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Money Myths That Can Cost You Dearly

February 6th, 2020 Posted in Credit and Debt
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We’re all doing our best to drive down the cost of living and make our money work harder for us. In an uncertain economic climate, it can seem like no matter how hard we work or how much overtime we put in we never have enough to go round. The good news is that there’s a lot of advice out there which can help you right the ship that is your household finances, both from online sources and from friends and family. The bad news is that for every piece of knowledgeable and insightful information, there’s half a dozen myths based either on economic principles that just don’t hold water in this day and age or simple wrong-headedness. Here we’ll look at some money myths which will not only hinder the growth of your capital… they can actually wind up costing you dearly…

Money Myths That Can Cost You Dearly - female with twenty pound notes
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Service providers will reward your loyalty

A healthy household budget is the key driver of your financial health. And that means accounting for all the household’s costs and doing what you can to keep them manageable. However, when it comes to services like your car insurance, home insurance, utilities, phone and broadband, don’t make the mistake of assuming that service providers will reward your loyalty. In fact, they’re likely to reserve the best deals for new customers and charge you inflated prices for rolling over. 

Why? Because acquiring new customers costs them more, and they’re counting on you to do nothing. Don’t reward their greed!

Bad credit = bad options

The old maxim “neither a lender nor a borrower be” is hard to live by in the 2020s. And while there are occasions when borrowing credit is unavoidable, it can quickly become a slippery slope. If you find yourself needing to borrow more than you can realistically pay off, you may find yourself with a less than stellar credit score. 

Still, don’t make the mistake of assuming that having bad credit only means you have bad options. Whether you’re looking for car credit or payday loans, it pays to do your homework and compare the offerings of different providers. Don’t assume that bad credit means you only have bad options.  

Investment is better than saving

Saving is the most risk-free way to build your wealth… but it’s also undoubtedly the slowest. Especially if you’ve had the same savings account from your high street bank since you were a kid. Those lured in by the promise of fast and sizable returns can certainly see appeal in the world of investment. But with the potential for great gains comes risk. And unless you know exactly what you’re doing, the value of your investments can plummet overnight. It may be better to move to a better savings account with a healthier rate of interest than ditch savings altogether for investments.

Renting is dead money

Finally, it’s time to put the economic fallacy to bed that rending is dead money. Firstly, a roof over your head is always worth paying for. Secondly, with property ownership comes a level of responsibility that not all households are ready for. Carrying out household repairs and maintenance can create a huge burden on your household’s finances. At least when you’re renting, all that stuff is your landlord’s responsibility.

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How To Get Loans Even With your Terrible Credit Score

February 4th, 2020 Posted in Credit and Debt
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Only a few things make you feel like the world is ganging up against you more than having bad credit and desperate to access a loan for your business or personal use. If this sounds like your current situation, calm down as we are about to show you five simple ways to work around this problem.

A caveat here, though, is that most of these tips will not guarantee instant results, but if you keep taking the small and consistent actions we recommend, you should soon be able to qualify for loans even with the bad credit. We also recommend that you check out Crediful for additional tips for managing your finances.

How To Get Loans Even With your Terrible Credit Score

Review your credit reports

The very first step you should take is to try and understand where your finances stand and how much you owe past credit providers. This means looking for your credit reports and finding out more about your current credit score. If you notice some errors or false-negative marks, this is a great time to dispute and get them removed. The idea is to look for anything that positively impacts your overall credit score and ultimately increases your chances of accessing higher credit.

Strive to improve your score

Now that you have a clearer picture of what your credit report looks like, it’s time to find ways to improve your profile. Begin by targeting all the key factors that contribute towards credit health, including your payment history, length of credit history, and credit usage. One of the most practical methods you can use here is to mend broken relationships with current creditors by paying off bad debts quickly. Besides, try to keep your debts levels low and do not make a mistake of closing your credit accounts, especially if they can help to prove to future creditors that you paid off your debts.

Choose your loans wisely

Even with bad credit, you might still be able to access loans from some creditors. Unfortunately, these loans often come at a steep price in the form of high-interest rates and stringent terms. At this point, it makes sense to weigh your options very carefully to avoid committing yourself to another loan that could potentially worsen your already terrible financial health.

For starters, avoid credit facilities that come with unreasonable terms such as payday loans and auto title loans. Most of these loans have high origination fees, high-interest rates, and very short terms that will most obviously harm your finances even more.

If you have to take a loan with bad credit, then go for friendlier ones that look beyond the credit score. For example, you may consider applying for a secured loan, whereby all you need is to provide collateral like your car, home equipment, or even your home. You can also choose to go for personal installment lenders, especially if it’s an emergency case. The only thing you need to do is to avoid short-term, high-interest loans that put you at risk of getting into more losses.

Go for a co-signer

A co-signer, just as the name suggests, is someone with a better credit rating than yours and who knows and trusts that you will repay a loan once they take it on your behalf. Most creditors accept this kind of arrangement as it assures them that they’ll get their money back should you fail to honor your agreement with them.

Usually, the amount of loan you get depends on the credit score of the co-signer, so be sure to get someone who qualifies for the amount you need. Worth mentioning here is that both you and the co-signer are responsible for paying the loan amount, so strive to make timely payments to avoid transferring any unfair burden to them.

Join a credit union

Credit unions often accommodate customers with bad credit, and can therefore be an excellent option to consider when you want to take loans. Unlike banks and many other financial institutions, credit unions take into consideration many other factors apart from your credit score when giving you a loan. All you need to get considered is to be an active member while you might also need to prove to them that your financial health has improved in recent months or weeks. Most trade unions then consider other aspects like where you work, your residence, or even where you attend school to determine your creditworthiness.

Are you finding it difficult to access loans from creditors due to your bad credit profile? What are you doing to reclaim your creditworthiness? We’d love to hear your feedback.

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Can You Avoid Getting Stung On Financing Your Family Car?

February 1st, 2020 Posted in Money Tips
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Buying a new family car is a big financial commitment – and it’s also an area where it’s very easy to get taken in by tricks and end up with something that seems like a good deal on the surface, but when you look into it, really isn’t – and that goes whether you are buying new or second-hand. Car dealerships and their salespeople are very skilled in persuasion techniques designed to get you to make a purchase. It’s also important to remember that most dealerships make their money on the sale of car financing, and not so much on the vehicle itself. So the ticket price may seem good, but it’s the specifics of the financing that you really need to pay attention to in order to avoid getting stung. So, how do you make sure that you are getting a genuinely good deal?

Can You Avoid Getting Stung On Financing Your Family Car? - stylish image of old beetle car
Photo by Matheus Viana from Pexels

Don’t Focus Too Much On Headline Price

The headline price is the figure that the car is on sale for. Now, this may seem like a good deal overall – you’ve done your research through a site like Parker’s, you understand what the make and model should be worth new or used, and it seems like the figure on the ticket is a fair deal. But the headline price of a car is arguably one of the least important factors here. Instead, you should focus on factors like whether the vehicle is really suitable for your circumstances and your needs. Are you buying more than you can afford? How much are the expected running costs for this model? Don’t get suckered into paying for an appearance or a badge. It’s more important to ensure that the car you’re getting is something that fits into your life and that you can afford without having to make sacrifices elsewhere.

Pay Attention To Financing Terms 

Even if we feel confident in negotiating with a salesperson on the headline price, we could still lose out if we don’t pay close attention to the terms of the car financing agreement. It may be worth considering going with a specialist lender like the Martin Brothers Motor Company, or you could go down the route of asking for a bank loan to fund your purchase. It’s hard because the financing isn’t as tangible at the headline price, but securing a lower Annual Percentage Rate (APR) could literally save you hundreds or thousands over the course of your financing deal. Consider whether there are any financial penalties for paying the loan off early if you can, and increase the deposit where possible so that you’re paying less on the financed side of the vehicle. Of course, if there is a 0% offer that is definitely worth considering. Otherwise look for a loan no longer than 36 months and aim for a 20 percent deposit. 

There are a lot of things to consider with a purchase of this scale, so make sure that you take your time, think through the depreciation of your car and it’s longer-term running costs and factor in the whole picture. It’s easy to get carried away, but if you stick to your principles and walk away with a good deal, you will have made a financial decision you can be proud of.

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The Benefits Of Buying Second Hand

January 31st, 2020 Posted in Money Tips
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Purchasing second hand items can have a lot of benefits to you and the environment. People sometimes have reservations about buying things second hand and would prefer to purchase brand new. There are sometimes risks involved, but with a bit of time spent researching, you could end up with a good deal. As buying second hand becomes an option that more and more people choose, let’s look at some of the benefits of purchasing your items second hand:

The Benefits Of Buying Second Hand - rustic handmade second hand sign
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You can save money

The price of a product is a big thing that we consider when we are buying something. The value of something that you purchase brand new depreciates quite quickly as more and more newer things are made. This means that you can when you buy second hand, the items you want can be significantly cheaper. Sometimes you can even find better quality items that you wouldn’t have been able to afford new because they cost somebody else a lot more money for the first time around. 

If you are starting a business, you can reduce your start-up costs by finding the items second hand. If you like to buy clothes, but want to save money, purchasing preloved clothes will allow you to still buy clothes, just with a smaller price tag.

It is better for the environment

Climate change is an issue at the forefront of everyone’s mind, and buying items second hand is a great way to do your bit to help the environment. Buying second hand is an excellent way to purchase items that would have otherwise been thrown away and ended up in landfills. 

Buying new items can also be harmful to the environment because of the processes that they have to go through. A lot of energy and materials are used when manufacturing, transporting, and packaging new items. Many of the items and packaging that is produced will end up in landfill as they cannot be recycled. The amount of waste that is produced is astonishing, and there is an unnecessary amount of products produced. Shopping for something second hand, will help to reduce the demand for new items and eventually reduce the production of new things.

You can get quality items

Just because an item is second-hand doesn’t mean that it isn’t excellent quality. In fact, you may end up purchasing something that is better quality than you could have afforded new. That is because once an item is used, it will no longer sell at the same price that it was bought for brand new, it will always be cheaper. If you buy your items from reputable places, like charity shops, you will be able to guarantee that the thing will work because they will usually test and clean them before selling them. There is even the option to buy things from auction houses or online. 

Buying a car second hand from somewhere like Wolverhampton Used Cars will allow you to buy a reliable vehicle that has been checked. To ensure it stays in good condition, you will have to keep up with maintenance and repairs. As long as you are willing to look after an item, instead of throwing it away at the first sign of a problem, you will have something that could last you years.

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Fun, Flexible Ways to Earn Some Extra Cash

January 31st, 2020 Posted in Money Tips
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Looking for fun, relatively easy ways to make a bit of extra cash? Here are three ways that it can be done, depending on your situation and interests. 

Start a side hustle

This day and age, where it’s perfectly possible to make money from your own home in a flexible way, everyone should have a side hustle. It’s a way to take something you’re good at (a skill such as writing or design) or a hobby you enjoy (such as baking or crafting) and monetise it. Since you’re the boss, side hustles are flexible and can be worked around your regular nine to five job, and as you’re doing something you enjoy it can be fun and rewarding. Having a second stream of income is incredibly useful, you could use the money you earn to pay off debt, to save up or just to live more comfortably. If you ever lose your main job and source of income, you have this as a backup plan so you can earn at least some money to keep you going until you’re back on your feet. Some people start side hustles that are so successful they can turn it into their full time job, and earn more money from it than they ever thought possible. But even if you’re just earning a few hundred a month, it’s always going to be a bonus.

Fun, Flexible Ways to Earn Some Extra Cash - pile of dollar bills image

Invest

If you’re in a position where you already have some money behind you, don’t just let it sit in a bank account. If you invest wisely you can turn your chunk of cash into a lot more and grow it steadily over a number of years. Since investing tends to mean a pretty passive way of earning income there’s little hassle to you but it’s rewarding to see your money being put to work. From stocks and shares to online currencies, there are lots of different options. If you’re new to investing, it’s worth hiring a broker who can make the best decisions on your behalf. 

Gamble (with caution!)

This really should be taken with caution. Gambling can be seen as a fun way to acquire money, but should never be done as a way to earn money or try and win back what you’ve already lost. When gambling, set aside some money to spend on a set basis and when it’s gone, accept that it’s gone. You should never use money that’s set aside for bills or anything else, and see it as something that’s just a bit of fun and that you very well may lose. However, if you have some spare cash and aren’t worried about losing it, gambling can sometimes go in your favour and you can get some nice wins- and have fun in the process. Use a company that offers free bets to get you started, that way you have more chances of winning without exceeding your budget.

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