Your Financial Future: How You Can Cement Success

Your financial situation will always be a tough subject to think about, yet alone discuss with your nearest. It can evoke such high emotions, especially if things aren’t looking so rosy right now. It is understandable though, after all, not all of us have full financial security, especially when there are impending issues affecting your income and finances. I thought there was no time like the present to start thinking about your financial future and cement the success we all deserve when it comes to money. 

Financial Future

Sort out your debt problems

Debt can be one of the biggest stumbling blocks when it comes to your finances. You can be feeling very claustrophobic with the commitment of paying back credit cards or overdrafts, and even loans can take their toll. The problem is that you end up paying interest on each of these payments, which means the amount you are physically repaying to your debt isn’t as much as you would believe. It’s important to tackle this issue as soon as you can, and one way to do that is to consolidate your debts into one lump sum. A personal loan can be a great way to pay everything off, and then only have one payment and one payment of interest each month. This can significantly reduce your outgoings which means that you feel much more secure with your disposable income. 

Think about future investments

There is no point working towards success if you don’t start to think about your investments into the future. Otherwise, everything will always remain the same and never improve. Investments can be anything from using your savings for stocks and shares, or even property investment. This is when some financial planning could be important for you. Experts in the field will be able to look at your opportunities and advise you on the best way to invest. Making your money work harder for you than it possibly could just sitting in your current account. 

Look at your current outgoings 

Your future will not be successful if you don’t tackle your current outgoings and ensure you are paying the best possible price for everything. We may have rent or mortgages to pay, are you getting the best deal? You may have energy bills to pay out each month, have you checked your rates recently? Insurance costs, phone and broadband providers. Many times these companies that you remain loyal to will be offering cheaper prices and rates for their new customers. 

Make sure you getting the right deals for your bank account and savings

Finally, it isn’t just your bills that you need to make sure you have a good deal on. Are you getting a decent interest rate on your savings? Could your bank account be providing other benefits like cash back or better rates for your current account balance? Again these small things can enhance your income and make your money work harder for you. 

I hope these tips prove useful to ensure you are on the right path for a successful financial future.

Safe Or Dangerous? Which Approach Will You Take For Your Financial Future

Financial freedom isn’t simply about gaining security for today; it’s equally vital that you think about tomorrow. With regards to this, there are essentially two types of people in this world. The ones that play it safe, and the ones that take risks. Which are you?

Financial Future

Find out below, and if you don’t like the answer, perhaps it’s time to do something about it.

Investments 

A good wage is one thing, but retirement comes to us all. Therefore, using your savings in an effective way to boost your retirement funds should be one of the top items on the agenda. 

Generally speaking, the bank will be your safest option. However, real estate investments offer fantastic opportunities with minimal risk too. After all, the demand for housing ensures that property prices will always take a positive turn over an extended period. Besides, there’s also buy-to-let and alternative options on the market.

Risk-taking investors may wish to try their luck in the stock markets. They can certainly bring phenomenal outcomes, but it’s worth noting that you could potentially lose out

Spending

There’s nothing wrong with spending money in this life. Nevertheless, it’s important that you live within your means as irresponsible spending can result in debt. 

Regardless of your financial status, reducing the waste should be top of the agenda at all times. This can be achieved by trimming the fat on TV packages, cell phone deals, and other services. Meanwhile, embracing coupons and other money-saving ideas will pay dividends in the long run. If nothing else, it will encourage smarter habits for when you do eventually need to tighten the purse strings.

The safer person will try to get in front of their mortgage repayments too. Risk-takers will focus solely on today. In truth, the best advice is to try and find the right balance.

Family Matters

Whether you are a risk-taker or a someone that takes the safe approach doesn’t matter. We all have desires to provide our loved ones with financial security. However, as with everything else, there are different approaches.

If you want to be ultra-safe, you’ll want to write your will immediately even if you’re only in your 30s. Meanwhile, those getting married may want to think about prenuptial agreements. Avoiding this can be a little risky. Then again, making those financial preparations can kill some of the romance.

When kids are involved, you may want to save for their college funds too. The safe option is to gradually build it over the years. The risky approach is to leave it until later down the line before making bigger payments. In truth, the right answer is the one that works for you. 

Conclusion

Taking risks can bring great results in life. After all, nobody would ever experience love or create a successful business without taking a leap of faith. With regards to financial health, though, it’s imperative that those risks are calculated. 

If you want our opinion; play safe with the big decisions, and take risks with the smaller ones.

Are You Using Your Money Wisely?

Are you using your money wisely? You probably already know the answer to this question. However, you may be stuck in a cycle that you don’t feel strong enough to break. Using your money wisely is key not only so you can live a happy life, but so you can teach your kids good habits too. Read on to learn more.

Signs You’re Not Using Your Money Wisely

Not using your money wisely often means buying things you don’t need on a whim. We all have these whims, but learning to control them is important. Worse still, a sign you’re not being wise is buying with money you don’t have. Credit cards can be useful in the right situations, but not when you just want some new clothes!

Signs You Are Using Your Money Wisely

Do you know how much you have coming in and going out? Do you track your spending? Do you really think about purchases before you make them? These are all signs you’re using your money wisely. When you keep close track of everything like this, you’re unlikely to ever feel the need to take out a payday loan, or spend money you haven’t got.

Another sign you’re using your money wisely, is that you’re saving what little bits you can here and there and investing them. This is how many big investors start out before making larger investments, such as putting money into startup businesses. Doing this can seem scary, but it can help to create a better future for you and your family. Take a look at the infographic below!

Saving Money
Credit to Fortunate Investor

How to Write up Your Will in 60 Minutes

Apparently over 50% of adults have not written a will. It appears it is one of those things that we don’t really like to think about so it tends to get pushed down to the bottom of our list of priorities. However making a will is incredibly important, particularly for those of us with dependent children and families. Writing a will is not nearly as complicated as we think it is, so follow our simple steps to writing a will so that you can have peace of mind that things are all rightly in place.

Cheap Options

There are some incredibly cheap options in drawing up a will and there are even some do it yourself kits that you can buy online that will guide you through the process. Alternatively there are online services available that will allow you to create a fully, legally binding will, without the need of a solicitor, and all within 60 minutes. The only downside to using this online service is that you don’t receive any legal advice so you are a little on your own when it comes to knowing exactly what to do and the will will also not be stored for you. However for those of you that know a little about what writing a will entails this could be a very cost effective option. Make sure you read through the details in small print and do your research before hand as the last thing you would want is to not complete it properly and then need the help of a probate solicitors later on down the road.

Your Will

Online will writing services do suggest that users should only really be using their service if their will is reasonably simple. So anyone that has a more complicated situation is recommended to seek the help of a well trained professional.

Hire a Solicitor

This is the road that most people go down. As getting your will right is so important, reaching out to the specialists is definitely the recommended avenue to take. Some areas of will writing can become complicated particularly when it comes to matters such as tax and dividing funds. That said, people with a reasonable amount of savings, investments and assets may think they know what they want to do with passing on all these things however seeking legal assistance is still advisable.

A solicitor will be able to make sure that your will is drafted and signed in the correct way and they will also be able to store a copy of your will for you. So this will offer you peace of mind that it has all been done correctly, it is now safe, so you can just completely forget about it. The only real downside of a hiring a solicitor to take on the task of writing up your will is the cost. They are undoubtedly the most expensive option however the peace of mind they offer by guaranteeing that everything is done properly, is worth every penny.

The Importance Of Financial Planning When It Comes To Property Investment

Investing in property is sometimes a challenge that requires time and commitment; however, the rewards can be financial security and a home you’ll enjoy for years to come. For you to be able to move out of rented accommodation, and take those all important first steps onto the property ladder, you’ll need to prepare your finances and plan what you’re going to do carefully. The following are some area to consider when it comes to successfully buying a house or apartment.

Property Investment

Be Proactive

Houses don’t just fall into your lap; you’ll need to be aware of the market, and what’s available to you. Regularly checking out what’s up for sale, and how much it sold for, will give you a good understanding of property prices, and what you’ll be able to get for your budget. Make it your hobby to know exactly what’s happening with the property market in the area you want to move to, and the surrounding areas. Don’t be afraid to visit real estate agents to ask questions, and you can always check online in your free time, to see if anything new has popped up.

Seek Help

Now you know what’s on the market and have decided what’s within your budget; you’ll need to ensure that your finances are in order. The property market moves at a quick pace, so it’s vital that you have an excellent understanding of what money you have available, and can make an offer quickly on any potential real estate you want. Ensure that if your credit rating has been compromised in the past, you take the proper steps to rebuild it and mend any damages. If you’re unsure as to where to start; you can check out Lexington Law firm reviews to help you to understand what to do next. 

Make Decisions

There is no time for procrastination when it comes to investing in property. Refrain from making decisions that will leave you financially over-stretched; however, move as quickly as possible if you have your money in place, and you’ve set your eyes on a particular home. There will always be a lot of competition, so the sellers of the property will have the upper hand, and don’t usually wait around for you to twiddle your thumbs before making a decision. Make it a priority to give people a timely answer, without compromising what you want and need; this way the buying process will progress as smoothly as possible for both you and your sellers.  

Persevere 

Try not to become disheartened when a sale falls through, or if you’re outbid on the property of your dreams. Giving up will just mean that you’ll never end up on the property ladder, or great housing opportunities will pass you by, and end up with a more willing buyer. Prepare yourself for knock backs and disappointment, but be ready to pick yourself back up, and persevere with the process. For more tips on staying positive, take a look here. The property market waits for nobody, so remain positive, keep going, and you’ll be handed the keys to your new front door in no time.

Preventing Financial Emergencies: How To Revive Your Credit Rating

Have you ever checked your credit rating? If you haven’t, you may have no idea whether your score is high or low. Everybody has a credit rating. If your score is bad, it isn’t the end of the world, but it is advantageous to try and do something about it. If you’re keen to revive your credit rating, this guide will hopefully help you to prevent financial emergencies.

About credit ratings

Your credit rating is a numerical figure, which represents the level of risk you pose to a financial lender. If a bank or a building society agrees to lend you money, your credit score should dictate the likelihood of you being able to pay that money back. If you’ve got a high score, a lender will feel more confident about your ability to stick to the repayment agreement. If you’ve got a low rating, you may find that lenders don’t want to take that risk as they feel that there’s a chance you won’t be able to repay your debt.

Credit Rating


If you don’t already know your credit score, there are agencies you can use to find out your rating online. You have to answer some questions about your finances, and a report will be compiled based on the information the agency gathers about your accounts and your financial record. At the end, you’ll be presented with a figure. Different companies use varied rating systems, and your report will include information about your individual rating. Some agencies operate a scale from 1-5 while others will give you a score of up to 999. 

Why is my credit score low?

There are various factors, which can lead to a low credit score. The most significant issue people encounter is problems paying money back in the past. If you’ve missed payments on your rent or mortgage, for example, or you’ve taken out a loan and failed to repay it on time, this will count against you. You may also have a poor rating if your financial history is limited. You may think that you’d have a good score if you don’t have any debt, but if you’ve never borrowed money before, a lender cannot see that you’ve been able to repay a debt. If you don’t use your account on a regular basis or you don’t have many direct debit payments set up, this can count against you, even if you’re in the black.

You may also find that your credit rating is lower than it could be if you’ve applied for loans or credit cards in the past and your applications have been declined. If your account is linked to a partner and they have bad credit, this can also affect your rating. 

It’s often a good thing to borrow money when it comes to your credit rating. However, it’s not wise to borrow large sums on a regular basis. This may have the opposite effect on your credit score.  

What are the effects of a low credit score?

Your credit score plays an important role in determining whether you can borrow money. If your credit rating is sound, lenders will be much more likely to offer you chance to take out a loan or a mortgage if you plan to try and buy a house. If you try and find a loan online, and your credit rating is poor, you may find that your application is rejected. Your credit score will also affect how much money you can borrow. If you wanted to borrow a substantial amount, a bank may not feel confident agreeing to this if you don’t have a good track record. This means that you may find it difficult to get a mortgage or to apply for a credit card with a high spending limit. 

In addition, your credit rating will have an impact on the interest rate you’ll pay if you do borrow money. People with high scores are likely to be offered preferential rates because they pose a lower risk. 

Your credit rating doesn’t just impact your ability to borrow money. It may also prevent you from doing things you want to do. If your score is low, for example, you may find that you can’t take out a mobile phone contract or have broadband installed at home.  

Reviving your credit score

If your credit score isn’t as high as you hoped, try not to panic. There are many ways you can improve your rating. Here are some examples.

Take out a loan: if you’ve never borrowed money before, you may think that this stands you in good stead when it comes to your credit rating, but it can actually go against you. This is because you have no credit record, and this means that lenders don’t have evidence of your ability to pay money back. If you want to improve your credit score, and you’ve never borrowed money before, it may be worth taking out a small loan. Provided that you make sure you can afford the repayments, this will increase your score and show banks and lending agencies that you can be trusted. 

Check your details: sometimes, you may find that your credit rating is low as a result of mistakes on your record or fraudulent activity. Make sure your report has all the right personal details, and if there are irregularities, for example, there’s an application, which wasn’t made by you, contact the credit reference company and get any abnormalities or errors sorted out. 

Close accounts and credit cards you don’t use: if you have accounts open or credit cards that you haven’t used for a long time, shut them down. This is particularly beneficial if you have credit cards open with high limits. It’s good for your credit rating to have a credit card, but if you have a lot, this may set alarm bells ringing for the lender. 

Pay on time: if you’ve taken out a loan, you rent a house, you have a mortgage, or you have a credit card, ensure you make repayments on time. Set up a direct debit, and make sure you include these payments in your monthly budget.

Seek advice if you’re struggling: missing payments can be incredibly damaging to your credit rating, so seek advice if you’re worried that you’re not going to be able to cover your outgoings. 

Deal with debt: if you have existing debts, try and pay these off before you apply for a new credit card or try and borrow any more money. If you already have a lot of money to pay back, a mortgage provider or bank may be hesitant about approving any further applications. 

Stay put: if you move home on a regular basis, this can put lenders off. Sometimes, you can’t help moving, and you may have a job that requires you to relocate. However, if you don’t need to move, staying put can help to improve your rating. 

If you are worried about your credit score, it’s a good idea to seek advice from people with expertise in this area. Arrange to see a financial adviser. You can go through your credit report, discuss ways you can improve your rating and identify problems, which could be holding you back. You can ask questions and set out plans that will help you going forward.  

The benefits of a good credit score

If you’re and carefree, you may not be worried about your credit score, but it’s a good idea to think about the future. You may not be thinking about buying a house now, but fast forward 5 or 10 years and the decisions you make now may have a significant influence. If you’ve got bad credit, this can affect you years down the line. You may not be able to buy that first home you’ve been dreaming of for years, and your credit score may even affect your chances of landing your ideal job. If you’ve got a credit card or you’re thinking about applying for a loan, make sure you live within your means. If you can’t keep up with repayments, you may end up regretting your decisions in the future.  

A low credit score can hamper your chances when it comes to taking out a loan to buy a new car, carry out home improvements or even buy your dream home. Your credit rating is a numerical score, which pertains to the level of risk you present to a lender. If you have a bad score, this may mean that lenders don’t want to offer you the chance to borrow money. This may be disappointing, especially if you have plans, but a low score isn’t the end of the world. It is possible to improve your rating by showing lenders that you can pay money back and you do have control of your finances. If you have a poor rating, it’s a good idea to see a financial adviser and go through some ways you can boost that score. Try and avoid borrowing more money if you have debts or your score is low. It’s likely that you’ll only be able to access high-interest loans, which could plunge you further into debt.

Habits That Might Save Your Finances

We all want to know that our financial life is going to be solid forever. As it happens, though, it is rare that you can find such an ongoing promise in the world of money. If you are keen to do everything in your power to keep your finances going strong, then there are many habits and approaches which you might find useful, or even essential, to take on board. In this post, we are going to be looking at just a few examples of these kinds of habits, so that you can be sure you are on the right track. Let’s have a look at some of the best ways to keep your finances looking strong.

Save Your Finances

Know How To Find A Good Deal

The way that you spend money is hugely important when it comes to making the most of your finances. In general, it is those who are able to find a good deal who can be sure of saving more money, and therefore his is something that you might want to try and put into practice at your earliest convenience. Actually, finding a good deal is pretty much just a case of trial and error, no matter what it is that you might be purchasing. It is only really with practice that you can learn how to spot a good deal, so that is worth bearing in mind if you ever find it difficult. This is something which also applies just as much to financial products themselves. For example, if you are on the lookout for a savings account, you will benefit greatly from knowing what the best ones are like, so that you can make the most of the money you put aside to save.

Learn To Manage Your Investments

If you are able to invest, then you are probably in a fairly good position. Investments can be a real headache, however, even if you have a lot of experience in dealing with them. To make the most of your investments, you need to pay close attention to them. In order to do that effectively, it helps to learn how to manage your own funds. Private fund management is an important part of ensuring your investments remain stable, and that is worth bearing in mind when you are trying to make your finances as secure as possible.

Reel In Spending

If you are able to cut down on your spending, then you have done most of what you need to do to look after your money. This is simple, and yet it is so commonly overlooked that people entirely forget about it. In fact, knowing how to reel in your spending is going to make more difference than many other acts combined, and that’s why you should place particular emphasis on this. If you find that you frequently overspend, you might want to sit down and work out a private budget for yourself. If you can come up with a strong budget, you should be able to keep your spending down, and that will lead to a much healthier financial situation on the whole.

The Biggest Expenses Of Your 20s

You never really thought about it while you were in college, but being an adult is expensive. While you may have learnt the importance of paying your rent on time while you were living in a rented house with your college buddies, and you always knew that you’d have to worry about paying off your student debt once you graduated, nothing quite prepared you for the extent to which daily life would drain your bank balance. As a young adult in your 20s, here are the biggest expenses you can look forward to, but don’t think it gets any better in your 30s.

The Biggest Expenses Of Your 20s

Car

When you first passed your driving test, your first car was probably second hand and bought with some help from your parents. Now you and your car are a little older, but one of you can’t go on for much longer. Not you, the car. You might have an idea of what you need to spend on gas, insurance, and general maintenance, so all you need is some helping buying a new set of wheels. Most dealerships will offer a range of finance packages, to make sure that you can keep it all affordable. You can keep the monthly payments even smaller by keeping it simple; if you don’t need alloy wheels, heated seats or coloured brake pads, then don’t buy them.

House

Ever since you graduated, your circumstances might have forced you to move back into your parents’ house in order to save money for your own place. Unfortunately, years have passed and you’re starting to lose hope that you’ll ever experience the freedom of living on your own again. Don’t worry, it can still happen. The steps listed in the How to Move Out of Your Parents House | FAQ | Guide to Moving Out form the perfect basis of a plan to get you out on your own once more. Start by getting a job, setting out a budget, and go from there. 

Credit Cards

Credits cards are the easiest road to increased debt, yet they are also essential for building good credit. If you managed to figure out the best repayment plan to clear off most of your debt, then you need to take out a new secured credit card and learn how to use it responsibly. Keep your utilization rate below 10 percent, and pay back what you owe in full every month. You should also never take out more than one card because it reflects poorly on your credit report. 

Engagement rings

Back in the 1980, luxury jewelry giant De Beers started the “two months salary” rule to encourage potential customers to give their prospective wives a glimpse of the kind of future their husbands could afford. Nowaday we all have better things to spend two months salary on, like two months rent for instance. If “tradition” is too expensive, just ask your special someone what they’d like, or go based on what you can afford. The ring means more than the price tag.

Top Skills Of Estate Agents

If you have ever thought about being an estate agent, you are definitely not alone. This is an increasingly common career choice, and it might well be the best move for someone who has a real interest in property. If that sounds like you, then you might be interested to know what it takes to be an estate agent. As it happens, there are a few key skills that you will need to try and develop if you do want to pursue this career path. In this article, we are going to look at some of the top skills that the best estate agents have and need. Knowing this should put you on the right track to getting that career you really want.

Real estate

Keen Eye For Detail

Something that can really set apart the best from the rest is having a keen eye for detail. This applies to every part of the job, more so than you might assume. It obviously helps when you are taking people around homes and trying to find good details to talk about. But it helps back at the office too, whether it is carrying out the necessary legal paperwork or looking for the best home insurance leads. Any task which you might be called on to carry out will require that you are able to look at the finer detail unflinchingly, so that you can draw out what is beneficial and discard the rest. Make sure you are certain you have this essential skill before you go applying for these kinds of jobs.

Talkative

As an estate agent, one of the things you have to be best at is encouraging people to become interested in properties. This can often be surprisingly tricky, and it is no wonder that many estate agents pride themselves on being able to make a sale verbally. Being talkative is likely to really help you massively, especially when it comes to trying to sell a property. If you want to be an estate agent, you will probably find that you need to be particularly extroverted, and able to talk at great length about limited material. If you think you can do this you might well be the kind of person who can succeed in the world of real estate. This is something that cannot often be taught, and so needs to be something you distinctly feel you are able to do.

Persistent

You will no doubt find that it often takes a great deal of time to see deals through to the end, so this is why you might need to have a strong sense of persistence. As long as you are able to persist no matter what, you should find that you can make the most of whatever comes your way in the job. You never know what is going to happen, and how long a sale might take, so you need to have the energy to carry on for as long as it takes. If you think that applies to you, then you should be able to enjoy this role as much as possible.

A guide to travel cards and safe credit card use overseas

With cash now facing a slow death, the credit cards revolution is one of the technologies that are paving the way for a cashless society. The convenience and security that come with credit cards have made them very useful to millions across the world. For any person who understands its benefits and has the financial ability to get one, a credit card is a must-have. 

travel credit cards

But to get a credit card that will adequately meet your personal needs, you need to give the choosing process the seriousness it deserves. The reason is that just like all financial tools, you need to ask and answer yourself fundamental questions that will enable you to get the right card for your needs. This post will share out the factors you need to consider as you choose an effectify’s credit card for travel or any other available.

The cost of acquisition and membership

The first factor you need to consider is the cost of getting the card and how much it will cost you to keep it in your wallet per year. The reason is that different card issuers charge varying costs to get and maintain their credit cards with some charging as much as $2,500 per annum. So, you need to assess your pocket before settling for any card.

Look for the goodies 

With many companies are now issuing cards as tools for meeting different goals, they are resorting to various goodies to entice cardholders. As a smart consumer, you have to look at and compare the goodies that accompany the card you are intending to sign up for. Depending on your personal needs, tastes, and preferences, you can choose a card based on the rewards the card offers.

Look for other benefits

The second question you need to ask and answer yourself should focus on other benefits that the card offers. You should check out for the percentage that the card issuer charges for making international transactions.

Check out for welcome offers

In a world that is being more populated with many credit card issuers, all of them are dying for your money, and they are ready to do many things to get you into their fold. For instance, they will splash special offers to welcome you “home.” You can take advantage of those bonuses to meet your personal needs and preferences. However, it is smart to read in between the lines to ensure that the bonuses are not bait to entice into using up for something you will regret using in the long-term.

Factor in the interest rates

Lastly, you need to consider the amount or percentage of interest that the card company will charge you per month or annum. Looking into such a factor will show you how much you will spend on this card in the long-term.

With these facts laid bare before your eyes, you now stand higher chances of making an informed decision when choosing a credit card. The ball is now in your court to get the best value for your money.

How well is the UK preparing for retirement?

The subject of pensions has been in the headlines a lot recently but which parts of the UK are succeeding at saving? True Potential, has gathered some research provided in the infographic below, to help you find out more.

UK pension map

Provided by True Potential

Renting or Buying: Is One Better Than The Other?

It seems like more and more; people are concerned about getting on the property ladder. But should it be something that we are so obsessed with? Is owning a home ‘all that’ after all? There are many benefits to it, but there are many drawbacks too. So I’m going to look at those today with you, to see what option is going to be the best financial option for you.

Renting or Buying

The Benefits of Buying
  • Each payment you make goes towards paying off the money for your home, meaning that you will eventually own it. When it is sold, and you have no mortgage, all of that money is yours.
  • If the house price rises, you can make more money back than you bought the home for.
  • You set your own rules, unlike residing in a landlord’s home. So you can decorate it as you like and have pets, for instance.
  • You will only move house when you want to move house, not because a landlord wants you to move out.
  • Buying a home can often mean making monthly repayments that are cheaper than paying rent each month.
  • You can make changes to the home and renovate, without needing to seek approval from a landlord. This is a way to add value to the home too, meaning more money for you when it comes to selling. 
The Drawbacks to Buying
  • Upfront costs for buying a house, such as stamp duty and legal fees, can often be a lot more than you would have if you were renting and only needed things like renters insurance, for example.
  • You have to pay for any repairs that occur. If the roof falls in on you, you will be the one sorting and paying for it all, not a landlord.
  • If you hit different financial circumstances, it can be harder to make payments on your mortgage, which could leave you homeless. Of course, similar things would happen when renting, but you can get out of a contract quicker when renting than you could if you need to move house.
  • You can’t just up and move a and when you please. You are tied to a certain location until your house sells, which can take a while.
  • If you and a partner buy a home together and get a joint mortgage and then split, it can mean a massive headache when it comes to selling and dividing the asset.
After looking at these points, it really does depend on where you are in your life. Are you in a stable job and a stable relationship if you’re looking for a joint mortgage? Do you have money saved for a deposit? If you can’t answer yes to any of these, then now might not be the time to buy, but rather to rent property. From there, you can put some money aside each month to put towards a deposit and look into what lenders will want from you. Good luck in your decision as to whether or not you rent or buy!

4 Reasons Why Financial Planning Is Essential

If you look elsewhere on this blog, and many other sites, you will see lots of tips to help you with your financial planning. Normally, we’re told what to do to plan our finances. But, we’re rarely told why this is so important. 

Financial Planning

Which is why I decided to write this article to prove to you why financial planning is essential. I’ve listed some of the key reasons below, feel free to have a read if you’re eager to know more:

For A Happy Retirement

One of the main reasons financial planning is so important is due to your retirement. At some point, you will stop working a full-time job and have to deal with retirement. This can be a difficult period in your life as a lot begins to change. Most of all, your financial situation gets very different. No longer do you get your healthy wage packet every month, as you aren’t working? Instead, you get a pension, but the amount you get depends on how well you planned. 

You see, you get a government pension, and you can also get a pension from your workplace. But, if you take financial planning seriously, you’ll also set up a private pension pot, which can earn you even more money in your retirement. Furthermore, if you’re planning your finances, then you’re bound to plan for the future. This means making investments and saving money specifically for your retirement. When the time comes, you can cash in on your investments and savings to give you more money to live on in retirement. If you haven’t planned things through, you may end up with an unhappy retirement as you’re always worrying about money. 

In Case Of Emergencies

Financial planning comes in handy when an emergency strikes. The world we live in is very unpredictable, nobody can tell what might happen at any given moment. A freak bolt of lightning n a storm may strike your house and cause damage to your roof, leading to costly repairs. If you haven’t been planning your finances, how are you going to pay for it? You may need to get a loan to help cover the costs, which can land you in debt. 

Likewise, what happens if you get into an accident and manage to seriously injure yourself. There are endless ways you can hurt yourself on a daily basis, something could happen that puts you in a hospital and demands high medical bills. Now what? Sure, you could get a personal injury lawyer to help recover some of the costs, but it still might not be enough. But, if you spent time planning your finances, you should have means in place to handle an emergency. You may have an emergency fund, or some savings stashed away specifically for situations like the ones I’ve mentioned. Now, you don’t have to worry as much as you’ve got things set up to use in case of emergencies. 

For Your Children’s Future

If you plan on having children, then you need to take financial planning very seriously. The way you handle your finances and the things you set in motion now will have a bearing on their life in the future. This applies to their future while you’re still here, and when you pass away. I know, it’s never nice to think about the latter, but it’s a fact of life; we all die at some point. So, planning our finances and tieing up investments and assets can be crucial for when we leave. Likewise, writing a will is a big part of financial planning as you decide where your wealth goes. So, if you do die, you leave your children with something to help them in their future. 

Now, back to the happier side of things when you’re alive and have a child. At some point, they’re going to grow up and might want to go to college or start learning to drive, or buy their first house. If you’re planning away, you will be ready for all of these things. You should start saving for your children, either with a savings account for them or a college tuition fund. In doing so, you prepare for these moments and make sure you’re financially capable of looking after them and helping them when they need it. 

To Improve Your Standard Of Living

Finally, financial planning is important as it can help you improve your standard of living. The mere concept of financial planning means you’re more aware of your finances and you’re taking steps to ensure you’re financially stable. This means you have less to worry about, and you’re fully in control of your income and expenditures. 

As a result, your standard of living improves as you avoid things like unmanageable debt and other money woes. You’ve planned everything out, you’ve budgeted, you’re tracking things and investing your money wisely; everything is great! Without financial planning, it’s a lot harder to have a good standard of living. You may overspend and not save, which can land you in a very tough situation. The problem with financial troubles is that they tend to get bigger and worse as time goes by. But, with financial planning, you can avoid them and live a lot happier. 

When you read through these four points, the arguments for financial planning are really strong. In fact, it begs the question, why wouldn’t you start planning your finances? Seriously, there are really no downsides to doing this at all, it will only serve to benefit you. What’s great about financial planning is that it benefits you now and later in life as well. Plus, it doesn’t just benefit you personally, it can benefit your family and children too. 

To end this piece I’ll ask you a few questions. Do you want a retirement where you worry about money all the time? Do you want an accident or emergency to completely wreck your finances? Do you want your kids to grow up with no financial support? And do you want to live with money troubles all the time? If you answer no to all of these questions, you better start getting aboard the financial planning bandwagon!

How To Make Moving Home More Affordable

There is no doubt that moving home can end up being one of the most stressful experiences in a person’s life. But if you are not careful, it can end up being a very expensive one as well. However, there are a range of ways that you can make this whole process more affordable. And if you can save money, there is no reason that you should be paying more. Here are just a few ways that you can make moving home cheaper.
  
Compare the Costs of Professional Services vs DIY

You shouldn’t automatically assume that hiring the professionals will be more expensive than doing it all yourself. Try to get at least three different quotes from moving companies before you make your final decision. You can also try to negotiate with them, which tends to work better in the off-season. If you still find that the do it yourself approach is more affordable, save yourself gas money by avoiding peak traffic hours. Try to convince your friends to help you out if you can to make the whole job easier.

Moving Home

Declutter and Sell Unwanted Things

If you are in the process of selling an existing home before moving, you may find yourself short of cash so going to an agency that declares we buy houses can help speed things along. Another way that you can make some extra money is by decluttering your home and selling on anything you no longer need. As well as giving you some extra funds for your move, it is less stuff that you need to pack up and take to your new place. With so many selling websites and apps out there these days, you can find buyers for all kinds of things.

Don’t Pay for Boxes

You are probably thinking: how much can boxes cost anyway? Well the truth is that they can be very costly if you rely on your moving company to provide them for you. Try finding some at your office or workplace instead or you could otherwise speak to friends or families who have moved recently. Another option is to ask down at your local liquor store as they are likely to have some strong boxes. Otherwise, a website like Freecycle may have some boxes available.

Ensure Your Utility Shut-Down Dates are Right

You should try to line up your moving dates with your utility shut-down dates as closely as possible. Unfortunately, some companies won’t let you shut down on the exact day of moving so you could consider cutting off your service. Obviously, this is not going to work for something essential like gas or electricity, but with a service like cable TV, you can probably survive without this.

Wrap Up Your Valuables Carefully

Though some people save money by wrapping up their valuables in bed linen or towels instead of expensive bubble wrap, you have to consider both the cost and sentimental value of these possessions as you don’t want them to break.