5 Top Money Moves

MoneyThe tough economic times that the UK is currently experiencing has affected our finances in a number of ways. It has meant that we can no longer get away with spending as freely as we could 10 years ago.

We’ve come up with five top money moves that will help to improve your financial stability and combat the rising cost of living, here they are:

Setting financial goals

You set goals in both your work and social life, so why not set finance related goals too? It is always best to set three different types of goals; short term, medium term and long term goals. Short term goals can be; paying of credit card debt, saving for Christmas or reducing the cost of your bills; medium term goals may be; pay off all debt or saving a certain amount for retirement, while long-term goals could include buying a holiday home, saving enough to retire or saving enough to send kids to university.

Create a budget

Creating a budget will be one of the best financial moves of your life. A budget essentially provides the foundations for your finances and indeed your spending. There is an endless amount of information around surrounding how to create a budget however it is often over-complicated. All you need to do is gather some recent financial data such as payslips, bank statements and statements of savings. You then need to note down all sources of income and all sources of regular outgoings, subtract your income and outgoings to leave yourself with a surplus income figure. You may then be able to highlight areas of overspending and then make relevant cutbacks.

High street haggling

Many of us are happy to negotiate prices when we are abroad however we often lose this confidence when we get back to the UK. Believe or not, many stores are in fact open to negotiation and will give discounts in the name of making a sale. Your attitude and approach will determine how successful you are, so ensure that you do your research before haggling on the high street. Here are a few top tips:

  • Don’t always seek a discount – seek free add-ons as part of the total price.

  • Discounted items may profit the best savings as the manager has already given up hope of getting the original marked price.

  • Buying items in bulk often gives you a better chance of securing a discount

  • Approaching managers or supervisors regarding discounts may prove more effective than approaching sales assistants

  • Items with flaws or defects will often profit better savings

Use comparison websites

Comparison websites are a great money saving tool. Whether you’re looking for car insurance policies, savings accounts, loans, mortgages, credit cards or even products such as electrical goods, sports goods or clothing; comparison websites can be used. Simply enter a few basic details regarding yourself and the product you’re seeking and the comparison site will return as number of suitable products ordered by price.

Establish good credit early in life

The recent recession has affected the banks in a number of ways, not least their lending criteria. Banks have been forced to tighten who they lend money to meaning their best rate loans, mortgages and credit cards are reserved for those with an immaculate credit history. This means if you bad credit or no credit history you’ll find it tough to get approved for credit via your bank. This is why as a young adult it is important to do all you can to establish a good credit score. One of the best ways of doing this is to apply for a credit builder credit card. Use the card sparingly on a monthly basis and pay the balance off on time each month. Regularly monitor your credit score to see whether it is improving over time.

5 Top Money Moves

When you need of money

Need of moneyThere are many sources available to an individual when in need of money, however there are several factors one needs to contemplate before making a decision on where to get the required financial help:

Payday Loans advantages

Payday loans are very convenient for persons who require cash quickly and who are ready to pay back within the required time. Approval time for payday loans is only a few hours therefore helpful to a person who needed the money quick. The process involved in applying for payday loan is stress free as well as the little approval time. Payday loans are therefore the best solution for bills that weren’t anticipated for such as car repair and day to day incidents.

A US citizen is eligible to apply and receive the payday loan once she or he has attained 18 years of age. It takes you only 72 hours approval time which is quite a short period of time compared to the long processes involved when acquiring loans through the traditional way. You are able to acquire payday loans even if you have bad credit history. When you are approved, the money is deposited in the account you filled in when applying.

Payday Loans disadvantages

Although the convenience associated with payday loans, there are several disadvantages involved too. You should carefully read through the agreement you are to make with the lender. Interest rate could be sometimes too high, up to 30% which may double if you do not make the payments within the required time. Most of these loans are required to be paid in a span of 30 days. If you are in debt it is advisable not to apply for these loans as a consolidation for the debt since this makes you end up in more debt. You should do careful investigation on any lender before making any agreement as most lenders can be deceitful

Make a good Decision

Another very essential thing to recall is that you should have a job hence a regular income to be able to pay the loan when required, even if you assure your licensed moneylender of paying back on time, having a job is a must.

In conclusion, proper understanding of the advantages and disadvantages of the payday loans will help you make an informed decision when it comes to acquiring these kinds of loan. This will also help avoid the marketers who might lure into fake payday loan deals.

When you need of money

5 Tips to Take Control Over Your Family’s Finances

Your Family’s Finances
Your Family’s Finances

Even though the economic problems are starting to come to an end, the cost of living is higher than most salaries. This can be difficult for many families who have a lot of payments that they need to make. They struggle to stretch their pay far enough and be able to have fun together. You can take more control over your family finances and here are five tips to help do that.

1.      Only Let One Person be in Control: When it comes to the finances, have all the accounts controlled by one member of the household. This helps to create a budget and know where the money is going and when. Each person should have an allowance – yes, even adults – and then the person controlling the finances can set up direct debits and make sure all the household bills are paid. There is no need to worry about finding out where some money has gone when it was needed for a bill.

2.      Set up a Budget: Budgets are the best way to track the money going in and out. You know how much is spent on household items, including your mortgage or rent and the bills, and will know the amount you have left over. That one person controlling the finances will need to set up a realistic budget that covers all the outgoings and makes sure there is money for covering debts, putting into savings and allow for something fun. It takes time to implement but will be a lifesaver to avoid payday loans and other forms of debt.

3.      Clear Your Debts Now: While mortgages, student loans and other similar forms of debt are considered good, no debt is really any good. You want to get out of it as soon as you can, especially when it comes to payday loans, overdraft, credit cards and anything else with high interest rates. Would you rather pay the minimum and start saving? Think again! The interest on your debts will be much higher than the amount you save so clear them first. Take control by tackling one form of debt at a time to clear that and then work on the next. This avoids overstretching your funds and you will start to see the light at the end of the tunnel.

4.      Plan Ahead with Your Meals: Food bills are increasing for all families. The best thing you can do is plan ahead with your meals and control the amount you spend. This will not only help your bank balance but it will also help your waist line! You will only buy the items that you need instead of spending money on sweet treats and candy for the family. Of course, allow yourself a treat now and then but only when your finances allow. Plan your meals so you can take a packed lunch to work or school instead of spending more money!

5.      Set Up a Bill System: If you don’t pay your bills on time, you run the risk of a late payment penalty. If you pay them early, you run the risk of not having enough money for something else. Set up a system so that you pay your bills a day or two when they are due and then mark them off when they have been paid. This requires organization, which is why having one person control your finances is best.

Take control of your family’s finances. It doesn’t need to be difficult and requires a little organization. You will soon find yourself out of debt and living comfortably. There will be no need to rely on payday loans or get into other forms of debt just to make the payment for the electricity bill.

Author bio

Clarence Evans is a financial analyst who works with a company providing support systems for various firms. He studies everything, from financial conferences, e-learning activities about finance, or even the twitter feeds of knowledgeable finance point persons such as Reza Bundy. Follow him on Twitter @ClarenceMEvans

5 Tips to Take Control Over Your Family’s Finances

Advantage of Payday Loans

Payday Loans
Payday Loans

A no fax payday loan cash advance ensures you do not have to worry about going to friends or family members for a loan. Most people find it is usually not a good idea to mix personal relationships with financial matters. There are many different reasons why you should avoid borrowing money from people you are acquainted with when possible.

This can often lead to hard feelings if there are problems with paying back the loan. If you are close friends or you have borrowed money from a family member, the loan could potentially destroy your relationship forever. There is no reason to experience this type of difficulty when you instead rely on no faxing payday loans.

In today’s current economic climate anyone can find themselves in need of a short-term loan. If you are only making it from pay check to pay check there could be many reasons why you might run short of cash in between checks.

For instance, if you had to take time off from work because of an illness or because of personal issues your pay check might be short. Even though your pay check is not as much as usual that certainly does not mean that your bills are any less. In this type of situation you need the peace of mind that comes from knowing that you can obtain the short-term loan you need so that you can pay your bills on time.

You might also need a fax free cash advance if you encounter expenses you were not expecting. Such expenses might include sudden auto repairs, medical expenses, home repair costs or something similar. You might even find yourself in a situation where you need extra cash to take advantage of a great opportunity. Whatever the reason mightbe, knowing that you can rely on fax free payday loans can help to relieve your stress.

The cash advance faxless process not only gives you complete peace of mind but you also do not have to worry about explaining why you need a loan. This is a benefit you cannot take advantage of when applying for a loan from a bank.

When you complete an application for a loan from a bank you typically need to divulge the reasons you need the loan. Whatever your reasons may be for needing a paperless cash advance, it is important for you to know that there is an option for keeping those reasons to yourself.

There is certainly no reason why you should feel ashamed because you are experiencing a financial difficulty, but at the same time you should not feel compelled to reveal those reasons either.

Advantage of payday loans