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Am I doing it right? The struggles of ‘Adulting’

Adulting

You may have heard people use the term Adulting before. When my generation usually uses it we refer to growing up, becoming responsible and taking our rightful place within society. However, there is definitely a whole more to this term and I’m typing this blog as we speak to explain to the struggle of ‘adulting’.

Adulting is the term we use when we start to get our s**t together. Once the studying is done, this is where the BIG step to becoming an adult begins. It’s the times where we discover there’s a new expense or payment we had no idea of exists and that our parents are no longer paying for. It’s for the times when we have to get ourselves out of our own sticky messes, work proper hours and pay for our own necessities to life – rent and bills being a couple. Adulting is the limbo state where we go from being a young adult to a somewhat-contributor-to-society-that-pays-minimal-tax.

But let’s face it, sometimes life gets tough and taking the step to being an adult is more of a leap, off a rock, that’s on a cliff, thousands of feet high. So there shouldn’t ever be any shame if we have to resort to going to the ‘Bank of Mum and Dad’. Right? Well if you have no intention of paying them back, or even plan to pay it back as slowly as possible, then sure it’s probably not going to be a fun experience. BUT, if you show them you can manage your finances, make reasonable repayments periodically and negotiate terms, then why the heck not!

That’s where this sweet new fintech (which I’ve recently discovered means financial technology) called Credi comes in. Think of an online platform that allows you to formalise loans and then manage them. An awesome website where you can create, negotiate and accept loan agreements with people you know- like good old ma’ and pa’. It’s even got fancy pants features like repayment schedules, interest options, SMS and email notifications, Esigning, negotiating features and SAH MUCH MORE!

Credi doesn’t just help you manage your loans on your own, it protects relationships and helps you avoid disagreements. Simply put, “it’s changing the way we lend to each other”.

So let’s put it this way, adulting is hard and let’s be honest it’s a lot harder than it uses to be. So I think an important step to becoming an adult is to take baby steps- instead of a leap- and hey those steps may include borrowing money. Loans are great and all but if your parents are financially stable enough surely there’s a way to work something out.

So don’t be too hard on yourself, work hard and have ambitions for the future but most importantly of all, enjoy your life. We need money to pay for necessities and things in life, but we should let it consume us. And hey, when the going gets tough, our parents will always be around….and so will Credi- the platform that will help eliminate the nasties that come with loaning from family and friends.

 

The pros and cons for borrowing from BOMAD

BOMAD

Amelia Murray from the Telegraph goes into detail about the risks and benefits of using BOMAD. She looks into the aspects many wouldn’t consider when lending from family and friends such as an affordability test, the idea of going bust, interest rates, hidden costs, miss-selling loans and finally if a child gets married.

Credit: Amelia Murray

Source: www.telegraph.co.uk

 

 

 

Credi.com allows you manage the issues presented in this article, our platform makes using BOMAD safe, manageable and protects relationships in the process.

 

 

Bank of Mum and Dad: how to help your children buy a home

buy a home

Love Money sets out some great points as a guide for parents to financially support their children and help them buy a home. The Bank of Mum and Dad is ever growing and becoming a world wide phenomenon in relationship lending, now funding over a quarter of all home purchases. BOMAD is constantly helping their children get a foot in the property market and buy a home. However, for many parents, this may not be a feasible option. That’s why Love Money sets out this helpful guide, to help you find the best way to help your children without putting yourself in financial strain. Love Money looks into aspects of helping with a mortgage deposit, gifting money, lending money, guarantor & joint mortgages, and offsetting savings.

Credit: Love Money Staff

Source: www.lovemoney.com

 

A great way to make sure secure the money that you lend to your children and friends is to make sure it’s documented and managed. Credi’s platform helps formalise and manage your loans and takes the worry out of lending large sums of money.

Credi.com, a vital piece of fintech, is one of the fastest growing lending platforms in Australia. We’re an online platform that helps all you millennials and the ‘Bank of mum and dad’ (BOMAD), set up a loan online, document the details, create a repayment schedule, and formalise everything with an agreement and E-signing component. Our fintech platform has already helped hundreds of Australian businesses, friends and families formalise their loans and then manage them – protecting their relationships, avoiding disagreements.

 


 

Sacrifices millennials would make to own a home Cartoon

This awesome graphic highlights the sacrifices millennials would make to own a home. If you were a first-time buyer, what would you give up to own a home?

Sacrifices Millennials would make in order to own a home

Source: HSBC

 

 

 

Wealth gap rises as home ownership falls

Wealth Gap Rises

The Resolution Foundation completed research into the wealth gap in Britain, establishing that half the nation’s wealth belongs to one tenth of adults as property market and ownership declines. This decline, in turn, plays a key role in the return of the rising wealth inequality across the nation.

Credit: Michael Savage

Source: www.theguardian.com

 

 

BOMAD helps a third of second-steppers

BOMAD and second steppers

Research by Lloyd Bank has shown that nearly one-third of home overs that are looking to move up in the property market are seeking financial help from BOMAD. Banks estimated that on average they need £21,231 extra to take the step to their future property.

Credit: Hannah Nemeth

Source: www.moneywise.co.uk

 

 

Get through university: BOMAD gives students £2,285 each year

get through university

Research from the site, NotGoingToUni, has revealed that many UK students have turned to the Bank of Mum and Dad for on average £2,285 each year to help them get through university. With a large number of these undergraduate students (87%) confessing to going to their parents at least 5 times per year, for an estimated £457 each time, to pay for their expenses during university such as rent, food and going out.

Credit: Aftab Ali

Source: www.independent.co.uk