Budgeting
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When Is It Okay To Borrow Money?
We might be amid a lockdown, but that doesn’t mean that opportunities to make money have disappeared entirely. In fact, with the economy shifting in a new direction, this is the perfect time for people with cash to start investing in new projects and ideas. Even as old companies fail, new businesses with pop up, and the country will continue to move forward. These opportunities bring up an important subject – that of borrowing. Using credit from direct lenders has become commonplace in our society, but when should you do it? When does it make sense to take out a loan? When You Need Something For Work When you think…
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How to Cut Your Budget to the Bare Minimum
In the current uncertain environment, many of us are rightly looking for ways to reduce our expenditure right back to the bare minimum. For some of us, money has stopped coming in or has been greatly reduced. Meanwhile, expenses carry on as normal. It is terrifying the speed with which savings can shrink, if you are lucky enough to have savings. Here are some tips on slashing your outgoings as far back as possible: Start with household bills For many of us out greatest outgoings will be repayments on our houses and cars, If you are currently in a financial pickle, take advantage of mortgage or other debt holidays –…
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Why credit cards can be a GOOD thing (a collaborative post with Carina Advisors)
We hear it all the time – debt is bad, avoid debt at all costs. Often, people are terrified to even take out a credit card, fearing that it will start them on a slippery slope to financial ruin. I have had credit cards since I was 18 and I must confess, in my younger years I was irresponsible with them, barely managing to make the minimum payment each month whilst my balance grew higher and higher. Even though I had only accrued less than £1,000 of debt, my credit card bill felt like a chain around my neck. I educated myself and realised that I needed to clear my…
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How To Spread The Cost Of Large Expenditures
Large expenditures are something that you need to prepare for throughout your life because you’re likely to have one or two of them. Being able to manage these costs takes a little practice, and the ability to look after your money wisely. So here are some tips to spread the cost of large expenditures more easily. Budget Your Money Better Your money is important to the household because as you grow it, you become more responsible not only for yourself but for other people too. With that in mind, you want to ensure that you’ve always got a steady income of money coming in. When a big expenditure comes along,…
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Ten Things Everyone Should Be Doing To Maintain a Healthy Credit Score
There comes a time in most people’s lives when it is time to apply for a mortgage – and by that point, its too late to do much to quickly remedy your credit score if it’s too low to secure a loan. That’s why it’s important to practice good financial habits throughout your adult life so that when it’s time to buy a house, your credit score doesn’t let you down. Use a credit card little and often Using credit regularly and responsibly is the key to building your credit score. It goes without saying, but set up a direct debit each month to pay off the balance in full,…
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Important Steps You Must Take To Improve Your Family’s Finances
Raising a family is far from cheap, especially in this day and age. With endless expenses to take care of, all with their own hefty price tags, making ends meet can be difficult. Although you might have coped with little cash on your own, as a parent, you need money to look after your little ones. This is why it’s so important that you keep a tight grasp on your financial affairs. With that in mind, here are six important steps that you must take to improve your family’s finances. Live Below Your Means There is very little that you can do to improve your finances if you’re always overspending.…
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Budget Not Adding Up? Here Are Your Options
In an ideal world, managing a budget would be relatively straightforward. You would simply list all of your expenses, and then use the amount you earn to cover these expenses with a little leftover to use as you choose – no worries, no hassle. However, it is not uncommon for people to find themselves facing a big budgeting problem. They list their total expenditure, then assess this against their income as normal… and realise that there is a shortfall. If a budget shortfall develops only occasionally – perhaps due to needing to pay for a holiday, or meeting a car repair bill – then there’s no need for particular concern;…
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Dealing With Unhealthy Debt: The Dos And Don’ts
Many people have debts. So long as you’re able to keep up with repayments, there’s no limit as to how many debts you should have. However, if you find that you’re falling behind, it’s a clear sign that your debts are becoming too much and that you need to do something about them. Digging yourself out of debt isn’t easy. Different debts need to be dealt with in separate ways and you need to take steps to control your spending. Here are just a few dos and don’ts that will help you to eliminate that debt and get back to being financially stable. Don’t ignore your debts You can’t ignore…
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My Money New Year Resolutions for 2019
Happy New Year! As we head into 2019, I have set myself several new years resolutions when it comes to my finances. No new clothes I first read about this concept on Instagram and I think it’s a great one. In 2019 I pledge to buy no new clothes. Charity shop shopping is fine, as is buying used clothes on eBay. But I won’t be the first owner of any clothes. This is an ethical decision as well as an financial one – I can highly recommend checking out Stacey Dooley’s documentary on fast fashion if you haven’t already. The best way to avoid temptation? Don’t even look. No visits…
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The Benefits In Our Bank Account: What Are Our Options When We’re Really Running Out Of Money?
There’s no escaping it, running out of money can cause a lot of anxiety. When we have got to the point that we are running on financial fumes, and living a threadbare existence, but we’ve got to make it work for the sake of our family, is there any way we can paper over the cracks, and ensure that we’re still getting the most out of everything, even though finances are tight? Living Off Leftovers It’s amazing how many of us throw out food that can be put to good use. When we are struggling to make ends meet, even in the short term, food is one of the biggest…