Money Advice Every Recent Graduate Needs To Cherish

Your whole teenage life and the start of your adulthood is all focussed on one thing and one thing only; getting you to the best college possible so that you can graduate with the best degree possible. That is it. It’s why we go to school, pick the subjects we pick and have to take things like exams.

But what happens once this is done and dusted?

I mean, getting the degree to get you the job is only part of the battle, especially when you accept that it is not a salary that makes you rich but the way you spend your money instead. That’s right, personal finance is the key to success after college. Unfortunately, though, most graduates are not too clued up on that area of life. 

With that in mind, we have compiled a list of tips, tricks and pieces of financial advice that absolutely every recent graduate should read and adhere to because, well, these personal finance tips will set you in good stead for the remainder of your adult life. Trust us on that. 

Reading Works Wonders

You’re in the real-world now, and that means money is king. It also means you need to be proactive and squat up on some money basics by reading books about them. Now this may sound boring, but this could be the very reason your finances stay in order and you don’t feel the need to bury your head all the time. What’s more, given you are a young adult, it makes total sense to read books aimed at young adults. Our favorite in this category has to be Get A Financial Life: Personal Finance In Your 20s And 30s. It is a best-seller for a reason. It is also written by one of the most celebrated finance commentators out there so, yeah, it’s pretty good.

Budget Becomes Habit

We don’t expect you to jump into this the second after you graduate. But once you have moved to New York or Chicago and landed your first job making coffee’s for people who can afford nicer suits than yours, and you’ve been doing this for a couple of months, then you need to get into the habit of this. That is because you will have been working long enough to know exactly what your salary is, how much you take home after taxes, what you spend on rent and living and all that sort of stuff you need to know before you can start figuring out what you have left. We know as well as the rest of them that this process can churn your stomach, but it can also stop you digging an even deeper hole. So, once you are settled, work out your take home pay, what your monthly overheads are - rent, utility bills, loan repayments, grocery costs, travel expenditure, car insurance and even just refinancing your car loans etc. - and then work out what you have left for spending on luxuries and saving for a rainy day. The most fundamental rule of avoiding bankruptcy is this: never spend more than you make.

Reduce Debt Fast

You have just left college which means you are probably saddled with enough debt to concern Warren Buffett. It sucks, but it just part of our sucky system. The important thing to wrap your head around, though, is that this debt of yours is not just some monthly bill you need to repay. Oh no, this debt of yours is your arch-enemy and needs to be defeated now before it grows too strong. That is how you need to look at it. It is just a matter of how that you really need to concern yourself with. To start off, we recommend that you read The Ultimate Guide to Eliminating Your Law School Debt, which gives it to you straight, in Layman’s terms and with all the answers you need. But, to summarise what you need to do, we recommend you find ways to save money in everything you do and pinch the pennies everywhere you can because the sooner you are able to pay off your debt the freer you will be. So, if you can avoid eating out or cap your fear of missing out in order to add $35 to your monthly repayments then do so. Not only will this rid you of your archenemy sooner, it will also save you a ton of money in interest. 

Debt Is The Worst

There is no other way to put it. All those dreams your young heart and spirited head may be chasing will be put the guillotine if you caught in debt, which is why you need to do all you can to avoid getting into debt. Getting a mortgage can be halted by debts. Starting your own business can be a dream easily crushed by debts. Even being able to take that job you would absolutely love to do can be halted by debt because it doesn’t pay enough to cover your monthly repayments. What’s more, you could find that your debts - and thus your poor credit rating - stops you from getting a job altogether because more and more employers are checking the history of their candidates. Debt is the worst and that is why you need to avoid slipping down this route at all costs. If you can’t be sure that you can pay off your credit card then don’t get a credit card.

Emergency Fund Needed

You may not have needed to have any kind of emergency fund before now because the worst thing that could have happened to you at college is a) your iPhone screen cracked, b) your leftover pizza got eaten by a drunken housemate or c) your shoes finally died. However, in the real world, where you have a job and a place to live and a car to run and all of that adult stuff, the need for an emergency fund becomes quite a bit more severe. As such, you should start off by saving $1000 to cover things like a broken fridge. The endgame, however, should be three to four months worth of living expenses being tucked away because you have no idea what could happen. You could get made redundant; you could get injured; you could find your car blows up. These things happen, and that is why an emergency fund is needed.

Keeping Finances Simple As A Student

Keeping your finances in a good condition is a hard thing to do as a student. You’ve got everything to pay for like an adult would, your rent, your utility bills and you’re going to have to go on dreaded shopping trips which you’ll soon realise are very expensive! However, there are a few ways that you can live frugally and keep on top of everything, so read on to find out about the different methods!

Use Online Coupon Sites

We all know how useful coupons can be; when you get a good one, you can save lots of money on a shop, or you can get loads more for your money! As a student, you’re going to be wanting to grab as many of these as you can. But, the problem with them is that you’re only given them normally after you’ve spent a lot of money, so how do you get around this? Online coupon sites like groupon.com have hundreds of different coupons and other types of deals ready for you to use, for free! The only drawback here is that these coupons only last for a limited time, so you’re going to have to keep your eyes wide open to catch the good ones as they won’t last very long!

Keep A Well Stocked Savings Account

This is something that you’re going to need to do before you start, and it will help you hugely in the long run! This relies on you having a part time job, and that’s about it. Savings accounts can be opened with companies like bank of america, and they’re an excellent way of getting money together. They give you an interest rate on what you have in the account which means that you do get a bit of extra cash from them, but the main reason why they are good is that they allow a temptation free way to save your money! You can’t access it through your card unless you transfer the money over to your main account so if you pay into it every month for a while you’re going to forget about the money and be able to use it on a rainy day!

Consolidation Loan

Like the savings account is done before you start studying, a consolidation loan is done after. As a student, you’re going to have a lot of debt on your head by the time you’ve finished your studies; but this is normal. The problem is with paying back this debt is that it goes to different companies which means that it can be hard to keep track of all your payments which is usually where things start to go wrong. However, websites like consolidatestudent.loan offer a loan that can pay back all of your debts in one go, and then you repay that loan in easy, monthly installments so you know exactly how much money you’ve got for the month ahead!

Doing all of these things is going to greatly help your life as a student, you’ll have a bit of money stashed away in a savings account to help you out when you need it, be making the most out of online coupons to reduce the living costs and after it’s all done you can pay it all back through one easy payment per month.

5 Tips for Refinancing Your Car Loan

Sometimes, refinancing your auto loan is the smartest thing to do. Most people think that they are stuck with their original car finance for the rest of their contract, but this is simply not the case. If you think your credit standing has improved since you got your car, for example, then it would be best for you to get an auto loan refinancing.

Refinancing allows the borrower to save money by getting a better car loan. Luckily for borrowers, they do not need to wait for a minimum amount of time before applying for a new refinancing. In fact, they could do it even before doing their first monthly payment!

The process of auto loan refinancing is easy and extremely doable, however, it is still important to know when you should apply for refinancing and what steps you should take when you have finally decided to do it.

Review your Credit History

The first thing that you must do before deciding on applying for car refinancing is take a peek at your credit report. See if you have made all of your repayments on time for over a year or more, and if so, then your credit has probably improved. You can always pull up a copy of your report online, and most websites offer it for free. If you are certain that your credit score has improved for the last year, then you can definitely apply for a car refinancing.

Collect your Papers

Collect everything including your payment stubs, loan contract, driver’s license, your car’s identification number, pay stubs from your employer or your proof of employment, and your social security number. Your pay stubs must show the amount that you are currently paying per month, how much time you have got left to pay for your current car finance, your current interest rate, and the lender’s customer service number. These things are vital for refinancing, and your new lender will probably ask for most of these.

Compute Everything

Use an auto loan calculator to compute everything. There are lots of it online, all you need to do is find a credible one. If you want to make sure that you will get a lower interest rate by getting a new refinancing, then all you have to do is type in your current balance and the new interest rate that you are being offered. Put your loan term in (how many months you have got left to pay for your current financing), and you will see your new loan payment from the new lender.

Evaluate and Decide

Decide if you really need to push through with refinancing. Think about how many months you have got left, and if you will be able to save money if you do get a new one. If you decide not to go through with it, you still have two more options left. You can either pay the rest of the loan off, or extend your payment time. Paying it all off means that you will be able to save a lot of money by paying a smaller interest, as it would not be as huge as it is supposed to be. However, if you need more time to pay your loan off and you need the money for other things, then you can always ask your lender if you can extend the loan payment. The bad thing with this though is that you would be paying a bigger total in interest, so you’d have to be wise when deciding.

Finish the Process

If finally you decide to go through with refinancing, then make sure to finish everything that you have started. Follow the lender’s instructions and fill up the papers. Listen to their requests, and make sure to negotiate wisely.

Now that you have got the tips, it’s time to start looking for a new lender. Good luck!

Your Company Needs A Car, And Here’s Why

Businesses have lots of expenses to contemplate. From tech to new machinery, the list is endless. But, one purchase which doesn’t get the same amount of time is a company car. To most firms, it is a luxury, and indulgence they can’t afford. So, you leave it to the big boys to swan around in their motors and show off. However, prestige and reputation are not the only reasons businesses have company cars. In truth, there are plenty of reasons to consider kitting out the organization with a car. These are the main ones. 

Employee Satisfaction

From a worker’s point of view, a company car is a great addition. Why? It’s because they get a free car essentially. Because the company can claim back the tax, they don’t have to pay for gas. And, they are not going to fork out tens of thousands for the initial purchase because that is madness. Then, there is the cheap insurance to consider, as well as a multi purpose vehicle they can use outside of work. Simply put, a car is an excellent incentive for employees who are high enough up in the firm. If you don’t have the budget to compete with your rivals, this is a fantastic option.

Tax Deduction

“Wait there a minute. Why would you buy a fleet of cars if you don’t have a big budget?” Good question because vehicles are not cheap, especially if there is more than one. However, when a business buys or rents a car, they don’t go through the same process. Because it is for commercial purposes, there are tax deductions which can save the firm money. For example, it is possible to claim the overall cost as a business expense. If a vehicle's price is $15,000, it is $15,000 off the bill at the end of the tax year.

Brand Awareness

Everyone has seen the cars which are full of logos and advertising materials. Gaudy they may be, but they are also effective. People see the cars on the roads and can’t help but notice the brand. Of course, awareness of the company increases as a result. If this is too ostentatious, there is the firm’s reputation within the industry to consider. When you go to a meeting, you can’t turn up in an old banger which chugs and sputters. Instead, a sleek and professional car, like a Range Rover, is necessary to reflect the business. The good new is that Cars & Co Range Rover dealers have the price covered. You just need to make sure you choose wisely for the sake of the company. 

Helping Around The Factory

It is rare to find a business which doesn’t make deliveries in 2017. You probably have a contract in place with a shipping company, but a company car is an alternative. With a vehicle, it is easy to make shipments and deliveries to fulfill customer orders. And, there is the added extra of rolling up in a new whip and impressing your base.

Ultimately, a company car can help everything from the firm’s finances to employee turnover. Therefore, it’s a no-brainer.

Avoiding Troubles In Saving Money For The Future

Securing your future is the top priority for everyone. However, a lot of the time it can feel like a waste when we want to enjoy life now as well. So in our strive to balance the two out, we can make a lot of a mistakes. Here’s a handy guide on what you can do if you trip up, or if a tricky situation crosses your path. 

Know How To Balance Your Checkbook Properly

There’s a trick to getting this in order, however it doesn’t have to be as difficult as it’s often made out to be. Being able to be self sufficient is some estatthing everyone should have accessibility to, and therefore knowing what’s going in and out of your account is an absolute must. 

Instead of going through your accounts monthly, try to make time to do them weekly. This will make it a lot easier in the long run and less of a chore to check up on yourself.

Know How To Get an Estate in Order

Sometimes when a relative passes away, you’re all you have to put their affairs in order and sort out what they’ve left behind. However, accountants and lawyers are on hand to help with this specific task, even if they’re not around for the others on this list! If you do need help with evaluating assets and taxes associated with anything being left behind to you, you can learn more at EastBayAttorney.com, and from searches across the web for quick and usually free consultations. 

You can think of these kind of experiences as exercises for your affairs. Having to get someone else’s estate in order will help show you what you need to do for your own life. Keep all your documents in a contained place and calculate the worth of any assets you or the estate you’ve been left has. You can use calculators at places like Investopedia.com for an easier estimation at a quick glance.

Keep Your Bill Payouts To A Minimum

We all need a treat now and again, so we go just a bit further with our monthly energy use with parties or extra time on our computers. However, if we make a habit out of this we’ll be especially sore in later years, never mind mentioning right now.

Know what you have to pay at the beginning of each month. Try and set up a direct debit payout of these bills, meaning your electricity and water will stay on even if you’re running low on funds as they’ll be drawn out automatically when they’re needed.

Similarly, if you have money to spare, try and split it into two. Use some for a good night out or luxury day in when you deserve it, and put the other bit into a savings account. You never know when you might need a rainy day fund, and it’s essential practice for the future anyway.

Keep these tips in mind to keep money troubles out of your future.

Get Your Business Back in the Black

Most businesses, in the early days especially, can benefit from debt. Debt is often what helps to turn an idea into a booming business when no other avenues are available to an entrepreneur. However, debt really can be dangerous to businesses, especially if they borrow too much or their business goes through a rough patch.

If you’re struggling with too much debt, whether you’ve just started to realize you have a problem or you’re already seeking the advice of bankruptcy attorneys, don’t give up yet! There are a number of things you can do to stop your business struggling with debt and get back on an even keel...

Raise More Revenue

If your business is in debt, it isn’t always as simple or straightforward to pay it off as it is personal debt, but it can be easier too. Case in point being a business’ ability to raise more revenue - something that an individual struggling with debt can rarely do. So, as first line of attack against your debt, it makes sense to try and increase the funds available to you by running a few promotions, such as a flash sale or buy-one-get-one-half-price offer to bring more customers in. This can be particularly effective if you have a lot of excess stock, which is basically untapped money, sitting in your inventory.

Chase Up Customer Payments

Most businesses have at least a handful of late or non-paying customers whose money could help to bring their bank balances back into equilibrium. If that applies to you, it’s time to get serious about chasing them up. Make phone calls send emails, and if that doesn’t work, consider pursuing them legally. You are entitled to payment for the goods and services you’ve supplied, and if getting it could mean the difference between bankruptcy and living to fight another day, it’s a no-brainer.

Minimize Expenses

Next, to sort your business’ financial struggles, you should make a real effort to cut out unnecessary expenses out of your budget completely, and minimize those you can (insurance, utilities, office supplies) using the savings to start paying off your debt with gusto.

Sell Your Assets

A lot of businesses, especially smaller ones, have very few assets right now, due to the increase in running businesses using the internet and cloud services. However, if you have any assets at all, which are not vital to the running of your business, it is certainly worth thinking about selling them off to help clear your debts. If they aren’t essential, it won’t inconvenience you too much, and you can always reinvest in them later on when you’re back on your feet.

Pay Off In Order

Once you’ve raised enough money to start paying off your debts, it’s important that you do so in the proper order. To ensure you don’t get into more trouble and to stretch your money as far as possible, you should always pay off the debts with the highest interest levels first, working your way down to the lower interest, and taking into account which debts are most critical.

Being over your head in debt can be scary, but if you’re able to keep your head and go about doing the above methodically, you will be able to, if not get into the black, get back in control, and most importantly, keep your business going.

The Five-Year Plan To Financial Independence

For some of us, plans are the foundation on which we build our lives. We’ve all heard mention of the ‘five-year plan’, and it’s an outline many of us follow. Put simply; a five-year plan is a brief overview of what you would like to achieve in the next five years. The points which appear vary, but they often include things such as get a promotion, children, and so on. 

But, few of us consider applying the five-year theory to other aspects of our lives. Obviously, a brief outline is useful, because it allows for change. But, if you want to achieve particular goals, it's worth applying the plan to an individual aspect of your life. 

We thought we’d test the theory by implementing a five-year plan to financial independence. Many of us are financially dependent for a large chunk of our lives. Most of the time, we’re dependent on banks and money lenders. It’s unpleasant when your finances are tied elsewhere. Hence, most of us would like to regain independence. So, what would a five-year financial plan look like?

Year 1 - Clear your debts

The first year should involve clearing debts. It may be that you develop a substantial monthly repayment. If you have a variety of different debts, it may involve turning to bill consolidation loans to make the matter manageable. Either way, set about clearing your debts as soon as you can.

Year 2 - Get a better grip on your finances

Then, get a grip on your finances. Take this time to calculate your yearly earnings, and get an idea of how much money you have on a monthly basis. Make detailed notes, and keep them safe. 

Year 3 - Start building your savings

Once you have an accurate idea of your finances, you’ll be able to start building savings. To ensure you build a decent amount within your five-year plan, you need to save as much as possible each month. But, you don’t want to put yourself in poverty while doing so, hence you need to refer back to those notes at every turn.

Year 4 - Increase your income

We would all like to see our incomes increase with time. On an essential level, this is to keep up with rising living costs. But, in a fundamental sense, this is how most of us would like our lives to go. Increasing incomes are a primary goal. How you choose to increase yours is up to you. You may want to aim for promotion at work, or develop a second income. 

Year 5 - Spread your money

By the end of your plan, you should have accumulated a decent sum. Once that happens, it’s important to spread your money. If you have a few different nest eggs, you’ll be in the best position. Place money in stocks and shares, insurance policies, and pension schemes. This way, you stand to make more and can rest easy that disaster in one area won’t affect everything else.

6 Common Financial Issues Facing Small Businesses in 2017

Money is usually the biggest concern for small business owners. Particularly in the beginning. If you are just starting out in business, the best ways to make sure you are well equipped to face any financial situation that may arise are having a comprehensive financial forecast and being aware of some of the more common problems. Here is a look at 6 of the leading financial issues facing small businesses in 2017.

Rise in Costs

Generally, the cost of everything is increasing. Your rent will have increased, paper suppliers are charging more, utilities are more expensive than ever, and businesses taxes and insurance can be expensive if you don’t take care. The best way to deal with these issues is generally by budgeting carefully and shopping around. But, make sure you never skimp on the essentials. To get indemnity liability insurance might be an expense now, but long-term it could save your business a small fortune.

Wage Increases

Minimum wage is under more scrutiny than ever. Governments are comparing their salaries with those around the world and putting more pressure on businesses to pay well. While big companies have no problem with this, it can be difficult for new start-ups to cope. In many cases, you might find yourself torn between young, inexperienced but cheap staff and older, more experienced staff who expect better pay. The answer is a mixture of both. 

Lack of Preparation

One of the biggest financial problems for many small businesses is that they just aren’t prepared for the costs. They think of the obvious things but neglect the smaller, essential costs. Be thorough in all of your budgets and forecasts and make sure there is always some cash left over for emergencies and unexpected costs.

Lack of Accuracy

Being inaccurate is another huge problem which can have dire consequences. The odd miscalculation or error in recording data might seem small, but these things add up and can create huge issues. It is important to be as accurate as possible when it comes to the financial management of your company. So, check everything. And then check again.

Poor Pricing Management

If your business deals in products or services, it’s important to price them correctly. Many small businesses seem to just guess at a price or go with something that sounds right instead of taking the time to develop a clear and well-researched pricing strategy. Take your time with this; it could make or break your business. You need to make a profit and attract customers; it can be a tough battle, especially for an unknown company without a reputation to help them secure custom.

A Lack of Flexibility

This is a problem for large and small businesses alike. They set their prices, they chose suppliers and property and then they stick with it. Either because it doesn’t occur to them or they can’t be bothered to change. However, this is incredibly foolish. Markets are changing all of the time. So be prepared to change with them. 

Take steps now to ensure these issues don’t stand in your way and your business will have a much better chance of success.

Reducing Your Motoring Costs to Maintain the Career Benefits of Vehicle Ownership

The ability to drive is highly beneficial for any career minded individual. Access to your own vehicle allows you to travel to job interviews and affords you a simple and convenient way to get to your place of work each day should you land it. This is a given. However, driving licences and reliable access to a vehicle are rapidly becoming prerequisites stated in employers’ advertisements for staff: owning a vehicle is a personal trait that many employers favour when searching for staff. Increasing numbers of businesses and companies are taking the firm stance of “no licence, no job”. But why? Well, being able to drive shows a certain commitment from employees, as driving lessons are no easy feat and require dedication and patience to reach the point of passing the practical test. What's more? Driving a vehicle implies that you are going to be a more reliable and trustworthy employee, as you have a means of getting to work on time that doesn’t involve the regular delays that come hand in hand with public transport. It also means that you can get to more remote locations that are off the beaten track of train and bus routes. Finally, driving offers a level of flexibility. If your employer requires you to visit clients or different sites as part of your role, you will be able to get there with ease. In this sense, driving is a particularly profitable asset to you as an individual. However, driving also comes with expensive financial costs. You have to tax and insure your vehicle, as well as forking out for insurance policies, maintenance and fuel. But not to worry. Before you cast your keys aside, here are a few tips to make driving affordable. This will allow you to maintain the career benefits of vehicle ownership without breaking the bank in the process.

Choosing a Vehicle

When you choose a vehicle, you need to be logical with your choice. While a brand new motor may seem appealing, it will immediately lose significant value as soon as you drive it off the forecourt. Instead, opt for a second hand alternative. Ensure that you give it a complete check over before handing any cash to the seller. You don’t want to find that it has major and expensive faults down the line.

Car Repairs

Sometimes you will experience minor damage to your vehicle that would prove cheaper to repair independently than through your insurance. So, if your insurance premium is high and you want to maintain your no claims policy, invest in high-quality, reliable spare parts from https://www.partsengine.ca/ and find a reliable mechanic to fit them. This proves much more economically viable.

Insurance Policies

The market for insurance policies is extremely competitive, so don’t allow yourself to fall in the habit of sticking with the same provider out of habit. Alternative providers may have the policies that cover the same aspects of your car’s insurance for a much cheaper price.

Bearing this factors in mind, you will be able to reduce your motoring costs drastically, making driving the most economically viable option to advance your career and incomings.

How Funeral Insurance Brings You Peace of Mind

Not everyone wants to think about death, but arranging a sufficient amount beforehand for this inevitable expense is extremely important. You do not want your loved ones to worry about the costs when you depart. Many people keep their savings in bank account in order to make up for the funeral costs. However, the account is sealed when the owner dies and the beneficiaries have to verify their identity to access the funds and this requires time and a whole lot of formal procedures. Funeral insurance policy is a relatively new method of arranging funeral funds.

A funeral policy has certain terms and conditions that specify the rules for payment of premium. You can qualify for a policy depending on your age and health condition. Premium usually increases as you grow older. However, every insurance company has its own set of rules. You can protect your family with insurance by saving them from paying off your debts and funeral expenses.

Why You Should Totally Get Insurance?

Funeral insurance should not be limited to old people only, considering its benefits to the family. The burial costs are approximately $12,000 depending on the services you acquire. A monthly premium is specified by the insurance provider of your choice. If you do not choose the right company, you will end up paying more than the actual required funds. By making the right choice, you can be at peace knowing that your family won’t face any monetary difficulties after your departure from the world.

You cannot avoid the increasing costs when saving up for your funeral. Saving up the amount in your bank account may not cover the whole expenses. Reliable funeral insurance helps you get rid of such uncertainties. Professional companies consider the inflation factor when specifying premium. In order to get a realistic estimate, the insurance providers consider various factors. They take into account the age of person, health condition, life expectancy and other similar factors.

Potential Risks:

Along with its benefits, funeral insurance policies have certain risks. Let’s have a look at them to avoid making mistakes.

• If you do not choose the right insurance policy, you may have to pay much more than the actual funeral costs.

• You may have to pay a higher premium if you smoke.

• Monthly premium depends on your age, gender and health.

• No matter how much you have already paid, the service provider will cancel your insurance policy once you stop making payments.

• Insurance premium may increase periodically. The company will revise it on the basis of its terms and conditions.

• If you die within a year or two after getting insurance, your family cannot claim the funds. They will only receive the premium amount you have paid.

Many people save money for their family that can help them after their departure. However, they forget that the bank accounts are sealed and funds are accessible only after their will is sorted out. Insurance policy is a reliable method to cover up for immediate expenses. Your family will not have to worry about funds since they will receive them without any delay.

Overwhelmed By Debt? What Are Your Options

Being overwhelmed by debt can feel like you’re living a nightmare. If you can’t see the light at the end of the tunnel, debt can lead to all sorts of problems, including depression, alcohol and drug abuse and homelessness. It’s important to address your debt problems, no matter how frightening they may seem. So, what are your options when you feel like your debt is snowballing?

Wait

If you know that your financial situation will improve within the next few weeks or months, all you’ll need to do is brave the storm for a bit longer. However, that doesn’t mean you should ignore the letters and phone calls from your lender. Contact your lenders and make them aware of your situation. More often than not, lenders are happy to come up with a solution, as long as they know they will get their money. Make a financial plan and show your lenders how you intend to pay the money back as soon as you’re back on track.

Negotiate

Burying your head in the sand won’t get you anywhere. You have to deal with debt head on. If you know you’ll be unable to pay your loans back anytime soon, you need to contact your creditors. However, you don’t have to do this alone. There are many companies, like repair.credit, who can offer you great advice and even contact your lenders on your behalf. This usually results in a negotiation where you’ll have to decide on an amount you can afford to pay back in the meantime. It’s also worth looking closely at your contracts. Some lenders offer a repayment break in the event of job loss or the inability to work after injury.

Financial Planning

Sometimes, getting your debt under control is all about budgeting your finances in a better way. If you need to repay loans, you may have to prioritise your payments from now on. For example, paying your rent is much more important than paying your TV subscription. Making little cut backs here and there could mean you save a significant amount of money and you’re able to pay back more to your lenders. Being frugal is certainly worth it for the peace of mind you’ll get when you’re able to make your payments.

Bankruptcy

If you’re unable to come to an agreement with your lenders and you’re unable to get help for the amount of debt that you’re in, declaring bankruptcy could be a good option. Your assets will be liquidated in order to pay your lenders back, but anything you’re unable to pay will be discharged. There are times when the court may decide that you can keep your assets, as long as you’re able to make payments towards your debt for a certain period of time. For many people, this is a way of starting again without having everything abruptly taken from them. Bankruptcy does give you the chance to plan an escape route and eventually get back on your feet.

Debt is an awful thing to have to deal with, and yet many of us cannot live without it.

Prepared, Not Paranoid, Plans That Every Money Smart Individual Should Have

There’s no way to truly future-proof your money. However, there are plenty of ways to at least be prepared for the twists and turns that life might throw at our finances. Many people think “it won’t happen to me”, but the truth is that financial upheaval is more common than any of us might like to think. Sudden unemployment. Injury. Accidents. Home damage. There’s a lot that can immediately tear away your financial health if you’re not careful. That’s why everyone could stand to be a little more prepared.

Invest in security, first

While you have enough income to budget toward a goal, consider which goals you prioritize. Instead of focusing solely on your next holiday, or even long-term purchases for financial growth, invest in protecting what you already have, first. For instance, most know to invest in home, auto, and pet insurance. But you can invest in income protection insurance, too, that keeps your cash flow healthy even if you’re put out of work by an injury or illness.

Don’t wait until you’re sinking in debt to deal with it

Debt isn’t an evil. Controllable amounts are perfectly fine. However, controllable amounts can become uncontrollable in a moment if your financial situation changes. Instead of coming up with ways to deal with debt when you’re in danger of getting in trouble, create a debt management plan now. Always be paying off more than the minimum into managing current debt. That way, if you do find yourself in trouble, you have a significantly smaller sum to pay off. As a rule, avoid getting into debt using assets like the home or car as collateral, even when your current financial situation is healthy. Unless you’re desperate and your credit score is suffering, it’s not worth potentially losing those assets.

Expect bumpy patches

Everyone should take some preparation to anticipate the different kinds of events that can rock their finances, too. For what insurance can’t cover, saving up for an emergency fund can help soften the immediate blow of a crisis. It’s recommended you save between three-to-five months’ worth of wages to cover even the most serious of trouble. Beyond saving, knowing your rights and the options available to you, like making personal injury claims or claiming unfair termination in the event your income is threatened can help you at least be prepared to plot the right course when your finances are taken out of your control. We can all identify many sources of financial hardship that we can start to prepare for in advance.

Have emergency mode ready to go

Just as important as preparing emergency income is preparing an emergency financial plan. For instance, consider all your costs, your bills, and services, and start ordering them by priority. Finding the costs you can readily cut first will make it much easier to start immediately saving money and spending less. Similarly, find the benefits you can apply for if you need to and how long those processes might take. Don’t get caught unawares, have emergency mode ready to go as soon as you need it.

The more informed you are, the more invested into security, and aware of your options, the better. Don’t let your finances be at the whims of fate. Start protecting them now.

How To Easily Move Home Without Breaking The Bank

Moving home is a stressful time in anyone’s lives, not to mention the expenses that it brings too. Luckily, there are steps that you can take to make moving home much easier, and without breaking the bank too.

Packing your own belongings will save you a lot of money. Even if you’re busy with work, dedicating an hour when you get home will surprise you on how quickly you can pack everything. Get everyone involved that lives with you and make it a game on who can pack their things more quickly. One bonus of packing your own things is that you can be sure that none of your belongings have been mishandled by a packing company, and that they will arrive at your new home unscathed. Perfect for those special items that have a sentimental meaning to you. Your bank will thank you!

Sometimes there are reasons for needing to move quickly away from your current home. This could be because your landlord has given you a written notice to vacate the property, or it may be because of unpleasant neighbours. Whatever your reason is, there is a fast way of getting the cash together to put a deposit down on a new home. Consider applying for a fast cash advance online, where you can either opt for a payday loan where you would pay the money back once you’ve been paid, or you could apply for a credit loan where the repayments are smaller and stretch over a longer period of time. Doing this will ensure that you can find yourself a new property quickly and without breaking the bank. Of course, if you’re smart enough to have savings, you could dip into those for the time being instead.

When it comes to choosing the property you would like to live in, think about the overall effect that it will have on your bank. If it’s possible, go for a property that’s going to be cheaper in the long run to live in. Look at energy ratings, the price of the rent and deposit, and how far you will have to travel to work, it will make all of the difference!

Instead of hiring professional movers to do all of the work for you, consider doing it yourself. See if a family member or a friend has a van or trailer that you could borrow for the day. You could also round up a group of people to help you move with the promise of a few drinks and food at the end of the day. Which is going to cost you more, the professionals or a crate of beer and a pizza? Again, another bonus of doing it yourself is that you will know where to put your furniture and how to handle certain belongings. Save the money and do it yourself!

So there we have it, three simple ways of moving home without breaking the bank. Enjoy your new home!

3 Thrifty Ways to Save Money When Moving House

If you’re on the journey towards improving the health of your finances and getting your wallet nice and fat again, you are probably looking to squeeze a bit of extra cash out of your move. It’s ridiculous that something as basic as having a warm place to call home should cost so much; in fact, Americans spend around a quarter of their income on basic housing - that makes it quite difficult to continue feeding that savings account.

So, you’ve had enough and decided to move somewhere less costly where the amenities are nearby, and people don’t mind leaving their car behind in favor of the bicycle. Here is a handful of money-savvy saving tips to make your move quick and pain-free.

#1 Sell your old electronics

First of all, the more you’re able to get rid of before moving, the easier your life will be. Besides, we can all do with enjoying the freedom of fewer possessions, so take a long and hard look at your old electronics and consider selling them online. You can easily harvest some extra cash from that old gaming console or your iPhone when the newest generation has been unleashed upon the market.

Keep in mind, though, that you shouldn’t sell something you need to spend more money on repurchasing. Anything you can do without or have considered upgrading in any way can be sold to your friends or strangers - and the same goes for any furniture you can’t be bothered hanging onto, as well as those clothes you’ve barely worn.

Somebody else will love it more, and you can enjoy the extra money.

#2 Renting or buying?

Everyone talks about buying over renting, but it’s not always the best way to go. You can, in fact, save a bit of money by choosing to rent - and it’s a lot smarter if you’re the restless type who would love a good trip abroad once in awhile without having to find tenants for your home and embark upon the adventure of being a landlord. 

You can easily find a great apartment for rent in a neighborhood that is not necessarily going to break the bank - and if you realize that it’s a bit more than you can afford, it’s a lot easier to find a new place to rent rather than the tedious process of selling your home.

Sure, there are benefits to buying a home as well, and it all boils down to what would work best for your current lifestyle.

#3 DIY and call your friends

When you have various furniture and kitchen appliances to transport, it’s usually a good idea to find a decent moving company. The professional movers will usually come with insurance on your beloved furniture and can help you with the process of moving in general.

If you don’t have that much to move - or you just dread the thought of spending, even more, money on hiring professional, you can easily make it happen on your own. Just move slowly, break the process up into smaller and more manageable loads, and get some help from your friends to carry the heavy stuff.

If you’re lucky enough to have a lot of helpful friends, you can even gather the whole crew and move everything at once. Sneaky - but quite smart.

Moving houses can be both stressful and expensive, but it doesn’t have to be. Just plan ahead and make it a slow and steady move; by the time you’ve settled into your new home, you will have a lot of money left to spruce things up again.

CHILD’S EDUCATION – Spot-on Frugal Tips You Need to Know

It's the intrigue of parents to give a better education to their child. The structure of the public schools is not potent enough to nurture the child and the private schools are highly priced. The child's education can explore when there is a right augmentation of the present education system with the alternative options.

To up growth the child mentally and physically, educating in an apt way plays a very vital role. Education would not just help the child to discover and reinvent himself/herself but also support them in not being enforced to become something else. Parents should be avid to educate their child and they should be patient towards the child. The approach of the parents towards educating the child is the determining factor, whether the child will develop or get suppressed. Having the precise understanding of the child's mind-set and make the process easy and effective. Lack of this understanding has caused many children to perish. 

This calls the parents to develop a personal relationship with the child, parents play a crucial role in educating the child. They are the role model for the young mind. Parents are supposed to be keen observers of their child and they should be interested in every small thing that is related to the child's development.

Nowadays, parents can find a lot of tips for educating a child from all possible sources but it's the understanding of the parents about their child will help them find the way to educate the young mind. Spending time with the child and making the education process more like a fun than following some rules will help them develop confidence in himself/herself.

Here are a few frugal tips that you can use for your child’s education –

• Supplement the child’s current curriculum by home-schooling. This helps in nurturing the child in the right way. It gives the blueprint of the child merits and demerits. The parents avid to educate their child can go a long with right methods. 

•  Augmenting the child's education with a home base affordable and pocket friendly tutors will support and help in developing the child's mind-set as there will a mutual understanding between them. This, in turn, will help to keep a track of child's development. 

• Find some free online tutorials and content. There are a lot of websites that offer self-paced courses, where your ward can not only learn but practice the things as well. They take tests, give assignments, do it yourself type tasks and similar projects so that the child’s mind gets polished. But there is a big issue with this kind of study. If at any place the child gets stuck, it’s hard to resolve on time and this might stress out the child or make him/ her feel helpless.

• Take free help from your neighbours or friends. Send your child to different people every day and make them learn from different cultures and backgrounds. Although this can really be worth a try, and your ward may learn many new things from this. But still there is a big risk involved, and situations might sometime lead to very unpredictable outcomes.

• You may send your child to a local library and get them develop the love for reading and learning on their own. This might be really very helpful. But you cannot always keep and check and control as to what they are studying and what all information is getting into their heads

Ultimately, finding a cheap tutor comes out to be a clear winner. Finding a cheap tutor for the child is not a daunting task as there are many provisions to find tutors in the desired budget. Instead of waiting on the report card to keep you parents updated, you will have first-hand knowledge of the area in which the child is excelling and in which area that he/she needs attention.

The only challenge with this is to find the right tutor to educate the child. The demo class under the vigilance of the parents can help in finding the right the person for the task. Educating a child is more like preparing the field for the harvest and every stage in it is vital. The tuition like this will help in personality development and also give an opportunity to add an extra element to the child's curriculum.

Doctor Doctor, Why Are You So Expensive?

Most people dread the day that they get injured seriously enough to go to the hospital. Of course, pain is a big driving factor in this, as no one wants to experience it at any level. It’s instinctual to avoid this sort of sensation. But, along with this, people also dread going to see the doctor because of the price. The average American spent around $10,000 (US) on health care, in 2012 alone, and this number has risen greatly since. But, why exactly are medical treatments so costly?

Before a medical treatment is able to be used on humans in normal conditions, it has to be developed and tested extensively to make sure that it performs the right role. There are many stages to this process, some of which can cost millions alone. This leads to a heavy cost in developing any type of medicine, and this price is usually passed on to hospitals. Without proper funding, these medical organisations have to then pass the costs down to their patients.

Of course, the financial side of medicine wouldn’t be an issue if profit wasn’t a factor in it all. But, unfortunately, most new medicines and treatments are developed and made by private companies, with funding from the government. This makes medicine into a product, instead of a public service, forcing people to pay for it. For example, the biggest pharma company in the world, Bayer, made over €4,110 million in 2015, mostly from selling their treatments to people who can’t live without them.

Like most troubling financial areas, there is a lot of work you can do to make sure you’re not subject to excessive fees when you need medical help. A lot of people will already be protected in one shape or form. But, it helps to make sure that you have the right level of protection for you, as well as some provisions for the future.

Protecting Yourself

One of the best tools you have to help you in the case of steep hospital bills is insurance. Recognising that people can’t afford to pay for their health, loads of companies have popped up over the years offering to cover the costs for you. In return, you will give them a monthly premium, contributing to the pool of cash they have for people that need it. Using a comparison site, you can find loads of great deals on this sort of cover. But, you might already be covered as a benefit from your employer.

Finally, a lot of people don’t have any sort of plan in place to help them in the case that they get injured by someone else. If this happens to you, for whatever reason, it isn’t fair that you should have to cover huge medical costs. Instead, the person responsible should have to pay for this, making sure that you get back on your feet as fast as you can. A company like Gruber Law can help you with this, giving you support in court and helping you to seek compensation. Along with this, though, you could also consider getting some legal insurance to handle this for you.

Hopefully, this post will inspire you to start preparing yourself for the harsh reality of medical bills and hospital payments. Not a lot of people can afford this sort of cost in their life. So, it makes sense to work hard against it. You have the time to protect yourself, and there’s no need to wait for a better time.

How to Deal with These Six Financial Emergencies

Throughout your life, there will be a whole host of financial emergencies that throw themselves before you. And the thing about most of the items on the following list is that you never know exactly when they are going to strike. All you can do is be as prepared as you can by diversifying your income stream, increasing your assets and putting money aside for any events that may befall you. It is a good idea to know what some of the most common financial emergencies are and this article will give you a fuller picture.

Job Loss

This is probably the one that you thought of first and there is no doubt that it can be an extremely stressful and difficult situation. A simple plan is to have at least three month’s salary saved so you know that you have a financial buffer in case the worst should happen. It is also a good idea to think about alternative revenue streams. This may be through freelance work (which is becoming increasingly prevalent) or making some extra cash through the sharing economy by renting out a spare room, selling you old possessions or some storage or driveway space.

Divorce 

No one wants to think about getting divorced but the people who are the least prepared for it are often the ones that are hardest hit. One course of action that more and more people are taking is forming a prenuptial agreement. And it should also be said that divorce should be seen as a last resort as it sometimes turns out to be a permanent solution to what may be only a temporary problem. 

Natural Disaster

Some areas are more likely to be hit by natural disasters than others and if your home is at risk, the first thing that you need to do is make sure you have the right insurance cover to deal with the situation. You should also think about where you would be able to stay if your permanent residence is suddenly not available. Taking preventative measures is also paramount, so you should make sure that you are well versed in fire safety to start off with.

Being Accused of a Crime

This is one that you may not have thought about before, but there is no doubt that it can end up being costly. For example, if you run a business then an unexpected lawsuit could seriously threaten your livelihood. And if you are accused of any crime, this may affect your current employment situation. It is worth knowing about an affordable criminal defense attorney as they will understand in greater detail what your next course of action should be. If you are accused of any crime, you should make sure that you act swiftly as it is a problem that won’t go away by itself and it is likely to become worse over time.

Bankruptcy

Bankruptcy isn’t just something that can affect big business owners – it is a risk that anyone who racks up debt on their credit cards takes. So, before planning for any of the other financial emergencies listed, you should first work to clear off your debts at these could end up causing the most damage. Of course, going into business is a risk, but you should make sure that you mitigate the risk by not getting in over your head.

Death of a Loved One

Of course, no one wants to think about any of the items on the list potentially happening to them but the death of a loved one is certainly the most traumatic. So, if you have people who rely on you financially, then life insurance is the first thing that you will want to look at so they are not left in an extremely difficult situation. And there are also other manners to take care of like wills, power of attorney etc. Simply making sure that all these affairs are in order can help to give you great peace of mind.

These six points represent the most common types of financial emergency that may strike you at some point during your life. Ultimately, it is all about being prepared for each individual situation so you are not left worrying after the event has already happened. Hopefully, this article has given you an overview of some of the basic steps you can take to prepare for each of these events individually, but also make sure that you have money set aside to take care of any of these things in general.

Money Matters: How To Stop Common Issues Creating Long-Term Financial Damage

Nobody is immune from mistakes in this world, especially when money is involved. While financial health isn’t the most important thing in this life, it’s certainly high on the list. When you do encounter those troubles, though, the key is to stop them becoming major long-term problems.

Those issues can come from a whole host of sources and can occur to varying degrees. Nonetheless, finding a quick solution should always be the goal. Here are some of the most frequent problems, along with what you can do to ensure that they won’t haunt you for years.

#1. Needless Spending

Spending money is a natural part of modern life. However, wasting cash is a habit that will come back to cost you dearly. Even if it doesn’t feel like it right now, it only takes one change of circumstance to put stability in jeopardy. Ignore this at your peril. 

Everyone has different priorities and preferences. Therefore, it would be wrong to say which items do or don’t deserve your money. However, it’s safe to say that spending over the top for simple services like home insurance and gas rates is not good. Using price comparison on those items can have a telling impact.

On a similar note, shopping around for promotional deals and using coupons can cut your monthly expenses too. Apart from anything else, getting value for money will generate a smile. Those savings can be far better spent enjoying your life. If that doesn’t give you an incentive to tighten the purse strings in those areas, nothing will.

#2. Poor Investments

When done right, pumping capital into investments can open up doors to increased personal wealth. Unfortunately, this activity does come with risks. Whether you’re a new investor or an experienced one, minimizing those dangers should be top of the agenda. At the very least, you should take the necessary measures to ensure that any damage can be stopped before it snowballs into serious trouble.

The first step to achieving this goal is to choose investments where the potential loss is at its lowest. Stocks and shares could potentially lose all value overnight, which makes them a bad option. Real estate is a far more sustainable option. Not only because markets tend to follow an upward curve, but also because you’ll have a physical asset at your disposal. This gives you a chance to get out if things go wrong. 

If you’ve been given misleading information from financial advisors, you may be able to fight for compensation.

#3. Career Trouble

Careers are central to deciding financial prosperity. Sadly, many people accept their job for what it is, due to the worry of losing out altogether. In truth, not chasing your full potential could be one of the most damaging things you’ll ever do. 

Nothing in life is more important than your health. When an emergency arises, you won’t be thinking about the costs involved. When it wasn’t your fault, though, you shouldn’t be the one to suffer financially. Experts like Joye Law Firm specialize in helping victims fight for the justice they deserve. This puts people like you in a far stronger position when attempting to take on a perpetrator that won’t openly accept responsibility. 

A successful career isn’t dictated solely by the salary. Still, finding the best paying jobs and knowing that the company appreciates your worth is key for long-term happiness. Do not get it wrong. 

#4. Recklessness 

Financial status is something that is impacted throughout every stage of life. Therefore, failure to take responsibility today could harm your tomorrow too. It’s not all about the money in your bank account either. In truth, credit scores can be equally influential, which is why you must take them seriously. 

Many people ignore the importance of their credit histories for far too long. Unfortunately, a poor credit score could stop you getting a mortgage or borrowing on other assets. Reading advice from specialists at Consolidate Credit can point you in the right direction. Once you start making positive steps, the score should start to see positive impacts in next to no time. It might take a few years to get it back to great health, but all progress is good. 

We are all capable of making silly and simple mistakes. Leaving those issues untreated is easily the worst thing you could do, however. Learn to take action at the earliest stage possible, and the likelihood of suffering long-term damage will be severely reduced.

How to select best peer to peer international money transfer service

In the past, if someone wanted to send money overseas, the bank was the only option available to that person. However, when transferring money through banks, hidden costs were often incurred. But in current times, people have better options available, such as Peer-to-peer lending. The basic idea of P2P money transfer is that money does not cross borders which removes bypassing fee. 

Suppose you live in America and have to transfer money to someone living in France. You will pay in dollars to the American account which is owned by the P2P organization, while the recipient will get paid from a French account of that P2P organization. The currency that the recipient will receive will be in Euros. 

CurrencyFair vs. TransferWise

TransferWise charges a commission fee of 0.5% for GBP. Transfers that are below £400 are charged with a £2 fee. Thus, it is a better option if the amount to be transferred is small.

CurrencyFair, on other hand, charges slightly higher fee. Along with a fixed fee, there is varying commission charged as well. Usually, the total average transfer fee is lower than TransferWise while making a larger transaction. Thus, it is a good option if your payments are not very small.

Both these services provide better rates than banks, because banks tend to burden people with not only transaction charges, but mid-market rates as well.

Comparing P2P money transfer services

By taking the below -mentionedfeatures under consideration, selection of a trustable peer-to-peer transfer provider will be easy

Exchange rates

Compare peer-to-peer transfer companies by observing which of them regularly updates exchange rates and provides the best offers. You should know what the average rate is that customers receive from that company and how they compare to market rates.

Fees

Find out if there will be any charges that you will have to pay in order to send your money overseas, because there can be fees charged on your transaction as well.

Time duration for transfer 

Before you choose a peer-to-per company, you should also find out how quickly the money will be received by your beneficiary when choosing the transfer company. 

Customer support

Does the company that you are choosing entertain customer queries? It is important to know whether you will be provided any assistance if you happen to face an issue.

Reputation

Finally, ascertain the worthiness of the company that you are selecting by reading online reviews like this icomparefx review. Check testimonials about that transfer provider to find out if the transfer of funds is safe and properly regulated.

Currencies tend to change suddenly, and your transfer will be paused automatically if the fluctuation results in a 3% change in the currency rate. This can cause excessive time delays. There are cases when a person has to wait a full week for the money transfer. However, regardless of this issue, P2P money transfers are still becoming widely famous because of the various benefits they have.