Check out your local community and see if you could find sports or healthy workouts that you can sign-up without charge. Examples are yoga, meditation, dancing, Zumba, and
others. Meet same-minded people who will motivate you to continue the lifestyle. Another best option is to exercise at your home using videos from the internet.

Now that you know what to do, start your healthy lifestyle without compromising your personal finance. Be healthy and wise!

Debt has been there since the early times of trading.

It has been proven to be one of the most effective ways of doing business until presently, where debt has been the focus of business by financial institutions. A borrower is granted a sum of money or a line of credit by a financial institution (otherwise known as the lender) which the borrower can use to purchase goods or pay for services that are needed.

Debt is used to delay a borrower’s use of personal money for the purchase or payment of goods and services. This is supported by an agreement with the financial institution to repay the amount with an additional fee also known as an interest rate. A debt may also have other fees that may be paid depending on the terms of the agreement.

Two types of debt that can be classified as follows:

  • Credit (or Open-Ended Debt) – Credit is the ability of a customer or credit holder to purchase goods and services that will be paid at a future date. There are different types of credit but the main system of how it works is that the goods and services are being paid by the customer based on a promise to pay later. The material sample of credit is credit cards whereby you can pay for goods you wish to avail of using this card. A credit most often comes with a credit line which a customer is granted with. The customer cannot spend beyond this credit line unless the financial institution who has granted the credit allows the customer to exceed what has been granted. Credit also grants the customer the to pay on a revolving amount basis where there is no fixed price required on due dates.
  • Loans (or Closed-Ended Debt)– A personal loan Singapore or closed-ended debt has the same intention as for how the credit works. It is made by a customer or borrower to purchase goods and services. The difference with the first type of debt is that an actual cash amount is granted to the borrower for use of purchases and/or payment of goods and services. These loans are then paid with the fixed amount with a specific term end date. Car loans or business loans can be more advantageous in the sense that it allows the borrower the flexibility to use cash compared to finding a goods or services provider who can actually take credit as a form of payment.
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The inflation rate in the Philippines is now 6.4% compared last year on the same month it was only 3.1%

This breaking news has caused many Filipinos to suffer in settling for less just to make ends meet. Whereas, the fuel, alcoholic beverage, rice, fruits, and vegetables are too
expensive for forcing the consumers to opt in buying canned products. The inflation rate has affected thousands of consumers, to help you get through it, here are the ways to cut down your monthly grocery bill and manage your finance properly.

Go Generic

If you really want to cut down your monthly bill, it’s time to leave big brands behind and choose generic products. You will never know the quality of a generic product unless you try it. For instance, you want to cook carbonara pasta for the kids, if the branded canned mushroom is Php56.00 then the generic product that has the same weight and other nutrients in it, but you can purchase it for as low as Php47.00, choose the latter.

Arrange Meal Plans

One week before you get busy with the bi-weekly grocery, list down all the recipes you found in your newsfeed that you want to cook at home. In this way, you will only purchase the
essential ingredients and it will gradually help you in managing finance.

Shop Without Kids

If you really want to improve your financial strategies, never shop with the kids! As parents, we always have the soft heart for them, each time they wish you to buy something for them. As the outcome, you are paying more than the amount of what you have allotted for the grocery.

Avail Membership Card

Some grocery stores offer membership card at Php100.00-Php150.00 for discounts and freebies. You earn points everytime you shop and enjoy the rewards. You have discipline yourself when managing your finance to avoid bankruptcy, a simple act of grocery can disrupt the financial flow of your family.

The credit card has been a powerful tool in the finance world.

It allows cash transfers and spending to happen out of convenience for both the cardholder and merchant. Credit is given a cardholder where a credit card issuer holds a promise from the cardholder to pay on a later date.

BDO credit cards can either make or break a cardholder. It can create a borrower with good credit standing and build a credit score that can grant well-needed loans. Or it can put a borrower in debt too deep to dig out from.

It is important that we know how to manage to own a credit card and knowing when we are ready to get one. Here are some points that can be considered:

  • Income– make sure you have a source of income to support payments. Using your credit card often can lead to a regular payment scheme on your card especially when you put some of your bills on autopay/auto-charge against your card. Your income must be able to support the payments on top of your monthly expenses. In special cases, you will be revolving your credit where a budget will need to be allocated as part of your monthly expenses. These are instances where a cardholder is building their credit score.
  • Credit Limit– make sure that your credit limit is less than the monthly income you receive, at most 50% of what you get out of your salary. This ensures your ability to liquidate the entire debt in cases there is a need to liquidate. Credit card issuer will usually keep increasing your credit line without checking how much you earn once you have received your card. As long as you are paying your debt and avoiding any default, credit card companies will not be reluctant to increase your limit. It is never a problem having a credit limit higher than what you are earning as long as you manage your debt properly. When you slowly feel the burden of paying off your debt, you should start liquidating what you can.
  • Ability to Pay– if you are a prospective cardholder, it is essentially important to check that you can pay your monthly expenses regularly and on time. Credit card issuer are very strict when it comes to credit card debt. A default can cause your charges to grow and eventually become too big to manage.

Credit cards are becoming a necessity and having more importance compared to previous years. It is quite necessary to be responsible in managing them.

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