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Can You Help Your Children Onto The Property Ladder In 2020?

May 31st, 2020 Posted in family finance, Property Investment
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Owning a home of your own is getting harder than ever. With spiralling rental rates, increasing cost of living and slow growth in wages, many of the younger generation are finding their dream of owning a family home of their own is getting further and further away. So if parents are in a position financially to help, it can be a wonderful thing to do – and help to give your kids security for the future. If they are already saving hard to pull together the money required for a deposit, it can still be slightly beyond reach without a parental helping hand. And with mortgage costs frequently lower than the cost of renting,your children will be able to save money in the long run if they get that first time house. So how can you help the situation?

Can You Help Your Children Onto The Property Ladder In 2020? - family photo image
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Gift A Lump Sum

If you can afford to give a lump sum, this will really help towards the considerable costs of a deposit. Often affording the mortgage isn’t the issue, it’s overcoming the barrier of having a high enough Loan To Value (LTV) amount. If you can supply part of this, your children could be able to get on the property ladder with a new build home. When planning this move, it’s important to consider the full picture of your own future finances and possible retirement. Speak to an independent financial advisor is critical to help you make the right move. 

Provide A Loan

If you can’t afford to gift a large amount, you could act as a lending facility instead. This can be a good option if you have access to savings that you don’t need now, but will need in the future. With interest rates at a historical low, you’re not losing out on much by not having them sitting in the back, and you may be able to make borrowing some of the amount of a deposit affordable for your kids, through either not asking for any interest or keeping it very low and the repayment terms flexible. In all these matters, it’s very important to be able to have an honest discussion about money with your family and be very clear exactly what you are expecting to be repaid and when – also get this in a formal legal contract notarized by a solicitor to avoid any confusion.

Take Out A Family Mortgage

Offset mortgages, where 100% of the property value can be borrowed, are also sometimes an option. These loans would be secured against the value of your own home, or sometimes allow you to deposit money into a savings account that acts as a security in the event of non-payment. However, if your child doesn’t keep up with payments, your own home or retirement funds may be at risk. Make sure you talk about affordability and contingency plans with your children before deciding on this option.

There are lots of ways you can help out financially when it comes to getting your children onto the property ladder, but don’t forget that emotional support is just as important too – always be ready with a cup of tea and a listening ear.

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5 UK Organisations That Offer Funding For Start-Ups And SMEs

May 29th, 2020 Posted in Business, Entrepreneurship
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Starting your own business is both exhilarating and challenging. One of the main reasons that startups can’t get off the ground is due to lack of finance. If you’ve got a winning business plan, it’s a shame to be held back by money. Luckily there are a number of schemes available in the UK which can help budding entrepreneurs, and existing small businesses, to access the funding they need.

5 UK Organisations That Offer Funding For StartUps And SMEs - successful business meeting image
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1 . Princes Trust 

The Prince’s Trust started providing grants to entrepreneurs back in 1976. As well as funding, they provide an enterprise program, mentoring young people who want to set up their own companies. Grant applicants must be aged between 18-30, and applicants can start the process by filling in the form on the website. The Prince’s Trust believes that all young people should have access to career building tools. On the site you’ll also find links to free professional courses, and other career based content. 

2 . CRACK IT Challenges

CRACK IT is a challenge-based competition which funds collaborations between SMEs and academics. The goal is to solve science or business based challenges in society. Previous challenges have seen winners secure three year contracts and £1 million in funding. Current challenges in process include a handheld device for monitoring rheumatoid arthritis, and developing a method for tracking gene therapies. 

3. Tradeshow Access Programme 

The tradeshow access programme helps companies with promotion by offering grants to visit overseas trade shows. TAP offers businesses support with market knowledge, foreign export, and funding. To apply for the grant, you should be a UK small business who has been exploring a few export opportunities already. You should also attend one of TAP’s events. Many entrepreneurs forget all about trade shows, due to all new digital marketing techniques. Marketing yourself in person is more authentic and suited to expressing brand story.

4. New Enterprise Allowance

This grant is specifically for those who are currently unemployed, and would like to set up their own business. Successful candidates on the scheme receive weekly payments over 26 weeks, in the past these payments have been around £120 a week. The New Enterprise Allowance scheme also offers mentoring and help to set up your business.

5. Innovation Programme 

The Innovation Programme was made for small businesses who are creating innovative products or services. As far as criteria goes, past companies have worked in areas of assistive technologies, IT connectivity, data or energy. To apply for the program, your company should have under 250 staff members. Applicants should be made through Coventry City Council. 

When you’re starting out as an entrepreneur, should you take all the personal finance tips you can get! These are just a few of the funding options for small businesses and aspiring entrepreneurs. Be sure to apply for everything that you are eligible for, you never know what big opportunities your applications could lead to.  As a small business or startup it’s important to take care of your financial health. To help you do this, MNE Accounting offers some great outsourced accounting services, which can be accessed on their website here.

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Study Finds American’s Most Burning Financial Questions

May 29th, 2020 Posted in Credit and Debt, financial education, Money Tips
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The corona virus pandemic has jolted people into thinking more about how they manage their finances. Even those who still have income are asking serious financial questions and considering how to save more given the uncertainty of the future. 

A recent study researched what American have been searching for during the pandemic — and the results stuck out to us. 

Study Finds American’s Most Burning Financial Questions - man searching for financial help online
Photo by Kaboompics .com from Pexels

Increase Demand for Basic Necessities

Feeding America, a network of 200 U.S. food banks, says that it projects a $1.4 billion shortfall in the next six months. This shows how much the coronavirus has impacting American’s ability to afford a basic necessity. 

And, the study backed that up with an increase of searches around how to get food stamps and where local food banks were located. Top searches included: 

  • Emergency Food Stamps: up by 130%
  • How to Apply for Food Stamps: up by 50%
  • Food Banks Near Me: up by 50% 
  • Apply for Food Stamps: up by 50%
  • Food Pantry Near Me: up by 40%

Experts don’t see the demand slowing down until the unemployment rate begins to drop. 

Americans in Pursuit of Financial Literacy

Online learning is nothing new. However, the financial impact of the coronavirus has catapulted Americans into wanting to learn more about how to manage their finances. Demand for finance-related courses is up by 200%. 

  • Online Finance Courses: up by 200%
  • Foundational Finance: up by 170%

As people have learned to accept the new normal, millions have turned to the internet to learn. There are a wealth of opportunities to learn more about investing, managing finances and entrepreneurship. 

The CEO of Skillcrush, Adda Birbir, said that she’s seen an uptick in interest in online learning since the coronavirus started, specifically from those who were working in the hospitality industry or the performing arts. And, that trend is growing. With the rise of unemployment, Americans are interested in learning new skills that can help them in their life and career. 

Uncertainty Around Affording Housing

The study found that a majority of searches around mortgages were related to how to afford paying it including terms like “deferment,” “forbearance,” and “assistance.” This was a category that had the most increase in searches month-over-month with “rent and mortgage cancellation act” up by 5,000%. The top trending search terms were: 

  • Rent and Mortgage Cancellation Act: up by 5,000% 
  • Forbearance on Mortgage: up by 500% 
  • Mortgage Deferment: up by 300% 

Overall, the study on what Americans are searching for during the pandemic reveals their most important financial questions and tells us that people are more interested than ever on how to save, manage and make money. 

Sarah ArcherSarah is a writer at Money Crashers who covers money management tips and the financial impact of the pandemic. When she’s not investigating personal finance strategies, you’ll most likely find her outdoors hiking, biking or running.

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Legal Issues That Courier Businesses Are Likely To Face

May 21st, 2020 Posted in Business, Entrepreneurship
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Starting a courier business is a great opportunity for entrepreneurs because there is a huge demand for delivery services. We spend more than ever on online shopping, and delivery services are becoming the norm for most goods that we buy. Although the big courier services already deal with the biggest retailers, and many retailers handle their own deliveries, there are still plenty of companies out there that are in need of a courier. 

Legal Issues That Courier Businesses Are Likely To Face - truck image
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However, when you start any business, you need to manage the legal issues, and that is especially true with a courier company. If you are planning to start your own courier company, these are some of the big legal issues that you need to manage. 

Licensing 

Licensing is a big issue for courier companies. If you are operating heavy vehicles, all of your drivers will need specific licenses. As a business owner, it’s up to you to make sure that all of your drivers have the correct licenses and they do not have any driving bans in place. If you do not check the paperwork when you are hiring people, you may be held liable for allowing people to drive your vehicles without the correct licensing. 

Driving Infractions 

If your drivers commit an infraction of some kind while behind the wheel of one of your vehicles, that can be a serious problem for you. Not only does it have a negative impact on your image, but you may also be held responsible. In some cases, if the infraction is a serious one, like drink driving, you may need to look into criminal law assistance for your employee. You can avoid issues like this if you pay attention to your hiring process and make sure that you are carrying out thorough background checks. You should also consider installing a telematics system in your vehicles so you can monitor speed and make sure that your drivers are following the rules of the road. 

Insurance Issues 

When you are starting a courier company, insurance is one of the most important things to consider. If you are delivering goods for clients and they are damaged, you are liable for that damage, so you need to make sure that you have the right insurance coverage in place to pay for it. If you don’t, you will end up paying out of your own pocket and you will soon end up in financial trouble. 

You also need to consider what will happen if one of your drivers is involved in an accident. In some cases, the other driver involved with the crash may attempt to sue the company, and if your employee was at fault, you may be forced to pay a large settlement. If you have the right insurance coverage to protect your business, that’s not too much of an issue. But if you have to pay it yourself, it could spell disaster for your business. 

If your new courier business is going to be a success, it’s important that you are able to deal with these potential legal issues. 

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What Are The Best Ways To Protect Your Business?

May 15th, 2020 Posted in Entrepreneurship, Money Tips
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The environment is good for business, it’s true, but there’s no avoiding the fact that there are threats. When you’re in such a competitive landscape, it’ll always be that way. Even though everything might seem like it’s going well, you could find that you find yourself in a difficult position that takes you by surprise from time to time. While you can’t always prevent these things from happening, there are things you can do that’ll reduce the likelihood or provide a safety cushion if they do. Below, we take a look at some of the best ways to protect your business. 

What Are The Best Ways To Protect Your Business? - whats the true business climate image
Photo by Philipp Birmes from Pexels

Find Your Weaknesses

People — and thus companies — generally focus the spotlight on their strengths and overlook their weaknesses. It makes sense. But in some cases, your weaknesses could prove to be a real threat to your business. The only way to minimise the threats these could cause to your company is to be aware of them. So take a look, a real strong look, at your business, and it’s flaws. If you don’t know what you’re looking for, then there are outside experts that can help you.

Get Covered

A company could be doing absolutely everything right, and yet still end up in dire straits, if they’re not careful or they’re unlucky. You never know what might happen at your business: there could be a weather-related disaster, or a member of your team could be injured while they’re on the job. If that happens, then you might face a big bill. As such, it’s important that you’re working with an insurance broker to get the insurance that’s right for your business. It’s one of those things that you hope you’ll never need, but which you’ll be supremely grateful that you have if you do.

Be Mindful of Who You’re Hiring

Your employees should, in an ideal world, take your business from strength to strength. But that doesn’t always happen. Sometimes, they’ll have limited positive impact (which is in effect a negative impact, since you’re paying them). At others, they may cause serious harm — for example, if they break the law and steal from you, or cause a public relations disaster. The good news is that this threat can nearly always be nullified by hiring correctly. There’ll usually be pretty big red flags around a potential employee during the interview process. Make sure you pay attention to them!

See What’s Up Ahead

Everything may be going well right now, but the present won’t be around for too long. The future is coming up, and that business landscape may look a little different. The good news is that what’ll happen five years down the line usually isn’t a big surprise: all the signs point to it. It’s just up to you to be aware of what they are. Reading trade magazines and generally keeping up with the goings-on in your industry can provide a pretty clear view of what the future will be like. From there, you can position your company for future success

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