We have all had money problems in the past, and typically it is all our own fault. Occasionally, there will be hacking scandals of which you have fallen victim to, but on a general level, yourself is the cause of most money worries in life.
That’s not a criticism. There has been a time in everyone’s life where money is tight; where you’ve spent just a bit too much over budget, or gone a bit too wild at the weekend only to look at your bank account the next day and regretted everything. Impulse buys, incorrect purchases, and frivolousness all contribute to this, and we are trying to do better.
But money problems aren’t just an issue for your bank account; they can have much broader implications that can affect your life before you even realise it.
A lot of people hate asking others for money. It is humiliating, can come across as begging, and leaves you with a debt hanging over your head until you manage to pay it back. Of course, most friends and family will be happy to lend you money here and there to help you get back on your feet, but these loans can grow and multiply.
Money is a sensitive subject for a lot of people. Poor financial management can lead to problems in marriages, family relationships and friendships. It might not seem a lot to ask for a little bit here and there, but eventually, you need to pay it back. Otherwise, you might be seen as someone happy to take advantage of others and disappear.
You might not realise it, demonstrating an inability to properly manage your finances can lead to issues when it comes to taking out loans or getting approval for other big purchases. If you have failed to adequately pay off credit card debts from haphazard spending, then this can count against you by ruining your credit rating as banks, and other companies, see you as unreliable and irresponsible.
If you ever want to buy a car, a house, or even get a phone plan, you need to have a good credit rating. Luckily, those who do suffer from bad credit don’t need to panic (too much). There are services available that can help you decide on the best credit repair company for you. From there, you can work with these services to help fix your credit score and move on with better peace of mind.
We all love going on holiday and getting away from the rigours of the working world. However, when struggling for money, you might just find that this is impossible. A lot of money issues are intertwined, and so it can be difficult to apply for a loan if you are already struggling for money.
So, while your friends and relatives are topping up their tans and exploring the world, you are stuck working away just to get out of your overdraft or pay off the many debts you owe. We all need time to get away from the real world, so don’t ruin your opportunity, the rest and relaxation will feel much sweeter if you’ve worked hard for it.
You will undoubtedly encounter money problems at some point in life, and so it is essential that you approach these money problems wisely and sensibly. If you are ever unsure, seek out financial help from professionals who can guide you through rectifying any issues. It is true that money isn’t everything, so don’t let it ruin everything else.
A credit card purchase here, a store card there – it’s easy to start accumulating debt. When you’re a busy mom who’s always on the go, you might not even realize how soon your debts are piling up. Before you know it, you could be thousands of dollars down the line and stressed about how you’re going to repay it. Read the following advice to learn how to get a hold of your debts before they spiral out of control.
It’s easy to continue spending, especially with a credit card in your wallet. The problem is that when it’s there, so is the temptation. Do whatever it takes to stop you spending on your credit card – leave it at home, freeze it or only carry cash around with you. It may be easier said than done, but there are some good tips on how to stop spending money that could stop you increasing your debt.
Budget to make the repayments
The thing with debt is, it always needs to be paid back. Unless you win the lottery or come into a lot of money, you will need to pay the money back somehow. Creating a budget, even if it’s only temporary, could help you to pay the money back over time and in a way that doesn’t impact your lifestyle too much. After working out all of your outgoings, work out how much you could afford to pay back each month to help you pay the money back as quickly as possible. There are some excellent ways busy moms can save money, so start living sensibly until your debt is cleared.
Switch to a 0% interest card
Interest rates can make it even harder for you to pay back what you owe, so it makes sense to consider switching to a different card if you can get a good deal. Be warned, a new card isn’t there as an excuse to keep spending – rather it’s a way for you to manage your debt repayments without paying back what you owe many times over. Transfer your balance immediately and cancel your other card to eliminate the temptation of getting into further debt.
Despite your best efforts, you might find that your debts are simply too much to handle by yourself. Seeking help before your problem becomes too much can ensure that you’re better off in the long run. A debt consolidation calculator is a great solution if you’re dealing with several debts and can help you manage your repayments. The right debt consolidation loan could help you to reduce your overall interest rate, ensuring you pay less overall than you would on those high-interest rates.
Debt can be stressful, but providing you take charge of it – you can stop it from getting out of control. There are some simple ways of managing your spending to help you make the repayments and stop your situation from getting worse. If you’re concerned about your finances, make sure you speak to someone – you don’t have to deal with the stress all by yourself.
Times are tough when you’re a manic mom; paying bills, cooking dinners and doing the school run. You have so many things on your mind at once that money can often fall to the back of your mind. The bills can pile up without you even noticing and you are often on the lookout for some quick and easy ways to save. Time is precious and you don’t have much to spare when it comes to sorting your finances. Whether you’re budgeting for a new baby or looking to save to invest in a new home, there are many ways you can cut costs to your daily life. Watch your savings increase as you make some tiny tweaks to your everyday habits, often you won’t even notice the change which is a bonus in itself. Busy moms don’t have to be money-lacking moms, so take control of your income today.
Cut The Coffee
Your daily caffeine fix could be culprit that is causing the emptiness in your pockets. If you are shelling out nearly five dollars each day on your fancy vanilla latte, you might have succumbed to a caffeine addict debt.
You are potentially spending nearly one hundred and fifty dollars a month on a small cup of overpriced, over-marketed bean juice. Don’t worry though, help is on the way; it doesn’t have to be like this. You couldn’t possibly cut the coffee from your entire life; you need it to keep your eyes open in your day to day life. However, it doesn’t need to be that expensive.
If you are a major coffee lover then invest in a cute thermos and a professional coffee machine. It is an investment at first, but after the first month you will have broken even already! Take an extra two minutes each morning to brew your own fancy coffee and your purse will wholeheartedly thank you in the long run.
This is what I’ve been doing for years, and it may or may not have made me a coffee snob. But I will say it is practically dirt cheap and I now drink my coffee black, so I must be doing something right!
Look Into a Loan
Whether you ask your parents, a friend or a company like the Personal Money Store; you could have financial freedom at the click of your fingers. You might receive a huge and unexpected bill one month or your car might break down. It is these little life struggles that can really get our money down, but you don’t need to worry when there are people around to help you out.
Look into getting a small loan, which you know you can pay back quickly. You might just need a quick fix to get you by one month, but don’t fall into the trap of borrowing money you can’t return. Make sure your keep living within your means and whoever and however you borrow money make sure you have an effective scheme to pay it back.
Start up a personal diary which tracks all of your income and outgoing expenses. It might seem like a time consuming task at first, but this will really help you to pinpoint where your money is disappearing to. You might find that you are spending unnecessary money on treats or meals out. Things you may not realise will soon become apparent when you are writing everything down. This isn’t meant to guilt-trip you in any way, but it will make you more aware of when you’re reaching into your pockets. Try and be prepared when you go out and set yourself a budget for social activities each month. We are all guilty of getting carried away when we’re hanging out with our friends. Just make sure that you are spending money that you can afford to spend and you will be happier in the long run.
Creative Cooking Concoctions
Save money on your food bill each month by planning your meals and cooking in batches for your family. There are tonnes of delicious recipes available online, which will help you to feed your family on a budget. By cooking in large quantities you will be able to freeze leftovers for another day and you will cut down on food wastage in your household. Treat yourself to a new cookery book and have fun in the kitchen, whilst you save a lot of money.
You might find some of these lifestyle changes tricky at first, but it will all be worth it when you’re living a more comfortable and wealthy life. Take the time now to invest in your little ones future and don’t feel out of control any more. Stop losing sleep over your dwindling cents and feel a sense of empowerment. You are a fantastic and successful mom, so never kick yourself for fighting through each struggle. There is nothing more satisfying than feeling at ease with your money, so now is your chance to survive and thrive in this tough financial world.
“Budgeting for baby” is easy to say, but where do you start? Everyone knows diapers are expensive (after you buy enough of them), but there has to be more to that. Obviously, there is. The big stuff goes beyond diapers and baby registry items. There are several life factors to take into account (pun intended).
Pregnancy is a wonderful and exciting time. Growing your family and eagerly awaiting your new arrival is always special and something most us really enjoy. However, a new baby can be incredibly expensive and, even if you ARE on a strict budget, it can really shake things up with your finances. During those nine months, there’s a lot to get in order so you’re in the best possible position.
Here’s what you can expect:
Everyone suffers with debt from time to time. If you have a lot of debt to deal with at the moment, you might well be starting to worry a little. It can, of course, be hugely stressful when you have a great deal of debt in your life. But no matter how bad it gets, there are always solutions to be had, and that is worth bearing in mind if you find yourself starting to panic too much about it. As it turns out, dealing with debt is often easier than people think. In this article, we are going to take a look at three of the essential and best steps towards dealing with debts in a much better way. Follow these, and you should be on the right track.
Take A Look At Your Mindset
A lot of people don’t want to study their mindset in relation to money, partly because they feel that it can’t actually achieve anything. However, the truth is that changing the way you think about finances is often enough to make radical changes in your actual financial situation. If you think about it, it is easy to see why this might be the case. After all, when you change your attitude, that puts you in a better position to change the real world effects of that attitude as well. So an important first step in improving your finances is to look on your debt in the best possible light. Change your mindset to one of wealth and possibility, and you will find that it becomes much easier to deal with your debt, and to keep further debt at bay.
Compare Your Options
Not only is it possible to deal with your debt, there are actually a range of ways to do so. Something that you should definitely look into, therefore, is the many different options that you have available to you, so that you can be sure you are going down the right track. Using websites like debtsettlement.co, you can spend some time finding the best and quickest, not to mention cheapest, way to pay off whatever debts you might have, no matter how extensive they might actually be. By comparing hat options you have, you can be sure that you are actually going to take the best possible route, and that will mean a brighter future for you and your debts.
Prioritize Your Debts
If you have a number of different debts with different lenders, there is great value in figuring out which are the most important to pay off first and which you might be able to leave until a little later on in life. You want to pay them all off as soon as possible, of course – that much goes without saying – but it is also likely that some have higher interest rates, or are with stricter lenders, and are therefore more important to be rid of in good time. Pay attention to these factors so that you can be sure of paying them off in the right order, so making it easy on yourself in the long run.
Most people just assume that working at home means you’re starting your own business. People will just imagine having lots of boxes in the garage full of products that are waiting to be shipped around, but the reality is that working at home doesn’t always involve having a business. Sure, you’re technically a business because you’ll need to pay taxes and so forth, but not in a traditional sense that you need to offer a product that you ship around the world.
Making money from home doesn’t need to be an official or traditional business and this comes with several advantages. Firstly, you likely won’t need to deal with angry customers which is always a boon to making money. Secondly, you won’t need too much capital to start most of these ideas because there are no startup fees. Of course, there will be exceptions to these rules, but there are plenty of ways to make a living in the comfort of your own home. To get you started, here are a couple of ideas that don’t involve opening up a formal business.
Trading is a fairly vague term because it can apply to many things. The most common assets to trade in today’s world are foreign currency (also known as Forex), stocks and shares or cryptocurrency. With BitCoin making headlines all over the world, it’s easy to get sucked into the cryptocurrency market, but there are better options thanks to the many tools available online. Whether it’s a stock screener that is easily accessed from the internet or decades worth of helpful advice and information from experts, it’s fairly easy to pick up trading as a side-hustle or even a full-time job once you pick up the ropes. You’re going to need some capital to start, but it’s nowhere near the amount you’ll need to start a business.
There are many different routes to take when it comes to content creation. Whether it’s creating YouTube videos and making money from ad revenue or even hosting a blog and selling an eBook as a form of income, there are many ways to be successful as a content creator. It’s a fluid form of income that is constantly changing due to the way content creators get paid. As long as you’re able to draw in viewers or readers to your content, most of the money you’ll make will be from advertising revenue. If you’re talking about products and recommending them, then affiliate marketing is also a viable way to make money from content creation. If you want to become a content creator, then you need to remember that your income will trickle in from multiple different sources so it can be difficult to manage, but with so many routes to becoming a content creator, it’s a flexible career choice that might not even require you to set up a business outside of paying taxes.
The internet is a fantastic place to make money without having to start a traditional business, but it does take a lot of time and effort before you can make it a profitable venture.
Buying a property for the first time is a massive decision. It is likely that this will be the biggest investment you have made by a mile. It’s not just about the financial commitment; being a homeowner comes with a number of other responsibilities. Is this something you are ready for? Let’s find out…
Are you ready to settle down?
This is the first question you need to ask yourself. How many job changes have you had in your life? Are you settled in your current job, or do you envision that you could move elsewhere in the future? Buying a house is a long-term commitment. You are not only committing to the property, but the area it is situated in, as well as the job market in this location too.
Can you really afford the monthly mortgage payment?
Many people are so eager to be homeowners, so much so that they agree to monthly payments they can’t comfortably afford. This is a recipe for disaster. You could end up with a nightmare on your hands if you are not able to pay your mortgage repayments. Not only this, but there are other costs you need to factor in too, including utilities you need to cover, water, insurance, and property taxes. It is important to put together a detailed financial plan so that you can work out how much you can truly afford per month.
Have you saved enough for a deposit?
The deposit you need for a property will likely be the single biggest investment you have ever made. This also relates to the unforeseen expenses that are linked with your acquisition. A professional firm like T. J. Lamb Real Estate can explain these expenses in further detail. Not only do you have the down payment itself, but you have taxes, insurance, and closing costs to account for too.
Are your finances in order?
What does your financial picture look like right now? Do you have a good credit rating? Do you have any loans you are yet to finish paying off? How many credit cards do you have open and do they have an outstanding balance? These are all questions you need to ask yourself. If your credit score isn’t great, you need to make the effort to improve it before you start house hunting.
Have you had all of your fun?
This isn’t to insinuate that being a homeowner isn’t fun. It’s extremely exciting. However, it may mean that holidays need to take a backseat, and that you cannot do all of the fun things you did before when you didn’t have such a large financial commitment. Are you ready to give all of this up?
Hopefully, you now have a better understanding as to whether you are ready to buy your first house or not. If you feel that you are not ready to buy a property, don’t fret; there is no time limit on buying a home. It is all about what is right for you.
It will come as a shock to absolutely nobody that eight out of ten workers are currently living from paycheck to paycheck. The increasingly climbing cost of rental accommodation combined with an over inflated cost of living have conspired to rob the younger generations of the ability to save in the way that their parents instructed them to. As a result, most of us are totally unprepared when a financial disaster strikes such as car trouble, a broken appliance or an unexpected injury.
As a generation, millennials tend to come under fire from armchair pundits within the baby boomer generation who see their inability to save as a consequence of their frivolous spending, but is that an oversimplification. Here we’ll look as some of the reasons why so many millennials are living from paycheck to paycheck as well as some reasons why this may not necessarily be the end of the world.
It’s not necessarily about over spending
Those in their 20s and 30s are often criticized by their parents for their recreational spending to the point where in a major UK publication millionaire property property mogul Tim Gurner attributed young people’s inability to buy their own homes to buying too much avocado on toast. Never mind that the same publication (quite rightly) asserted that young people currently pay a much greater proportion of their income on housing than their parents and grandparents did.
The deck is stacked against millennials
On paper, millennials have it pretty easy. They tend to be well educated, highly skilled and have the potential to command respectable wages. However, the deck is stacked against them in the overcrowded and incredibly fast paced job market. It’s easy for baby boomers to criticize millennials when they had some pretty hefty advantages over their millennial counterparts including better job security, lower living costs, far cheaper college tuition fees (or free tuition in many countries) and lower barriers to entry in both education and the workplace.
In this climate, it’s little wonder that so many of us struggle to save. As such, many millennials lean heavily on credit cards and personal loans which can eat away at their credit score. While it’s fairly easy to get a personal loan with bad credit, millennials have to box clever to avoid falling into a debt trap. It’s a fine line that not everyone can manage to walk every month.
What’s the point of saving for a retirement you may never get?
Even if we’re unable to pay regularly into a savings account, we’ve still got to set aside savings for our retirement, right? After all, setting aside just 5% of your earnings can make a big difference if your employer will agree to match your contributions. However, many younger people fail to see the point in saving for a retirement that it seems they’ll never be able to claim, especially with the prospect of home ownership an increasingly unattainable pipe dream.
No pension scheme is good enough to pay the rent exclusively, so many millennials face the prospect of working into their seventies.
Saving is overrated
In an increasingly uncertain economic future, it’s little wonder that so many people across the generational divide prefer to enjoy their money while they have it rather than saving for a retirement that will never come or property that they’ll never be able to afford. Couple this with the relatively low interest rate of most savings accounts (which average at a measly 0.06% APY) and you can see why there’s little incentive or opportunity for the younger generation to “save”.
Injuries suck. There is no two ways about this fact. We all know that there are more than a few inconveniences that occur as a result of being injured. Not only can you not work, but your social and educational responsibilities will come to a hefty pause. It can be difficult to get out of this rut, especially when you’re limited to doing nothing other than playing video games on your sofa for the next two months. To stave off depression, and to generally cope with the injury as you can to the best of your ability, check the following tips for some special and useful advice:
It’s important to stay mentally active during this time. If you’re able to, you’ll find that your lethargy will be prevented a degree. This is especially important when considering the harmful impacts of simply sitting and staying sedentary. If you have the ability to, you can find that generally working hard towards achieving your goals becomes that much more possible when you take care of your mind. If you’re able to, focusing on your school work and reading around the subjects can keep your mind in check and active. This is much better than staying on menial tasks such as video games, and will actually help you out in the real world.
Finances can take a big hit after an accident. It might be that finding an automotive or motorcycle injury attorney can help you litigate your claim effectively, essentially gifting you financial peace of mind after experiencing such an event. Sometimes your job may not offer sick leave as per your number of hours usually worked, so this can really bite you. This is especially true if you often work a number of part-time jobs, rather than one salaried position. Litigating effectively, while resting on the support of a family member or deeply close friend for the meantime can help you to no end.
Social media and telephones exist to keep you updated on the social lives of those around you. Even if it means missing the big festival you were due to attend this summer, you needn’t become a hermit on account of your injury. It likely wasn’t your fault, meaning you shouldn’t be punished. Stay as active as you can to be in communication with your friends. This is an interesting period, because the people who visit you often are sure to be your truest friends, and deserve your full love and support. If you’re able to stay comfortable in their presence, this can be the best way to cope with an injury by far.
Stay positive. Even when very injured, it’s likely people around you want nothing more than to take care of you to your full capacity. It’s important for them to truly see you mend well. Try not to self-pity. You might have every legitimate reason to, but the emotion can be one you start to wallow in. That can be a troubling state of affairs for the mind of anyone, let alone someone with a temporal or potentially permanent physical disability.
With these tips, you’re sure to experience a wealth of positive benefits in the direction of healing. Get well soon!
There comes a time in pretty much everyone’s life when times get a little tough financially. While you could spend your time dwelling on this and wondering what went wrong, a better course of action is to think about the ways that you can get out of this trouble. Of course, there are a few things that are out of your control, so you need to concentrate on the factors that you can influence. Here are a few ways that you can deal with tough financial times and come out the other side.
Make a Plan of Action
Things can easily get overwhelming if you are not careful, so you should make a plan of action that you attempt to execute bit by bit. You are unlikely to be able to solve all your financial woes overnight, but you can make your troubles seem more manageable by tackling them one at a time. For example, you could channel all your energy into clearing a single debt rather than trying to tackle all of them at once.
The first thing that you need to do is to control your spending by eliminating all nonessentials from your life. Write down everything that you buy on a regular basis and split them up into essentials and nonessentials. You need to ensure that you aren’t spending money unless you are certain that it has to be spent. Even the essentials can be tackled and reduced – the internet has made it easier than ever to compare prices and reduce costs where necessary.
Diversify Your Income
If you only have a single source of income from your salary, it is worth checking out whether there are any other sources you can make money from. For example, the sharing economy allows people to make money from all sorts of things including their spare room, car, driveway, and storage space. Perhaps you could look into hard money loans if you need to make money quickly. Otherwise, you may be able to make some quick cash from some freelance work or starting your own business.
Take Preventative Steps
Once you are in a more stable financial position, you will want to steps to ensure that you don’t end up in a similar situation any time in the future. Make sure that your new frugal lifestyle isn’t simply a flash in the pan, but instead it is something that you will carry with you for life. Set up a rainy day fund that you can dip into should you need it. Continue taking steps to diversify your income and make different investments so that all your eggs aren’t in one basket.
These are just the basics of ensuring that you get through tough financial times and emerge stronger and more successful. Don’t let everything get overwhelming; speak to people who you trust to get their perspective on things. Tackle your issues one by one until you are back on track.