13 articles Tag finances

4 Ways To Teach Your Kids About Finances

The decision to impart basic financial lessons to your children is the right step in shaping their attitudes about money and how to spend it. A study by the Personal Finance Education Group revealed that about 98% of children from eleven to seventeen have some money of their own. Ignoring the responsibility of teaching your kids how to be financially-savvy may lead them to make unwise financial decisions with long-term impacts. Here are some ways you can teach your children about finance.

  • Do not engage in impulse buying

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Have you ever gone out shopping with your kids, and they began to hound you to purchase something entirely out of your budget? It is tempting to give in to their puppy-eyed pleas but fight it! Let them understand that you came out to shop with a budget, and anything extra would affect your planned list. Explain how it may be more beneficial to wait it out until another time. You could employ a strategy to deny the kids something else you already planned to get them in exchange for what they are demanding; this would teach them to make the right decisions. 

  • Show them their toys cost money

Are you aware of how your kids may misuse their toys and end up damaging them? Instead of cautioning them verbally, you could consider showing them how much it costs to buy them. For example, if your child has a piggy bank, make them take out a few pounds and go with them to the store to buy another set of toys. Even for a five-year-old, this practical lesson makes them feel first-hand the emotions that come with parting with money. 

  • Make your kids earn commissions; not allowances

Avoid the habit of handing out money to your kids simply because they ask for it. Regardless of how much you love them, this will make them nurture a sense of entitlement, making financial independence difficult in the future. Institute commission earnings and not allowances; when your child completes chores, you can pay them according to a set payment plan, complete with what makes them eligible for pay. However, when you notice they made an extra effort to perform their chores, add a bit more as an incentive or bonus. Doing this teaches your child that money is earned and is worth saving.

  • Use a transparent piggy bank

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It is always a great idea to foster the habit of savings in young children. However, the trick to making your child see their money ‘grow’ is by ensuring that their piggy bank jar is a transparent one; every coin or note you drop in there is a visual indicator of their ‘wealth.’ It’s a wonderful way to build their desire to grow wealth through completing simple chores or being disciplined. You can also use it as an opportunity to teach your kids strong lessons about money and finance. Consider using services such as Debt to Success System BBB and make your lessons practical and easy for your child to comprehend.

It is never too early to begin to impart simple financial lessons to your kids. Money management is a skill worth grasping very early on in life. What you should do is maximize every opportunity to make these lessons fun and practical. Remember that children learn through play.

Acting Quickly, But Not Rashly, When Hit By Financial Emergency

Whether you’ve suddenly had to deal with a major expense out of the blue or you’ve found yourself saddled with new debt due to poor planning, time is often of the essence when a financial emergency arises. Fail to deal with it soon enough and you can start spiralling into unmanageable debt. However, while acting quick, you want to make sure you’re not making any rash decisions. Here are a few tips to ensure that.

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Start finding ways to cut down your finances

Having some financial flexibility so you can cut your costs as needed and when needed is important. As such, it’s a good idea to look at some basic money-saving tips and, most importantly, to put together a budget. You need to get a good idea of what you’re making and how much you’re spending and where to find the wiggle room you need to pay money aside to deal with debt and other financial emergencies. You can’t afford to ignore bad financial habits, so be sure to track absolutely everything.

Get your creditors in the loop

If you have any debts or credit arrangements, make sure you address those first of all. The sooner you inform creditors of your situation and the difficulty you might have in paying them back, the easier it could be to negotiate them into something like an IVA. What is an IVA? These individual voluntary agreements allow you to freeze the interest on debts and pay them off with assurances, helping you avoid bankruptcy in the long run while making sure creditors have a formal agreement that they will get their money.

If it sounds too good to be true, it is

There are some unsavoury financial services that specifically target people who are in need of help but can lead to even further debt and trouble. As of late, the payday loan has come under a lot of fire. It can see you get money quickly, but with super high-interest rates that can get you in a lot more trouble in the long-run. Don’t look for any short-term solutions and know what you have to pay on any loans you might take out.

Have emergency savings ready for the next time

One thing you should always expect is the unexpected. You might not know what form it will take, but you should anticipate that a financial emergency will, at some point, be part of your future. As such, some people might recommend keeping an overdraft open that you only tap into for emergencies. However, to help you save money, it might be a better idea to start putting together an emergency fund, as well as to make sure that you are appropriately insured to limit the kinds of costs that can rock your finances.

Whatever choices you take, ensure that you understand what, if any, costs come with them. There’s no point taking on new loans, for instance, if you will be no more able to pay them off in future than you are now.

Make Driving as Affordable as Possible

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Of course, having your own car and taking to public roads is going to be a relatively expensive investment. When it comes down to it, cars tend to be people’s second biggest outgoing after their homes and accommodation. But, for many of us, having a car really is worth the cost. It makes life more convenient for us, means we can get from A to B as and when we please and with the price of public transport constantly on the rise, can actually prove a wise choice to make. There’s always room for improvement though. If you’re planning on getting a car, here are a few simple steps you can take to make it as cheap a venture as possible!

Saving When Buying Your Car

Let’s focus on the main outgoing you’ll face first – the cost of the car itself. Cars don’t tend to come all too cheap. Not decent ones anyway. But there are a few things you can do to reduce the initial upfront cost of getting yourself a set of wheels. You’ll find that you have a number of different options on your plate when you buy your car. The cheapest way to buy any car is always going to be to pay for it outright. But who’s really sat on enough disposable money to do this? Most people, instead, opt for finance options. This involves taking out a loan or finance agreement to fund the purchase of your vehicle. When finding an agreement, browse the market. Brands like Direct Car Credit will make the process simple for you. You can also use price comparison sites to compare different loans or packages and their interest rates. The lower the interest rate, the less you’ll end up forking out for your car in the long run!

Reducing Insurance Costs

Insurance is an essential cost. You legally need it before you even start driving out in public. But that doesn’t necessarily mean that you have to pay a whole lot for it. There are a number of different policies out there, so determine your needs and determine which policies cater to them. Then, compare the prices attached to the ones that tick your boxes. Again, price comparison sites can come in handy here. You can find much cheaper deals when you use these sites. If you’re settled on one insurer but have found a cheaper insurance deal elsewhere, it’s always worth asking if your preferred insurance will match the offer. Many will in order to maintain your custom.

These are just a couple of areas you might want to focus on when you’re looking into buying a new car. While they may just be two of the costs attached to a car, they are the main costs. You need to buy a car in order to have one and you need to insure it in order to drive it. Hopefully, you’ll be able to make the whole thing financially feasible!

How To Decide If You Can Afford a New Car

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Many experts believe that there is no worse investment than buying a new car. It can be seen as a huge waste of money and a piece of metal that will depreciate in value the second you drive it off the forecourt. But you may have decided that buying new instead of second hand is best for you and your family. So here are some things to consider when deciding if you can afford to buy a new car. 

Maybe you dread the thought of constant repairs or want a car that is in line with today’s emissions and safety technology. Or maybe you just love that new car smell. There really are many different possibilities. But the big question to ask yourself is- can you really afford it? 

Put Down a Downpayment 

If you don’t have the funds to buy your chosen car outright, you’ll need to put down a little bit of cash to secure the deal. Companies such as Really Easy Car Credit could help you get the amount that you need. The ideal amount to put down is approximately 20%. Sit down and do the figures and see if you can afford it. 

Take a four-year loan

The most common length of loan for a car or other auto vehicle is approximately six years. However this could prove a bit too long. Consider taking a loan of around four years. It a good way to minimise the interest and ensure you’re not paying more than you have to. It also a good way to determine what you can afford. If you can’t meet the requirements for a loan payments of four years, it’s more than likely that you can’t afford the car in the long term. 

Only use 10 percent of your income

One final point is to ensure that you’re only using 10 percent at most of your monthly income towards your car payments. Any more than that and you can see yourself drifting into the red financially. Account for everything, including fuel. Car insurance, MOT fees and even parking tickets in this amount.

Stay within these boundaries and you’re looking at being able to realistically afford the car that you want. 

 

Bonus tip – Consider trading-in your car for another used vehicle

 

Maybe after reading this, you’ve decided that buying new isn’t for you, at least not right now.  In that case, maybe you should think about buying “newer”.  There are basically two ways you can go about this.

One option is to sell your current vehicle and then use the funds to buy a replacement.  In theory, this could get you the best deal.  In practice, it can turn out to be a whole lot of pain for little to no gain.

In short, the internet has made it really easy for buyers to research sales prices for just about any type of vehicle.  This means that they’ll almost certainly be looking for a meaningful discount on the “dealer price”.  To be fair, this will reflect the fact that they won’t get the same level of protection on the sale.  They’ll also, presumably, be paying the full price up-front.

The other option is just to trade in your existing vehicle for a newer one at a reputable dealer.  For example, you can just browse the used Vauxhall cars for sale from Pentagon and pick your favorite.  Then contact the dealer and ask what they can offer as a trade-in deal.

You’ll probably find that the discount the dealer will offer you will compare very favorably to a realistic private sale price.  What’s more, you can generally also get finance on decent terms.

 

Saving for the Summer

Saving for the SummerWith the summer holidays fast approaching, many of us have started to think about our finances over the coming weeks. Keeping kids entertained for six weeks isn’t cheap, and the cost of summer can seem truly daunting. With that in mind, I thought I’d look at some things you can do to top up the funds, ahead of this expensive time of year.

Get a Part Time Job

Childcare can be super expensive, but if you’re not currently working and need some extra cash, there are lots of part time jobs out there which can fit around family time. From courier work to bank nursing at your local hospital, out of hours options are there, providing you’ve got someone to watch the kids in the evening.

Get a Loan

While I wouldn’t usually suggest getting yourself into debt, as long as you’re sensible with making your repayments on time a loan can be a useful buffer at this time of year, and getting a loan can even help to repair bad credit if you ensure you stick to your repayment plan. There are also loans for bad credit if you don’t have the best credit rating.

Cancel Any Services You Don’t Use

This is a great time of year to take a look at your finances and cut back on anything that you really don’t need. I currently pay £10 a month for a gym membership, which I barely use, and although a tenner doesn’t seem like much, it’s enough to make your eyes water when you think about it as £120 a year!

Streamline Your Shop

If you’re like us and end up wasting food because of less-than-savvy shopping, this is a good place to start when it comes to money saving. Sit down and look at HOW you shop (weekly, monthly, day-by-day) and work out where most of the waste is coming from. You could also think about WHERE you shop and whether there’s a cheaper option out there, like Lidl or Aldi. Meal planning is also often a good way to help you to be more frugal. 

Get Your Walking Shoes On

Many families are guilty of jumping in the car for short journeys, which would actually be more than walkable. Unless you’re in a massive hurry, try to make any journey of a mile or less on foot – or even better, get the bikes out and get the whole family cycling. As well as cutting your fuel costs, it will get you all moving and will also reduce your carbon footprint – everyone’s a winner! 

Do you have any fab money saving or money making tips for my readers? Do leave me a comment below, I’d love to hear from you. 

5 Ways to Boost Your Finances in 2018

No matter what happened in 2017, a new year has begun. For many people, organising theirfinances will be a new year’s resolution. After all, Christmas is an expensive time of year and we can end up spending huge amounts of money over the festive season.

January can be a tough month for finance, but it doesn’t have to be. PPI claims, gathering unwanted gifts and reviewing your current account is all part of the plan to have a healthy bank balance in 2018.

It’s important to have some extra money to pay for financial emergencies and events throughout the year. Thankfully, there are some great ways to boost your finances this year — and these five ideas can all be done right now! So, why put off getting that cash boost?

  • Try a New Way of Saving

The website Apartment Therapy came up with a new way of saving in small amounts. It’s a simple, yet effective way for people to save money from the very first day of the year to the very last. It’s not too late to start either! It’ll be incredibly easy to get on schedule quickly if you start soon.

The idea is simple: For each day of the week, you save some money. You increase the amount saved each day, but when the week restarts, you start all over again. The amounts below are the recommendations about how much to set aside every day:

Sunday £1

Monday £2

Tuesday £3

Wednesday £4

Thursday £5

Friday £6

Saturday £7

When Sunday arrives, you start back at £1. This way of savings means you will have £28 a week, equating to nearly £1500 by the end of the year. Find a big piggy bank or set up a direct debit to a savings account and add £28 a week. You’ll be so grateful by the end of the year and taking it out in small amounts every week can make the saving that much easier.

  • Make a PPI Claim Today

The PPI deadline is getting ever closer. While we’ve all seen and heard the adverts about payment protection insurance claims, the reality is that there are still thousands of people who haven’t claimed PPI. Many consumers were unaware that PPI was sold to them alongside a mortgage, credit card or loan. It’s so important to check old bank statements and find out if you’re due a refund. It could well be thousands of pounds; a substantial amount to boost your 2018 finances. Even if you no longer have the paperwork, you can still find out if PPI was added to your account.  Make your PPI claim today before it’s too late!

  • Sell Unwanted Christmas Gifts

Are there still some Christmas gifts at home which you know you won’t ever get around to using? Those bath salts from your secret Santa might be lovely, but you’re not really a bath person. Selling unwanted Christmas gifts is an excellent way to make some extra money and make sure the gift doesn’t go to waste. Using eBay or even Facebook to sell gifts can be a good boost of income and is very simple.

  • Cash in on Gift Cards

Instead of presents, you may have received some gift cards for Christmas. Some of these can be really useful, but, if you got a gift card for a shop you rarely use, you can cash it in online. Websites such as Zeek will show you various options about how to get cash for your gift cards. Although you’ll never receive the full price, the cash can sometimes be much more worthwhile than the card.

  • Switch Current Accounts

Years ago, the thought of switching current accounts was too much effort. Now, however, thanks to the Current Account switch guarantee, changing current accounts is swift and easy. Most banks are signed up to the switching guarantee, making it a painless experience.

The best part about switching bank accounts is the great rates that banks offer to entice you. Rates do change regularly and there are terms and conditions, so be sure to check on websites such as Money Saving Expert for the best deal.

So, why put off getting some extra cash in 2018? Whether you’re possibly due a huge refund from PPI claims or can sell £50 worth of unwanted Christmas gifts, making use of these finance-boosting tips can make a huge difference. Start making money today!

6 Tips To Deal With Financial Emergency

 5 Tips To Deal With Financial EmergencyHave 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. Start an Emergency Fund

An emergency fund is a specific savings account that you only touch in the event of an emergency. Personal financial planners will tell you that an emergency fund is even more important than paying off certain kinds of debt—because having an emergency fund is what prevents you from going into debt, especially debt with burdensome terms like payday loans. Follow the link to find out more: https://www.gofundme.com/c/blog/emergency-fund

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

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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Shoring-Up Personal Financial Accountability

In addition to daily spending obligations, household budgets also accommodate “big picture” goals, such as home ownership and retirement.  And while it may be relatively easy to track day to day outlays, plotting and planning for long-term financial success calls for another layer of management.

Financial accountability within your personal budget ensures long-range goals are recognized, without leaving you vulnerable in the short term. And though each person faces unique financial conditions, some of the same strategies prove beneficial, under wide-ranging circumstances.  If you are experiencing financial inconsistencies or just want greater accountability administering household cash flow, use the following practices to bolster your personal finances.

Maintain Discipline and Spending Resolve

Although it sometimes seems like a mystery (where does the money go?), personal finance is not terribly complicated.  In the end, success managing money relies on consistently balancing income and expenditures.  And since income is relatively static in many households, adjusting spending is the fastest way to correct imbalance.  If you face recurring cash flow shortfalls or other financial irregularities, it may be time to double-down on spending discipline.

Financial concerns cover broad commitments, ranging from customary living expenses to major purchases.  When your approach to finance calls for greater accountability, use the following methods to keep spending in check and reinforce budget discipline at home:

  • Limit credit card use
  • Weigh the pros and cons of each purchase – before committing
  • Make it harder to access discretionary income
  • Learn from buying mistakes
  • If you need to take credit, use a reputable lender

Reduce Oppressive Debt

If you are like many consumers, your debt load is more substantial than you’d like it to be.  Reducing the burden not only frees resources for more important spending obligations, but it gives you more control over your balance sheet.  Too often, oppressive debt quickly gobbles-up income, preventing household money managers from steering their own financial destiny.  With a manageable burden, on the other hand, it is possible to plan and allocate resources as you wish.

The first essential step toward debt reduction is to stop building balances.  As you pay-down outstanding obligations, without adding more charges to your accounts; your budget will begin to feel relief.  With each billing cycle, the weight of debt lifts, taking you one step closer to your financial goals.  For faster results, even with a so-so credit history, it may be possible to borrow money at a more favorable rate, to eliminate balances.  A consolidation or guarantor loan, for example, captures multiple obligations under a single repayment umbrella, refinancing the debt at a lower interest rate – or with better repayment terms.

Expand Financial Understanding

With so many demands pulling at family finances, money managers commonly make mistakes, due to misunderstandings. If you feel uninformed, or uncomfortable with certain aspects of household finance, it is up to you to increase your knowledge base.  Whether it means taking a formal course about finance or studying on your own, clearing-up you financial perception helps create greater accountability at home.  Some of the key concepts at the heart of individual financial success include:

  • Budgeting
  • Using a personal balance sheet
  • Finding favorable financing
  • Saving
  • Investing
  • Preparing for major purchases
  • Retirement planning

A firm grasp of these important concepts gives you the tools needed to establish long-range goals and stay focused, realizing your financial ambitions.  In addition to formal instruction, various online channels furnish references and resources for boosting financial insight.  Each lesson builds on itself, until your financial understanding fills-in, growing into an asset, rather than a liability.

Financial discipline and accountability are vital aspects of successful financial management.  By reducing debt and fortifying financial knowledge, it is possible to reinforce your financial health, setting the stage for long-term security.

Financial Woes Mums Always Know

There are a few financial issues that mums always have to deal with. Every year they come around again, and you can’t avoid them. What you can do is beat them and make sure you understand how to stop them destroying your finances. So, let’s look at some of the biggest financial threats that we battle as mums.

Overspending On Energy

This is a big one, particularly around this time of the year as winter begins to set in. It’s common for energy prices to rise because we’re desperate to keep our homes warm and toasty. We worry about whether it’s warm enough for our children. But instead of turning up the thermostat, we should really be telling them to put on extra layers. It provides the same benefit at zero cost!

Going Over The Receipts

I hate the time of the month when you have to pull out the receipts and start ticking off what you’ve paid for. But it’s important that you do this. Otherwise, you might find you’ve got bills that aren’t yours and money is going out your account that you didn’t spend. Essentially, you could be the victim of fraud without even realising it!

Borrowing Too Much, Too Often

Again, this is quite common around this time of year when everyone starts hitting the shops for Christmas. I know I’m not the only one that gets tempted to take out the credit card. If you do this, you must make sure that you pay the bill back on time. Otherwise, the item your kid had to have is going to kill your credit rating. The infographic below has some wonderful ways to fix your rating, even if you do overspend.


Infographic Credit: loans with no credit checks.