How to get your debt under control for your future

How to get your debt under control for your future

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Finances are the number one worry that people have. And debt is often at the heart of that worry. It can be a huge weight on your shoulders, invading every aspect of your life causing a ridiculous amount of stress. With the average household owing upwards of $12,800, not including mortgages and student loans, debt is very real and can seem impossible to pay off. However, there are ways to manage your debt, pay it off and begin again with a fresh start.

Manage Your Debt

The first thing you need to do is to get your debt under control. So many people flounder under multiple debts and only succeed in missing payments and making things worse for themselves. If you have multiple debts then one way of creating an easier battlefield is to apply for unsecured debt consolidation loans for bad credit.  That way you only have to worry about one monthly payment, as well as one interest rate. It won’t suddenly clear your debt, but it lessens the stress by organizing your affairs. Another way to manage your debt – particularly if it is a smaller amount – is to contact a debt management charity.  They can help you create a budget, and, in certain cases can manage the payments for you, so that you pay the charity one set amount and they split it equally between your debtors. This doesn’t mean that your debt still won’t gain interest, but in some cases, it can be frozen for a period of time.

Regain Your Credit Score

Start doing this immediately, don’t wait until your debt has been paid off. In fact, paying off your debt in time will help your credit score. To do regain a good credit score you need to make sure you’re paying all of your bills on time. When it comes to things like car insurance, break it into monthly payments rather than having to find a big lump sum all in one go.  When paying for things like plane tickets or gas, pay for it on a credit card, and then immediately pay it off at the end of the month. Only use your credit card if you know you can pay it off, otherwise, you’re just digging yourself a deeper hole. If you find the right credit card, they come with extras like flight miles.

Cancel Subscriptions

Sit down and make a budget that you can live with. Make sure you have a little bit put aside each month for your savings. You will easily see where you are spending unnecessary money, bills you don’t need and things that you are paying more for than needed. Can you cancel your gym membership, or find a cheaper one elsewhere? Can you simplify your TV package by removing sports or movies? You may find that you’re paying for something you haven’t thought of for years, like a magazine subscription. Saving money doesn’t have to mean you can’t have luxuries, it just means moderating what you can have. Start switching take-away night for a new recipe night, or a cinema trip to a home movie night – a DVD and some popcorn is much cheaper than tickets to the movies. Plus you can pause the film for bathroom breaks.

Lose Contact With Credit Cards

Once you have paid off a debt, then say goodbye to that credit card. Cut it up and close the account. It will feel like such an accomplishment. If you want to keep a credit card to rebuild your credit score, then do, but keep the allowance small, and be 100% sure that you won’t dip into temptation. Think about switching to a new company, this way you are less likely to be offered a high amount, and you have no history with them, which might seem small but can help you start again mentally.

4 reasons why savings are important

4 reasons why savings are important

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One of the most important things you can teach anyone about money is the importance of saving it. Spending it on important items and keep some aside in your bank account is all well and good, but saving money is something different entirely. There are plenty of reasons why saving money is a fantastic idea, but here are four important ones.

Interest

Savings accounts with decent interest rates will mean that your money grows without you needing to lift a finger. The more money that is in a savings account, the greater the interest. It might seem like a small amount at first, but if you save money each month into this account, then it can grow and grow. All of this and you don’t have to do a thing. One thing that you should probably do, though, is change your savings account if the interest rate drops. This way you will constantly be getting the largest amount of interest possible. Using interest rates cleverly can earn you a lot of money without needing to do anything.

It Is There Just In Case

Savings are useful because they mean that you have money outside of your current account. This means that if there is an emergency, then you don’t need to take a small loan to cover the cost. For example, if you have been saving money then you will be able to cover the cost of getting your car fixed, buying a new fridge or plenty of other things without panicking about where the money is coming from. Saving money allows you to plan ahead and feel reassured that you have money in case of an emergency.

Allows You To Afford Expensive Things

If you want to be able to afford to buy a house in the future, then you will want to start saving money as soon as possible. In order to afford a deposit, you are going usually going to need somewhere between 5 and 20% of the total house value. This means that you are going to need to have saved a lot of money up to be able to afford the deposit. If you regularly make payments into a savings account, then over the months and years this will add up to an amount that you can use to buy yourself a house. Without doing any saving, this would otherwise be nearly impossible.

Retirement

Retirement might feel like a lifetime away, but saving a tiny amount each month can make a massive difference when you retire. If you keep a retirement savings account and only put the cost of a few cups of coffee into it each month, then by the time you come to retire you will be surprised by how much is in it. You will be saving such a small amount that you will hardly notice not having it, so it is well worth investing into your retirement. It is good to start as young as possible for the largest gains.

Essential benefits of a family vacation

Essential benefits of a family vacation

Getting away as a family is something that many of us don’t do enough. We’re busy working, traveling with children can be stressful, and if you are tied to school holiday times, costs can be nothing short of extortionate. You may even find that you simply can’t get enough time off in the school holidays to make a trip worth it. But, going on a proper family vacation can have some huge benefits and is certainly worth doing as often as you can manage.

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Seeing the World Through a Child’s Eyes

Yes, traveling with young children can be difficult. You have to pack very carefully, making sure you’ve got everything that they could possibly need for any conceivable situation. And, you need to be prepared for good old-fashioned toddler tantrums at the worst possible times, mainly, on the airplane. But watching your young children explore a new place, especially if it’s a vastly different culture or way of life, for the first time is magical.

Children look at everything with such a pure sense of wonder and excitement. They go forward without fear or anxiety, filled with only curiosity. It’s something that we lose as we get older, and our only chance to regain comes when we watch our children explore. Make the most of it while they are young, even if you have to look at Secured loans to make your trip possible, it’ll be worth it just for this.

To Take a Break

No one will ever say, in all honesty, that a break with children is relaxing. It’s not. But, it’s still a break. Our day-to-day routines can be both physically and mentally exhausting. Even if you do spend a week or two chasing kids around, constantly on the go, it’s a break from your real life. A chance to get away from your usual routines and thought processes. Even if you barely get ten minutes to lie by the pool, you will feel more relaxed than you have in ages.

To Reconnect

The world is much smaller than it used to be. We can chat with people all over the world on Facebook in seconds. We can share our whole life with the world via social media. But we speak to the people we live with much less. We spend evenings sat on the sofa with our partner or children, all glued to our own screens and devices, barely uttering a sentence to the people that we love the most. This only gets worse as the children get older and head into the teen years.

While it’s probably fair to say that most of us take phones and tablets away with us nowadays, with so much going on, it can be easy to switch them off. A family vacation is a chance to speak to each other again. To reconnect and get to know each other again. To try new things together and create gorgeous shared memories.

A family vacation helps you and your family grow closer, takes a lot of life’s stresses away, and gives you all a chance to see the world. Most importantly, it’s a great way to beat the January blues!

 

Tips for beating the January blues

It feels like we are well into the new year by now, and often that can mean that we are starting to slow down after that new year rise in motivation and inspiration. January does present that golden opportunity of a fresh start. A chance to implement changes to a routine with children, start something new with the family, or your personal self-care and development. However, you may be feeling like you have come crashing back down to earth with a big thud. I wanted to help you take that important reality check and get back on track without letting the January blues bring you down. I hope it inspires you to get back on with whatever you are hoping to achieve, now and for the rest of the year.

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Financial pressure

One of the biggest issues all families can face at the time of year is a bit of financial worry and strain. The festive season was good fun, but sometimes the overspending can begin to haunt us at this time of the month and we can often feel overwhelmed with the bills. However, taking control of your financial situation can actually put you in a better position than you began the year in. Looking into things like repair.credit’s home page to look at options for debt. It could be to set up a saving plan so that you don’t’ have to worry about the family vacation. Or even looking at reducing your outgoings to give you some more disposable income to enjoy family days out. The main point is to not be fearful of it and to take control and get things back on track. It might suddenly feel like a weight has been lifted.

Struggling to get back into a family routine

Sometimes January can present problems for the family with the struggle of getting back into a family routine. It might be going back to school, the hustle and bustle of after-school clubs, appointments, running the house and keeping it clean. However, a routine can be great for the family, and often this time of the year is the ideal time to try new things.

Feeling a little down

You might find yourself feeling a little down and blue at this time of the year. The weather doesn’t help, the strain on the finances can be a stress and a worry. So there isn’t a surprise that you can still to feel the strain personally. There are many websites out there that have some great ideas to help you lift your spirits. Take some time for a bit of self-care and remember some of the resolutions you made for yourself. Eating better, maybe. Getting fitter perhaps. This time of year is for you as well as your family.

Too much pressure with new year’s resolutions

Finally, have you put too much pressure on yourself with your resolutions and your goals for the year ahead? Too often we can be guilty of all the grand plans and the reality is that things don’t often change overnight. Instead, relook at the things you wanted to do and make smaller more actionable targets to help you reach the end goal. It will help you stay motivated and feel inspired once more.

I hope that these tips and tricks help you avoid the January blues this month.

 

Teaching your teen about finances

Teaching your teen about finances

Before your teen leaves the nest, you simply must teach them about finances. You need to do this because if you don’t, who will? If you don’t, how can you be sure that they will learn this very important life lesson before it is too late and they get themselves into a spot of financial trouble?

Yes, you need to teach your teen about finances now, before it’s too late. And, if you’re wondering just how that is done, then wonder no more as advice on the matter can be found below.

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Teaching them how to spend and manage their money

As you can probably attest, an important part of adulthood is being able to manage money properly. So, make sure your teen knows how to do it! First of all, make sure they know how to manage and spend the money they actually carry on their person (both in the form of physical banknotes and the money on their cards). Make sure they know where to spend their money and when to spend it. Make sure they know all about moderation. Make sure they know the importance of prioritization. And make sure they know that once money is spent on one thing, it cannot be spent on another.

And, once you’ve ingrained all of these good spending habits into your teen’s head, you need to teach them how their money is actually managed. This means, most importantly, that you need to teach them the importance of their bank accounts and savings accounts and the safest ways for them to be accessed. Also, you need to teach them of the importance of protecting their bank and card details at all costs.

Let them know of the financial obstacle they are likely to face

Life is full of financial obstacles, and it is better to teach your teens about them early in their life so that they will be able to successfully circumvent them as their life progresses and later in it.

One such obstacle that you should teach them about is debt. Simply, you should be as open and as frank as you possibly can about how debt forms and how it is then managed. First of all, you should make sure they know about all the ways in which debt is formed, and that even means telling them that it will form upon them taking out a student loan. You should then teach them as best as you can about the ways in which debt is fought, such as through the taking of debt relief programs for student loans. Basically, how debt is formed and then fought should be some of the first points you cover in the financial lessons you give your teen.

Your teen is soon to be a fully-fledged adult, and you will save them a lot of stress during this transition by getting them ready, as best as you can, for the financial world they are about to enter.

 

Things to teach your teen before they leave the nest

Things to teach your teen before they leave the nest

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Every parent out there wants to give their children the very best start in life. You work very hard to make sure they have a good education, while also spending loads of time with them to keep them happy. When it comes to leaving home, though, a lot of young adults are woefully unprepared. There are loads of little areas which need to be learned before they can safely live on their own. So, to help you out, this post will be exploring some of the less-obvious of them.

Budgeting: Being able to balance spending and saving is a skill which a lot of people simply don’t have. When bad habits are adopted early, they will be hard to drop, and the same can be said for good ones. Even if it means drawing up a plan for them, your child should have a solid understanding of their finances before they set off. This is especially useful for students or those on very low wages.

Borrowing: Getting loans and borrowing money are perfectly natural parts of life. A lot of people see this sort of action as negative, but, in the life of a youngster, it can be essential to have a way to get access to emergency funds. Credit cards for poor credit and new account holders are a great way to handle this. Limiting the amount which can be spent while giving a good safety net, these sorts of options are perfect for young people.

Moderation: Drinking, taking drugs, and experimenting with relationships are all a part of growing up. Of course, though, when too much of these things are had, they can start to become a problem. Being able to moderate themselves properly will start with childhood. Simple things, like limiting time spent watching TV or on the computer, will shape your child into someone with heaps of willpower.

Social Skills: Being shipped off to university or into a job without the ability to communicate with others will be very hard. Social skills, like moderation, have to be taught over many years, and this will start when your kid is very young. Taking them to playgroups before they are old enough to go to school is a great way to start. From there, though, you should try to give them as much exposure to others as possible.

Driving: Independence often starts with the ability to drive. Enabling them to work far away, while also giving them the chance to roam free, this sort of benefit is something a lot of modern kids have to live without. By helping your child to learn this skill; you can make their life a lot easier. Of course, though, you have to think about their budget, as a car will be expensive to run.

Hopefully, this post will inspire you to start working harder on the time you put into your child’s future. When they leave home, they will be exposed to lots of things they’ve never experienced before. While being scary, this will also be exciting, and you will be there at every step of the journey.