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Day 1

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Welcome to The Financial Fairy Tales ‘Money Quest’

A week long event to help your child develop essential money skills, ideas and habits.

Please enjoy Day 1 materials below and let me know what you think via our Facebook page or comment below.

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The Most Cost Effective Way To Buy And Sell A Home

Buying a new house and selling your old one is not only a stressful process but it can also be a very expensive one too. Even though you are likely to be making some money off the house ‘you’re selling, there are still extra costs that you can easily forget about and may not have accounted for, and they all add up. 

The Most Cost Effective Way To Buy And Sell A Home - exchanging keys image
Photo by rawpixel.com from Pexels

Get The Most From Your Sale

The first thing you need to do to save money when buying and selling your house is to make sure you make as much money as you can from your house and make your house more valuable and get the best price for it. You can do this by decluttering your home but be careful not to depersonalise it. People need to be able to imagine what the property would look like if they were living there, so you need to make it easy for them to see all the fantastic living space ‘you’re offering them but leave some personality in there too. People are often buying into a lifestyle as much as a property, so show them the attractive side of your lifestyle. Once you have done that you could give your home a fresh lick of paint which will make your home seem lighter and bigger and will enable the potential buyers to imagine what they would do to the rooms for their needs. It will also be easier for the buyers to move in and use the rooms immediately if the walls are painted a neutral colour rather than in a bright pink or green. Also make any necessary minor repairs, any holes in walls, broken doorknobs, cracked tiles or torn carpets as people will want to move in and not have to fix things, so get it done for them so they can move in with ease. Then clean everything until it sparkles. Get rid of limescale, clean and repair tile grout, wax wooden floors, get rid of all odours, hang up fresh towels. This will make the place more appealing and allow viewers to imagine living there. Tidy up the garden too.

Be Aware Of Survey Costs

You will need a survey of your house and the house you are planning to buy, and there are three different types of survey that you can get; a Home condition survey which is a basic survey and consists of a visual inspection of the areas that are easy to see and is suitable for new-build and other modern homes. Then there is a ‘Homebuyer’s report, which is a more detailed survey and looks at the inside and outside of the property. It also includes a valuation. Finally, you could get a building or structural survey, which is the most comprehensive survey and mainly suitable for older buildings. The surveyor’s report may raise issues with the property and then ‘you’ll be able to consider whether you still want to go ahead or want to negotiate with the seller about the price. 

Take Your Home Online

Once the house is looking in tip-top shape, then ‘it’s time to look at different ways to sell it. Today, you can do this a lot cheaper by taking your home online. When people are looking to buy a house these days, where is it that they look first? A massive 95% of people look for their new property online, and both Rightmove and Zoopla are averaging over 180 million searches every month, so one of the best options is to look for an online estate agent to keep costs down.  

Choose The Right Lawyer

As mentioned, moving home can be very stressful, whether you are a first-time buyer or ‘you’re an expert and have been buying and selling for years, either way, ‘there’s still a lot to be done, and ‘you’ll need to choose the right legal team to help you too.  According to Keoghs, you should always shop around to find the solicitors that can offer you the expertise, experience and commitment that you need to support you throughout the process, with all fees and costs highlighted and outlined so that you receive a specialist, friendly and efficient service at all times.

Showing Your EPC

When you sell your house, you will need to show the buyer an Energy Performance Certificate to show how energy efficient your property is. To do this, you will have to pay for an accredited domestic energy assessor to come in and look at the loft insulation, the boiler, hot water tank, radiators, lights, windows for double glazing and how the building is ventilated and constructed. A certificate is valid for ten years, and you can usually get an estate agent to recommend one, however, if you have chosen not to use an estate agent then have a look online for recommendations and reviews from other people. If you look on Purple Bricks, their assessors charge £84 for this service. 

You’ll Also Need Insurance 

You will also need to take out buildings insurance to protect your new home against damage from fire, floods, subsidence and other unforeseen circumstance and natural disasters. While ‘you’re doing this, it might be a good idea to look at contents insurance for your possessions too. Like any other insurance, the cheapest option will be to go onto comparison sites and see ‘what’s best for you.  

Paying Stamp Duty

You need to remember that ‘you’ll have to pay Stamp Duty too if you are purchasing a property worth over £125,000. First-time buyers only pay on properties over £300,000 while those with second homes pay on property worth over £40,000. This is a rather significant sum of money, and many people add it to their mortgage.

Removal Costs

Finally, ‘don’t forget about the removal costs. Of course, you can do the moving yourself and pack up the car. Or one of the cheaper options is to hire a van and do it yourself, or if you ‘can’t do that, then a professional removal company will also be able to supply boxes, insure the items and provide temporary storage if there are any delays in the move. 

Chasing Your Dreams – The Unexpected Costs

According to various surveys nearly 50% of Americans harbor ambitions of starting their own business. Whether for a new career, a passionate cause or an income boosting side hustle – it pays to be aware of some of the unexpected costs of chasing your dreams.

The infographic from turbo.intuit.com below explains some of the costs of starting a business, which you may or may not have considered.

Reducing Pollution In Your Life

According to a report by the Royal College of Physicians, outdoor air pollution is responsible for around 40,000 deaths in the UK each year. It also states that while we spend about 90% of our time indoors – at home, at work or commuting, we also need to pay careful attention to indoor air quality too.

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Image by JuergenPM from Pixabay

The World Health Organisation also estimates that around 99,000 deaths a year in Europe are caused by indoor pollution.

in your home, sources of pollution include your heating, cooking, cleaning, smoking, perfumes and furnishings. But do not fear there are always ways you can reduce pollution in your every day life. 

Simple things include in your everyday life are opening the windows to increase the ventilation and if you’re cooking make sure you use th extraction to reduce levels of nitrogen dioside.

it probably goes without saying but avoid smoking indoors and even using dioxide and if you have a wood-burning fireplace ensure it is fitted and used correctly..

if you are really serious about reducing pollution in the home then opt for hard-surface floors as they are easier to clean, and if you have carpets you run the risk of letting dirt and pet hair escape back into the air.

Its also important to keep the humidity level in your home between 30% to 50% and ensure that you have proper ventilation in damp areas, such as bathrooms.
its also a good idea to use a doormat to prevent dirt from entering into your home and you should also ask people to take off their shoes when they visit you.

While you might want your home to smell gorgeous, if you want to keep pollution to a minimum then reduce your use of cleaning products or air fresheners, especially those containing limonene. It’s also a good idea to get some houseplants as studies by NASA and the University of York for the BBC both found that plants could reduce levels of formaldehyde in the home.

When it comes to other everyday aspects of your life, for example using your car, a good way to reduce the pollution is to opt for Carbon Cleaning. This is something that Van Stop Bolton offers and is an alternative way of cleaning your car. Using water and electrolysis to produce hydrogen and oxygen, the mixed gas is cooled and filtered into the engine, fuel, air and combustion carbon mixed together. The increased internal oxygen proportion improves combustion, and at the same time, the catalytic properties of hydrogen make it possible for combustion carbon to be gradually broken down to clear internal carbon deposits.

The carbon clean unit runs entirely on water and electricity following the initial set up. This lifts carbon deposits from the engine and ejects them through the exhaust. Using no harsh detergents and taking just half an hour the CC-14 returns your enging to a state of cleanliness close to new. You regain power and performance, increase the MPH and radically cut emissions. Improved exhausts emissions. It also Prolongs engine life, Increases engine performance and Lowers oil consumption.

It’s easy to forget how much pollution there is on your everyday life but when you start to look into it it can be terrifying. 

When You’re out of Options: 5 Myths and Facts About Declaring Bankruptcy

When debts grow out of control and you simply cannot make ends meet, bankruptcy is sometimes the only option. While bankruptcy is not an easy way out, it can help you legally overcome your debt and improve your financial outlook. Unfortunately, there are many bankruptcy myths that are perpetuated. Understanding these myths will help you to fully understand the truth regarding declaring bankruptcy.

When You're out of Options: 5 Myths and Facts About Declaring Bankruptcy - struggling with debt image

Types of Bankruptcy

There are multiple types of bankruptcy that can be filed, though there are two that are more common than others. Chapter 13 is often referred to as the “wage earner’s bankruptcy” because you are required to pay monthly payments. When people file for bankruptcy, they sometimes hire a lawyer to help.

Chapter 7 is best for those who have mostly unsecured debts. The process can typically be finished in six months or less, though you may be required to submit non-essential assets for liquidation to pay off the debts you owe.

5 Myths About Declaring Bankruptcy

As with most things, there are always those who spread falsities regarding bankruptcy. Unfortunately, bankruptcy is still considered a somewhat taboo subject, even though millions have filed. The following are some of the biggest misconceptions regarding declaring bankruptcy.

1. One of the biggest myths regarding bankruptcy is the individual will lose everything. Many people mistakenly believe filing for bankruptcy means they will have to give up their house, car, and all assets. For most people, Chapter 7 is a non-asset bankruptcy, so you do not give up anything.

2. Many people also believe the myth that all their debts will be wiped out by declaring bankruptcy. There are some types of debt that are not forgiven in bankruptcy, including student loans. Debts you are personally responsible for are generally not forgiven.

3. The belief that filing for bankruptcy means you are a big failure is truly erroneous. Many people believe they are admitting failure if they file bankruptcy. Most people end up filing bankruptcy because of a loss of wages rather than poor financial management.

4. A common myth that never seems to die down is the belief that your financial future will be ruined by bankruptcy. Although you will certainly have limited access to credit for about ten years, your credit score will likely begin to see improvements shortly after your bankruptcy is declared. Filing for bankruptcy is not the end of your future.

5. Some people mistakenly believe it would be better to pay off their debts than file for bankruptcy. If your debts are greater than 50% of your income, it would be wise to at least consider declaring bankruptcy because paying off the debts will be difficult.

Benefits of Declaring Bankruptcy

· Takes away a great deal of stress

· Can prevent foreclosure

· Allows for a fresh start

Although it is not right for every circumstance, there are many benefits to declaring bankruptcy. Most people find it easier to consult with a bankruptcy lawyer before they make a final decision.

Conclusion

Declaring bankruptcy does not mean you have failed and it certainly will not ruin your financial future. Taking the time to learn about your bankruptcy options will help you to make the best decisions for your needs. Bankruptcy will help you to overcome the vast majority of your debts and give you peace of mind in knowing there is less financial stress.