The concept of working from home has always suited you as a busy mum who never seems to have a spare second to herself in a day. The idea of having your own dedicated workspace at home to complete your tasks and earn a little bit of extra money is the ideal scenario for you. Whether you’re setting up your own business or finding other ways to create some additional disposable income for your family, here are four working from home ideas for busy mums.Continue reading “4 Working From Home Ideas for Busy Mums”
Preparing yourself financially for family life can be quite stressful, and many people are often surprised by what’s to come, and that doesn’t hold up. As time goes on, you’ve got both your future and the future of your children to think about, which is why you should be taking steps to prepare for that. Saving can only take you so far, and you should be thinking of ways you can stretch those savings to something even bigger.Continue reading “2 Types Of Investments You Can Make For A Better Future “
Chances are, you hear left and right that you need to save up. Save up for your retirement, save up for a down payment on a house, save just because you should save. And of course for an emergency fund. Even if you’re trying to build a more successful business you’ll still hear on and on about needing an emergency fund. One for your personal life, and one for your business.Continue reading “7 Reasons Why You May Need an Emergency Fund”
In this day and age, debts are inevitable for most people. Taking out a loan can be of tremendous help, especially when you are in a financial emergency, be it for business or personal reasons. However, there are many mistakes that people make, leading to a stressful life of debt. To help you avoid becoming a victim, here are some common debt mistakes to keep in mind:
Same Old Spending Habits
We are creatures of habit and spending money is no exception to that rule. That’s because driving the same car, eating in the same restaurants, and buying at the same store proves to be comfortable. However, it could be costing you more than you can handle financial wise. It’s pretty simple- if you do not change your spending habits, then you will never get out of debt. Consider beginning with your morning habits and take breakfast at home. Next, carry lunch from home, rather than eating at a restaurant. In the evening, watch movies or games at your house while enjoying a homemade meal. These simple changes will have an immediate significant effect on how much you spend on a daily basis. You do not have to do what you like or prefer, you just have to make better choices when it comes to it.
Attempting to Get Out of Debt Alone
Almost everyone doesn’t like to ask their friends and relatives for support when it comes to handling debt. A wise remedy is to contact a non-profit credit counseling agency and seek help from the experts. These counselors are well-trained and certified by national organizations such as the National Foundation for Credit Counseling and will recommend debt-relief solutions including credit consolidation, debt management programs, debt settlement, and even bankruptcy if things are really bad. They will show you how to create an ideal budget and suggest a solution that will match your needs. The best thing about this is that the advice is free. Ask, am I eligible for a debt management plan?
Failure to Create a Practical Budget
It is virtually impossible to gain control of your money if you do not have a practical budget. Many individuals think it is too much work until they reach into $10K or $20K credit card debt and wonder how they got there.
A great solution is to create a realistic budget that addresses common financial needs such as health care, food, housing, education, and insurance, while also creating room for paying your loans. Do away with the credit cards and only work with cash. Yes, this will mean cutting back on things like dining out, hitting the movies, buying new electronics or clothes, but if you really want to get out of debt, having a practical budget and using cash is a solid start.
Getting into a Debt-Relief Program but Not Understanding What it Entails
There is rarely a quick-fix solution for debt issues. If you come across this claim, then immediately look elsewhere. One of the most important things to bear in mind is that debt-relief programs tend to take three to five years and so, you’ll need to be patient. Next, you need to assess the firm providing these solutions. A great place to start the check is the Better Business Bureau (BBB) or the local state attorney’s office. Military bases, universities, and credit unions should also be reliable sources for suggestions. Just ensure the organization you pick is licensed and does not have a record of client complaints.
Trying to Clear Multiple Debts at Once
Many people in debt usually have multiple sources including student loans, credit cards, car loans, mortgages, etc. Unfortunately, they try to handle them all at once. This is a move that will only see you give up and be unable to make progress in clearing debt. Instead, go back to your budget, trim everything to the essentials and create a surplus that goes to the credit card with the highest interest rate. Once that is cleared, go to the next credit card, and so on, until you clear all the debt.
Failure to Put Aside Savings for Emergencies
According to reports, over 55% of American consumers do not have adequate finances to cover emergency expenses of at least $500. You cannot predict car accidents, plumbing failure, unemployment, etc. That’s why every household requires an emergency fund account. Experts suggest putting three to six months of expenses aside to cover any emergency you might experience. It may take time to get there, but if you are determined to pay off your debt, it needs to be part of your monthly budget. So, consider putting aside at least 5% of your monthly income towards an emergency fund. This way, you won’t have to depend on loans to cover an unexpected expense.
Failure to Contribute to a Retirement Account
Yes, it seems good to devote your money to clear your loans today, but it is a costly mistake in the long haul. There will come a time where you need to retire and so, ensure you devote at least 5% of your monthly income towards a retirement savings account. The earlier you begin contributing to that 401(K), the better off you will be when you retire.
Failure to Prioritize Your Debt
We all have bills and many people want to get out of debt. However, many people fail to be focused, and doing so isn’t a priority. One of the best solutions is to consolidate your debts and only make a single payment per month. Another way to stay focused is by writing down the top 5 debts you want to clear. Put this note in a place you will see every day to remind you of your mission. Whenever you see that note, you will remember that you are getting rid of and not adding to the debt.
Closing Accounts When They’re Paid Off
The remedy for this is straightforward, pay off your account but do not close it. Keep in mind that credit score systems not only depend on how much you owe but how much credit you have available.
Living away from home and at your university can be exciting and add to your experiences. However, staying at home can be just as fun- and beneficial! Statistics show that UK universities had 1.9 million students living in both provider-maintained accommodations and private halls last academic year. This means rent prices are going up (as demand increases) amongst other accommodation issues. Yes, staying at home does sound cool, but there are so many perks you’d be gaining! Here are a few.
Save more money
As a college student, living on a budget is essential. Imagine how easier your time in school would be when you don’t have to worry about rent, paying for maintenance fees, or even food? Well, that’s what staying at home does for you. It is considerably cheaper and budget-friendly staying at home. You can save more money and avoid failing in debt like many college students.
Improve and keep healthy friendships
It’s a common misconception that college students who stay at home don’t make any friends. Even though you may stay at home, you can still meet and befriend many new people. It also helps you keep the friendship fresh and healthy as you can avoid more “bad” friends and limit your exposure to peer pressure. Additionally, it also encourages healthy space between you and them as you are not easily accessible- unless you want to be.
So, don’t hesitate to take the time to make new friendships and build your existing ones; staying at home shouldn’t make a difference.
Avoid flatmate troubles
If you’re staying out of the house, you are most likely going to get a flatmate. A flatmate or roommate is an excellent idea as they can help share the expenses and take away the loneliness you may feel if you were alone. But it’s usually not so rosy. Some studies show that the constant issues with roommates affect the academic success of students. Although this gives you an opportunity to learn to handle conflict and cope in stressful situations, they are often avoidable.
Stay close to family
Although the university is a time to explore on your own, you miss being around family occasionally. Having family close by makes you feel safe. Staying at home may be an excellent choice if you have a tough time with social anxiety or are uncomfortable constantly being around new people. It is also a good idea to stay at home if you deal with illness and need assistance from someone you trust.
There are so many advantages to staying at home. However, it may not always be possible to do so- like if there’s a significant distance between your home and school. Fortunately, university accommodation options such as the University of Suffolk student accommodation offer students an accommodation experience that feels just like home! But if you do school closer to home, these four reasons should convince you to live at home.