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What Happens When You Get Stuck In A Financial Ditch

May 14th, 2018 Posted in Money Tips
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What Happens When You Get Stuck In A Financial Ditch - spilled coins and cash

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It doesn’t matter who you are; money is always going to be an important part of your life. You might think that that’s not the case. That you only do the job you do because you’re passionate about it, and that you and your family can get by without lots of expensive things. And this is probably true, but money rules more of your life than just those things. After all, the food on your table and roof over your head are all there because of the fact that you can afford them. Now, you might not think that that’s fair, but that’s the way things are in the world. And because of those things, it’s often a lot easier than many people realize to get into some serious financial trouble. People assume that they’re finances will always be secure, but that’s simply not the case. Of course, people then assume that, once they’re in financial trouble, there’s nothing that they can do to get out of it. However, that’s not the case either. With that in mind, here are some things that you can do in order to pull yourself out of a financial ditch.

Consolidate your debts

One of the very first things that you’ll want to deal with when you’re trying to pull yourself out of financial straits is your debts. Debts can often feel like a black mark on your entire life and getting out of debt alone can feel like an impossible task. One of the very best things that you can do in order to minimize the debt in your life is to consolidate them. Trying to stay on top of multiple debts can be incredibly difficult and overwhelming, so consolidating them down into a single payment can make life a lot easier. Not only that but you may even be able to reduce your overall monthly expenses this way.

Downsize

You may have become accustomed to a certain standard of living but when you’re in financial trouble the time has come to start making some compromises. The first and most significant compromise that you can make is your home. Your mortgage payments will likely be the most significant expense to come out of your home and downsizing can reduce that burden considerably. Companies like Repossession Stoppers are specifically in place to help those dealing with financial problems get back into the black. When you’ve sold your home, you can think about moving somewhere smaller and cheaper, at least until you’re back on your feet.

Cut back

Of course, your home isn’t the only thing that you’re going to be spending money on. You also need to think about other places where you may be able to make some cutbacks. Things like luxuries can go until you’re more secure. The same goes for your grocery shopping. Don’t always go for the top shelf items that are more expensive. You can often halve the cost of your food shop just by getting non-branded items when you go grocery shopping.

Reach out for help

One of the biggest mistakes that a lot of people make is that they refuse to talk to anyone about the financial problems they’re having. They feel ashamed of what they’re going through and are frightened that people will judge them for it. Of course, the truth is that you probably have plenty of people in your life who would be more than happy to lend you a helping hand when you need it. The idea of asking to borrow money from anyone in your life can be scary, but the wellbeing of you and your family is more important than preserving your pride. Not only that but there are plenty of debt based and financial charities out there that you can talk to about your problems. They will be able to help you figure out exactly what you need to do in order to make the most of your current situation and get your finances back on track.

It’s often incredibly easy to feel as though you’re all out of options and all out of hope when you find yourself at the bottom of a financial pit. However, it’s important that you remember that, no matter how difficult things might get, there are always things that you can do in order to get out of it. Sure, these things might seem small, and they may take time, but sticking with them really can make all the difference in helping you and your family feel secure again. http://credit-n.ru/offers-zaim/oneclickmoney-zaim-na-kartu.html

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How to Raise Money For Your Start-Up Today

May 8th, 2018 Posted in Entrepreneurship
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How to Raise Money For Your Start-Up Today - coins and bank notes image

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One of the greatest challenges any entrepreneur faces in terms of starting their own business is ensuring that they have enough capital behind them to launch.  The word ‘capital’ relates to the amount of money a business has in its bank that is required to launch the business; taking it from the idea stage into something more tangible.

Funding your business is both an art and science.

There are many things to consider, and it can get very tiring to keep all the plates spinning; where one second you’re having HR meetings and the next you’re having finance meetings with your bank manager whilst also resolving a customer service issue.  It can be exhausting.

Raising capital is rarely an easy task, and for many entrepreneurs it can be a scary process – going before a panel of investors and being grilled about their business or securing a sizeable business loan on their house, can all be very stressful.

Entrepreneur’s can face immense emotional pressure and work very long hours; all the time knowing the odds are heavily stacked against them, but the one thing that allows them to turn their vision into reality is to have plenty of capital behind them, and this doesn’t have to be in the form of loans.  If you are looking for an invoice finance company you’ll be surprised by how helpful and flexible they can be; this is where a finance company offers you a loan based on invoices that are due in the future.

This article offers three suggestions for raising capital:

GET A BUSINESS LOAN

The most traditional route for setting up a small business is to get a business loan from a bank.  This is one of the most easy, reliable, and independent ways of financing your business as you retain complete control of your company, because you aren’t having to offer equity to external investors; and sometimes convincing one person can be a lot easier than multiple investors.  

The downside, however, is that this finance is usually secured on an asset such as your home.

FRIENDS AND FAMILY

In some ways, the best place to look for financing your start-up are to your own savings account, yet there’s a good chance your savings have already been invested to get you this far, meaning you might need to turn to friends and family for some support.

If you have people who are open to backing your business for a small incentive (such as interest on the loan or equity in the business) this is one of the cheapest ways to raise finance, that said, it can result in a stressful experience that can ruin friendships.

CROWDFUNDING

A recent trend in raising start-up capital is crowdfunding; this is where you pitch your idea on an online platform such as www.crowdfunding.com and strangers pledge cash to back your idea.

Crowdfunding is particularly effective if your project has an element of social value about it or a sense of “giving back” as people are keen to back projects with a compelling social story.   http://credit-n.ru/offers-zaim/otlnal-microzaimi.html

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How To Lower Your Regular Transport Costs

May 3rd, 2018 Posted in Money Tips
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Family life brings a lot of regularly occurring costs that often rip a hole through your budget. Spending money on transport is one example of these costs. If you drive a car, then your family will rack up loads of fuel costs every year, not to mention maintenance as well. So, here are some smart ways to lower your regular transport costs.

How To Lower Your Regular Transport Costs - car and calculator image

Lower your transport costs. Flickr

Be A More Careful Driver

A very easy and effective way of lowering your regular transport costs is to be a more careful driver. How does this help the old bank balance? It’s simple; careful drivers are less likely to get involved in accidents. This means you’re less likely to spend money on repairs for your car. Not only that, but it also means your insurance policy can be cheaper as you have no accidents on record. Finally, driving carefully helps keep your car in a much better condition, which extends the life of its components, meaning you don’t need to service it as often.

Change To A More Efficient Car

Sometimes, the reason you spend so much money on fuel is that your car eats up petrol like it’s a bowl of cheerios. Cars with a poor fuel economy will cost a lot more to run than those with a good one. So, sell your car and change to a far more efficient one. Nowadays, you can get used car finance as well, which takes some of the sting out of buying a replacement car and spreads the payment out. With a more efficient car under your belt, you can now use up less fuel whenever you drive. The overall savings will be quite dramatic, believe me.

Avoid Driving If You Can

I understand that this point isn’t going to work for everyone as some of you may live in areas where you absolutely need to drive your car. However, if you live in a nice urban area – where your house is within walking distance of a lot of things – then try and avoid driving if you can. If the weather is nice, why don’t you walk the kids to school? If you work close by, why don’t you walk or cycle? If you don’t want to do this every day, then you can at least do it for half of a week to cut down on fuel costs for your car?

Buy The Cheapest Public Transport Tickets

Instead of driving, you may take public transport from time to time. If so, then you can still rack up some pretty substantial transport costs. One idea here is to buy the cheapest transport tickets you can find. A good rule of thumb is to buy before you board, as it’s normally more expensive to buy tickets on a train/bus. Train tickets purchased way in advance of your travel date can also be a fraction of the price as when bought on the day. Finally, think about getting weekly tickets if you travel every day, as opposed to getting a new ticket every day. Normally, the weekly one will be much cheaper than the sum of the singles combined.

Try these tips, and your family will soon save a lot of money on your regular transport costs throughout the year! http://credit-n.ru/offers-zaim/platiza-mgnovenniy-zaim-online.html

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Using Financial Fairy Tales to Teach Children About Money

May 3rd, 2018 Posted in financial education, financial literacy for kids
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Eighty percent of parents in the UK agree that early financial education translates to better money management in adulthood but feel that they are ill-equipped to teach their children themselves. Children are increasingly exposed to household finance complexities in an era where four out of 10 adults in England and Northern Ireland struggle with basic arithmetic and only 36% of those ages 18 to 34 understand common financial terms. Aside from the fact that many parents are struggling with finances themselves, finance counselor and researcher Martha Henn McCormick notes that the relationship between early financial education and financial savvy in adulthood has not been thoroughly studied.

Using Financial Fairy Tales to Teach Children About Money - kids books image

Photo by Robyn Budlender on Unsplash

The gap in knowledge is a serious concern, according to the English Department of Education, and the All Party Parliamentary Group on Financial Education for Young People (APPG) agrees. An APPG report in 2016 states that the financial literacy crisis is reflected in the UK’s adult population and that there is a need for schools to teach financial skills to reverse this trend. The people over at gkandpartners.com can provide some help in this regard, but curricula do need to be changed to include more financial learning. Research done by finance firm M&G encourages financial education at home as well and suggests parents should be the first to teach their children about money.

Financial Literacy Crisis

With children aged 11 to 17 now exposed to financial issues that they cannot understand or solve, the Department of Education is worried that the financial literacy crisis in the country will get worse. Representatives of the department feel that parents need to be more proactive in their children’s education and that financial education must start as early as age two. While it is still not compulsory for students to take up coursework on finance, it is not enough. The APPG reports that the debt to income ratio of 17 to 24 year olds in the UK is now at 70%, indicating a lack of financial education among the youth.

The Power of Bedtime Stories

Children love stories and parents should take advantage of this by including financial fairy tales during story time. The right stories can teach children about the basics of commerce, the value of money, and the importance of savings and investments. This is a good start for ages 2 to 11 because it is a fun approach to teaching financial knowledge that will come in handy in adulthood. Bedtime stories can also teach children how to grow their wealth and keep their expenses lower than their pocket money. There are a number of financial fairy tales that tackle money wasters, budgeting, and fundamental investment concepts that can give them insight on how to handle the money they have.

The Magic Magpie, a financial fairy tale about a girl who wants to get rich quick offers lessons on financial decisions and their consequences. The Toll Bridge is another good bedtime story for parents struggling to teach their children about money. The book teaches children about taxes, supply and demand, and trade and public spending. The Last Gold Coin is also a good option because it tackles issues on scarcity and what people can do to save the day. You can find out more about the Financial Fairy Tales books here

Knowledge is Power

A child’s brain is like a sponge, according to the International Journal of Science. This means that he or she will be able to master the fundamentals of money management if it is taught early on. Teaching your child about finances through financial fairy tales would later translate to financial literacy in adulthood and can save your child from the burden of financial troubles. http://credit-n.ru/offers-zaim/sms-finance-express-zaimy-na-kartu.html

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You’re Spending Wrong!

May 3rd, 2018 Posted in learning about money, Money Tips
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If nobody has ever told you this before, then you’ve been missing out in life. The way in which we spend our money is poor. There are of course, the people out there who spend so carefully, and let absolutely nothing go to waste. But these people aren’t necessarily doing it right. These are the people who are most likely restricting themselves in life, so much so that they’re not enjoying themselves. There are also the people who hate to overspend, but can’t seem to help but do it. Somewhere in between you have those that are just winging it, hoping they’ll get by. All three of these are wrong, and no matter which category you fall under, there are ways of spending your money right. Have a read of the tips we’ve got below.

You're Spending Wrong! - piggy bank image

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Big Purchases

The big purchases are where we seem to go the most wrong in life. We spend so much money on so many big things throughout our lives. One of the first, and arguably the most expensive, is a car. From the moment you start driving, you’re sucked into a money trap that you’ll find yourself not being able to live without, especially if you want a new car. One way of getting around this is car leasing. It allows you to keep the car for two years, then you trade it in for a brand new model. Leasing is slightly cheaper than finance, and definitely cheaper than outright buying. Check out companies such as All Car Leasing if this is something you might be interested in. The second, and much bigger purchase, is a home. A home, again, is something we can’t do without. So, if you want to spend right, you’ve got to look right. Weigh out the cost difference between a brand new home and one that is a few years old. You’ll find that the new builds have more guarantees if things go wrong, but you can get so much more for your money with an older home. Spend right, and make the right decision for your finances, not your desires!

Little Purchases

The little purchases are the ones that seem to add up over time. We’re talking about little things such as a holiday. In the grand scheme of things it’s little, but to us, it’s something massive to look forward to. To spend right, you need to make sure you’re getting the best deal, and one way of doing that is through last minute deals. You could save hundreds if you did this!

Everyday Purchases

Everyday purchases are where people seem to go so badly wrong. Let’s take the weekly shop as an example. Your average family spends over a hundred a week on a food and toiletry shop. How do you get that down? By shopping online. It’s a tool that so many people forget about, but one that could just save so much money. You could also try your hand at couponing. People get into this and save hundreds a month on their normal expenses, isn’t this what you want to be doing too?! http://credit-n.ru/offers-zaim/turbozaim-zaimy-online-bez-otkazov.html

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