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5 Ways To Get Your Finances Into A Better Position

Everyone wants to make sure that their finances are in the strongest possible position at all times, but ensuring this is obviously much easier said than done. If you are keen for this to happen for you as soon as possible, however, there are some things that you might want to focus on in particular to make sure it is the case. In this post, we are going to look at a few of the major things to focus on if you want to get your finances into a better position. You’ll find the following are all really vital and important things to look into and work on.

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Overhaul Your Habits

A lot of the trouble that most of us experience financially stems from having poor habits, so if you want to improve your financial life you should take a look at what habits you are currently adopting and what you can do to overcome them or improve upon them. For instance, you might find that you tend to overspend because you are liable to sudden bouts of luxury-shopping, in which case that might be a habit that you want to try and reel in as best as you can. By overhauling your habits and replacing them with better ones, your finances could be in a much better place in no time.

Get What You Are Owed

If you are hoping to get your finances into a better position, and you are owed any money at all, then this too is something that you should look into to ensure that you are in the best position possible. If you are owed money from anyone or any institution, getting that is vital – but that is not to say it’s always straightforward, easy or simple. How to go about it will depend on the nature of the debt. You might need to utilize a service like https://pcpclaims.com/ to get compensation you feel you deserve, or it might be that you have a private debt to call in. In any case, make sure you are getting what you are owed as soon as possible.

Choose The Right Bank Accounts

Most people are struggling with a financial difficulty without even being aware of it: namely, they don’t have the right bank accounts to their name. If you have a bank account that you are not sure about the benefits of, you might want to consider switching it out for one that is more overtly beneficial for you. Some are definitely better than others in general, and you will find that there are many that are not suitable for your specific personal situation for some reason or another. It is therefore vital that you are looking into the details of your bank account as closely as possible, and switching to a better account wherever possible. This is going to help you to keep your finances in a much better position on the whole, so it is really worth focusing on as soon as possible.

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Keep Your Business In Order

If you run a business, you need to make sure that you are focused on keeping that in order, too. Even if it is a LLC and you feel it shouldn’t affect your personal finances too much, the truth is that it is always going to have some effect – even if just in terms of how much you can expect to earn from the company in question in terms of salary and so on. So as long as you have your business’ finances in good order, you can expect your personal finances to be in a better position and condition as well. This is a really vital and essential thing to focus on, so make sure you don’t overlook it by any means.

Invest

Finally, if you are not currently investing in anything much, you might want to consider whether it’s time to do so. Investing is one of those things that can really radically improve your finances. Of course, no investment is without risk, but if you can manage the risk appropriately and make sensible decisions, there is no reason why you can’t hope to come out on top. You might not make a lot of money very quickly, but you should be able to make more than you might have thought possible, and probably faster than many people believe. This is a great way to ensure that your finances are in a much better position in no time, so give it a go.

Why You Need a Financial Plan

I recently interviewed CEO of Blue Sky Financial Planning, Gary Neild on the Fearless Finance podcast around the topic of why you need a financial plan. If you would like to listen here is a link

This quote from Alice in Wonderland came to mind:

“Would you tell me, please, which way I ought to go from here?”

“That depends a good deal on where you want to get to,” said the Cat.

“I don’t much care where—” said Alice.

“Then it doesn’t matter which way you go,” said the Cat.

The starting point with a sound financial plan is understanding two things. Where you are now and where you would like to go. Or in financial terms the current state of your income, expenditure, assets and liabilities together with a clear understanding of your goals and expectations for the future.

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In our conversation, Gary pointed out that many of his clients arrive with one issue in mind, only to discover their financial priorities are something completely different.

The many benefits of working with a reputable financial planner seem clear and obvious to me as someone having been around the industry for many years. Yet for others there seems to be an element of resistance around paying for advice, feeling a sense of shame or embarrassment at their lack of knowledge or perhaps a belief that they can do better on their own.

Let’s take these one at a time. Firstly financial planning is a heavily regulated industry. The negativity around mis-selling or bad advice from the wild west years has long dissipated. Financial planners need to be qualified and keep their knowledge up to date. If you needed help from a lawyer, accountant or architect would you not expect to pay a fee?

Point two fear of embarrassment. How did it become a norm that we are all expected to be financial literate? Chances are that money skills were not taught as part of your school or university curricula. How then do we learn to manage our money? The occasional article in the Sunday papers or a YouTube video? If you approach a conversation with a financial planner with curiosity and the recognition that they are likely to help you save or generate substantially more money than you could do with out them, then hopefully that conversation becomes a little easier.

P.s they don’t care about your levels of financial education, you don’t have to take a test to work with them.

Number three, you feel that you can make it on your own. There are undoubtedly many success stories of people who successfully learned to invest, whether in the markets, property or currencies, but equally those we don’t hear about who came unstuck. Financial planning is not confined to making a few quid speculating, but rather a long term approach which considers all your life goals and aspirations.

Whether for estate planning, ethically reducing your tax burden or growing wealth for the future a good financial planner can help, regardless of your current levels of knowledge, experience or bank balance.

Selling a Property? Check Out These 4 Tips To Increase Your Returns

In 2020, the pandemic and unstable economic climate have caused many families and households to gain interest in homeownership. In turn, this has caused a housing market bubble, which has caused the median home prices to skyrocket to 407,000 US dollars – an 18% increase compared to the previous year!

So, if you have decided to put your house or property on the market today, you can obtain great returns from your asset – especially as house prices are so high. However, the competition in the housing market has never been fiercer, and understanding how to make the most of your property is essential. If you are not sure where to start, check out the tips below. 

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Consider Staging the Property

If you have an empty or older property, your real estate agent might have suggested you stage your property to close the sale faster. However, of course, this service comes at a cost – but is it a cost worth paying)

The 2015 National Association of Realtors Home Staging Report tells us that staging a property can increase its market value by 10 to 20%. And, if you are looking to close the sale fast, you should keep in mind that staged properties are sold 85-90% faster than others. 

While this isn’t necessary, your home can gain value and find a new owner in less time. After all, potential buyers will want to imagine themselves living in the property, and an unkempt living space might not be so appealing!

Hire a Marketing Agency Specializing in Real Estate

When deciding to sell your home, you will have to treat your property as an asset. Just like in the case of other industries and sectors, to close the right deal, you will need to tap into the right market, target the right buyers, and understand what channels of communication to use. 

Working with a specialized marketing agency that focuses on the property market can help you brand your home. The marketing agency will be able to target potential buyers by demographics, income, marital status, location, age, and time of day. 

Invest in High-Yield Renovation Projects

If you are looking to buy a home, you should look at your finances early and complete all the projects to increase the returns from your sales before putting it on the market. However, not all renovation projects will yield the same returns! For example, renovating a kitchen or a bathroom are expensive projects which can increase your family’s comfort level but can prevent you from recouping the money spent. 

Instead, redoing the sidings, garden, flooring, and repainting the property are inexpensive tasks that can increase your home’s market value.

First Impressions Matter!

Nothing boosts the value of a property like its curb appeal. Your potential buyers are likely to feel an emotional drive and make up their first impression of the property within seconds of seeing it. 

Luckily, you can improve the curb appeal of your home by painting the exteriors, fixing the roof, landscaping the garden, and improving your driveway. And don’t forget to repaint your front door! 

4 Things to Consider Before Purchasing a New Fleet Vehicle

Our fleet vehicles are the lifeblood of our business. It is imperative that we give them the best treatment and care, so they can perform to their best every day.

The importance of having the perfect vehicle for your fleet was highlighted by a recent study which found that a fleet vehicle with more than 100,000 miles on it has an 80% chance of reaching 300,000 miles or higher.

If you find that your fleet of cars and trucks are high-mileage and due for maintenance, you should look into some quality options at an affordable price.

4 Things to Consider Before Purchasing a New Fleet Vehicle

Before buying a car or truck for your fleet, there are a few things you should consider. By following these principles, you will increase the chances of finding a new vehicle that is economical and has a longer lifespan.

Vehicle purchase decisions have a significant impact on the company’s bottom line. You need to be sure that you have done your research and carefully considered what features are most important to your company’s driving needs before purchasing any type of vehicle for your fleet.

With the rising number of new car options in the market, it’s time to consider what you really need and how much you can afford before purchasing a new fleet vehicle.

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1. How much does each driver spend on gas?

There are several factors that go into how much a driver spends on gas including the distance to drive, the number of miles per gallon, and the cost of gasoline in their area. Of course, electric vehicles are now also a consideration, as are hybrid ones.

2. Should you lease or should you buy?

The decision to lease or buy a new fleet vehicle is an important one. It should be made with careful consideration of the company’s needs, including how much it will cost to maintain the vehicle over its lifetime.

3. Look at the overall cost of ownership and maintenance of different makes in comparison with each other

Which vehicle option is the best value for your money? The cost of ownership and maintenance of a car or truck can vary significantly depending on the make. It’s important to know these costs – servicing, replacing truck tyres, replacing various other parts – before deciding which vehicle you should buy.

4. Consider how often you plan on replacing them in comparison to when they will need an expensive repair or replacement

As vehicles get older, they start to require more maintenance and repairs. To avoid spending a lot of money on vehicles in the long run, it is a good idea to buy a new one.

Replacing an old car or truck with a new one can be costly for fleets. They have to account for the depreciation in the value of their previous car and they would need to put money aside for future repairs. But if fleets invest in a new vehicle that may cost them less than what they would have spent on their old one, then that is an obvious choice.

Mistakes You Shouldn’t Make When Shopping For Loans

Debt is not necessarily a dirty word. Most of us make use of it, whether responsible or not. In fact, it can be a highly valuable tool to help you when it comes to planning for your financial future. However, debts can turn bad when you don’t think hard enough or plan meticulously enough when it comes to getting out loans. Here, we’re going to look at some of the mistakes you should ensure that you avoid when you are looking for, applying for, or paying off loans.

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Not knowing how much you need and what for

The first thing you should do is make sure that you’re getting a loan for the right reason. If you’re borrowing simply for the sake of having some extra spending cash or as a debt management strategy, then you should probably take the time to look for other options instead. You should also get an idea of how much you need to borrow, in particular. For instance, if you’re borrowing so you can buy a house, then use a mortgage calculator to see how much you’re likely to need. You don’t want to borrow more than you have to, after all, or to borrow less than you need.

Failing to budget for those loans

One of the most important steps of managing your finances is building a budget. Your budget is the structured approach to expenses that makes sure you have enough to pay off all of your essentials, enough for some discretionary expenses, and some put aside for savings goals. Get a thorough understanding of what you’re going to be paying back each month and make sure that you put it into your budget. If you see that you don’t have room for it, you need to consider other options.

Not paying attention to the fees

You should not be looking at only the interest that you have to pay on your loan, nor even how much you’re going to be paying monthly. Depending on the kind of loan that you take out, you might find that there are all kinds of one-time or irregular fees that you have to pay. This can be at the start of the loan, once a year, or even at the end of the loan. Consider the loan type, look up some common fees, such as common mortgage fees, and get an idea of how much they might add. Do your research so you can tell when lenders are adding fees simply because they can, rather than because they’re necessary. This can help you weed out those greedy lenders that you don’t want to work with.

Not getting your credit in order

Your credit score is going to determine the kind of loans you have. A low credit score is going to equal higher interest and less control over your loan terms. The higher your credit, the less likely you’re going to have to pay back and the more flexibility that lenders will offer you. No credit history is almost as detrimental as bad credit history, too. Low credit options like direct lender loans can help you start building your credit history. Otherwise, make sure that you’re taking steps to address any black marks on your credit report, such as paying any late fees, lowering your credit utilization rate, and tracking down and fixing any errors.

Not having your financials at the ready

When you apply for a loan, you should make sure that you have your financial details available to share with them. This can include bank balances, as well as reports of income, and the value of assets that you might have. The more information you can provide, the surer the lenders will be about how much you can responsibly borrow. Not having your financial details to hand can urge them to be more cautious since they don’t fully know your financial situation. Estimates can be bad, as well, as you might over-estimate or under-estimate, either taking on more debt than you can handle or shooting yourself in the foot so you can’t borrow as much as you need.

Not letting your credit “rest” for a while before

Lenders take a look at your credit report to help them judge whether or not you are a reliable partner in a credit agreement. Not only do they want to see that you’re able to manage a loan with them, but they want to make sure that you don’t like you’re making erratic or rash decisions or that you are already too deep into existing credit agreements. For that reason, even if you have accessible overdrafts or credit cards, you should avoid using them for a while, just while you’re applying for a loan. In fact, if you pay them off somewhat and lower your credit utilization rate, that can even help by bumping your credit score.

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Applying for too many loans at once

You don’t want too much activity on your credit report when applying for loans. When someone performs a credit check, you want to make sure that everything looks nice and calm. When you apply for a loan that results in a hard credit check, your credit report is going to keep a record of it. As such, if you’re applying for five loans at once, each of those lenders is going to be able to see that. Someone applying for a lot of loans at once isn’t going to look very reliable and, as such, you’re more likely to get rejected. Not only that, but when you get rejected after a hard credit check, it can drive your credit score down. As such, apply for one loan at a time and only after you’re reasonably sure that you’re in a good position for an accepted application. Don’t expect or put plans in motion based on that acceptance, but just put yourself in the best possible position for it.

Closing your credit cards before applying

You might think “I don’t want to look like I have too much debt on my plate” before applying. This is a good notion. However, this doesn’t mean that you close open credit agreements. Even if you are a little bit into your credit card and haven’t fully paid it off, keeping it open is better than closing. Keeping your credit card open or keeping an overdraft shows that you are able to reliably maintain a credit agreement. In a similar vein, you shouldn’t pay loans ahead of time to close them earlier. Rather than showing how good you are at paying the money back, it shows that you can’t stick to pre-planned terms of the agreement so it can actually hurt your chances of a successful application a little. Of course, too many open credit cards and loans can hurt your credit score, so you need to balance it.

Making late payments on other loans

This one is relatively simple. Make sure that you are current with all loans before you apply for new ones. Even being temporarily late on other loans can give lenders justified cause for concern. You can mitigate the damage done to your credit score, at least, by catching up with what you owe ASAP. There are plenty of payment reminder apps that you can use to make sure you know what you have to pay and when you have to pay it, which can make it easier to keep current with loans, bills, and other regular payments.