59 articles Tag money

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.

Cars Are Expensive – How Do You Pay For Them?

Paying for a new car, whether it’s second hand or not, can get quite pricey. Even when you have a budget that you’re working well within the parameters of, you can question if forking out this much money is really worth it! After all, the car in front of you won’t last forever, and who knows if you’ll ever default on the payments?

And with all that in mind, it’s time to think about the ways to pay for a car. They’re expensive, for a variety of reasons, but there are three main financial categories you can choose from in the car world. Let’s go through them below.

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With Your Own Cash

Using your own cash is often the most pricey and financially risky way to go – you never know when you’re going to need your savings, after all, and now you’ve just used them all up. However, it’s also one of the safest ways to ensure you’ve got a car for as long as you need it – there’s no payments to default on, and you’ll never be out of your transportation thanks to the lease being revoked.

As long as you’ve got the savings to do so, you can pay by cash. You could also use your cash to put down an even bigger deposit than is actually required, which will stop you from having to pay too much in financing in the future.

Using a Scheme

There are plenty of car financing schemes out there – you just need to look for them! It all depends on fitting into certain brackets, such as being the right age, or being from the right financial background, and then applying to the right places.

For example, you could make use of the Motability scheme. This allows people who live with disabilities to retain their independence, and have some much needed transport in their lives. And these schemes are available everywhere, and for all car models, such as VW Motability. Next time you go into a dealership, be sure to ask for a specialist to guide you around the application process and what’s currently on offer.

On Finance

And finally, you can always get a car on finance, of which there are many different options to choose from. Depending on the money you have to work with, you’re not going to find a one size fits all financing solution here.

From hire purchase to conditional sales (which is the more traditional form of purchasing a car on finance) to PCP (personal contract purchase), you have quite a few variable rates to choose from here. However, be sure to do some more research into each one of these options before you sign one, as they all have their own benefits and drawbacks.

Paying for a car can be done in a variety of ways, and working out which is best for you is important to do beforehand. So, do your research, and make sure you’re getting the right deal here.

Make More Money Online as in 2020 with These Stunning Hacks

There are a lot of things that play a massive part in helping you to make more money online these days. It is so important to make sure you come up with some excellent ideas that will help you to make more money online. There are a lot of things you can do these days, and you are going to need to focus on helping you to make as much money as you can these days.

You have to think about some of the best ways of allowing you to bring in additional revenue, which is essential in this coronavirus era when people are losing jobs and not being able to work. Focus on some of the most effective ways of being able to make more money, and these are some of the best ways of being able to do this right now.

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Sell Antiques

One of the great ways of being able to make money online is by selling antiques. Now, of course, you need to buy them first so that you can sell them on for a profit. You have a lot of things you need to work on when it comes to making a profit this way. Now there are plenty of tips to buying antiques online, but this is something that you need to be careful with so you are not losing a lot of money buying fake antiques.

Dropshipping

Dropshipping is one of the most effective ways of making additional money, and this is something that you don’t need any qualifications to be able to achieve. Try to make sure you work on the best and most effective ways of dropshipping – this is similar to ecommerce, except that you don’t take delivery of the items, instead having them shipped directly to the customer. You can make good money from dropshipping, but it is certainly time-consuming, and this is something you need to keep in mind.

Blogging

Blogging is a great way of being able to earn additional money and revenue, and this is a great way of generating additional money. Now, there are a lot of things that you can do when it comes to creating and managing a blog and monetizing the blog is one of the best ways of being able to do this. Make sure you look for some of the best ways of being able to make money as a blogger, and this is an effective way of being able to make the most of this.

Ebooks

If you are looking for some excellent side hustles that you can use to make money from home, and one of the key ways of being able to achieve this is writing ebooks. Amazon Kindle has made the ebook world explode, and you can enjoy self-publishing your own ebooks very easily. Trying to get a few ebooks published at the same time is a good way of being able to generate a bit of additional income.

These are some of the best ways of being able to make more money and raise additional funds online right now. You have to make sure you do as much as possible to work on bringing in more money, and this is one of the key things that you are going to need to work on right now. These are going to help you make more money, and this is essential for you to work on as much as you possibly can.

Three Ways You Can Side Hustle Online For An Extra Income

There are now more people than ever taking to the world wide web to make money with a side hustle. They utilize their skills and take advantage of them to complete tasks online. Some even make enough for a living and travel the world at the same time. Although you may think of it as impossible, it can be easier than you think. 

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Whether its a side project for an extra income or it’s with the goal of becoming completely self-employed, have a look at some of the ways you can make an extra income below: 

 Play Games And Complete Simply Tasks

There is numerous different apps and online source that you can use to make money online for completing really simple tasks. It could be completing reviews of products, earning points for playing certain games, filling in surveys, watching videos, and many more. However, this is certainly not a quick way t make money as the points may take a considerable amount of time to build up to be able to withdraw. This kind of thing is fantastic for those moments where you find yourself doing nothing, such as waiting in a  queue or commuting to work. 

Create An Online Store 

How far you go with this is entirely up to you. However creating a website, using a cheap vps, and starting an e-commerce site could be a fantastic way of making money online. Whether you choose to get rid of unwanted items around your home or make an investment into dropshipping stock, either way, you are on to a good way to make a little extra income. E-commerce can be a fantastic opportunity if you look after it and do it right, especially if you utilize platforms such as eBay and Amazon. 

Create A Blog

You’re, not likely to make money from blogging as soon as you start, however, it can be a great long-term project to secure yourself a secondary or primary income. You can utilize it to voice your opinions and talk about your interests which makes it a really interesting job that you can be motivated and passionate to complete. You do need to be able to commit quite some time and effort into it, but it can certainly be worth it. Although it’s not one of the quickest ways to make yourself money in a side hustle, if you speak about interesting topics, build up a good following, and work on platforms like Instagram, Twitter, and Facebook then you will soon start to see a return on your time and commitment. 

One of the ways that bloggers make money online through their blog is to do affiliate marketing and paid content on their site. If you start to see that you have a good following of readers then this can be a really easy way for you to make an extra income. 

These three methods of making money online should give you some food for thought with your earning potential for a side hustle. Do you make money through a side hustle? How do you achieve it? Please share some ideas in the comments section below. 

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.

5 Tips to Save on Electric Bills This Summer

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Summer is on our doorstep, but we are likely to spend it indoors this year. Due to the current lockdown, we might not be able to make the most out of local parks and beaches for a while. If you are confined at home, there are tips you can count on to see your money go further, without having to change up your lifestyle too much. Best of all, the tips below can help you enjoy your time indoors a little more!

Leverage natural light

As summer approaches, we can start to enjoy longer days, more hours of sunlight, and later sunsets. With all this natural light, it would be a pity to switch lights on during the day. And, ultimately, this might cost you quite a lot more than just letting the sunlight come through the windows.

However, for the best results, you might need to reevaluate your window coverings and curtains. Heavy drapes might prevent your windows from working at their best. Instead, for the summer, opt to switch to a lighter option. This alternative allows the light and fresh air to change the atmosphere of your rooms.

Switch to a better lighting system

Even if you are trying to limit the usage of lights, we rely on them for most of the day. However, some tricks can help you reduce your energy bills. Start by switching to a more sustainable lighting scheme and low consumption light bulbs. 

Moreover, if you often end up working late, invest in task lighting, which allows you to switch off the primary source of light and stay focused with just a small lightbulb. Additionally, it might be worth considering swapping to LED lights which are much more efficient than your standard bulb.

Use air conditioning mindfully.

As summer approaches, temperatures also start to rise. If your outdoor space is limited and your windows don’t seem to allow enough fresh air in, you are probably thinking to invest in a proper air conditioning system. While this is an excellent idea, you should Compare Energy Prices and implement other forms of air-cooling appliances, such as fans. 

Live more sustainably

Deciding to live more sustainably this summer has excellent benefits, among which the opportunity to save a little more on electricity. Some tips to reduce your footprint include:

  • Taking shorter showers
  • Turn off unnecessary lights
  • Unplug electronics that are not in use
  • Let your dishes air-dry
  • Use lower temperatures settings on your appliances
  • Buy fresh food that won’t need much refrigeration or cooking

Make the most out of your garden

Staying indoors for such a long period might have forced you to find new ways of entertaining yourself and your little ones. However, having the TV on all day long or charging your phone multiple times can end up being costly. Instead, if you have a garden or small terrace, opt to make the most out of it. Dinners al fresco and sunbathing afternoons can be an excellent way to turn off the lights in your home for a few times and forget about the TV!

 

Does Running The Family Car Have To Be So Expensive?

For most families, the act of running a car is an essential one. It’s also one of the highest monthly costs they have to pay out. The good news is there are some ways that you can reduce these costs and have more money in the family budget for fun and days out. Read on to find out what they are. 

Reduce your purchase fees 

Usually, the single most significant cost related to running the family vehicle is the monthly amount you need to pay towards its purchase or lease. In fact, the vast majority of families choose to pay for their cars on finance rather than buying them outright.

Of course, what that means is you must look for a used car dealer like London Motor Company that can offer the best value for money finance deals. In fact, finding a finance specialist means you end up paying less, and make the entire process of buying a car a lot simpler and easier as well. 

Reduce your insurance 

Next, if you are looking to keep the running cost of your family vehicle low, you must choose your insurance carefully. Of course, there is a delicate balance that you must strike here between keeping the price low and also being covered for every likely eventuality. Otherwise, you could end up in a situation where you do not have coverage, and this could cost you big. 

With that in mind, doing a little shopping around and using comparison websites is the best idea. Then you can be sure that you are not paying a penny over what you need to. 

Reduce your fuel 

Similarly, the cost of the fuel you put into your family car will have an effect on how much you pay out over all as well. With that in mind, there are two things you can do here. The first is to reduce the amount of fuel that you use by cutting down on unnecessary journeys and driving economically. 

Additionally, making an effort to look for the cheapest petrol stations is well worth the time it takes. The reason is that it can cut vast amounts off of your monthly bill. 

Reduce your maintenance costs 

It is also essential to keep your vehicle clean and running safely, especially when it’s the primary way you and your family get around. However, that doesn’t always mean you have to pay out for expensive professional services. 

In fact, when it comes to detailing your car, you can do a professional job yourself from home. All you need to do is invest in a few tools, then follow the advice in the video below. This being a tactic that could save you a real fortune over time. 

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The same goes for some of the more basic maintenance tasks as well. Like changing the oil, checking your tires, and even replacing things like the windscreen wipers. Although, when it comes to functions that have an impact on the safety of your vehicle, it’s always best to get professional assistance, no matter the cost. 


Fun Ways to Make Money Without Huge Investment

Fun Ways to Make Money Without Huge InvestmentPhoto by Micheile Henderson on Unsplash

While many of us love the daily routine of having a set place of work and defined working hours, for others, having a flexible way to make money is the only way they can work around their family. Obviously, we’d all love to be able to run successful, and more importantly, profitable businesses, but most businesses require some form of investment to get up and running, and that’s not always available. With this in mind, I thought I’d take a look at some ways that you can make money without needing to make a huge investment first.

Personalised Gifts

There are companies which allow you to make custom-made gifts and merchandise to order. Dropshipping is becoming a really popular way for people to make money and basically just allows you to act as the middle-man between customers who want things and companies who make them. You don’t pay for anything until someone has ordered it from you and the potential to make money is pretty decent.

Blogging

A lot of bloggers aren’t that open about how they make money, but it’s simple. When you start a blog, your website starts to gain “authority” from Google. In time, this authority will make you valuable to other websites if you link to them. SEO companies will pay you to post links on your site and sometimes companies will send you items to review and write about, which you can either keep or sell.

Write an eBook/Course

Do you have a particular skill that would be valuable to other people? It could be anything; writing, gardening, baking, parenting, car mechanics – if you’re enough of an expert to teach other people then writing and selling an ebook or online course could be a lucrative way to make money. Some publishers ebooks will tell you that there’s no money to be made without a significant investment, but this isn’t always the case. It’s also what’s known as “passive income” because once it’s done, you just have to sell it and thee things often simmer quietly in the background.

Virtual Assistant

If you have good admin or organisational skills, becoming a Virtual Assistant (VA) will allow you to ue this skills from your own home. A VA does everything that PA or admin assistant does, but virtually. You’ll often have a weekly Skype call with your clients to see what they need you to do that week, and you’ll usually share documnts through something like Google Docs so that everyone has access to the work being done.

Sell Photos

If you’re a decent photographer and already have a good camera, selling stock imagery online could be another good way to make cash. There are number of big sites like Unsplash, ShutterStock, Fotolia, iStockPhoto and Photobucket where you can submit your photos. Whenever a customer wants to purchase your photos, you will get paid as per the price you fix and the best part is, you can get paid multiple time for the same photos.

Struggling Financially? There’s No Need To Panic!

The truth is that at one point or another, most people will struggle with their finances. It’s not easy feeling like you’re sinking, as a result of struggling to manage your finances properly. It can feel as if it’s your fault you’re finding it hard to stay financially afloat, when actually it isn’t your fault. Yes, you may have made some bad choices with money or you may have lost an income stream, but blaming yourself isn’t going to help you or your family. Instead, you need to approach the problem head on and face it. 

Of course, knowing how to do that isn’t always easy, is it? When you find that you’re struggling with your finances, it’s not easy to accept the situation that you have found yourself in. You may be feeling upset, angry, embarrassed, or ashamed, or all of these emotions. However, it’s important to remember that financial problems impact a far wider number of people that you can imagine, and you really are not alone. 

You may be feeling anxious and panicked by the situation that you have found yourself in, however it’s important to stay calm and try not to let it impact your mental health and wellbeing. Yes, it’s a rubbish situation to be in, but don’t let it impact your mindset – instead find a way to move forward. 

To help you to do that, and to help reduce the stress and strain that you are under, below is a guide to some of the steps that you can take if you find that you are struggling financially. 

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Don’t ‘bury your head in the sand’

The very worst thing that you can do is ‘bury your head in the sand’. Whatever you do, don’t make the mistake of pretending that it isn’t happening, or the situation will only end up getting worse. That’s why it’s so important that you are willing to accept the fact that there is a problem, because without doing so, it’s impossible to face the issue head on. However, by accepting that you are struggling financially, you put yourself in a position to deal with the problem in a more positive and constructive way. 

If you ignore the problem, it won’t go away – if anything, it will only end up getting worse. That’s why it’s so important that if you’re struggling financially, you acknowledge that there is, in fact a problem, as by doing so you can then address the problem and prevent it from getting worse. 

Write a list of what you’re struggling with 

The first step that you should take is to sit down and write a list of all the things that you’re struggling financially with. While the concept of doing this might seem somewhat daunting, it’s an important step to take and one that should help to make getting things back on track, somewhat easier. 

Sit down and write out a list of any bills that are overdue as well as a list of any debts that are owed. It’s also important to work out the monthly cost of your living expenses, and determine whether they are affordable. If your living expenses outweigh your monthly income, then you have somewhat of a problem. However, what it’s important to remember is that there are a number of ways that you can make managing your finances a little easier. By creating a list of your finances, you can work out what you can afford to pay and what you are unable to pay, and can then move forward from there. 

There is plenty of support available from financial charities, as well as debt charities like Step Change, for instance. So whatever it is that you are struggling with, don’t feel like there’s a lack of support available, because this isn’t the case. 

Consider selling assets to help 

If you’re struggling with your finances and need a means to an end, one option is to consider selling your assets to help cover the cost of your debts or to help make your living expenses that little bit more affordable. The fact is that while this might not be a route that you want to go down, it may be one that could be helpful, and thus is worth considering. 

Take the time to think about what you could sell – whether it’s old and unwanted furniture, electricals you no longer need, or something else. There are some great resources online designed to help you determine assets that you could sell to boost your income – for a little inspiration have a read of: ‘The 6 Surprising Assets You Can Sell To Supplement Your Income’. These kinds of resources offer some fantastic tips and ideas for making it far easier to give your income that much-needed boost to make managing your finances that little bit easier. 

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Find a way to earn more 

Another option, when it comes to making it easier to manage your finances, is to consider supplementing your regular income by earning more from a second income. While this may not be an idea that appeals to you, it could be a good option to consider, and it doesn’t necessarily have to mean leaving the house. Believe it or not, there are plenty of ways you can earn from home, including by freelancing. 

Whatever your job – be it working in education, marketing, medicine, health, or any other industry for that matter – there are plenty of options for freelancing within your chosen industry. However, it might just take a little time to work out what these options are. Let’s say, for instance, that you work as a teacher but need to boost your income – perhaps you could work as an online tutor? Or, say you work in marketing – maybe you could offer some freelance social media management to smaller companies? Whatever area you work in, there’s sure to be a way that you can earn some extra money through freelancing. 

A great tip is to look on sites like Indeed for remote roles, as well as using Facebook community groups specially created for your industry, and LinkedIn job boards to source remote and freelance roles. 

Struggling financially is not easy to cope with, however with the right action plan  in place, you can make managing the situation that you have found yourself in, far simpler and easier to cope with. 

Understanding Your Credit Score

We all know we should work to have a good credit rating, but many of us don’t really understand what our credit score really is or how it is worked out. With a better understanding of this, you will be better able to understand how to have a strong score and what it means if you don’t. You may receive letters from companies like Wescot, but read on before you make any payments to them.

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What is a credit score?

A credit score is a number that summarizes your credit information in a credit report. The number you have will reflect how likely you are that you will skip out on a loan or a credit obligation in the future. 

Why don’t I have a credit score?

Credit scoring can only happen with enough credit information. With little to no credit history, you won’t have a credit score available. 

What are score factors? 

Score factors are provided with your credit score to explain how different items in your credit history have impacted your overall score. This can help you to understand what has had the biggest impact, giving you a priority for things to fix. 

How often do credit scores change?

Your score will change as your report changes, meaning it can change all the time as new information is added to your credit report. 

What is the credit score range? 

There are different credit scores with different ranges. Two different scores can represent the same risk level, as different agencies and lenders calculate their ranges a little differently. Your Experian score is the most helpful for you, as they will provide an explanation of what the score they have given you means to lenders and how they view your worthiness for credit. A good score with Experian means you’ll have a good score with lenders, even with a different method of rating. 

Does debt consolidation change your credit score? 

Does consolidation help credit score? Debt consolidation can help or hurt your credit score, depending on the method you use and how well you keep up with your repayment plan. Speak to a credit counselor to make sure you are making the right choice, and make sure you can keep up any monthly repayments to avoid further damaging your credit score. 

What is a good credit score?

A good credit score depends on the scoring system used by the lender in question. You can get a clearer idea of whether your score is good or not, by getting a score and report from Experian, which will help you understand your score. 

What information goes into calculating my credit score?

Credit scores use information from three main areas of your credit report. It uses your account information (including credit card, mortgages, and student loans), public records (such as bankruptcies or CCJs), and inquiries (requests by lenders to view your credit). Personal information like your gender, race, where you live, and your marital status are not taken into account. 

Does having too many credit cards affect my credit score?

Too many credit cards with either high balances or a lot of credit available can make you seem like a higher risk and can impact your score.