Personal finance isn’t always straightforward. Not only have financial relationships grown more complex in recent years, but consumer goods have also become more expensive – without wage increases to offset the rise. It’s easy to become discouraged in the present climate, but there are steps you can take to overcome financial challenges – even when it feels like your finances are working against you. Despite financial hiccups and the hopelessness that sometimes accompanies them, giving up on your finances is the wrong approach. Losing resolve can only make matters worse, so when you’re discouraged or experience financial distress, it’s more important than ever to change your mindset and recommit to prudent practices. Each case is unique, so you’ll ultimately have to address the specific sources of your personal financial difficulties, such as unchecked spending, insufficient earnings, or problem debt. In the meantime, you can get a head start, turning around your finances, by changing the way you think about money and reversing a negative mindset. Give Yourself a Break In many cases, financial distress is a direct result of poor money management decisions. Not always, but often, unsustainable spending habits or expensive lifestyle choices are the source of the financial pressure you’re feeling. When bad choices come back around to haunt your finances, it’s natural to blame yourself, harshly judging your performance as a personal money manager. Though accountability is an important part of effective financial management, being too hard on yourself is counterproductive. Rather than wallow in guilt and shame for making bad financial choices, focus instead on bouncing back from poor outcomes and putting the past behind you. Each error presents learning opportunities you can use to avoid future problems, so accept small failures and move on to bigger, better things. Learn About Finance Financial understanding lags in the UK; studies consistently highlight financial knowledge gaps among consumers. If you’re not as savvy as you should be with money, this fundamental lack of understanding may be to blame for your finances underperforming. It may not happen overnight, but boosting your knowledge about economics and other money matters can help you guide your finances in a better direction. You don’t have to go back to school, in order to make your budget right. Online resources are available, offering insight about important aspects of personal finance, such as saving, investing, buying a house, managing a household budget, and reducing personal spending. In addition to online resources, several worthy mobile apps provide financial assistance. These finance apps help you keep track of your money and work out budgets, but they also offer tips and information to round out your financial understanding. Your friends and family members can also be a good source of financial information, sharing their experiences managing money. If your mates are skint, they may not be the best source for information, but it never hurts to bring in a different perspective, alongside your personal research. If money charities and other financial resources haven’t answered your most pressing financial questions, professional help can provide the specific insight you need to make prudent financial choices. Use Small Wins to Build Confidence When your finances are a mess, and you’ve resolved to take control; it may take some time to sort things out. In the meantime, setting short-term financial goals can help you stay focused and build confidence. For instance, when problem debt drags down your finances, resolve to reduce it in bits, until you’re able to clear a single balance, and then move on to the next chunk, with a small victory under your belt. Savings goals can be managed in the same way, by recognising milestones along the way to your ultimate goal. And when you’re working on a budget, you can track your headway relative to the spending limits you’ve set. With steady progress toward your money goals, each small step makes the endgame less intimidating and provides positive momentum for your finances. It’s common to fall into negative financial patterns, but some are driven by your own thinking. Changing your mindset and adding to your financial knowledge base are two sure ways to build cash confidence and move your finances in the right direction.
It’s always better to pay cash for large purchases, however, there are plenty of occasions when it is just not possible. Life gets in the way, and sometimes ongoing expenses mean it’s difficult to save for time-sensitive purchases. If you are planning to buy a car, take a holiday or undertake studies, borrowing money may be your only option. In this article, we discuss the differences between personal loans and credit cards and the pros and cons of each. Please note the information in this article is general advice only and should not be considered as a personal recommendation. What is the difference between a personal loan and a credit card? A personal loan is a loan that you can use for any personal expenses, including car purchase, travel, education, medical expenses, home improvements or even debt consolidation. It is usually unsecured, however some lenders (like My Cash Online) offer the option to secure against assets such as a car or savings in order to obtain a lower interest rate. Personal loans usually have a fixed rate and set repayment amount over a fixed term. At My Cash Online, we offer personal loans with a term of up to 24 months. A credit card, on the other hand, is a revolving debt facility. There is a set limit that you can use as often as you like, and if you don’t pay the entire spendings off at the end of the month you will carry a balance against the card. This means that although you are paying interest against a debt, you can continue to make purchases up to the approved limit. When is a credit card better than a personal loan? A credit card is very rarely a better option than a personal loan. There is plenty of misinformation that having a credit card helps build your credit rating, however this is applicable in the US only. In Australia, there is no positive impact on your credit rating by holding a credit card in positive standing compared to no credit card at all. However, credit cards may be a good option for those who are able to pay off the balance in full every month and wish to collect rewards points as part of a card partnership program. The danger with credit cards is that you can always charge more to the card up until you reach the limit, keeping you stuck in a debt cycle. With a personal loan, you know exactly when your balance will be repaid, and as long as your repayment history is good you can often borrow more money from the same lender without completing another application. When is a personal loan better than a credit card? If you are looking to make a large purchase that you can repay over time, a personal loan is the way to go. With My Cash Online, your funds will be released quickly and in one lump sum, which you can then pay back in weekly, fortnightly or monthly instalments for a set period. You will be able to budget your set repayments every month and know exactly when the loan will be paid in full. If you are in need of quick cash for personal expenses, apply for a fast personal loan with My Cash Online today.
An emergency fund is one of the most important things that you need to have to manage your finances. It is something that will help you when or if you are suffering from financial problems, cash loans or payday loans What is an emergency fund? An emergency fund is a pot of money that you have saved for emergencies only. An emergency is something like you losing your job, your business going under or your family experiencing financial difficulties. It can be anything from 1 month of cash to keep you going, 3 months or 6 months. It is similar to the cash loans or online loans that are available very easily nowadays. Most people opt for 3 months because 90 days is enough time to change a situation that you are stuck in. Take a look at the critical 5 reasons why you need to have an emergency fund #1 – Protects you from uncertainty Whether you have a job that you love or you are trying to start a business, when the economy goes down, you could lose everything. It’s critical to protect yourself from uncertainty. An emergency fund does exactly this. It insulates you from the things that are going on within the economy and it gives you a much-needed cushion that you need in order to survive. Fast cash loans Australia or quick cash loans can also help you in the time of need #2 – Emergency funds can be used for bereavement Bereavement is something that affects us all. Whether it is a close family member or a distant relative, when you are bereaved, it can change your life especially financially. Imagine how you would feel if you lost someone close to you and you cannot help financially? Worrying about money during bereavement is something that can completely ruin someone’s life. It does not have to be this way. Use an emergency fund to ensure that bereavement does not affect you financially #3 – If you lose your job, you can use it to pay bills No one wants to lose their job. If you do lose your job, you need to have a contingency plan to avoid falling into severe financial hardship. One way of avoiding this completely is by having an emergency financial fund that you can tap into so that you can live off this money. For example, if you lost your job, if you have a two-month emergency fund, this means for 8 weeks you will have enough cash to sustain yourself. This means paying your bills and having food to eat. It’s really important that you are able to pay your bills so that you can sustain your lifestyle and flip getting fast cash loans online. Your emergency fund will help you do this if something happens that affects you from being able to work effectively. #4 – Emergency fund stops financial snowballs If you have an emergency fund, it will make it easier for you to stop getting into financial traps such as constantly borrowing money. There is nothing wrong with borrowing money when you need it and paying it back. What needs to be done is you must only do it in the short-term to fix any problem that you have. For example, an emergency fund would stop you from borrowing money from friends and family because you know that you can take care of your needs with your fund. How can you build an emergency fund if you are low on cash? Building an emergency fund when you are low on cash does not have to be something that is difficult or get payday loans. You need to follow some key rules on how you can get there and soon enough you will have an emergency fund that you are proud of. Step 1 – Save what you can You might think that you have saved an insignificant amount by saving even £2 but it is not insignificant at all. Try and get into a schedule of weekly saving with any amount but keep it consistent. Tell yourself any amount that you save weekly is only meant to be used for your emergencies. Step 2 – Use standing orders from your account to save If you think that you can’t trust yourself to send the money to your saving account straight away, ask your bank to make a standing order to your account so when you get paid immediately it goes to your saving account. This way you do not miss the money at all because you have not budgeted it anyway, it goes straight to your emergency account. Step 3 – Tell yourself you cannot use your emergency fund for something else One of the most important things that you can do is that you cannot use your emergency fund for something else! It’s all too tempting to tell yourself that you should ‘treat’ yourself to saving so much to a new jacket, a weekend break or an expensive meal with your friends. Be vigilant with yourself in order to protect yourself for a rainy day. You never know when you will need to use it. By building an emergency fund, you will be able to take control of your finances and give yourself the peace of mind that you have always been looking for. Start building an emergency fund today, not just for your current needs but for your future.
Are you planning on making an expensive one-off purchase? Do you need some fast cash to cover you until the end of the month? Fast cash loans, online loans, quick loans and payday loans are several ways borrowers can apply for when they don’t have money in their bank accounts However, credit cards are not for everyone – there are some great deals out there for borrowers, yet those with an adverse credit history will be unable to apply. So, before you begin applying for these traditional forms of credit, why not consider these credit alternatives as they might be a better fit for your finances. Borrowing from Friends & Family (the most awkward) So, let us get this one out of the way first. Family members lending money to one another can provide emergency funding and help you avoid forms of acquiring credit with very high interest rates, like quick loans and cash loans.Hopefully, borrowing a loan from a family member will be interest-free, and provided that if you fail to repay it will not harm the family relationship – this is the best option than cash loans m. For those who borrow from friends, be aware that if they don’t repay, this will probably end the friendship. Credit Unions A common reason people borrow money from their family and friends is that they are unable to obtain. Rather than take a high-interest payday loan to cover an emergency expense (payday loans should never be considered for long-term borrowing), those seeking credit could try a credit union. Managed by and for their members; credit unions provide low-cost loans to each member. However, borrowers should only seek credit if they can afford the repayments. Prepaid Cards If you need to make a purchase on a card yet do not want to apply for a credit card, or you want to use a card abroad. Prepaid cards don’t permit holders to spend past the amount that they have loaded onto the card, so it’s impossible to accrue debt, unlike a credit card where it can be tempting to spend more than needed.Several prepaid card providers offer various promotional perks including cash back or discounts to make their products more appealing. Some prepaid cards may charge a fee for opening the card, and the majority do charge ATM withdrawal fees, especially for cash withdrawals abroad. Instead of using credit cards with high interest rates, fast cash loans for a few weeks is a better option. Peer to Peer Consumer Lending Peer to peer lending is growing as an alternative to bank loans and overdrafts. This type of borrowing is very similar to borrowing from a bank yet instead you borrow from other individuals who lend you money as they wish to make more. Savers are getting little from banks in interest rates so lending that money to borrowers is a better way of increasing savings. Credit checks and risk assessments are still part of the equation as any personal loan so for those with an adverse credit history this may not be for them. What is different is that the interest rates vary and are considerably much cheaper than those offered by banks, especially on smaller amounts for shorter periods. Most bank loans only offer low-interest rates on higher borrowed amounts. As with any loan, if the borrower defaults on their repayments, their credit score will take a hammering, and additional charges and fees will be added to the original loan amount. PayPal Credit PayPal customers can apply for Credit Online are assessed using PayPal’s proprietary credit scoring method, and if approved, are given a credit limit indicative on their score. Then borrowers can then make purchases on their credit limit anywhere that accepts PayPal. One positive about PayPal Credit is that each time a borrower spends a lot or more (within their credit limit), they will get in 0% interest for the four months, every time! So, unlike credit cards who withdraw their promotional rates, PayPal credit does not. Obviously, make sure you pay off the debt within four months; otherwise, this will negate any point of the interest-free purchase. Budgeting Loan (for those on low-household incomes) If you’re already getting certain benefits and desperately need credit, then lower-income households could apply for an interest-free loan . Budgeting Loans are much cheaper than paying high-interest charges for borrowing from traditional banks or payday loan lenders. A Budgeting Loan is designed to aid households to pay for essential or unexpected expenses if they are on a low income. Budgeting Loans can be used for new furniture to travel expenses or even additional costs from having a new baby or a sudden death in the family (funeral costs).
Getting fit shouldn’t mean we have to splash out all the time. Money is important but not everything. People often work long hours to pay bills, cash loans, payday loans or go on holiday, having a healthy body is a vital thing which we should all strive to attain and there are plenty of ways to achieve it, for free. From taking advantage of taster-sessions to simply working out in the comfort of your own home, here are 5 ways you can get your heart into shape. Workout at home No need for fancy gym equipment or pay fast cash online, save money and burn calories by doing a 10-minute workout in your own home. There are tons of equipment-free routines to perform and if you get stuck, download a fitness app, browse the internet or read from a workout book to guide you. Also, keep your eye open for online freebies such as, sports equipment and training DVDs, they’re free and help you get fit. Inviting friends round for a night of dancing is also a brilliant and fun way to get fit too! Get fit outside This one seems pretty obvious, but it’s the most effective. Whether it’s playing sports in your local park, a jog round the block or a workout routine in your own garden, take advantage of Mother Earth. If you have a car, use it less. This saves you petrol, meaning tucking away extra coins in the long run. Not only is the world your oyster when it comes to getting fit, but some parks offer an outdoor gym which residents can use for free! Go to taster-sessions Local leisure centres typically offer initiative classes to encourage people to get into shape. Make use of the free swimming and exercise classes which are available around your area. Also, if your local gym offers it, take advantage of the free gym-pass. This normally lasts for a day and gives you the chance to see how certain equipment works, various routines you can try at home, and a way to get fitness advice from staff members. Change your eating habits Sounds easy right? Believe it or not, for a lot of people, this is probably the hardest method in getting fit. In order to change one’s diet, it takes motivation, patience and self-confidence. Ask family and friends to support you, get tips from your GP and become a member of an online diet forum. Simply by swapping a chocolate bar for a yoghurt or a side of chips for a fresh salad, these little changes can help you with avoiding fat and saves you money. Get a part-time job Having a part-time job which gets you physically active will burn the calories and shred the fat in a matter of a few months. In addition to being a great way to get fit, you’ll be earning money on the side and paying off quick loans. From working as a shop assistant to being a PE teacher, you’ll be getting toned up in no time!
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
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