Here Are the 6 Ways to Save Money When You Have a High Cost Of Living

Posted by on Feb 13, 2018 in Saving Tips |

If you live in one of the most expensive neighborhoods, countries, or cities and have yet to develop a habit of saving then you are officially doomed. If the cost of your lodgings, food, and cloth is too high, you are likely to spend the rest of your life paying for them unless you start saving. It is okay to have a high cost of living as long as you can also save some amount for a secure future.

If you find yourself at an impasse with saving then here are 6 ways that can make money saving easier even with a high cost of living:

1.     Find housemates for yourself

If you are a bachelor living alone in a big house then what’s the point of having all those extra rooms if you are not cashing them?  This is one great option of saving money and making things easier for oneself. If you are renting, cut the rent cost in half or if you own the house then rent out a room to get a steady flow of income which you can always put to good use. Besides, having a housemate is a great experience as it gives you an opportunity to socialize and have someone in the house with you.

2.     Carpooling

If you use your car to get to and from work, you’re likely to spend a significant portion of your income on gas. The best solution is carpooling. As eager as you are to save your car from scratches, there is definitely someone out there who is eager to find a partner to cut their gas costs. So make your life easier and save a lot of money and stress by carpooling to work.

3.     Deducting the credit card rate

If you are a responsible payer and have paid all your bills on time then consider requesting the credit card company to reduce your interest rates. If they do, bingo and if they don’t then refrain from using the credit card until you can afford to.

4.     Rent while you are away

You do not live in your house 12 months a year, do you? There is always a time when you go to visit a relative or spend the summer somewhere else. So why leave the house empty when there is someone who can use it and pay you rent? So even while you are away you can earn some money by lending your couch.

5.     Learn to cook

Having a high cost of living means you pay high for your house and your food. And if you live in a place which is overflowing with food joints then the temptation gets even worse. Cooking at home is the most economical source of food. So learn to cook, become your own chef, and save some money. Also make sure you go to meet your friends with a full belly.

6.     Make your house energy efficient

To cut down on the electricity bills, make your house energy efficient by taking all the measures that can help you save energy, such as:

  • Use LED’s and CFL bulbs
  • Install automatic thermostat that will turn off itself
  • Install energy efficient glasses on windows, etc.

By following these tactics, you’ll be able to save a good amount of money even with a high cost of living and without getting into debt.

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How to Guarantee a Comfortable Retirement

Posted by on Jan 19, 2018 in Finance |

Imagine yourself cooking sausages rather than grilling steaks.

Visualize yourself shivering in a blanket, in the cold winter of London, with no heater to warm you.

Envisage yourself dashing with a trolley to cart some reconstituted meat and that also on sale.

And add an extra layer of fun to it – imagine yourself doing all this after retirement.

All of us want to continue with their comforts, extending well beyond their age of working and into retirement. And with the cost of living predicted to rise to 150% by 2050, many of us are underprepared for the life that follows after retirement. So, it’s time to act. Better late than never!

Stop Being an Ostrich

It’s high time that you pull out your head out of the sand and educate yourself. Distinguish your needs from your desires and then review your listed budget. Shred off those extras that lump uninvited expenses on the list. Saving those shillings now on unwanted things can definitely help you with your future, albeit, being a small step, it is an important one nevertheless.

My Pension Pot

State Pension and How to Increase it?

Start by applying for a state pension statement here and know when you will reach the state pension age.

If I reached a state pension age after 5 April 2016, how much do I get to put in my pot?

You can claim to a flat state pension rate of £155.65 per week with a national insurance contribution (NIC) period of up to 35 years.

And if it came to maturity before that?

Then you will receive a basic pension of £119.30 a week. To claim towards full state pension, you need to have NIC of 30 years.

What if I do not have enough NIC and want to improve on that?

You can seek for a professional advice here and add to that pension pot.

Upgrade Your Pension Pot through Employment Pension Schemes

After tying up your state pension, you now need to look at other ways you can add to your pension pot, basically to upgrade it.

The easiest way?

Get yourself the pension scheme that your employer has to offer. For you won’t only get to supplement to your state pension but you will also have tax free cash.

And what type of pension schemes do companies have to offer?

Your employer basically has two types of pension schemes, one which will be based on your earnings and it would be a defined benefit scheme.

And?

The other is based on the investment that you make into it and the underlying performance of those invested funds.

Both have their advantages, so you need to analyze both and take an informed decision.

Personal Pension Schemes

Your pension pot seems to be running perfectly fine but you should not end here. It’s time to transform the running pig into a flying pig. Look for some personal pension schemes that organizations have to offer and invest in them.

Invest in ISAs

ISAs are a shrewd way of having tax free savings rather than hoarding money into a savings account. There are plenty of ISAs that can be invested into like cash ISAs, stock and shares ISAs and innovative finance ISAs. Choices are plentiful and ISAs are a great way to save for future. And launching from April 2017, is the lifetime ISA through which you can propel your savings to £32000.

Other Key Investments

Buy to let mortgages, equity releases and downsizing are some of the other key strategies to make your retirement more comfortable. However, it is advisable to always consult a professional before opting for them.

Maybe we’ve spent too long, trying to figure this out with theory

You can never have a perfect plan, but what is important is that you act now!

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Taking out a car loan—things you need to know about

Posted by on Dec 1, 2017 in Auto Loans |

Not everyone can delve into their savings kitty and conjure enough finances to purchase the car of their dreams. Cars like homes require a sizeable investment and very few people are able to conjure up enough finances on their own. For the rest of the people, buying your car requires the use of auto finance. The simplest and oldest specific car finance option in the UK is car loans. A large number of people in the UK each year make use of car loans to buy their favourite cars.

Despite that, not many people are aware of the details of car loans. This article takes a look at some of things that you need to know about car loans.

·        Know Your Limits

Car loans are not an aid or a charity payment being made to you. Car loans are financial assistance by the bank or another similar financial institution to help you buy your choice of car. These loans will need to be repaid in due course and work in the same way as mortgage payments, etc. Hence before a person takes out a car loan they need to know what their financial limits are. A car loan will involve both down payments and monthly payments. The larger the loan amount taken, the higher the down payment, similarly the larger the loan amount the higher the monthly payments.

You should know the amount of monthly payments that you can afford as well as the amount of down payments that you can make, before applying for a car loan, worth a certain amount.

·        Choose the Vehicle of Your choice beforehand

Why are you looking for a car loan? Car loans are used to buy cars. If you are looking to take out a car loan, you need to be sure of the car that you are looking to buy before applying for the car loan. Once you get a car loan you cannot decrease or increase the amount of that loan, unless you take out another loan on it. Hence, before taking out the car loan, confirm the car you want to purchase and how much will it cost you, so that the amount of loan can be applied for accordingly.

·        Credit Matters

Irrespective of the claims that may have been doing rounds in the financial market, credit is still one of the most relevant aspects in the financial market. Your credit history will determine, whether or not you get a loan or not. This is why it is important that you maintain a healthy credit history if you plan on getting a car loan to finance your dream car. Credit history helps the lending agency determine the risk of their investment and someone who has a good credit rating will often find it easier to get their car loan applications accepted, as opposed to someone who has a tainted past.

These are some of the things that you need to take into account if you are looking to take out a car loan.

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What to Look for in a Savings Account?

Posted by on Nov 9, 2017 in Finance |

There are many things to look out for when you are choosing a savings account, and to make sure that you are investing in the right account, here are some of the things that you should look out for:

1. There Should be No or Few Monthly Fees

According to the American Bankers Association, 45% of Americans pay maintenance fees for their checking accounts or other fees in a typical month. Get an account that does not require you to pay a monthly fee. If you do, you will be spending more than saving up on money, and the money that you could have saved on the monthly fee could be used elsewhere when you need it. If you don’t find a savings account that offers a no monthly fees advantage, then go for a savings account that charges a small amount of fee.

Some banks allow you to avoid this charge in return for you to keep your account and savings in one place. However, it is recommended that you keep your savings account and checking accounts in different banks, so you can avoid the temptation to take out more money to spend.

2. Check for the Interest Rate

You need to seek out the best interest rate to make your savings worth the wait. Note that the rates that are advertised are only the introductory rates or bonus rates. Bonus rates are the interest rates that are only applicable under certain conditions, and the introductory rates are the bonus rates that are applicable for a certain time being, after which they revert back to the base rate.

3. What Features are Available to You?

In a savings account, it is important to note which features you can use, such as online security or account design features. These elements matter a lot when you are using a savings account, so keep an eye out for the exact features that will provide you the best value for your account.

4. Know if Your Savings Account Offers Free Transactions and Fee Rebates

Many people might miss to add this very important feature on their checklist while choosing a savings account. It is vital to know if the account you are considering offers you free transactions; if so, how many. In addition to this, you would also need to know if fee rebates will be provided to you.

5. See if You Can Get Sub-Accounts in Your Savings Account

We all have different things to save up on at the same time. If you can allocate money to different sub-accounts that are specified to save for that goal, it will be easier for you to manage your savings more easily. There are many savings accounts that provide you the chance to create sub-accounts, and assign each sub-account for a different goal. This way, you will know how much more you have to save up on for a specific goal like an upcoming vacation, or a new home.

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Unsecured Personal Loans | Best Loans For People With Bad Credit

Posted by on Nov 5, 2016 in Payday Loan |

Some situations in life simply make us face the need to get a loan or to get the money in some other way. When Unsecured-Loans-Loans-Without-Any-Securitychoosing a bank that you will entrust your business, you should at least consider some offers, as well as terms and conditions related to the loan offers you would like to get. To get the best offer, you should compare these conditions in a few banks on the market. This way you will get the best possible offer.

Unsecured personal loans are one of the most desirable models of borrowing that users decide to get. These are theimages loans that are not sponsored with a guarantee. An unsecured personal loan implies that the moneylender depends on the borrower’s guarantee to pay the loan off, without offering a stake, for example a house, apartment, car or some other valuable asset to serve as security in case the loan is not reimbursed. For instance, to be considered for an unsecured personal loan, a borrower should have an exceptional credit record.

unsecured-loan-250x250Because of the greater risk included, unsecured personal loan interest rates are usually higher than the secured loan interest rates. Therefore, it is always good and recommended to check the interest rates before getting an unsecured personal loan. Unsecured credits are regularly pricier and less customizable than the secured loans; however they are a good choice if the client needs a short term loan. There are several distinctive unsecured personal loans to look for in the United Kingdom so you will for sure get the information and answers concerning the diverse alternatives accessible in order to find the suitable loan.personalloans-ul

 

Here are some of the most popular unsecured personal loans on the market that you can find.

Signature loans – basic type. For this kind of a loan, all you have to do is to promise you will repay it and sign the contract. Very simple. You can find these loans at banks as well as at the credit unions, and you can utilize the cash for general purpose – it is not specified as in the case of a car loan or a housing loan.

 

Instant-loansCredit cards are an alternate way to borrow the money. When using your credit card, you do not get a huge amount of cash instantly as in the case with the signature loan; instead, you can withdraw the money anytime you need it, but you should not break the credit card limit.

Credit cards are widely used as they simplify the process of money borrowing. But of course, there is the other side of a coin; the interest rate is quite high. There are usually some 0% promotion rates, but as we all know, the promotion will end, sooner or later. It’s not difficult to get into a bad situation by using credit cards, so you have to be cautious if you don’t want to wind up paying many pounds for interest costs every month.

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How to get a payday loan?

Posted by on Nov 3, 2016 in Payday Loan |

Anyone who wants to build a second professional mainstay and a neighboring commercial plans, usually required lixumomistart-up capital for their projects.
To obtain a loan for a somebody, the Bank requires insight into the income and assets of the applicant. If the commercial addition to the main occupation in the long term, the loan cannot be placed on the current income situation. The Bank therefore requires specific documentation on the proposed transaction, a business plan, a profitability forecast for the next year and a complete financial statement.

If purchased with the credit goods, machinery or vehicles, the Bank may use this as collateral for their loan. In these cases, for example, the acquired equipment can be transferred as collateral to the bank to secure the loan. Also, a transfer of the operating equipment or furnishings may be required.4550104_orig

The final decision about the security of the loan depends on the proposed operation and the assessment of the Bank. It is important in these cases to present a coherent concept of the project and to make a forecast for the next years. Because the banks must be able to evaluate the planned business based on these documents and be able to assess the risks involved.

The government encourages such projects. In certain cases, the founder of an industry for their projects can apply for a low-interest loan. The projects are supported by various programs and foundation grants. The founders receive an entry fee for their business, the importance of this is that the application is carried out before the planned investment.

Here is how does the repaying process function.

The loan is either repaid in a period of up to five or ten years. For the period of the project up to two free repayment years may be agreed.paydayloans-woman

Shorter loans are functioning in the same way and they are called the payday loans. They can represent a great help when it comes to filling the gaps between two paychecks or even if you are in the need of money for your house, car, dentist etc. Shorter loans can be quite more popular than those presented. There are all sorts of variants when it comes to raising them and the most popular way is online where you need to fill out some papers and decide how much money do you need. In these cases, you are obliged to get that money repaid but these policies are really flexible. This means that you can make all sorts of deals with them when it comes to repayment and the best of all is that they will hear you out no matter what is it about.

In the last year’s banks stopped to give these shorter loans and they are completely transferred onto these organizations. They are mostly placed online where you can get yourself a loan. There are all sorts of cases needed for loaning and you should do it no matter what. Constant debts is something that we need to learn to live with.

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What you should know about payday loans

Posted by on Nov 1, 2016 in Payday Loan |

Many people are faced with financial difficulties at one point in life. Searching for the way to get the required amount of money can be a very hard task. But there are a great number of companies that offer lending services. A payday loan is one of these potential sources. This service offers people the possibility to borrow some money before their next payday. This might be of much help for people who need financial help in the form of a little extra cash as soon as possible.Online-Payday-Loans

The amount of money that the borrower has to return will be higher than he borrows because the interest rate is usually very high. Before borrowing money, the person has to be sure that he or she will be able to have enough money for at least two periods. Otherwise, the new loan will be needed. And everyone who borrows money tries to avoid the new loan. This is the reason why every person must be sure that the amount of money that will be left can cover the expenses without falling deeper into debt.

Find all information about the lending companies

The next step is to gather all information about the lending companies available. There are also companies that are known as predatory lenders. These companies will literally rip you off. It is very important to find a reputableno-faxing-payday-loans company that will offer you fair interest rate. Only in this way the payday loan will be a good way to solve financial problems not to make them even bigger.

Compare the different terms and offers as well as the level of interest rate in any available lending company before you decide to choose one. Some of these companies are the predatory lenders but there are also companies that offer good conditions and numerous benefits related to the repayment of debt or more time to pay back what you owe.

Be sure that you know all conditions. If you are not sure that you understand something then you should be free to seek an explanation. Don’t sign anything if you are not familiar with all the terms you must comply with. Do not let yourself unpleasant surprises.

payday-loanRepaying the debt

Once the person borrows money, repaying the debt to the predefined time period should be the priority. If you do not comply with the agreed terms and conditions, it might happen that you will have to pay astronomical penalty fees. If you don’t repay your loan with your next salary, the fees will go higher and you will be in debt over your head very quickly. Be sure that you know even this amount in case something unpredictable happens.

If you know that you will not be able to repay your debt but you still need a financial solution, then you should consider exploring other options such as borrowing from a family member or from a friend. Lending is the business and the main source of their income is based on the fees that the borrowers will pay. They do not accept any excuses if you are not able to pay back your loan.

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