The Financial Fairy Tales Blog

How to Protect Your Financial Health

January 28th, 2020 Posted in Money Tips

It’s not easy to get your financial situation under control, but when you do, it’s important that you avoid becoming complacent. You had to work hard to get things into a healthy position, but you can’t assume that things will just stay that way. It’s like working hard to get fit and healthy at the gym, and then, as soon as you’ve reached your target, heading back to the couch. In this blog, we’re going to take a look at a few tried and tested tips for maintaining your financial health for the long-term.

How to Protect Your Financial Health - image of calculator, spreadsheet and pen — Credit Pexels

Stay On Top

You’ll be liable to fall into difficult situations if you’re essentially burying your head in the sand. Indeed, this is perhaps the number one cause of financial ill-health. It’s not so much that the bad spending habits are so severe that they have to automatically cause long-term financial problems. It’s just that they go on too long, all because the spender isn’t aware that they’re happening. So be sure to keep your eye on your accounts and your financial habits. A little bit of courage is required to take a look, but you’ll be thankful you did so in the future.

Get Covered

You might have a firm grip on your finances right now, but it’s always worth keeping in mind that you might just be one bad move away from falling into difficulties. You never know what’s going to happen in this world; this makes it exciting, but also a little scary! The only thing you can do is to prepare yourself for bad outcomes. The best way to do this is to work with an insurance broker and get a healthy level of coverage. One particularly recommended type of insurance is income-protection insurance; this will replace a big chunk of your income should you be unable to work.

Invest In Yourself

Some people get to thinking that all types of expenses are bad, but this isn’t the case. There are areas where you should be opening your wallet. There are investments that, while costing your money initially, will make it possible to improve your financial situation even further in the future. It’s recommended that you invest in yourself, for instance. Spending money on higher education can be a good move, since it’ll make you eligible to apply for the higher-paying jobs.

Speak With an Expert

You may one day find yourself with a windfall of cash, most likely through inheritance. If you have little experience with handling large sums of money, then look at hiring a financial expert to help you manage your cash. They’ll know the best places to keep your money, and can help you to draw up a long-term plan.

An Agreeable Budget

Finally, be sure to come up with a budget that you know you can stick to. This is the foundation of a healthy financial life, and it’s not as if it’s difficult to implement. Just take a look at your bad spending habits, and cut them out.

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financial health

A Buyer’s Guide To Property For Sale In Turkey

January 27th, 2020 Posted in Property Investment

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Property for sale in Turkey can vary dramatically in terms of how easy it is to purchase. While many Turkish nationals are happy to do business with foreigners, things can get lost in translation and, buying a property in a different country is never the same as buying one in your own. This is why working with a reputable agency and employing a competent lawyer to handle the legal proceedings is absolutely vital if you want the purchase of your new home to go off without a hitch. Make a list of things you need to do and stick to it.

Property For Sale In Turkey For Foreign Investors

A Buyer’s Guide To Property For Sale In Turkey - Istanbul harbour view image

As things stand, foreigners require military permission before they can purchase property or land for sale in Turkey. This can cause some delays so make sure you allow enough time for this to occur. However, in essence, it’s always inadvisable to rush through sales. It allows for mistakes to be made on all sides and may leave you without some of the protections you need. If the reason you’re rushing through a sale is on your own account rather than the buyer’s then this is more acceptable, although be very sure that you’ve chosen the right property and that you know what you’re doing.

In addition, you’ll want to employ an independent lawyer to examine everything related to the property. Do this before you’ve committed to purchase or paid a deposit. There are plenty of facilities for you to find lawyers in Turkey who speak English or have translation services. Mortgages in Turkey are offered for those foreign nationals who wish to buy houses or apartments for sale in Turkey. However, as in the UK, there are often substantial differences on interest rates and criteria so make sure to check with several banks before choosing one. Click me for the ultimate mortgage resource. There are also property taxes to be paid in Turkey and you’ll need advice on how to deal with these from your lawyer to prevent you falling foul of the law. There are restrictions on buying a property in certain areas and how much of it foreign nationals can buy. Again, it’s wise to consult your lawyer.

Important Points About How To Buy Property In Turkey

There are as many facets and issues around how to buy property in Turkey as there are in the UK. It’s worth noting that you don’t need a residence permit to buy property, however, purchasing property doesn’t give you residency rights. Always talk to a professional about your status and how this will be affected by your intention to live in Turkey, whether it’s a part-time or full-time arrangement.

One piece of good news is that you have the right to rent out your property at any time, so if you’re searching for investment properties in Turkey, then you’ll be legally secure. As long as there is a binding contract signed between the landlord and the tenant and the landlord pays the relevant income tax, then you should be okay.

Something else that you should consider when you’re looking at property for sale is the issue of property deeds. Obtaining a habitation certificate can be quite complicated and time-consuming. It’s advisable to think carefully about the ramifications of buying property without habitation certificates and talk to your legal advisor about this. It can start to seem overly complicated. After all, what you were looking for was a place in the sun to escape to, not all these legal ramifications that can seem to be an impenetrable barrier.

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property investment, turkey

Grow your Funds with these Tips

January 21st, 2020 Posted in Money Tips

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Money makes the world go round, or so we are told. Unfortunately, not having enough money can certainly be an uncomfortable place to be. It puts a strain on your life and relationships. Everything becomes about money, it is all you can think about. This is a sad fact of the world we live in. A lot of what we do depends on money, where we go, shop, who we are friends with. It really does seep into almost every facet of life. However, there are ways you can make the money you have work better for you. It’s not all doom and gloom. Okay so here are some tips to help you grow your money and have a better future:

Grow your Funds with these Tips - The Financial Fairy Tales blog image of money growing in a jar — Source Pixabay

Acceptance

The first thing you need to do above everything else is accept where you are in life at the moment. You cannot go about living a champagne lifestyle on ginger beer money. It is unsustainable. The truth of the matter is, it does not actually matter what you earn, it matters what you do with it. If you earn $15000 a year and save $100 a month, you are better off than the person who earns $100,000 a year but spends $120,000, meaning they have a considerable debt. When the next financial crisis happens, who is going to be better off? However, the only way to save is to live within your means. So, be honest with yourself, what can you buy? What should you buy? Who cares where you got that coat from anyway? If friends are judging you because you haven’t got branded clothes, are they really your friends? Make changes to how you shop with the intention of saving something every month.

Stocks and shares

Before you look to make any sort of investment, you need to do a bit of research. Perhaps, have a conversation with a financial expert, or a few experts to gain as much knowledge as possible. Read as much as you can online, learn as much information as you can before you look to put your savings into any sort of investment. Even the most sturdy stocks are not without risk. The whole reason people make money on the stock exchange is because it is marred with risk. However, there are ways to mitigate the risk and research is one. You also need to choose what type of investment you want to make. Long term or short term. High-risk, or low risk. Think about dividends and what sort of returns you can get in that aspect. Maybe you are inspired to invest based on ethics. Whatever you end up doing, remember that you need to diversify. Never put all your money into one type of stock.

Spread-betting

If you have not heard of financial spread-betting, you may be missing out. This is a form of investment which is done using the stock market. However, you do not buy stocks. What you do is place a bet on the likelihood of a particular share price rising or falling. Instead of a straight-up bet, it is more informed as you are using your knowledge of the stock market to mitigate the risk involved. There is a lot of money to be made in this sort of thing, just as there is potential in making money by searching for the latest casino offers.

Start a side hustle

Another way to maximise the money you have is to start a business on the side, while keeping that full-time regular job. Think about what you would like to do and maybe it could be a little money earner. There are so many avenues you could go down. If you are one for bargain hunting, perhaps you could open up something on eBay or Amazon and start doing it semi-professionally. What is stopping you? If you have a passion and know a lot about something, you could make money selling your knowledge. Perhaps you could write blogs on the side, or turn your make-up skills into a vocation. When you start thinking down the entrepreneurial road, the world opens up, and there are many opportunities. The added bonus with doing something like this is the feel-good sense you get from it. You have created something on your own for yourself, and no one will ever be able to take that away from you. And if this side hustle kicks off, you may end up doing what you love full time and being your own boss. Life is what you make of it, and sometimes it is through struggle that we achieve.

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investments, making money, side hustle

Simple Savings For Solvency

January 18th, 2020 Posted in Money Tips

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One of the best things that you can do with your money is to save it. Sure, spending is fun, but it’s not as fun when you have nothing left! It’s a challenge that you should consider indulging in, as you want to be able to deal with your finances in a healthy and balanced way. Saving is an excellent way to discipline yourself when it comes to your money.

It’s a commitment that requires you to be focused, and if you’re living paycheck to paycheck, the best thing to do now is to learn to save some money for a rainy day. It also means that you can do more with your life (for example, go back to school to increase your earning capabilities). Let’s take a glance over some of the ways that you can save – if you’re up for a challenge!

Simple Savings For Solvency - image of calculator, pen and financial calculations — Source

Make Some Swaps

You may be used to upgrading your car for a brand new one – often with a relatively high monthly repayment on finance. Well, today is the day you make a different choice. Instead of upgrading your car, you’re going to sell it. It costs you too much money each month, and so you’re going to go ahead and test-drive the Volkswagen Das WeltAuto Approved Used Cars that you’ve seen in the car lot. Then, you’re going to budget your money for a used car over a brand new one!

Set A Budget

If you are currently living off whatever you believe you have, you’re doing it wrong. A monthly budget allows you to see where your money is going, and it means that you know precisely where you are wasting money that you could be saving. Create a budget and be realistic about it. Do a review of your accounts for the last six months and include every single payment to every single cup of coffee. Once you have a realistic idea of what you spend, you can then cut it all down and make some room for savings.

Open a Savings Account

You will need somewhere for all those savings to go, and the best option here is to open a high-interest savings account. Every bank out there has a savings option, so let them hold onto your money for you – out of sight, out of mind.

Track Where Your Money Goes

Until you track your spending, you’ll never know where your money goes. Keep the receipts of every purchase that you make, and make sure you start a spreadsheet to see where every penny of your money has gone. Once you know where you are overspending, it’s much easier to stop doing it!

You can start to become more solvent when you know where your money is going and how much you are spending. It may not be comfortable to save at first when you’re used to splurging. So, set yourself a goal so that you can have a use for all that money that you’ve carefully saved!

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awareness, budget, savings account

Here’s What You Need To Know About Income

January 16th, 2020 Posted in income, Jobs and Careers

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When it comes to your work, you may find that there are different things that you need to prioritize. Not only things like getting it done on time, but actually enjoying it and making sure that you’re getting what you want out of it too. One of those things is compensation. It’s always so important that you are paid what you want. Let’s take a look at what you need to know here.

Setting Earning Goals

To start with, you’re going to want to make sure that you are setting earnings goals for yourself. Because if you want to earn more, you need to be proactive about it. Setting the intention helps first, and then you can take action to make it happen.

Diversification

The next thing that you’ll want to be aware of, is how to diversify your income. Sure, there’s a lot that you can do grow your current income, but it’s also smarter to gain a range of different incomes if you can. Starting a side hustle or looking to get passive income is often a good idea here, along with investing.

Understanding Equality

But then also, it’s important for you to understand income equality. There’s definitely a lot to say about fair earnings – and not just between the sexes, but across the economy as a whole. And so, it’s for this reason that you may want to get to know all about economic equality around the globe, to put where you’re at into perspective. Take a look at the infographic below to find out more.