Tag: personal finances

Adulting

Does Running The Family Car Have To Be So Expensive?

JayneLeave a comment

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. 

Money

Shoring-Up Personal Financial Accountability

Jayne3 Comments

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.