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Home Archive for August 2021

on 8/19/2021

I have always dreamed of studying abroad for a master's degree. As I'm looking for scholarship opportunities, I'm checking not only the program details but also the living expenses in the area. I would imagine that a considerably big portion of my budget would be for my housing needs. In this post, I'd like to share with you some tips for apartment hunting on a budget, just in case you're thinking of moving in the near future.

Finding the ideal apartment requires taking into account your budget, commute, personal preferences, and other needs. Let's go over the things you need to know about finding an apartment that fits your budget.

1. Establish a rental budget

Be realistic with your budget. Ideally, your monthly rent payment should be 20-30% of your expected income (or expected allowance, if you're going for a scholarship). This guideline will help you avoid paying more in rent than you can truly afford.

Websites like Zumper can give you a good idea of the running rates in an area. I've looked at Los Angeles, for example, and found that the average rent for a 1-bedroom apartment in Los Angeles, CA is currently $2,050, which is 2% less compared to the previous year.

Tip: Consider renting with a roommate. For example, the median rent for a 1-bedroom apartment in Los Angeles is $2,050 and $2,795 for a 2-bedroom apartment. Finding a roommate and splitting the cost of the bigger apartment would mean over $600 a month in savings! Not to mention, you can save when splitting utility bills, furniture, and other housing expenses.

2. List your non-negotiables

Just because you're on a budget doesn't mean you have to sacrifice your quality of life. Take a moment to think about what you appreciate and what you can't tolerate.

Here are some things to consider:

Your commute time (should be near the university for students or place of work)
Whether it is smoking or non-smoking
Distance to the nearest subway or bus stop
If you want to live somewhere calm or busy
If you need a stove, oven, dishwasher, elevator or on-site laundry

3. Specify your ideal location

Start exploring the city's neighborhoods to see which ones would be the greatest match for you. Make sure to examine the location, mood, and activity level of the area you pick. These characteristics will have a significant impact on how much you appreciate your current living arrangement.

You don't want to be 45 minutes away from the next grocery shop, 30 minutes away from the nearest park, or unable to complete work due to the weekly neighborhood block party on the street below.

Tip: Consider living outside the city. Oftentimes, renting in the suburbs of a city rather than the city itself may sometimes result in lower rent prices without sacrificing proximity to the metropolis.

4. Look into middle-floor units

The cost of renting a unit on the lower or upper levels of a building is usually greater. This is due to the fact that people like beautiful views and want quick access to their homes.

You may save a lot of money if you're prepared to put up with a less-than-ideal view and use the stairs/elevator.

5. Work in exchange for an affordable apartment

Believe it or not, there is the option to live rent-free. There are a number of ways to accomplish this, one of which is going the home-sharing route and move into an intergenerational house and assist out in exchange for a place to stay. You can also get free housing as a student as a Resident Assistant.You may also try finding a job at a hotel, hostel, or dormitory in exchange for working at the property.

I have always dreamed of studying abroad for a master's degree. As I'm looking for scholarship opportunities, I'm checking not o...

on 8/05/2021

on 8/04/2021

Let's talk about debt!

A lot of people carry debt, and especially with the ongoing pandemic, many are juggling more bills than they can handle and struggling to pay them off. If you are carrying a lot of debt, it's time to take control and set yourself on a positive path to debt repayment.

In this blog post, I'll share about debt consolidation and how it might improve your finances, so you can start planning your next dream vacation as soon as the world gets better.

1. What exactly is debt consolidation?

Debt consolidation refers to the act of taking out a new loan to pay off other liabilities and consumer debts. [source]

A debt consolidation plan, therefore, helps you combine all your credit facilities (such as credit cards and personal loans) from different institutions into a single loan. You get to simplify your debt repayment process instead of struggling to keep track of the different loan types, interest rates, and due dates.

Debt consolidation can be carried out in two ways -- through debt consolidation loan or through the transfer of existing credit card debt to another credit card.

2. A debt consolidation plan can potentially lower your overall interest rate.

Debt consolidation is a good idea if your debts have high interest rates. Taking out a new loan (with a lower interest rate) to pay all your debts at once can help your debt repayment scheme be more manageable, albeit much longer.

With a healthy credit score, you may find you can obtain a lower interest rate than you’re currently paying by consolidating your debt with a personal loan. This can help you spend less on interest and apply more money toward your principal.

3. Debt consolidation can help you organize your debts.

Debt consolidation is also a wise strategy if you want to organize your debts into a manageable size. Multiple debts usually mean different due dates and interest rates, making monthly payments a hassle. When consolidated, however, you will only have one due date to remember. This will make it much easier to budget and automate your monthly payments.

This can also help you establish organized and manageable financial habits and take better control of your bills. For many borrowers, this sense of regained financial control can help them feel empowered and motivated to conquer their debt. It reinforces that they can maintain good financial habits and be more confident making financial decisions moving forward.

4. When is debt consolidation a not-so-good move?

Debt consolidation becomes a disadvantage when you think that it will free you from all your existing debts. The debt is still existing. Just because these are rolled into a single payment, borrowers may start feeling free of debt, which may lead into getting another debt.

Second, debt consolidation loans usually come with fees, including loan setup fee, balance transfer fee, closing costs, and even annual fees. Know the charges that comes with your new loan if debt consolidation is a sound idea for you.

Lastly, a lower interest rate isn’t always a guarantee when you take a debt consolidation loan, which is technically a new loan. It will still depend on your lender, your regular income, credit score, and creditworthiness. Your monthly payments may even have a higher interest rate.

5. When is it an excellent idea for debt consolidation?

Debt consolidation loans are an excellent idea only if you are:

Committed to clearing the debts as early as possible by making additional payments, along with the scheduled monthly payments.
You have a steady and sufficient income throughout the loan period to meet the monthly obligations.
You have multiple expensive loans to settle.
You have a clear strategy in setting the current loan and avoid any future loans.
You are capable of generating additional revenue to meet unexpected financial emergencies.

Let's talk about debt! A lot of people carry debt, and especially with the ongoing pandemic, many are juggling more bills than they can ...

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Travel Jams

[Living Abroad] Apartment Hunting Tips on a Budget

1. Establish a rental budget

2. List your non-negotiables

3. Specify your ideal location

4. Look into middle-floor units

5. Work in exchange for an affordable apartment

JAPAN | Hiroshima Travel Reflections (Hope After Horror)

Beyond the Museum

Hope After Horror

Travel Reflections

5 things you should know about debt consolidation

1. What exactly is debt consolidation?

2. A debt consolidation plan can potentially lower your overall interest rate.

3. Debt consolidation can help you organize your debts.

4. When is debt consolidation a not-so-good move?

5. When is it an excellent idea for debt consolidation?