51 articles Articles posted in Money

How to Create a Budget

You want to create a budget, but where do you start? If you’re not financially savvy, creating a budget can be intimidating. Whether you want to save for a mortgage or you have tax debt you need to take care, reach your goals by following these simple tips.

Determine Your Net Income

It’s easy to overestimate your budget if you don’t make an accurate assessment of your income. Instead of incorporating your entire salary into your budget, calculate your net income by subtracting Social Security, taxes, 401(k) and flexible spending account allocations into your budget. The remaining pay is your net income; this is what you use to pay other expenses. If it’s easier, show your deductions in your budget worksheet to keep track of where your total salary goes.

Record Your Spending

Record your expenses or use an app that shows how much you spend. Use online banking that shows each expense in real time, or download an app like Wally to categorize where you spend money the most. Apps like Wally keep track of how much you spend on bills, restaurants, retail, and entertainment. Once you see how much you spend in a month, you can adjust your budget accordingly.

Begin your budget worksheet by listing all your fixed expenses. These include regular monthly bills like car payments, utilities, student loans, rent, backup withholding payments, or mortgage payments. These are expenses you can’t adjust, but you’ll get an accurate assessment of how much money will get taken out of your paycheck each month.

Set Goals

What are you saving money for? Keep a list of short term and long term goals to stay inspired. Short term goals should take no more than a year to achieve, like a family vacation or paying off credit card debt. Long term goals may take years to achieve, like funding your child’s education or earning your doctorate degree. Your goals may change over the years, but identifying what’s important to you will help you stay motivated.

Create a Plan

Once you’ve listed your goals, it’s time to execute a plan. With your net income and fixed expenses in mind, you’ll have a better estimate of how much you can spend each month.

Break down your expenses based on your typical spending habits, and separate your needs from your wants. You can’t achieve your goals without making a few sacrifices, so it may be time to nix your Netflix account. Gas and groceries are necessary expenses, but you can reduce your spending by carpooling or choosing less expensive grocery options. Identifying your priorities will help you decide what you really want to do with your extra spending money.

You can also pick up a second job. If you want to achieve your goals quicker or you’re afraid you don’t have the funds to cover your basic needs, a second job can help fill in the gaps. Take up a job as a server or bartender and stash the tips in a jar at home. You can also work on your own time as an Uber of Lyft driver. There are dozens of apps available that allow you to babysit, tutor, and take care of people’s pets. If you have a special skill, use it to your advantage to make some fast cash.

Change Poor Spending Habits

After you categorize your necessary expenses, you might have some money left over. This is the money you can put away in your savings. You can deposit the full amount, or take out a small chunk to treat yourself.

If you want to splurge, take out a certain amount in cash and use only that amount when you want to take a night out or go to a movie. It’s easy to overlook how much money goes into small expenses like happy hour when you use a debit or credit card. Deposit the majority of the remaining amount into your savings so you can save.

Follow these steps, and you’ll have a budget you can stick to and achieve your goals.

5 Tips To Deal With Financial Emergency

Have you ever found yourself in the middle of a financial emergency?

You may even be experiencing one at this moment; what can you do?

You’re not alone, over 76 million Americans struggle each year according to a survey from the Federal Reserve Bank.

There are lots of reasons and causes of financial stress. Whether you’re in the middle of a crisis, or want to help plan for the future, there are options available to get you back on your feet.

Here’s five tips on how to deal with a financial emergency:

1. Create a Budget

How do you get control of your finances? Spending less money sounds easier than it really is. Creating a budget (and sticking to it) can be a great tool for spending less, and saving more. Here are some tips for creating a budget.

  • Track your weekly spending. If you use a debit or credit card, you can see where your money is going each week. Small purchases like a morning coffee or fast food can add up over time.

  • Divide expenses into categories. Some examples can be entertainment, eating out, groceries, bills etc.

  • Set money aside for an emergency fund. Even a small amount saved overtime will add up when you need extra funds for a crisis.

  • Gradually cut down expenses. Instead of cutting out restaurants entirely, limit yourself to once or twice a week.

If you need additional assistance in creating a budget, take a look at this article from US News.

2. Cut Expenses

Cutting expenses can be another option to take during a financial emergency.

Spending less money in just a few areas can provide relief.

Here’s some tips for reducing your monthly expenses:

  • Save money on transportation. One option can be to carpool to work with your friends. By alternating days with your coworkers, you can save on gas, reduce wear and tear on the car, and in some cities, make use of carpool lanes.

  • Reduce entertainment expenses. Do you have cable for watching your favorite shows? Switching to a streaming service like Hulu or Netflix can be a cheaper option. Some of the networks also stream episodes for free on their website as well.

  • Cancel unused memberships. How often do you go to the gym that you pay for each month? If you only go once a week, it may be a cheaper option to find a gym to pay per use.

For other tips on saving money by reducing expenses, Trent Hamm has written up 40 ways to save on monthly expenses.

3. Prioritize Your Expenses

Are your bills overwhelming you?

A financial crisis can make it hard to follow your budget. It’s important to be pay your monthly bills, but sometimes this is impossible.

Here are some tips on how you can prioritize your expenses and get through the crisis:

  • Make a list of all monthly expenses. Listing them out gives you a clear picture of how much money you’re spending each month.

  • Figure out which expenses you have to pay. Once you have your list, you can mark which ones have to be paid first. Groceries and your rent/mortgage should be at the top of your list. Most utility companies will give you extra time to pay bills so that you can prioritize the more urgent bills.

  • Contact your creditors. Late payments can damage your credit, and ignoring the problem will make it worse. Most creditors will let you set up a payment plan or allow an extension.

For additional tools on prioritizing your expenses, visit the United Way’s article.

4. Reduce Your Debt

How many of you want to get rid of your debt? Even if you’re on a tight budget you can follow these tips to be debt free over time.

  • Create a budget. Once you write down everything that you spend money on each month, subtract that amount from your monthly take-home pay amount. Look for areas where you can cut back on to free up more cash.

  • Separate your debts from the budget list. Arrange your debts from smallest to largest. You will want to know what the minimum payments are for each of these debts.

  • Use money that you’ve freed up to start paying off the smallest debt. For all other debts you will want to maintain the minimum payment. Once you pay off the small debt you can use that money on the next loan repeating the process.

For more tips on reducing debt, take a look at the Huffington Post article from Tiffany Allche.

5. Get Financial Help

What if you’ve exhausted all other options for managing a financial emergency?

Ideally you would have access to emergency funds that have been saved up over time for a situation like this, but if you’re currently experiencing a hardship, you need cash urgently.

An option would be to get a loan to help pay for bills, essentials for the household, and other needs during the emergency.

A traditional bank loan may not be an option. You may be asking, what can I do? A 30 day payday loan, like one from ElcLoans, can help you.

Used responsibly this can get you through an emergency until you’re back on your feet.

Conclusion

I hope that you found this information helpful.

Having a financial crisis can be a stressful time, but there are tools and resources available to help get you through the hard times.

Each of these tips are options that you can put into practice immediately.

Do you have any other tips that you would like to share?

If you found this article helpful, be sure to share it with your friends and family.

How to Prepare Your Finances for When You Buy Your First Home

Buying a home for the first time is a painstaking process. It’s never easy to secure a mortgage in the current economy and it’s even harder to find a home for the mortgage that’s sometimes offered. Therefore, it’s important you prepare your finances well in advance so you get the best deal on a mortgage and you get a deposit that’s going to contribute handsomely. If you’re looking for preparation tips, consider the following points a few years before you think about applying for a mortgage – it could save you thousands and give you the best mortgage deal available.

Work Hard and Stick with the Same Job

Sticking with the same job for years is easier said than done. But, it’s definitely worth getting your head down now as it could help you save on your mortgage when you finally apply for one. Lenders want as much security as possible when it comes to dishing out loans. So, sticking with the same job to show a lender you’ve had a reliable regular income for the past few years is one way of getting a good deal. Of course, there’s nothing wrong with changing jobs if you’re not happy, as long as you have a regular income paid into your bank. However, a few years with the same employee could help pay dividends in the future and could be the difference between an excellent mortgage deal and a higher interest product.

Ready Your Credit History Now

If you have little to no credit history when you apply for a mortgage, your application could be declined as if you have a poor credit history. If you don’t have a credit history, banks aren’t going to know whether you’re reliable. They may even think that you’ve only recently sorted out debts that are no longer showing on your credit file. Debts only stay on your credit file for six years whether they have been paid or not, so lenders may well think you haven’t got any history for that reason. The best way to counter this issue is to prepare your credit history now and save for the next couple of years. If you need a new car, look at whether it’s a viable option to get a car on finance. Or, apply for one of the many money loans just to give your credit history a good boost for when the time comes around.

Look at Your Mortgage Options

If you have a partner and you’re both planning on moving in together, that’s a good start to help bring mortgage repayments down if you both have decent incomes and eventually a good deposit of 20% or more. However, if you’re on your own, you may want to consider getting on the property ladder with a family member or friend. This could help boost your credit history further and it could give you a way onto the property ladder yourself once you’ve built up enough equity. The benefits of buying a house with someone else are endless in the sense you can carry on saving for your future as the equity in the house grows.

Make a Budget and Stick to It

There’s no point in making a budget if you’re unwilling to stick to it for a few years. The budget should include all your outgoings, personal expenses, and also how much you can save each month. Saving for a house is hard work as something always unexpectedly pops up. But, with the right motivation to own your own home, saving can be done with a realistic budget in place. Don’t overdo it though – you don’t want to put yourself out and not enjoy life while you’re saving for a house. At this time, the average house price in the UK is £211,000, so if you’re opting for a 20% deposit like most other first-time buyers, you’re looking at £40,000+. Therefore, you’ll want to spend at least five years trying to save just so you have other funds left over for other expenses and adventures.

Look for the Best Rate on Savings

Don’t just save money in your current account when you can start an ISA and save more money for the future. Saving takes plenty of time, but with the right savings or ISA account at your disposal, the time it takes to save will be less. Always look for the best rates from your bank or look elsewhere at other high paying ISA’s.

Back in 2000, the average house price in the UK was a measly £75,000, but now with house prices well above £200,000, it’s much harder for first-time buyers to get on the property ladder. Therefore, by taking advantage of the above tips for finance preparation purposes, you can ensure you have the best chance of securing not just a mortgage but a mortgage that has a reasonable repayment plan.

Steps for Getting Your First Loan

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The days of walking into a bank, asking to see the manager and walking out approved for a big loan have long been over. You won’t be getting any type of loan from a creditor until you fill out an application and then have it approved. Secondly, all approved loan borrowers must have a way to pay their loans back. Even if you are applying for a student loan and don’t currently have a job, consider the fact that one day, when you have started to work in your new career and the money is rolling in, you will have to start paying the loan back. Here are the most important steps to follow for getting approved for a traditional bank loan as well as other options you have for getting a loan when the usual way doesn’t work.

Getting Established Before Applying for a Loan

Although loan applications can be reconsidered and looked at a second time, it is better for applicants to have their applications go through the first time that they apply. In order to have a bank approve your loan application, there are some minimum criteria that you have to meet. First, you have to be a UK resident in good standing and have a valid bank account. Sure, you can open a bank account the same day that you apply for a loan, but it’s better to have some history with your bank. Next, you have to work somewhere and again be established at your workplace. Imagine if banks approved loans for people who had just gotten jobs and bank accounts all the time. Most of those loans would likely end up being defaulted on.

Looking at Your Credit Rating

Credit is really important when you’re applying for a traditional bank loan. A solid credit rating is necessary to get approved for loans products like mortgages, and a little less important if you are looking for a personal loan. Either way, banks and lenders have different rules for the minimum credit ratings they’ll accept from borrowers. In short, if you want a traditional bank loan of any kind you need to have established credit and possibly a co-borrower. This is how young adults get into brand new cars although they’ve only been working at their jobs for less than a year. You can create credit if you don’t have any by establishing a credit card or getting some type of mobile phone plan. If you’ve got existing credit but it’s down in the dumps, work hard at building it back up because it’s going to be hard getting a traditional bank loan without at least a fair credit rating.

Filling Out the Bank Loan Application

Every piece of data that you include on your loan application needs to be accurate and completely up to date. If you change jobs and your income is lowered, you need to be upfront about where you work, even if you think it’ll hurt your chances for a bank loan approval. Your loan application needs to detail where you currently live, work, and you might also be asked to provide references. Basically, your bank loan application is supposed to help creditors validate that you are who you say you are and that all of your pertinent details are accurately reflected. Lenders aren’t particularly impressed when they catch applicants in outright lies, so try to ask for clarification when you need it instead of just guessing or writing down answers that you believe sound good.

Applying for Secured and Payday Loans

Traditional bank loans aren’t for everybody and they don’t meet every purpose. For example, if you want a mortgage or a new car you should absolutely start the money borrowing process with a well-regarded lender. In the case of consumers who want personal loans for emergency expenses, there are payday loans and secured loans such as logbook loans. These types of loans can be better for those who don’t have great credit history, but they also come with higher interest rates. Secured loans are secured on an asset such as a car, so be aware that you could lose your asset if you default on the loan repayments.

You can get a loan all on your own, with the assistance of a co-borrower, or via an alternative method just by understanding how to get prepared and fill out an application. Give potential creditors all of the information that they ask for during the application process to determine if you’re a good match for their financial products. It can take as little as five minutes and up to several weeks to hear by from a potential lender, but getting your first loan can be a really good step toward having a more bountiful financial future.

Dead Set on Resetting Your Debt…

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For a lot of us, being debt free is a rarity. Most of us have difficult financial situations to get out of, such as a credit card or a mortgage to pay, as well as other debts like student loans. So how can we find ways to build up our wealth and focus on our financial goals without it impacting negatively on our overall debt which will leave us swimming in a continuous cycle of ill finances?

Prioritizing Your Debt

This will be the key to addressing every aspect of your outstanding balance. You need to evaluate each aspect of your debt to determine what type of debt you have, such as whether it is “good debt” or “bad debt.” Good debt could be something like a loan for starting up a business. So you need to ask yourself if the debt is good or bad by determining if the debt is temporary and if it is worth it.

Debt Consolidation

There are many ways for you to consolidate your debt now, and this includes things like getting a balance transfer to pay off your credit cards or a debt consolidation loan. But getting the right loan opens up a myriad of questions too. There are so many different options available from balance transfers to long term or short term loans, so which one is best for you? The way to answer this question is to calculate the interest rates for each option and compare this with the repayment terms. If you can get a 0% offer for a long period of time, this will be a good option as you will be paying so much less in the long run.

Paying Your Biggest Debts First

Every item of debt is difficult in one way, shape, or form, but one of the best ways to tackle this issue is to pay off the most pressing debts or the most painful ones. For a lot of us, it’s not necessarily the largest amount of debt that requires immediate payment, it could be a loan from a family member that has been weighing heavy on your mind for many years, so it may make a lot more sense to pay that off first before something like your credit card. A big motivating factor in paying off debt could be to personalize it, and it can be a big weight off your shoulders meaning you are approaching the rest of your debts with a fresh mind.

Don’t Add To Your Debt!

This is probably the biggest life lesson for all of us. You may feel a sense of accomplishment by paying off your credit cards and loans. But if you don’t change your spending habits then you will get back into the habit of accumulating debt, so you need to avoid the most common mistakes that will keep you in said debt, which includes your attitude towards money.

It is possible for us to live a good life without mounting debts. But as long as you have a plan in place for what you are going to do with the money you save once your debts have been paid off, like setting up standing orders for money to go into savings, you are beginning to readdress your whole attitude towards how you spend and how you tackle it.

Make Some Money for the Holidays

We’re officially into the last half of the holidays, and I don’t know about you, but it feels like my purse has taken a pretty harsh pounding this year! We’ve tried to keep a balance between days out and days at home, but the costs still add up and have already left us feeling pretty skint! I’ve been trying to think of some ways to raise a little bit of extra cash to keep us going for the next few weeks, and here’s a few that I’ve come up with so far:

Bootsale

This is a PRIME time for doing bootsales, with the weather at it’s best (okay, well, ALMOST at it’s best…) and people happy to drag out on a Sunday morning to find a bargain. Go through everything including toys, books, DVDs, clothes, anything which might be of use to someone else and take it all to a bootsale. One man’s trash is another’s treasure and all that! And, as a happy side-effect, you’ll also have de-cluttered your house in the process!

Bingo

Obviously, this isn’t a guaranteed way to win money, as there’s always a risk with gambling, but it’s a fun way to spend an evening with minimal outlay and you could be lucky enough to win some money. Farmyard Bingo is a personal favourite and offers up to a £60 welcome bonus, which will increase your chances of winning!

eBay

eBay is another great place to sell stuff, especially if you don’t have a car for doing bootsales. Make sure you factor in your postage costs and fees when listing your items and don’t under-price things – you’ll be surprised what people will pay for items wuch as broken mobile phones, which may seem worthless to you but will still be useful to someone.

Facebook 

Facebook selling groups are really popular right now and it’s easy to see why. You won’t pay fees on what you sell, you can arrange mutually convenient places to drop off or pick up, and it’s easy to search for items to see what other people are charging for similar things. Most people pay in cash, so you don’t have to factor in PayPal fees, either.

Surveys

There are loads of places online where you can do online surveys and be rewarded in cash. It’s a great thing to do when you have a few hours spare in the evening; you can put the telly on, have a cuppa, put your feet up and just click a few buttons! Low effort and if you search around, you can find some which offer a decent reward.

Can Creating a Will Save You Money?

moneyDo you have a will? Discussing or even thinking about making plans for your assets post-mortem has developed a bad reputation.

People consider a scary topic, whether they think it’s a complex, expensive process or because they don’t want to think about their mortality.

It is one of those things people will seek out the most tedious tasks to avoid talking about. However, if you take the time to sit down and plan a will, you’ll actually find it’s not as time-consuming or draining as you might believe.

Creating a will won’t only save your family a lot of trauma once you have passed, it can also save your money and inheritance from being spent in a way you never intended.

If a will has been created your assets will be divided up according to your wishes. Without a will, splitting up your property can become much messier and can end up costing everyone involved quite a bit of money.

Leaving your loved ones without a will to use as a binding blueprint means you have no say in what happens to your assets. Even if you have verbally promised items of your estate to individuals or organisations, without a legally-binding will Intestacy law will overrule this and determine who is entitled to inherit what.

So, can sitting down and creating a will save you a bit of cash? Absolutely. Employing a solicitor to help draft your will is a relatively small expense in comparison to what your family could lose or spend in court trying to secure your assets after your death.

The peace of mind this provides will last until the day you’re no longer here, or at least until you chose to amend your will!

Giving it to a solicitor to look over also means they can advise on potential legal pitfalls. Issues such as not being born in the UK, or having residential ties in another country could end up costing your beneficiaries and family a significant sum of money to resolve, taking into consideration the tax and administration issues involved and there are a number of other things to consider which you solicitor will ensure you take into account.

Having your will validated by a professional can be the difference between your inheritance being spent on legal fees or used to benefit those who matter most to you.

So, you’ve made a will, you’re happy with who’s inheriting what, that’s it right? No, you need to revisit it from time to time. Crucially many people forget to update their wills throughout their life. Changes in your circumstances can invalidate a will, making it worthless.

You’ll need to update your will if you’re getting married, as this will overrule the contents of any previous will. Also in the opposite situation where you get divorced, you’ll need to decide if your former partner is removed, while welcoming a child into the world can also alter inheritance entitlement.

It’s also a good idea to amend your will each time you buy a new property or an asset with a lot of value. By doing this, you ensure that these items are not part of an expensive legal battle.

So, what are you waiting for? Create a will today and save your loved ones the risk of added stress and expense.

Top 5 Reasons to Use Dealspotr

DealspotrWorking from home might sound like I spend my day solidly writing articles, but in fact I have a number of different ways that I monetize my time. As well as working on social media campaigns, writing for my clients, editing and sourcing posts, I also make money through various third-party sites, and Dealspotr is one of them. Dealspotr allows you to find coupon codes, as well as allowing you to add them to the site yourself, and earning you money in the process. It’s a great site for a number of reasons and I thought I’d share some of them with you here:

1. Dealspotr Saves you Money

If we’re planning to make a purchase of something, we ALWAYS check Dealspotr for a discount code, voucher or deal. I’m pretty savvy when it comes to finding vouchers for things, but somehow the listings on Dealspotr seem to have ones that even a seasoned bargain hunter like myself hasn’t found yet! Of course, there’s not a voucher for everything, but so far, we’ve saved money on everything from pizza to days out to trainers and I reckon the value of what we’ve saved is probably into the hundreds of pounds now.

2. Dealspotr MAKES you Money! 

Setting up your own Dealspotr account is a great way to make yourself some money. Once you start adding the deals you’ve spotted, once they’re verified you’ll accrue points for every single find, and eventually this will add up to vouchers. Husband and I probably spend more money on Amazon than any other shop, so these vouchers do equate to practical funds for our family.

3. It Takes Minimal Time and Effort

When you add up the actual time you spend adding deals to Dealspotr versus the return, it’s actually really good value! Just a couple of minutes a day will add up really quickly towards your points balance and the vouchers you earn are on par with, if not more than the vouchers that you’d potentially earn on other sites of this type. Most of us spend time on our mobiles, tablets or laptops doing things to help us idle away the time, like playing Candy Crush or surfing social media. Take that time and dedicate it to deal spotting and you’ll be making your free time work for you.

4. Helping Others

I don’t know about you, but I really love the warm glow you get when you think about helping others! I’ve added a lot of vouchers to Dealspotr in the time that I’ve been using it and when I think about how many other families like us who’ve saved money or potentially been more able to afford something because of vouchers I’ve found and added it really makes me feel good. Dealspotr Is like a little community where everyone’s goal is to help someone else to save money and that’s something that I absolutely love.

5. Dealspotr Saves you Time

There are a number of ways in which Dealspotr actually saves you time; first of all, it has a higher number of WORKING codes (how many times have you trawled through, added a dozen different codes to your basket before any of them actually works?!) than other voucher sites online. It also shows you a screenshot of the codes working on the sites, giving you a guarantee that the code is working. This means that not only do you save time by heading to Dealspotr rather than doing endless Googling to find a legitimate voucher code for your purchase, you’ll also save time on the Dealspotr site because you’ll know that each code is the real deal!

Are you a fan of Dealspotr? Do you regularly use the site or is this something that you’re planning to do now that you’ve read all about it? Do leave me a comment below as I’d love to hear from you.

 

Free Up Capital And Get Cash In Hand

There are times in life when you need to free up some money, fast. This could be because you have mounted up quite a few bills on your credit cards. Or, it might be that you have been made redundant and are currently struggling out of work. At points like this, you need to make sure that you get money in your hand as quickly as possible. Otherwise, you can end up in the position where your debt increases and the situation gets steadily worse. So, how do you free up some capital when you desperately need it?

Attic Hunting

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The first recommendation is that you do take a trip up into the attic or down into the basement. There you might find family heirlooms or collectibles that you have gathered together over the years. You might even find old toys that your kids have grown out of and no longer play with. You might be surprised just how much some of these are worth on eBay. Particularly if you have the whole set and they are in good condition. So, once you find a few things that you think might be worth something, do have a search on eBay. You’ll probably find that there are already people selling them and this should give you an idea of what prices to use.

Do bear in mind, that if you choose to sell on a site like eBay, you need to make sure that you are a reputable source of items. To do that, it’s easy. You just need to make sure that you have bought a few items, they can be as cheap as you like and gained a solid base of reviews. At that point, your profile will hit a positive score, and from there, things can be very easy.

This is the best solution if the amount of money that you need is somewhere around a few hundred. Anything more than a thousand and you might need to look at other options.

Pawning Other Home Items

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You’d be amazed by how many items in your home are actually quite expensive. You might have a dishwasher, a UHD TV, some rather stunning sofas in your sitting room and perhaps even a few pieces of expensive artwork on your wall. If you need to free up a few thousand in cash, you might want to think about taking some of these appliances, equipment, and items down to a pawn shop. The owner will give you money for the items, perhaps on a temporary basis. Once your financial situation improves, you should be able to buy them back, assuming they haven’t already been sold. This could be just what you need to get back on your feet.

If you have kids, it can be difficult to explain why something like this is necessary. If your kids are quite young, there are a whole range of white lies you can tell to make it easier for them such as upgrading the home or getting the furniture cleaned. Older children are typically more astute, and often honesty is the best policy. They might surprise you with how understanding they can be.

Downsizing

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You might be tens of thousands of dollars in debt. No one ever expects to be in situations like this, but all it takes is a little bad luck, and you will soon be on a downward spiral. At a certain point, you may be in a position where you need to think about selling your property and downsizing. Or, moving in with friends or family while your financial situation recovers. The benefit of this is that if you have a home to sell it should be more than enough to pay off any debt that you have accumulated. But, you do need to make sure the house can be easily sold for the lowest price possible and that you can move into a new home with minimum costs.

You’ll certainly need to speaking to a conveyancing firm. With a conveyancing service when you buy your smaller home, you should find that getting the rights to the home is easy and quick. You will, however, need to look at conveyancing quotes online to make sure that you get the best, cheapest deal. Remember, if the costs of moving to a smaller home or two expensive it will nullify the reasoning behind selling the first house. That’s why you should price check all the services you are using and guarantee you are getting the best deal.

If you aren’t buying another smaller home and instead you decide to move in with family, it can be quite a challenge. Particularly if you are proud. It can be difficult to come to terms with your position and even ask for this type of help. But you just have to remember that by taking a step like this, financially you will be making things a lot easier on yourself.

Consolidation

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The final possibility that we need to think about is consolidation. Now, consolidation won’t directly free up capital that you will use, but it will limit your debt. Since you’ll have less money to pay, you’ll have more money to play around with and possibly make paying off those debts easier.

It’s important to understand that consolidation is a loan. Essentially, you’ll be borrowing from one source to pay off enough, and instead of paying multiple debts, you’ll only be left with one package sum. Usually, this will be smaller with a lower interest rate than what you were paying before. There are plenty of debt consolidation companies online that can offer you this possibility. It might be worth investigating the type of service that they offer and how beneficial it could be for you. Remember, you need to make sure to read the fine print and guarantee that you know exactly what type of situation you’ll be dealing with.

I hope this advice helps you get money in your hand whenever you desperately need it.

Handling The Worst Financial Situations In Life

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There are times in life when finances will be tight. You need to be prepared for these occasions if you are going to get through them without any major problems. There are plenty of examples of times like this, and the problem is that you often don’t think they are going to affect you. If you have a good job and you feel confident your boss is happy with your performance, you probably won’t even consider the possibility of redundancy. Or, maybe you think that when you finally buy a home, you can keep the costs under control. But sooner or later, you will find yourself facing the problems that everyone experiences in these situations. So, how do you handle them without making things worse? Well, I’ve got some tips that should help a lot.

Dealing With Redundancy

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The first thing to understand about redundancy is that it will hit you when you least expect it. One minute you’ll be on top of the world and the next, you’ll be packing up your desk. It can be a challenge to handle a situation like this, and the best way to approach this is pre-emptively. You should always be keeping an eye on the job market and looking out for opportunities that could help you if you did lose your job. Remember, on average people spend around six months without a job when they are made redundant. You can reduce that time if you know what’s out there before you’re handed that final paycheck.

The other factor to be aware of is the benefits that you’re entitled to when you are made redundant. It is noble not to want to claim any benefits at all and instead rely on money that you might have saved over the last few years. But, you shouldn’t avoid benefits completely if they could help you get by during this difficult time.

You might also want to think about reducing your monthly spends through the month. One of the ways to do this would be to cut out any monthly subscriptions that aren’t completely necessary. That doesn’t mean you should cancel your internet because you could use this for job hunting.

The final piece of advice for dealing with redundancy would be to look for little ways that you can make extra money in your spare time. An example of this would be completing online surveys. While you won’t make a fortune, it could make some of your monthly bills easier to pay when you can’t rely on your income.

Unforeseen Injuries

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You could argue that all injuries are unforeseen, but it’s important to be aware of what an injury could mean for your finances. If you live in the UK, you don’t have to worry about medical bills which makes things a lot easier. However, you do need to think about time off work. In some cases, you will be able to get paid sick leave, but you might find that you are on a freelance contract under another name. Plenty of companies are now hiring workers on freelance contracts. This means that they don’t have to provide any benefits including sick pay. You can see how that would be a problem because it could leave you out of pocket during your recovery. But how do you handle this?

Well, first, it’s important to think about the cause of the injury. It’s quite possible that it was someone else’s fault and if that’s the case you should consider legal avenues. Remember, an injury can be small at first like whiplash. That’s a common injury when your car is hit from behind. How much do you get for whiplash? Quite a lot because it can result in chronic pain that could be permanent. This might alter the quality of your life and severely impact how much you can work. That’s why if you are injured in an accident, you should always speak to a lawyer.

The other piece of advice would be to make sure that you are saving a nice cash cushion that you can fall back on in cases like this. That way, if you are unable to work you will still be able to get by with the cash that you have built up over the years.

Moving Home

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Whether you’re buying your first house or simply moving to another place, you shouldn’t underestimate the pressure it’s going to put on your finances. The mistake people make is thinking that they only have to worry about the cost of the deposit for the home and this isn’t true. You need to think about everything from legal fees to removal costs and everything else on top of that. If you’re selling your old home, you’ll have to pay marketing fees, and the list just keep growing. If you are buying a fixer upper, you might even need to pay for renovations on the home when you move in.

The bottom line is that these costs aren’t a problem as long as you’re aware of them. But if you’re not you could commit to buying home without the true extent of the financial pressure that you’ll be under. Then, there are other costs to take into consideration like mortgage repayments. Suffice to say the first few months or even years or buying a home can put a lot of pressure on your finances and you must prepare for it.

Legal Issues

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Finally, you might think that you’ll never end up in court, but it’s important to understand it’s not just criminals that have dealings with the law. You might end up arguing a traffic offense, or it could be more personal like a divorce proceeding. Law cases always cost money, and it’s just one more issue that can impact your financial situation. So, if you ever do end up going to court make sure you are aware of how much it’s going to cost you. Particularly, if you have chosen to start a legal claim yourself because it could end up being a lot more than it’s worth.

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