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Finance

Innovative Ideas To Increase Your Income Without Working Overtime

Innovative Ideas To Increase Your Income Without Working Overtime

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It’s no secret that most of us would like to have more disposable income. You might feel like it’s impossible to boost your earnings without signing up for overtime or getting another job, but there are alternatives. In this guide, we’ll explore some innovative ideas to increase your income. 

Investing

If you’re looking to grow your money or you’re working towards long-term savings goals, investing may be an option. The type of investment you choose will depend largely on how much money you have available and how you wish to spend it. Buying property is often considered a relatively safe bet by investors, especially when the market is strong and the demand for houses is rising. Buying a house or a flat may not be a viable option for everyone but it can be lucrative if you can afford to purchase and resell a house you’ve done up or let out a second home or holiday rental. Other options you may wish to explore include putting money into a business venture or buying stocks and shares. With any investment, it’s essential to undertake research and to weigh up the benefits and risks. 

Trading

Trading used to be reserved for experienced city traders but today, it’s open to a much wider and more diverse range of people. The idea behind trading revolves around making money from movements in the market and making the right decisions at the perfect time. There are various options available, including CFD trading, and you can choose how much time and money to devote to trading. Before you start trading, read up on the different ways to invest and spend your funds, research brokers and websites and get to grips with how trading works. It’s a great idea to use trials before you spend any money to expand your knowledge base and hone your skills. 

Side hustles

Setting up a side hustle is an increasingly popular means of boosting household incomes and earning more cash. More and more people are using their talents and skills and taking inspiration from their hobbies and passions to generate extra funds. There are endless options when it comes to side hustles and the wonderful thing about this type of income source is that you can devote as much time and energy as you want. Maybe you love to take photographs or you’re a keen artist and you want to start selling prints or perhaps you’re a qualified yoga instructor and you want to do a few classes each week alongside your regular job. Use your skills and think about ways you can use your interests to make a bit of extra cash. 

Working overtime is an option for some employees who want to earn more but many of us are already working long hours. If you dream of boosting your balance without spending more time at the office, why not explore these ideas? From investing your money for the future and trading to setting up a side hustle, you don’t have to work around the clock to increase your income.

Finance

Ways to Make Some Extra Money on the Side

Ways to Make Some Extra Money on the Side

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It’s easy to feel like money is short and you can’t make ends meet in the way you would like to. If that’s the situation you feel you’re in right now, maybe now is time to change things once and for all. There are lots of ways to increase your income by making a little extra money on the side, and that’s exactly what we’re going to talk about today. So read on to find out more.

Take on Extra Hours at Your Current Job

First of all, you should think about how your current job might be able to boost your overall income. You could always try asking for a rise; you never know until you try. If that doesn’t work, you might want to take on extra hours and volunteer for overtime when the opportunity rises. Doing that will allow you to boost your income without looking for brand new opportunities

Offer Out Your DIY Skills

If you have DIY skills that you aren’t really putting to use, that needs to change. So many people out there need to have DIY work completed but they don’t get round to it because they simply don’t have the right skills. So offer out your services and see who wants to take advantage of them for cash.

Harness Your Skills as a Freelancer

Maybe you have specific skills in a niche that other people might find important or appealing. Don’t be afraid to set up a profile on a freelancer site or multiple freelancer sites and see if you can get work that way. We all have something we’re good at and many of those skills can now be harnessed online.

Complete Some Deliveries in Your Spare Time

Lots of people today are getting work on the side by carrying out deliveries. Delivery drivers are in high demand right now and there are lots of people who are making the most of that fact. If you’re wondering which food delivery service to work for, visit Frugal Rules and find out more about the opportunities out there. You can deliver parcels or food or something else entirely. There are lots of options.

Buy and Resell

If you’re someone who loves to spot a bargain and then sell it on at a profit, you should head to eBay and see if you can make some extra cash that way. Buying and reselling is known as flipping and there are many people who manage to make a full-time income that way. It might be something that you want to explore too. There are many ways to go about it, so do some research online and find out more.

Each of the ideas we’ve discussed here should help you to make more of your income and allow you to ensure you never feel financially crippled because of your income. All it takes is a few steps in the right direction and a good work ethic and your income level will soon be increased.

Finance

Teaching Your Children Important Money-Handling Lessons

Teaching Your Children Important Money-Handling Lessons

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It’s important to be somewhat competent at managing your financial affairs. It’s not nice having to pinch and save and to live on a shoestring budget, but we all have to do it from time to time (or many do at least), and so knowing those skills, perhaps learning them in childhood, can be very helpful.

As parents, it can be important to teach our children a few financial handling skills, even if it’ll be a long time before they have to fill out a tax return or pay for a mortgage. Furthermore, we don’t have to worry about teaching them the perfect art of running their books, adults learn this according to their situation as they go through life as well. So – what does this mean in practice? Well, like installing Checkout Saver on a browser, saving money should be easy to calculate, well organized, and should be as much of an emotional discipline as much as it is a fiscal art.

Our children can understand those principles through simple techniques. Let’s consider how that might work:

Short Term Patience, Long Term Reward

It’s good to teach your children to hold out in the short-term for them to receive a longer-term reward. This has been tested in a study that showed those who were able to defer short-term rewards for long-term benefits ended up doing better in life. How can we practice this? Well, instead of helping them purchase that video game without a second thought, why not have them save their allowance, or earn extra money through doing chores around the house? This shows them that sometimes, the best things in life aren’t free.

Thinking On Large Purchases

We all have the impulse to indulge and purchase items that we might not usually do, simply because it impresses us and we could ‘possibly’ stretch our money if we tried. It can be nice to think on large purchases however. If your child expresses a real interest in something they walk past in the store, perhaps you can tell them that if they still want it in a month, they can have it. Sometimes, they might forget about it, or have their sights set on something else by that time. This shows them that they can wait, and they can think on their purchases (even if that means being a little more shrewd in what they ask for on Christmas day).

Simple Percentages & Savings

Of course, it’s not easy to teach children how to break down a paycheck, or what their future costs will be as a professional – they have a lifetime to learn this. It can be helpful to teach them what to do with savings though. Perhaps 10%, you could say, is enough to save each time they gain an allowance or money from doing chores. This can help them realize how this adds up over time, and how they begin to plan for not only spending but saving. That can be very helpful.

With this advice, we hope you can teach your children important money-handling lessons, just as they deserve.

Finance

4 Reasons To Avoid Credit Cards When You’re Skint

4 Reasons To Avoid Credit Cards When You're Skint

It’s nearing the end of the month and your bank balance is looking bare. It’s so low that you can’t afford a drink and a packet of peanuts in your local establishment. Yes, you’re officially skint.

People say they are broke and have no money, but they don’t mean it. Their balance might be low, but they’re in no danger of missing the rent or mortgage payments. However, you’re struggling and want to turn to your credit card to help you through.

It’s a bad idea for several reasons. Continue reading to learn more about them.

There’s No Buffer

Paying with a piece of plastic can be a wise move as it gives you breathing space before the full amount is due. But, when you’re boracic, you don’t experience the full benefit of credit since your funds usually run out at the end of the month. And, that’s when your credit card statement is due, too. By switching from a debit account to a credit account, all you do is increase the chances of missing payments, which leads to high-interest rates and more debt, as well as a low credit score. To use credit wisely, you must plan to get the breathing space you need.

The Limit Is Dangerous

A credit card has a maximum limit. In the UK, the average is between £3,000 and £4,000, which is very high. Not only is it large, but it’s dangerous as you might be tempted into spending more than you can pay back. At least you have the option to top-up your finances with small amounts that are more straightforward to clear with payday loans. After all, £50 is a lot simpler to manage than £150 or £200. Therefore, it could be healthier to consider other credit options instead of continually leaning on your credit card.

Creditors Are Flexible

Creditors have bad reputations. Most people assume they want their money at all costs, but this isn’t the case. They do want you to pay back the amount you owe, which is why they often set up payment plans for customers who struggle. From their perspective, they’re more likely to get their money back if the repayments are lower. From yours, it’s much easier to meet deadlines when the figures aren’t as big. Plus, agreeing to a payment plan provides peace of mind and stops you from stressing.

It Becomes The Norm

Once you do it and it doesn’t end in tears, you’ll continue to do it month after month. It might never be a problem, yet the odds are higher that you’ll fall foul of credit card companies sooner rather than later. Using credit cards means you don’t have a budget and find it tough to practise self-control. By cutting them out of your routine, you’ll be less likely to receive penalty notices. Also, you won’t see it as normal and should be able to drop the habit.

There are many reasons to avoid credit cards when you’re skint, but the main one is that there are alternatives.

Finance, Lifestyle, london, Travel

Cutting the Cost of Living in London

Cutting the Cost of Living in London
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London is a fantastic place to live your best life and achieve your career goals. For centuries, the big smoke has been a thriving hub of industry, commerce, science and technology. Not to mention having a plethora of awesome attractions, delectable restaurants, cool cafes, trendy bars and more exquisite parks than you could shake a stick at. Every year, it’s estimated that around 200,000 people move to London from the UK every year. And while they do so with the hopes of finding their fortunes, living a more exciting and fulfilled life and taking their careers to the next level, they all quickly discover one immutable fact…

That London can get pretty darned expensive. 

Nonetheless, with a little savvy, discipline and determination, there are ways to cut the costs, no matter whereabouts in London you’re living…

Keep your fridge well stocked

The great thing about living in London (as with any major conurbation) is the easy access it gives you to a treasure trove of different kinds of food. Whatever borough you call home, it’s easier than ever to get delicious hot food from your favourite take aways and restaurants delivered straight to your door. Especially now that services like Just Eat and Deliveroo make it so easy and tempting. Still, relying on this too much can exacerbate the already sizeable costs of London living. 

Keeping your fridge well stocked and taking the time to plan and prepare your meals can go a long way towards keeping your costs manageable.

Grow what you can in your garden

While we’re on the subject of food, relying on a mostly (or exclusively) wholefoods, plant-based diet is not only a great way to save money, it can be highly advantageous for your health, our weight and your environmental footprint. What’s more, if you’re lucky enough to have some garden space of your own (or even a window box) you may find that you can save significantly by growing your own organic veggies and fruits. According to Moneywise home-growers save over £250 a year on the cost of fresh produce. These apps will make home growing (and gardening in general) easier and more enjoyable. 

Stop paying over the odds for your insurance!

Your home, your car, your gadgets. It all needs to be insured if you’re to protect what’s important to you from the uncertainty of the future. But don’t make the mistake of assuming that your insurer will reward you for your loyalty. In fact, many insurers count on their customers to let their policies roll over so they can crank up the price without penalties. This is especially egregious in the world of car insurance. Don’t leave your finances to chance. Use an insurance broker like one sure insurance to get the best deal on a policy that suits your needs. Don’t make the mistake of assuming that price comparison sites are your only means of getting a great deal. 

Never buy a paper ticket when travelling

Finally, one of the many great things about London is it’s awesome transport network. Wherever you need to go, you can get there on the bus, the train or the tube. But don’t make the rookie mistake of buying paper tickets. Ever. Always use an oyster card or contactless app. Not only will it be cheaper, it’s also way more convenient. 

Finance, Home

The Future of The UK Real Estate Market

The Future of The UK Real Estate Market

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For years, the people of Britain have been known for the fact that most of them choose to own houses and not rent them. However, the recent soaring prices of buying houses, over the past two decades has influenced this factor causing more people to turn to renting. However, this is not the only factor contributing to the rising number of renters in the country. Other factors include the financial crash that happened in the year 2008 and the departure of the United Kingdom from the European Union.

Like in any other part of the world, the British housing market is extremely unpredictable. Despite the uncertainty, citizens looking to purchase houses tend to try and anticipate the market conditions beforehand. Something that can be said about these predictions is that no one is ever sure whether or not they are accurate. The reason why this is so is that it is hard to predict causal factors like financial crash and even health crises like the Corona Virus outbreak. All these factors could either negatively or positively affect the market.

The British Housing Market in 2020

A lot can be predicted about the foreseen future of the real estate market. Below are some factors to consider when predicting the state of the market:

1. The Current State of the Market

This is a very important factor to consider when trying to predict the future state of the market. In a recent statement about the housing market in the UK, the Nationwide Building Society, a mortgage firm, suggested that there had been a fallback in its growth. The report showed that the cost of purchasing a house in the UK has increased by a tenth in January 2020. This growth comes after the zero-growth period in December 2019. The report goes further to say that the growth of the housing market has been low for the past six years. The state of the market in January alone is enough to help you predict what the market holds in the months to come.

2. Opinions from the Experts

Despite the low state of the United Kingdom housing industry at the beginning of 2020, experts in the sector are very hopeful about the months to come. According to Richard Donne, an analyst of the property sector, the market is likely going to experience a 3 per cent rise by the end of the year. Capital Economist’s Chief Property Economist also predicts a slight growth in the market by the end of the year. Other professionals in the market like Russel Galley of Halifax Bank and Lloyds Banking Group and Andrew Montlake of Coreco seem to have the same opinions as the first two. On average, the analysts seem to agree that the industry is set to experience a growth of at least 2 per cent. 

However, some analysts in the industry still maintain pessimistic expectations from the real estate sector. According to Miles Ship-side house valuation online remarks, the political state of the country and the ongoing negotiations with the European Union are set to derail the growth of the market. This means that there probably won’t be any change in the state of the market this year. A few other analysts echo these sentiments, others citing a research done by Royal Institution of Chartered Surveyors. The study indicated that the market is set to remain at its current state or experience a negative growth.

3. The country’s political and financial state

It has been determined from experience that an increase or decrease in the financial state of the country significantly affects several sectors, including the real estate market. The political state, like the relationship with the European Union, affects the sector as well. This is because it affects the financial state of the nation.

House Valuation Online

Online house valuation sites help participants in the real estate sector determine the cost of their property before selling or buying. These sites use algorithms that factor in the state of the market when determining the cost. The sites are also important when it comes to predicting the future and state of the market since they use data from various sources.

Conclusion

There isn’t really a way to determine who is right about what the future holds for the market because there is no way to correctly predict what the future hold. This means that only time will tell what happens in the industry.


Finance

TOP 10 TIPS TO HELP COLLEGE STUDENTS ESTABLISH GOOD CREDIT

TOP 10 TIPS TO HELP COLLEGE STUDENTS ESTABLISH GOOD CREDIT

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With mounting student loan debt and limited part time job availability, many college students and recent college graduates are finding it difficult to get a leg up in the financial world without having established credit. Without credit, college students can find it incredibly difficult to perform basic tasks such as renting an apartment and buying a car. The best way to avoid these scenarios is to establish your credit as early as possible. Consider the following important tips to gain established credit while in college, so you can avoid complications in the future.

1. Become an Authorized User of a Parent’s Credit Card Account

To establish your credit before you qualify for your own credit card, look into becoming an authorized user of one of your parent’s credit card accounts to build your credit while having your spending monitored. If your parent has good credit, this usually helps to boost your credit score as well.

2. Get Your Own Credit Card

Once you have established your credit by becoming an authorized user on your parent’s account, you can usually upgrade to your own independent credit card. You will have to meet the specific requirements of the credit card company, which will include providing proof of income. In recent years, credit card companies tend to be stricter about offering credit cards to college students, so having the experience and established credit through your parent’s credit card will certainly put you at an advantage.

3. No Two Credit Cards Are Alike

If you have already decided that you are ready for your own credit card, you will want to make sure to research and compare all of the credit card companies available to choose which is the best plan for you. Consider factors such as interest rates, annual fees, credit limits, and billing policies to determine which company offers the best deal.

4. Prepare with Retail Cards

If you feel like you aren’t quite ready for a credit card yet, a good alternative to build up your credit and prepare for monthly bills, interest rates, and other aspects of owning a credit card is to take advantage of retail cards. Many retail stores today offer retail credit cards to shoppers to bring convenience to their shopping experience. The qualifications for these cards are typically more lenient than those for bank credit cards, so using these cards before applying for a credit card is a good way to prepare yourself while simultaneously building up your credit.

5. Only Use Your Credit Card For Small Expenses

Although you may be on a budget, you can’t expect to build up your credit without actually using your card. Once you have your credit card, don’t get carried away with big expenses on clothes, electronics and restaurant bills. Instead, use it occasionally for small expenses, such as grocery store trips and small household bills that you know you will be able to afford at the end of the month.

6. Pay Off the Entire Balance Each Month

Whether it’s your retail cards or your own personal credit card, it is crucial that you pay off the entire balance each month to avoid paying extra interest and to ensure a good credit score. If you are unable to pay off the balance by the end of the month, you are living beyond your means and should make immediate adjustments to your lifestyle.

7. Pay Off All Additional Bills On Time

Timely payments are another crucial element of establishing good credit. Whether it’s a hospital bill, student loan bill, taxes, or even a small library fee, make sure to pay off all of your debts on time to avoid any late fees, interest hikes and negative effects on your credit.

8. Only Use Student Loans For Educational Purposes

Some college students think it’s okay to take out a little extra on their loans to pay for expenses from entertainment to special items for themselves. Although this may certainly be a tempting prospect for a struggling college student, it is not a financially reasonable decision considering the fact that you will be paying the interest back on these purchases.

9. Never Co-Sign

In general, a co-signer is only required to be at least 21 years of age and have a slightly above average credit score. If you have been following the previous tips, there’s a good chance that you may qualify as a co-signer and your friends and family members may want to take advantage of this. Although you may want to help out your friends, you simply can’t afford to ruin your credit from their mistakes.

10. Try to Limit Yourself to One Credit Card

Although having multiple credit cards may seem like a good way to quickly build up your credit, the reality is that applying for several credit cards reflects negatively on your credit. Not only does it effect your credit negatively, but having multiple credit cards increases the temptation and risk of overspending. Reasonably, a college student should not need more than one credit card.

Thanks to Payless Power a Houston Electricity Company

Finance

How to Manage a Short-Term Shortfall in Your Budget

How to Manage a Short-Term Shortfall in Your Budget

A temporary decrease in your cash flow can create major problems for you. It may be difficult for you to make ends meet. Fortunately, there are ways that you can manage a shortfall in your budget.

Cut Out Unnecessary Things

If you want to know how to manage a shortfall, then you will need to start by reviewing your budget. You will free up more of your income if you get rid of the things that you do not need. For example, you can stop buying coffee every day. You can also pack your lunch instead of buying it.

The advantage of doing this is that you may be able to resolve your financial problems without borrowing money. The disadvantage of doing this is that you may have to make major sacrifices.

Responsibly Use Credit Cards and Loans

You can use your credit card or find an installment loan to cover your expenses in a short-term pinch. Make sure you only borrow what you need and can afford to pay back on time. This is one of the keys to borrowing money responsibly. One of the benefits of using a credit card or loan is that you do not have to pay the full balance off immediately.

You can make small payments every month. However, you will likely have to pay interest on a loan or credit card. The amount that you eventually pay back will be more than what you borrowed. Additionally, all lenders have requirements that have to be met.

Pawn an Item

If you have a valuable item, then you can pawn it to get money. Jewelry, electronics, and video consoles are examples of some the things that you can pawn. You will be able to quickly get cash if you pawn an item. You can also get the item back after you pay the pawn shop back.

However, you will lose the item if you cannot pay the pawn shop back. There is also a possibility that the pawn shop will not give you what the item is truly worth.

Pick up Extra Hours or Get a Second Job

You can get out of a bad financial situation by earning extra money. You can ask your employer if you can pick up extra hours. Working a few extra hours per week can help you bring in a lot more money. You may also want to pick up a second job or side source of income if possible.

Working extra hours can be a better option than borrowing money. You can make extra money that you will not have to worry about paying back. However, if you get a second job or work extra hours, then your life may be more stressful. You may find yourself getting burnt out. You will also have less time to spend with your friends and family.

You do not have to let a temporary shortfall ruin you financially. You can correct this problem by sticking to a budget and cutting out things you do not need. You can also borrow money or pawn an item. Additionally, you can work longer hours or pick up a second job. It is important to weigh the pros and cons of each option before you choose one.

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Finance

Finding Deals to Pay Necessary Bills

Take the time to save money

There is always a good time to sit down and think about your finances, to work out if you could actually be saving a little bit more than you already are. Savings don’t just have to be for a rainy day fund. Instead, you could be looking to a family holiday or to make sure your Christmas presents are extra special this year. So here are some suggestions for you to make sure you aren’t spending unnecessarily when you could be preparing for something big.

Bills

The bane of everyone’s life, bills. From electricity to water and everything in between we don’t want to pay them but we have to. Fortunately, there are options out there to help you save. Starting with household bills, consider using comparison websites that are designed to specifically reduce your outgoings. You might think it isn’t worth it, but actually, the savings can be quite significant especially with so many companies competing for your business.

In addition to running the house, you also have the other expenses. The ones we don’t need for heat or health, but we wouldn’t be able to do without. These are your phone, internet and other subscriptions. Once again you should be looking at comparison websites for your internet, but don’t be afraid to give your provider a call if you think you aren’t getting the best deal. Often the customer service representative is under instruction to keep business and will therefore go above and beyond to help you.

Finding Deals to Pay Necessary Bills

When it comes to mobile phones, the cost can be staggering. This is especially true when you have a family that all want their own data and text message options. However, the providers of these plans are starting to get wise to this and as a result fairer prices plans like Xfinity Mobile phones are starting to become more popular.

Make sure any bill you sign up for is done with thorough research. It may seem tiresome, but you’ll be thankful when you’re feet are up on the beach next year.

Food Shopping

Our grocery bills are also one of those things that can be significantly affected by having more mouths to feed. The average cost of a weekly food shop for a UK household is up to £89, but it can be reduced by shopping around and once again using the internet to help.

There is a bountiful of websites out there which are offering discount codes and vouchers to use in supermarkets around the country, so make sure you are taking advantage of these options when you are getting out there to shop.

There can sometimes seem to be a social stigma attached to using vouchers, but there shouldn’t be. We should take pride in finding good deals and paying less for our weekly shop when possible.

Once again, don’t think about the stress now of findings these deals. Think about the happy faces at Christmas when your hard-earned savings has helped the family to extra gifts.

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Finance

Kick High Bills To The Curb

A few ways you could lower your bills…

Nobody wants to spend all their hard-earned money on bills. But, for the average person, high bills are just an accepted part of life: something they put up with without question. The problem with this is that paying out lots of money on bills reduces your disposable income and prevents you from doing the things that you want to do with your life.

So what’s the solution? Here we’re going to take a look at some of the interesting ways you can reduce your high bills and get your outgoings under control.

Switch Energy Providers

Kick High Bills To The Curb

Energy providers operate a kind of cartel. There are only so many providers in the market, and so competition is necessarily low. Most people don’t go to the hassle of seeing whether another provider is willing to take them on for less money because they don’t think the savings will be that great.

But the market has changed a lot in recent years. Competition among price comparison websites has actually made it beneficial for many people to switch. Not only do you end up with a lower bill at the end of the month after changing contracts, but these sites will often throw in freebies to entice new customers. It’s not unusual, for instance, to receive gift vouchers for merely logging in and changing who supplies your energy.

Stop Paying For Data You Don’t Use

There are two types of phone contracts: contracts where you pay for both access to the mobile network and the handset, and deals which pay for the network only. Network-only contracts tend to be cheaper because you’re not paying off debt on the handset, but they still aren’t necessarily an efficient use of your resources. For instance, many people end up paying for data and minutes that they don’t use, and those unused data do not get rolled over or taken off their final bill. There are, however, some companies that do pay customers back when they don’t use all of their monthly allowances, providing much better value for money than standard providers.

Install Solar

Solar energy has come down in price dramatically over the last few years to the point where it’s economical in practically every location. Although it’s unlikely that solar will provide for all your energy needs, it can take up the slack for some of them, reducing the amount you are forced to rely on the grid. Pair solar with a battery and you can build up a ready supply of energy in the day and use it in the evening when you need it most.

Stop Leaving Appliances On Standby

Although the quantity of energy electronics use while on standby has gone down to negligible levels over the past decade, many other low-tech appliances haven’t followed suit. Coffee machines, for instance, can cost up to £10 a month to keep on standby. The same goes for electrically heated towel rails. These appliances are expensive to run, so use a smart plug or meter to ensure that they only operate when you need them.

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Finance

3 Ways To Recover Unhealthy Personal Finances

3 Ways to Recover Unhealthy Personal Finances

Ways you can recover

Life is full of ups and downs, just like our bank accounts. Sometimes, however, we need some extra help in order to get back on our feet after a particularly mean couple of months and the help is always within reach. If your finances have been suffering lately, or even for the last couple of years, you need to find ways to recover and nurse them back to health.

It is, in fact, possible to maintain a healthy financial state and live within your means as long as you pay attention to what you’re doing instead of ignoring the warning signs.

Here is a handful of ways to help you dig your way out of the financial pitfall and get back to prospering again.

#1 Go over your debt

The biggest problem to most people with poor personal finances is that the amount of debt they kept, consuming any hope of ever getting back on their feet. How are we supposed to be saving up for an emergency fund when those bills are putting us in minus each month?

If you haven’t tried debt consolidation yet, you should certainly give it a shot. It could, after all, be what you need in order to dig your way out of that hole and get back to saving money again. Start by having a look at https://www.debtconsolidation.co and go over the different options.

The point is that, by consolidation your debt, you’re making the monthly payments a bit more bearable and can actually gain an overview of all your debt.

3 Ways to Recover Unhealthy Personal Finances

#2 Slice your expenses

When you’re starting to get all of your financial ducks in a row, it’s time to look at what you can do to keep your finances healthy. Since you’ve been building up quite a bit of debt, chances are high that you’re spending more than you’re earning. You need to slice your expenses, in other words, and preferably as much as possible.

Live on rice and beans if you have to, sell your car and take the bus, spend your Sunday on cooking up lunch for every day of your working week – in short, do everything you can to cut down on that spending. Have a look at https://www.budgetbytes.com for some great and affordable recipes.

It may feel tough, to begin with, but this is what people do in order to stay afloat when recovering their finances and this is the only way for you to lead a healthier financial life.

3 Ways to Recover Unhealthy Personal Finances

#3 Work out a new budget

Finally, you need to sit down and work out a proper budget now that you’ve managed to sort out your debt and know how to cut down on your expenses. Maybe you’re even able to save up for that emergency fund now that you’re spending less money on eating out.

The most important part, however, is that you have enough money to pay off that debt. Focus on that, first of all, and enjoy the feeling of moving forward with your life even if you have to live off rice and beans for a while.

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Finance

Unique Debt-Relief Tricks That You Never Thought Of

Unique Debt-Relief Tricks That You Never Thought Of

You’re in debt but dying to get out of it? Join the club!

Almost everyone who has to pay off the minimum amount on their credit card each month wishes their account wasn’t overdrawn. Unfortunately, dreams don’t come true when you have the national average of £8,000 debt on your back. It’s not as if you can click your fingers and, POOF, it’s gone. Plus, the tried and tested methods are okay yet don’t seem to get you very far. After all, transferring the balance only prolongs the pain.

What you need is unique and effective relief advice, and you find it underneath.

Get Divorced

Wait, what?! Talking to expert divorce solicitors is only an option when you want to split up for good. At least, that’s the conventional way to use a lawyer. Another option is to break up in the eyes of the law to provide more opportunities. Think about trying to buy a house as a couple. If you or your partner has terrible credit, then the amount on your mortgage will be low and you’ll need to find ways to borrow extra. When you’re not married, you can get an individual loan and the best possible rates. It’s drastic but it works.

Start Haggling

Bartering isn’t a secret, yet it is something people in the west don’t do too often. Go to the Middle East and everyone haggles over every penny. Considering every little helps, it’s worth the effort. Start by going to your creditors and asking them for a discount. This might sound cheeky and unrealistic, but they want their money back and will go to great lengths. For instance, they might eliminate the interest and set up a payment plan. Next, you can trade services. Does the flat that you rent need decorating? If so, tell the landlord you’ll do it for one month’s rent and put the money towards your debts.

Unique Debt-Relief Tricks That You Never Thought Of

Join Uber

Not as a customer but as a driver. The best way to get out of debt is to increase your earning potential. The bad news is it’s historically difficult to do due to a lack of time, skills and opportunities. However, Uber is in demand around the country and all you need is a car and a licence to get started. Once you are part of the family, you can choose hours to work during the week to boost your budget. You can make your own schedule so it’s flexible and lucrative at the same time.

Learn Something New

Anyone who doesn’t have the qualifications can get them by going back to school. After university, people traditionally find a job and settle down. You are different because you want to learn something new which is why you need to enrol again. Don’t go down the classical route, though. Instead, find an online course or one at a night university. That way, you can continue your day job while boosting your qualifications and (hopefully) searching for a new job.

Are you thinking outside of the box enough to eliminate your debt?

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Finance

Are You Struggling To Achieve Financial Stability?

Are You Struggling To Achieve Financial Stability?

Are you struggling to achieve financial stability?

Being financially stable requires more than a decent income. That’s why so many people struggle with their money. Perhaps you find yourself in the same boat. But your salary might be better than you realise; it might simply be that you’re squandering it on unnecessary things. Financial stability is all about mastering money management. You can make your funds go much further if you think more carefully about the way in which you choose to spend or save your money. Here’s some advice that’ll help you to achieve financial stability.

Take a look at your monthly expenses.

The first way to achieve financial stability is to take a look at your monthly expenses. So many people spend more than they can afford. That’s the reason for widespread debt, but we’ll talk about that more in the next point. If you want to ensure that you live within your means and actually have some disposable income every month then you need to organise your expenditures more effectively. Make a note of how much money you need to set aside for the essentials in life. Calculate how much of your monthly income remains after those costs have been covered; that’s your excess income. But you shouldn’t aim to blow it all on luxuries. You need to limit yourself. You can set yourself a spending limit by taking out a certain amount of cash at the start of every month and calling that your “spending money”. Even if you spend it all, you’ll still have some disposable income left for your savings. Again, we’ll discuss that later in the article.

Also save money when it comes to your essential expenditures. You shouldn’t cut corners, obviously, but you might be spending more money on things such as food and electricity than is necessary. You might want to save money on your grocery bill by searching the internet for coupons and discount codes before you check out your online shopping basket (you can find coupons and vouchers to use in stores too). This could save you a lot of money on a weekly or a monthly basis. In terms of heftier monthly bills, such as your mortgage repayments, you might want to check out this reliable housing loan calculator to make sure that you’re paying a reasonable amount per month. You need to make sure that you’re paying your bills in the most cost-effective way possible.

Be smart when it comes to debt.

Not all debt is bad. In fact, borrowing money can be good for your financial situation. If you can pay back loans on time then you’ll improve your credit rating, and this will make you more reliable in the eye of potential lenders. In turn, this will make it easier for you to take out loans for big purchases (e.g. houses, cars, etc). And it might help with the size of the loan or the interest rate you face. But borrowing money is still something you should do cautiously.

Only ever borrow what you can afford to pay back, for starters. You might not be able to afford the down deposit on a house, for example, but you have to make sure that you’ll be able to afford the monthly repayments on that house before you take out a loan. Additionally, you need to make sure that you never try to compensate for a costly debt repayment by borrowing more money. That’s how you end up in the debt spiral. If you want to achieve financial stability then you need to make sure you only take out loans you can afford. That’s the crucial thing to remember.

Are You Struggling To Achieve Financial Stability?

Start investing properly.

There are many different ways to invest your money, but you should find one that works for you. Financial stability comes with wealth, and you can increase your wealth by searching for income streams outside of your main salary. You might want to invest in assets that will increase in value over time, for example. It’s all about playing the long game. Maybe you’ll try your hand at the stocks market. You could even invest in Bitcoin. But the property market is an area that attracts many first-time investors. It’s an asset that’s always valuable, even if prices fluctuate constantly. You could make a sizeable ROI by buying and selling houses. Or you could even buy to lease if you want to pull in a regular income on a monthly basis.

There are plenty of ways to get stuck into investing, but the point is that you need to be doing more than sitting on your money. If you want to achieve financial stability then you need to think about the future. For many people, even a sizeable salary isn’t enough to ensure that they have financial savings for their retirement years, their children’s university funds, and all the other big costs they face in life. Starting to invest will ensure that your wealth can grow month after month, regardless of the income you earn from your full-time job.

Are You Struggling To Achieve Financial Stability?

Prepare some savings.

Finally, financial stability depends on savings. You need security for the future. For starters, you need a rainy day fund. Not everything in life can be predicted. You need to be financially prepared for the unexpected. Cars can break down, and natural disasters can damage houses. Not every cost can be included in your monthly budget because you might not be able to foresee everything. But what you can do is prepare an emergency fund so that you’re ready for the unexpected. Set aside a little bit of money on a monthly basis until you’ve got a sizeable fund built up ready for a costly event.

You also need to prepare some savings for something you can predict: your retirement. We’ve touched on this topic throughout the article, but you really need to start thinking about things in the long-term. You need to continuously build up your savings if you want to make sure you’ve got enough for your later years in life. Start saving now, and you’ll be thankful for it in the future.

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Finance

The Ultimate Home Saving Cheat Sheet

The Ultimate Home Saving Cheat Sheet

Money saving tips ideas

The idea of being able to afford your own home during your twenties might seem like a million miles away for many of us, and it is something which can be difficult to think about saving for. Saving for a house  is a nightmare and it can be hard to balance paying for our car, phone and rent as well as having money left to save up. However, it can be done if you follow these simple tips.

Increase your credit score

When you come to apply for a mortgage, the lender will look at your credit history and they will want to see if you have a good enough track record to be trusted with the loan. It means that you need to spend time finding out how to increase credit score quickly to make sure you are accepted for your mortgage immediately. If you have any outstanding debts you need to pay these off before applying.

Stop partying

There are a lot of people in their twenties who are reluctant to save for a house because they want to have a fun life. However, if you want to start making your future you need to balance things out. If you go out every weekend with your friends, you can instead think about going out every two weeks or once a month instead. Reduce the money you spend on alcohol and instead put this money into a savings account to go towards your home.

Have a stay-cation

Rather than spending all of your money on a holiday abroad this year, book a last-minute cottage in the countryside and enjoy a week away from work but spending less money than you would abroad. You will notice that you can enjoy your time without worrying about cash, and any extra money you would have spent abroad can go in the savings fund!

eBay it

If you have clutter and random things in your home, the best thing you can do with it is put it up for sale on eBay for some cash. There’s no point simply throwing things away if you can get some money for it instead! Take some time this weekend to clear out your Home and think about what things you could sell on. Remember, you can also sell your old clothes so don’t forget to clear out your closet too!

Budget for food

Food shopping can be a huge cost for us to deal with each day and this can often be the biggest cost we have throughout the year. If you spend far too much on food, you might want to start thinking about cheaper meals and meals which have less ingredients in them. You can use a book like 5 Ingredient Meals by Jamie Oliver or look online and you should find some budget friendly options to try for your family. You can save any money leftover from your food shop and this will soon accumulate to help you buy a house.

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Finance, Lifestyle

Saving for summer

Saving for summer

Saving for summer

Being a parent and trying to save money can sometimes prove very difficult. Even more so for summer activities and a family summer holiday. I don’t know about you but it often feels as if money evaporates before our eyes. As the saying goes “every little helps”. A few small changes to spending habits can help a great deal and make quite a difference to the savings pot.

Saving doesn’t have to be boring, you can still have fun and save at the same time.

Here are a few saving ideas that may help you save a few pennies for summer:

  • Are you one for going off of lunch dates with friends? Try and cut out on the expensive coffee shops or pub lunches, try and meet for a picnic or even play host and take turns to lunch at each others house. That way you could save a few pounds but your still meeting and having fun.
  • Do you meal plan? Meal planning we find also helps watch the pennies. If meals are planned out in advance for the week it helps with budgeting the funds, it helps to cut out on the impulse buying and also food waste. I am guilty of always impulse buying and buying the “I may need this” item. I am always buying food products and forgetting that they are there and before I know it the food has gone out-of-date. Having a list to stick to and a budget in mind has helped massively. I now try and do online shopping to save the risk of temptation.
  • Voucher codes are always worth looking out for to help keep the costs down. A quick look online could help reduce your bill.
  • Having a sort out of unused items could bring in a few pounds to your saving pot. I think we are all guilty of having a junk area and unused things shoved to the back of the cupboard.  It may be worth having a sort out and advertising the products for sale, someone could grab a bargain and you make a few pounds.
  • Have a closer look at your usage to see what you truly need/use. We recently reduced our TV and internet package as half the channels we didn’t even watch. We are also going more energy-efficient around the home. In the long run the savings here will help keep costs down.
  • Comparison sites is always worth a browse. We never just auto-renew our insurances/contracts we always take a look at the end of every contract. This helps to keep the bills down each month.
  • Walking where possible saves us money and keeps us fit. Being a two car family due to both working and needing a car this means double the car bill. Where possible we leave the car at home and walk. This saves on wear-and-tear on the car, petrol and also parking fees.
  • Grow your own is something we done last year and really enjoyed. Have you ever tried growing your own fruit and veg? this saved us money last year and we hope to do it again this year. Home grown tastes so much better.
  • Try out cheaper brands in store, you never know you may be surprised and even like the cheaper brand. If you can change just a few items to a cheaper brand that could save you a few pounds to add to your savings pot.

These are just a few ideas that may help with saving a few pounds to put towards something for the summer. We are off on a few family holidays over the next few weeks, making a few changes will save on having to apply for a loan. Some may say short term loans can be a good solution but we would rather avoid loans as much as possible.

Do you have any good money-saving ideas?

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