Estate Planning Essentials: Protecting Your Family’s Financial Future

Estate planning is a crucial step in securing your family’s financial well-being after you’re gone. It’s not just for the wealthy or elderly – it’s for anyone who wants to ensure their loved ones are taken care of. By planning ahead, you can make important decisions about your assets, healthcare, and more.

Many people avoid estate planning because it seems complicated or morbid. But it doesn’t have to be. With some basic knowledge and the right guidance, you can create a solid plan that gives you peace of mind. Let’s explore the key elements of estate planning and why they matter for your family’s future.

Why Estate Planning Matters

Estate planning isn’t just about money. It’s about making sure your wishes are followed and your family is protected. Here’s why it’s so important:

  • Avoid family conflicts: A clear plan can prevent disagreements among your loved ones.
  • Protect your children: You can name guardians for your kids if something happens to you.
  • Save on taxes: Proper planning may reduce the tax burden on your heirs.
  • Speed up the process: A good plan can help your family avoid lengthy court procedures.

Without a plan, the courts might decide what happens to your assets and even your children. That’s why it’s crucial to take control of your estate planning now.

Key Components of an Estate Plan

A solid estate plan includes several important documents. Here are the main ones you should consider:

  1. Will: This document spells out who gets your assets and who will take care of your minor children.
  2. Trust: Trusts can help manage your assets and potentially reduce taxes.
  3. Power of Attorney: This allows someone to make financial decisions for you if you can’t.
  4. Healthcare Directive: Also known as a living will, this outlines your medical care wishes.
  5. Beneficiary Designations: These determine who receives assets like life insurance and retirement accounts.

Each of these components plays a vital role in your overall estate plan. They work together to ensure your wishes are carried out and your family is cared for.

Starting Your Estate Plan

Beginning your estate plan might feel overwhelming, but you can break it down into manageable steps:

  1. List your assets: Write down everything you own, including property, bank accounts, and valuables.
  2. Decide on beneficiaries: Think about who you want to inherit your assets.
  3. Choose key people: Select an executor for your will, guardians for your children, and people to hold power of attorney.
  4. Consider a trust: Decide if a trust makes sense for your situation.
  5. Meet with a professional: An estate planning attorney can help you create the necessary documents.

Remember, your estate plan isn’t set in stone. You can and should update it as your life changes, such as after marriage, divorce, or the birth of a child.

Common Estate Planning Mistakes to Avoid

Even with the best intentions, people often make mistakes in their estate planning. Here are some pitfalls to watch out for:

  • Putting it off: Don’t wait until it’s too late to start planning.
  • Forgetting to update: Life changes, and your estate plan should too.
  • Ignoring digital assets: Remember to include things like online accounts and digital photos.
  • Not communicating: Let your family know about your plans to avoid surprises later.
  • Doing it alone: While you can start on your own, it’s wise to get professional help.

By being aware of these common mistakes, you can create a more effective estate plan that truly meets your needs and protects your family.

Conclusion

Estate planning is a vital part of managing your finances and caring for your family’s future. It might seem daunting at first, but taking it step by step can make the process much easier. Remember, the goal is to protect your loved ones and ensure your wishes are respected.

Don’t put off this important task. Start thinking about your estate plan today. With some effort now, you can provide security and peace of mind for yourself and your family for years to come.

10 Proven Strategies to Boost Your Credit Score Using Credit Cards

Credit cards can be powerful tools for improving your credit score when used wisely. A good credit score is essential for personal finance and can open doors to better loan terms, lower interest rates, and increased financial opportunities. In this article, we’ll explore ten proven strategies to help you boost your credit score using credit cards.

Understanding Your Credit Score

Before diving into strategies, it’s crucial to understand what makes up your credit score. Your credit score is calculated based on several factors, including payment history, credit utilization, length of credit history, types of credit accounts, and recent credit inquiries. By focusing on these areas, you can effectively improve your credit score over time.

1: Pay Your Bills on Time

Consistently paying your credit card bills on time is the most important factor in boosting your credit score. Late payments can significantly damage your credit score and stay on your credit report for up to seven years. Set up automatic payments or reminders to ensure you never miss a due date. This simple habit can have a substantial positive impact on your credit score over time.

2: Keep Your Credit Utilization Low

Credit utilization refers to the amount of credit you’re using compared to your credit limits. Aim to keep your credit utilization below 30% on each card and across all your cards combined. For example, if you have a $10,000 credit limit, try to keep your balance below $3,000. Lower credit utilization demonstrates responsible credit management and can positively influence your credit score.

3: Use Multiple Credit Cards Wisely

Having multiple credit cards can be beneficial if managed correctly. It can increase your overall credit limit, potentially lowering your credit utilization ratio. However, it’s crucial to use each card responsibly and avoid overspending. Consider using different cards for specific purposes, such as one for everyday purchases and another for larger expenses or emergencies.

4: Keep Old Credit Cards Active

The length of your credit history plays a role in your credit score. Keeping older credit cards active, even if you don’t use them frequently, can help maintain a longer credit history. Make small purchases on these cards occasionally and pay them off immediately to keep the accounts active and in good standing.

5: Monitor Your Credit Report Regularly

Regularly checking your credit report allows you to spot errors or fraudulent activities that could be negatively impacting your credit score. You’re entitled to one free credit report from each of the three major credit bureaus annually. Review these reports carefully and dispute any inaccuracies you find. Rapid rescoring can be a useful tool to quickly update your credit report after resolving errors.

6: Avoid Applying for Too Many New Cards

While having multiple cards can be beneficial, applying for too many new cards in a short period can hurt your credit score. Each application typically results in a hard inquiry on your credit report, which can temporarily lower your score. Be strategic about when and how often you apply for new credit cards to minimize the impact on your credit score.

7: Consider a Secured Credit Card

If you’re struggling to qualify for a traditional credit card due to a low credit score, a secured credit card can be an excellent option. These cards require a cash deposit that serves as collateral and often have lower credit limits. Using a secured card responsibly can help you build or rebuild your credit history over time.

8: Become an Authorized User

Becoming an authorized user on someone else’s credit card account can potentially boost your credit score. When you’re added as an authorized user, the account’s payment history may be reported on your credit report. However, make sure the primary account holder has a good payment history and low credit utilization to benefit from this strategy.

9: Mix Up Your Credit Types

Having a mix of different types of credit accounts can positively impact your credit score. While credit cards are revolving credit, consider adding installment loans, such as a car loan or personal loan, to diversify your credit mix. However, only take on new credit if you genuinely need it and can manage the payments responsibly.

10: Be Patient and Consistent

Improving your credit score takes time and consistent effort. There’s no quick fix to boost your score overnight. Focus on implementing these strategies consistently and be patient. Over time, you should see improvements in your credit score. Remember, financial stability is a long-term goal that requires ongoing attention and good habits.

By implementing these ten strategies, you can effectively use credit cards to boost your credit score. Remember, responsible credit card use is key to improving your overall financial health. As you work on improving your credit score, consider exploring other aspects of personal finance, such as budgeting and saving for retirement, to create a comprehensive financial plan for your future.

Frequently Asked Questions

How long does it take to see improvements in my credit score?

Improvements in your credit score can take time, typically several months to a year. Consistent responsible credit behavior is key. You may see small improvements in a few months, but significant changes often take longer.

Can closing old credit cards help boost my credit score?

Closing old credit cards can actually hurt your credit score. It reduces your available credit, potentially increasing your credit utilization ratio, and shortens your credit history length. It’s generally better to keep old accounts open, even if you don’t use them frequently.

How often should I check my credit report?

You should check your credit report at least once a year. You’re entitled to one free report annually from each of the three major credit bureaus. However, monitoring your credit more frequently can help you catch errors or fraud quickly.

What’s the ideal credit utilization ratio for boosting my credit score?

The ideal credit utilization ratio is below 30%. This means using less than 30% of your available credit across all your cards. Lower utilization rates (around 10%) can be even more beneficial for your credit score.

Can applying for new credit cards hurt my credit score?

Yes, applying for new credit cards can temporarily lower your credit score due to hard inquiries on your credit report. However, the impact is usually small and short-lived. Be strategic about when and how often you apply for new cards to minimize the effect on your score.

The Psychology of Spending: How to Overcome Emotional Shopping

Understanding Emotional Shopping

Emotional shopping occurs when we make purchases based on our feelings rather than our needs. This behavior often stems from stress, anxiety, or the desire for instant gratification. Many people use shopping as a coping mechanism to deal with negative emotions or to boost their mood temporarily.

The psychology behind emotional shopping is complex. Our brains release dopamine, a feel-good chemical, when we anticipate and make purchases. This chemical reaction can create a temporary sense of happiness or excitement. However, these positive feelings are often short-lived and can lead to guilt or regret later on.

Understanding this psychological aspect is crucial in developing strategies to overcome financial pitfalls associated with emotional shopping. By recognizing the triggers and patterns of our spending behavior, we can take steps to address the root causes and develop healthier financial habits.

Identifying Triggers for Emotional Shopping

Recognizing the triggers that lead to emotional shopping is an essential step in overcoming this behavior. Common triggers include stress from work or personal relationships, feelings of loneliness or boredom, and the desire to keep up with social pressures or trends.

It’s important to pay attention to the situations and emotions that precede your shopping impulses. Keep a journal to track your spending habits and the feelings associated with them. This self-awareness can help you identify patterns and develop strategies to address the underlying issues.

Sometimes, external factors like sales promotions or targeted advertising can also trigger emotional shopping. Being mindful of these influences can help you make more conscious decisions about your purchases and avoid falling into the trap of unnecessary spending.

Developing a Mindful Approach to Spending

Mindful spending is a powerful tool in overcoming emotional shopping. This approach involves being fully present and aware when making purchasing decisions. Before making a purchase, take a moment to pause and reflect on your motivations.

Ask yourself questions like: “Do I really need this item?” “Will it add value to my life?” “Am I buying this to fill an emotional void?” These questions can help you distinguish between genuine needs and impulse purchases driven by emotions.

Another effective strategy is to implement a waiting period before making non-essential purchases. For example, you could adopt a 24-hour rule for small purchases and a week-long rule for larger ones. This delay allows the initial emotional impulse to subside, giving you time to evaluate the purchase more objectively.

Creating a Budget and Sticking to It

A well-planned budget is a crucial tool in managing your finances and curbing emotional spending. Creating a personal budget helps you allocate your income towards essential expenses, savings, and discretionary spending.

When creating your budget, be realistic about your spending habits and include a category for “fun money” or “personal spending.” This allows for some flexibility while still maintaining control over your overall financial picture. Having a designated amount for discretionary spending can help satisfy the emotional need for purchases without derailing your financial goals.

Regularly reviewing and adjusting your budget is essential. As your financial situation or goals change, your budget should reflect these changes. This ongoing process helps you stay accountable and makes it easier to resist impulsive purchases that don’t align with your financial objectives.

Finding Alternative Ways to Address Emotional Needs

Often, emotional shopping is an attempt to fulfill deeper emotional needs. Identifying healthier alternatives to shopping can be an effective way to address these needs without negatively impacting your finances.

Consider activities that provide similar emotional benefits to shopping. For example, if you shop when stressed, try stress-reducing activities like exercise, meditation, or talking to a friend. If boredom triggers your shopping impulses, explore new hobbies or volunteer opportunities that can provide a sense of fulfillment.

Building a support network can also be helpful. Share your goals with friends and family who can offer encouragement and accountability. You might even find a “financial buddy” to share tips and support each other in developing healthier spending habits.

Seeking Professional Help When Needed

In some cases, emotional shopping may be a symptom of deeper psychological issues or addictive behavior. If you find that your shopping habits are significantly impacting your financial stability or causing distress in your life, it may be beneficial to seek professional help.

A financial advisor can provide guidance on managing your finances and developing strategies to overcome emotional spending. They can help you create a personalized plan to achieve your financial goals and provide accountability.

In cases where emotional shopping is linked to mental health concerns, consulting with a therapist or counselor can be beneficial. They can help you address underlying emotional issues and develop healthier coping mechanisms.

Conclusion

Overcoming emotional shopping is a journey that requires self-awareness, patience, and commitment. By understanding the psychology behind our spending habits, identifying triggers, developing mindful spending practices, creating a budget, finding alternative ways to address emotional needs, and seeking help when necessary, we can build healthier financial habits.

Remember, becoming financially secure is a process, and it’s okay to have setbacks along the way. The key is to stay committed to your goals and continue learning and adapting your approach. With time and practice, you can develop a healthier relationship with money and achieve greater financial stability and peace of mind.

Frequently Asked Questions

What is emotional shopping?

Emotional shopping occurs when people make purchases based on their feelings rather than actual needs. It’s often triggered by stress, anxiety, or a desire for instant gratification, and can be a coping mechanism for dealing with negative emotions or temporarily boosting mood.

How can I identify my emotional shopping triggers?

To identify your emotional shopping triggers, pay attention to the situations and emotions that precede your shopping impulses. Keep a journal to track your spending habits and associated feelings. Common triggers include stress, loneliness, boredom, and social pressures. Being aware of these patterns can help you develop strategies to address underlying issues.

What is mindful spending?

Mindful spending is an approach that involves being fully present and aware when making purchasing decisions. It includes pausing to reflect on your motivations before buying, asking yourself questions like “Do I really need this?” and “Will it add value to my life?” Implementing a waiting period before non-essential purchases is also part of mindful spending.

How can creating a budget help with emotional shopping?

Creating a budget helps manage finances and curb emotional spending by allocating income towards essential expenses, savings, and discretionary spending. It provides a framework for controlling overall finances while allowing some flexibility through a “fun money” category. Regular budget reviews help maintain accountability and resist impulsive purchases.

When should I seek professional help for emotional shopping?

Consider seeking professional help if your shopping habits significantly impact your financial stability or cause distress in your life. A financial advisor can provide guidance on managing finances and developing strategies to overcome emotional spending. If emotional shopping is linked to mental health concerns, consulting with a therapist or counselor can be beneficial in addressing underlying issues and developing healthier coping mechanisms.

The Impact of Inflation on Your Savings: How to Stay Ahead

Inflation is a silent force that can erode the value of your hard-earned savings over time. Understanding its impact and learning how to protect your money is crucial for maintaining financial stability. In this article, we’ll explore the effects of inflation on your savings and provide practical strategies to help you stay ahead.

Understanding Inflation and Its Effects

Inflation is the general increase in prices of goods and services over time, resulting in a decrease in the purchasing power of money. When inflation rises, each dollar in your savings account buys less than it did before. This means that if your savings don’t grow at a rate that matches or exceeds inflation, you’re effectively losing money.

For example, if you have $1,000 in a savings account with a 1% interest rate, but inflation is at 2%, your money is actually losing 1% of its value each year. Over time, this can significantly impact your financial goals, especially for long-term objectives like retirement planning.

The Importance of Beating Inflation

Staying ahead of inflation is crucial for preserving and growing your wealth. If your savings don’t keep pace with inflation, you risk falling behind financially. This is particularly important for long-term goals, such as saving for retirement or your children’s education.

To beat inflation, you need to find ways to make your money grow faster than the rate of inflation. This often means looking beyond traditional savings accounts and exploring other investment options that offer higher potential returns.

Strategies to Protect Your Savings from Inflation

1. Diversify Your Investments

One of the most effective ways to combat inflation is to diversify your investments. This means spreading your money across different asset classes, such as stocks, bonds, real estate, and commodities. By diversifying, you can potentially benefit from the growth of various sectors and reduce your overall risk.

Consider investing in a mix of mutual funds or index funds that track broad market indices. These can provide exposure to a wide range of companies and industries, helping to protect your savings against inflation.

2. Explore Inflation-Protected Securities

Treasury Inflation-Protected Securities (TIPS) are government bonds designed to protect investors from inflation. The principal of these bonds increases with inflation and decreases with deflation, as measured by the Consumer Price Index. This can provide a safeguard for your savings against rising prices.

While TIPS may not offer the highest returns, they can be an important part of a well-rounded investment strategy, especially for those nearing retirement or seeking to preserve their purchasing power.

3. Consider Real Estate Investments

Real estate has historically been a good hedge against inflation. Property values and rental income tend to increase with inflation, making real estate an attractive option for long-term investors. You can invest in real estate directly by purchasing property or indirectly through Real Estate Investment Trusts (REITs).

If you’re a first-time home buyer, investing in your own home can also be a way to protect against inflation, as your mortgage payments remain fixed while your home’s value potentially increases over time.

4. Invest in Stocks for Long-Term Growth

While stocks can be volatile in the short term, they have historically outpaced inflation over the long run. Investing in a diversified portfolio of stocks or stock-based mutual funds can help your savings grow faster than inflation.

Focus on companies with strong financials and a history of increasing dividends. These companies are often better equipped to handle inflationary pressures and can pass on increased costs to consumers, protecting their profitability and your investment.

Smart Savings Habits to Combat Inflation

1. Regularly Review and Adjust Your Budget

To stay ahead of inflation, it’s essential to regularly review and adjust your budget. As prices increase, you may need to cut back on certain expenses or find ways to increase your income. Budgeting helps you identify areas where you can save money and allocate more towards investments that can beat inflation.

Consider using budgeting apps or tools to track your spending and identify areas where you can cut back. This can help you free up more money to invest and grow your savings.

2. Increase Your Savings Rate

One way to combat the effects of inflation is to simply save more. By increasing your savings rate, you can potentially offset the decreased purchasing power of your money. Look for ways to boost your income, such as taking on a side hustle or negotiating a raise at work.

Remember to prioritize your emergency fund as well. Having a solid financial cushion can help you avoid taking on high-interest debt when unexpected expenses arise, which can be particularly damaging in an inflationary environment.

Conclusion

Inflation can have a significant impact on your savings, but with the right strategies, you can protect and grow your wealth. By diversifying your investments, exploring inflation-protected securities, considering real estate, and maintaining smart savings habits, you can stay ahead of rising prices and secure your financial future.

Remember, the key to beating inflation is to be proactive and consistent in your financial planning. Regularly review your investment strategy, stay informed about economic trends, and don’t hesitate to seek advice from a financial advisor if needed. With careful planning and smart decision-making, you can ensure that your savings continue to grow and maintain their value, even in the face of inflation.

Frequently Asked Questions

How does inflation affect my savings?

Inflation erodes the purchasing power of your money over time. If your savings don’t grow at a rate that matches or exceeds inflation, you’re effectively losing money. For example, if you have $1,000 in a savings account with a 1% interest rate, but inflation is at 2%, your money is actually losing 1% of its value each year.

What are some effective ways to protect my savings from inflation?

To protect your savings from inflation, consider diversifying your investments across different asset classes like stocks, bonds, and real estate. Explore inflation-protected securities such as TIPS, invest in real estate directly or through REITs, and consider long-term stock investments. Additionally, regularly review and adjust your budget, and increase your savings rate when possible.

Are there any specific investments that can help beat inflation?

Yes, several investments can potentially help beat inflation. These include:

  1. Stocks and stock-based mutual funds for long-term growth
  2. Real Estate Investment Trusts (REITs)
  3. Treasury Inflation-Protected Securities (TIPS)
  4. Commodities
  5. Dividend-paying stocks from companies with strong financials

How often should I review my investment strategy to stay ahead of inflation?

It’s advisable to review your investment strategy regularly, at least once a year. However, you should also stay informed about economic trends and be prepared to make adjustments if there are significant changes in the inflation rate or your personal financial situation.

Should I consult a financial advisor to help protect my savings from inflation?

Consulting a financial advisor can be beneficial, especially if you’re unsure about how to adjust your investment strategy to combat inflation. A qualified advisor can help you create a personalized plan that takes into account your financial goals, risk tolerance, and the current economic environment.

Legitimate Ways to Save Money if You’re Living Payslip to Payslip

According to a recent study, about 25 percent of British adults have no savings. No matter what your reason is, have hope that there are ways to get out of debt and give yourself access to extra cash. Every cent earned is one less cent worth of debt, and even the smallest measures can make a big difference if you live payslip to payslip.

Here are some examples of things people across the UK are doing to get more cash in their hands without ever leaving their flat.   

Step #1 – Switch banks to take advantage of significant bonuses.

Many banks try to attract new customers by offering switching bonuses for opening new accounts. They tend to even double those offers if you have your payslip direct deposited. With that bonus, consider opening a savings account that earns interest. An initial £150 deposit can double over time if you simply leave it alone.

Step #2 – Search the web using InboxPounds.

Next time you need to search for something online, skip Google and instead use InboxPounds. It’s powered by Yahoo, and you can earn up to £0.70 per day doing something you would normally do anyway. That’s £21 in one month, so it adds up quickly. All you have to do is use their search engine. Plus, you get a £1 bonus simply for trying InboxPounds.

Step #3 – High credit card balances? Shop around for lower interest rates.

If you’re only paying the minimum balance when your credit card payment is due, it can take quite a long time to get out of debt. Interest continues to build on the balance, making it difficult to put a dent in high balances. Try shopping around for a card with a lower interest rate, and transfer your balance to that card. Some cards even offer promotional rates where you pay no interest for a specific period. So if you have £10,000 in credit card debt and are paying a 16% annual percentage rate, you could save $133 per month during the promotional period.

Step #4 – Play games on InboxPounds.

Besides paying you to use them as a search engine, they also pay you to play games. If you pay for online games anyway, do it through  InboxPounds to get as much as a £15 credit. Examples include Gala Bingo, Ladbrokes games, Betfair Sports and LottoGo.  

Step #5 – Charged a late fee? Ask for a one-time courtesy refund.

Nobody is perfect, and late fees can easily happen. However, you may be surprised at how simple it is to get a fee reversed if you simply ask. Realize that your credit card company will probably only do this once or twice a year, so don’t assume you’ll get your fee reversed every time. Also, If you’re habitually late only because you forgot to pay, consider setting automatic payments so you it doesn’t happen again.

Step #6 – Take surveys on InboxPounds.

Get something for nothing by taking a survey on  InboxPounds and simply sharing your opinion. It’s a simple three-step process:

  1. Select a survey from the list of available surveys to complete.
  2. Qualify for the survey by answering the screening questions honestly.
  3. Complete the survey, and earn cash.

Be sure to check back regularly to see if there are more surveys available.

None of these tips require too much work, so it certainly doesn’t hurt to see if you can make a few quid or even a couple hundred. Remember that when it comes to money, every little bit counts. A few extra pounds in your hand can help you stop living payslip to payslip and erase unnecessary financial stress in your life.

10 Legitimate Ways to Save Money Living Payslip to Payslip

If you struggle to make ends meet, living payslip to payslip, you’re not alone. According to a recent study, about 25 per cent of British adults have no savings. If you find yourself low on cash and are wondering what you can do to stop living payslip to payslip, have hope. A few lifestyle changes combined with savvy shopping skills can help you gradually put some more cash in your purse.

These 10 tips can help you start saving today, without the need to get a second job or even leave your flat.

Step #1 — Sell your stuff
This was the first step I took when I decided to take control of my finances. Decluttering not only made me feel better inside, but my flat was cleaner and it put a lot of extra cash in my pocket at the same time. Win-win! When was the last time you took a close look at everything in your flat – in your closets, shelves, and that dreaded drawer that you never open because it’s packed to the brim with junk? You’d be surprised at what’s hiding in there, and how much it’s all worth. I used Facebook Marketplace, Craigslist and eBay to sell my things. They are all free and easy to use, and you can set your own prices!
Set a goal to make an extra $150 decluttering your flat this month, and immediately add it to your bank account — every little bit adds up!

Step #2 — Take online surveys.

If you’re sitting in front of the telly mindlessly watching something, why not pull out your smartphone or laptop and take some short surveys? Whether in the form of cash, gift vouchers or free products to test, it pays to get something for nothing by simply sharing your opinion.

My favourite survey site is InboxPounds. They pay you £8 for every 30 minutes of watching videos and taking surveys, and they’ve paid out roughly £40,000,000

to date worldwide, so they know what they’re doing. And, the surveys are actually interesting!

Step #3 — Sell your smartphone pics.
You’ve got your smartphone on you anyway, so why not start making extra money by simply noticing what’s going on in the world around you. An app called Foap wants your quality photos and will split the profits with you for any picture sold. So if someone buys your pic for £10, you’ll get £5 each time it sells.

Step #4 — Have credit card balances? Shop around for lower interest rates

If you’re only paying the minimum balance when your credit card payment is due, it’s difficult to get out of debt as the interest continues to build. Try shopping around for a card with a lower interest rate and transfer your balance to that card. Some cards even offer promotional rates where you pay no interest for a specific period. So if you have £10,000 in credit card debt and are paying a 16% annual percentage rate, you could save £133 per month during the promotional period.

Step #5 — Break up with the coffee shop.

When your barista starts recognizing you by name, but you can’t even afford your coffee, it might be time to start making your coffee at home. Doing so allows you to customize your drink exactly how you want it. You may need to invest in an espresso maker first, but doing so can save you money for years to come.

Step #6 — Charged a late fee? Ask for a one-time courtesy refund.

You would be surprised as to how easy it can be to get a fee waived once you muster up the courage to simply ask. Realize that they’ll probably only do this once a year, but it’s better than losing you as a client. If you’re habitually late only because you forgot to pay, consider setting automatic payments so you don’t get charged late fees again.

Step #7 —Get paid for searching online.

Next time you need to search for something online, skip Google and instead use InboxPounds. Yes, on top of getting paid to complete surveys and watch videos, you can also get paid for searching on InboxPounds. And you’ll get a £1 Bonus just for trying it!

Step #8 — Switch car insurance companies.

Car insurance is one of those expenses that most people dread paying, simply because unless you get in a crash and really need it, there’s an intangible reward for having it. And wouldn’t you rather spend that money on a salon visit or new pair of shoes? What’s worse is that car insurance companies make most of their money by taking advantage of their loyal clients. If you don’t shop around when renewal time rolls around, they’ll likely raise your rates. The good thing is that it’s easy to compare prices online. A quick 10 minutes saved me £552 per year.

Step #9 — Get cash back for shopping.

It may seem counterintuitive to shop when you’re trying to save money, but for items you really need to buy, why not get cash back for buying them? Topcashback.co.uk offers money back for shopping both online and in-store. It’s free to join and offered worldwide. Just search for your desired retailer through their website and shop like you normally would. The retailer pays TopCashback a commission for your purchase that you can withdraw when it is available.

Step #10 — Take advantage of new checking account offers.

Lots of banks try to get new customers in the door by offering bonuses for opening new accounts, and even more for having your payslip direct deposited. Consider keeping your old account open as strictly a savings account, as long the bank doesn’t charge any fees.

Stressing about money can really take a toll on you. So before saying no to any of the above tips, simply give them a try. Put an end to debt for good and reward yourself once in a while as you make progress. After all, a massage feels much better knowing you’ve earned it!

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How to Save Money Living Payslip to Payslip

If you struggle to make ends meet, living payslip to payslip, you’re not alone. According to a recent study, about 25 per cent of British adults have no savings. If you find yourself low on cash and are wondering what you can do to stop living payslip to payslip, have hope. A few lifestyle changes combined with savvy shopping skills can help you gradually put some more cash in your purse.

These 10 tips can help you start saving today, without the need to get a second job or even leave your flat.

Step #1 — Sell your stuff

This was the first step I took when I started to take control of my finances. Decluttering not only made me feel better, but put a lot of extra cash in my pocket at the same time. Win-win! When was the last time you took a close look at everything in your flat – in your closets, shelves, and that dreaded drawer that you never open because it’s packed to the brim with junk? You’d be surprised at what’s hiding in there, and how much it’s all worth. I used Facebook Marketplace, Craigslist and eBay to sell my things. They are all free and easy to use, and you can set your own prices!

Set a goal to make an extra $150 decluttering your flat this month, and immediately add it to your bank account — every little bit adds up!

Step #2 — Take online surveys.

If you’re sitting in front of the telly mindlessly watching something, why not pull out your smartphone or laptop and take some short surveys? Whether in the form of cash, gift vouchers or free products to test, it pays to get something for nothing by simply sharing your opinion.

My favourite survey site is InboxPounds. They pay you £8 for every 30 minutes of watching videos and taking surveys, and they’ve paid out roughly £40,000,000

to date worldwide, so they know what they’re doing. And, the surveys are actually interesting!

Step #3 — Sell your smartphone pics.
You’ve got your smartphone on you anyway, so why not start making extra money by simply noticing what’s going on in the world around you. An app called Foap wants your quality photos and will split the profits with you for any picture sold. So if someone buys your pic for £10, you’ll get £5 each time it sells.

Step #4 — Have credit card balances? Shop around for lower interest rates

If you’re only paying the minimum balance when your credit card payment is due, it’s difficult to get out of debt as the interest continues to build. Try shopping around for a card with a lower interest rate and transfer your balance to that card. Some cards even offer promotional rates where you pay no interest for a specific period. So if you have £10,000 in credit card debt and are paying a 16% annual percentage rate, you could save £133 per month during the promotional period.

Step #5 — Break up with the coffee shop.

When your barista starts recognizing you by name, but you can’t even afford your coffee, it might be time to start making your coffee at home. Doing so allows you to customize your drink exactly how you want it. You may need to invest in an espresso maker first, but doing so can save you money for years to come.

Step #6 — Charged a late fee? Ask for a one-time courtesy refund.

You would be surprised as to how easy it can be to get a fee waived once you muster up the courage to simply ask. Realize that they’ll probably only do this once a year, but it’s better than losing you as a client. If you’re habitually late only because you forgot to pay, consider setting automatic payments so you don’t get charged late fees again.

Step #7 —Get paid for searching online.

Next time you need to search for something online, skip Google and instead use InboxPounds. Yes, on top of getting paid to complete surveys and watch videos, you can also get paid for searching on InboxPounds. And you’ll get a £1 Bonus just for trying it!

Step #8 — Switch car insurance companies.

Car insurance is one of those expenses that most people dread paying, simply because unless you get in a crash and really need it, there’s an intangible reward for having it. And wouldn’t you rather spend that money on a salon visit or new pair of shoes? What’s worse is that car insurance companies make most of their money by taking advantage of their loyal clients. If you don’t shop around when renewal time rolls around, they’ll likely raise your rates. The good thing is that it’s easy to compare prices online. A quick 10 minutes saved me £552 per year.

Step #9 — Get cash back for shopping.

It may seem counterintuitive to shop when you’re trying to save money, but for items you really need to buy, why not get cash back for buying them? Topcashback.co.uk offers money back for shopping both online and in-store. It’s free to join and offered worldwide. Just search for your desired retailer through their website and shop like you normally would. The retailer pays TopCashback a commission for your purchase that you can withdraw when it is available.

Step #10 — Take advantage of new checking account offers.

Lots of banks try to get new customers in the door by offering bonuses for opening new accounts, and even more for having your payslip direct deposited. Consider keeping your old account open as strictly a savings account, as long the bank doesn’t charge any fees.

Stressing about money can really take a toll on you. So before saying no to any of the above tips, simply give them a try. Put an end to debt for good and reward yourself once in a while as you make progress. After all, a massage feels much better knowing you’ve earned it!

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Want to Pay Less for Your Cell Phone Plan? Here’s How

It seems like you can’t get away from having a smartphone these days. Everything you do, everything you come across, there’s an app for that. It’s our encyclopedia, email, camera, calculator, and social connection all wrapped into one. It’s a blessing and a curse at the same time and we’re always on it.

And is it just me or does it seem like your cell phone bill steadily continues to get higher and higher each month? My last bill was over $125 – and that’s only for one phone line. That’s crazy considering it was only $95 a few 6 months ago when I got it!

I’ve been searching for a cheaper plan that still has everything I need for a while now and to be honest, most aren’t all that great. But, I just came across a company called SurgePhone that is offering one month free, and then only $20/month after that. And this is for an unlimited plan!

Crazy, right? Here’s what I found…

SurgePhone – How Does it work?
SurgePhone is a prepaid wireless service – you sign up and select your plan online. They send you a SIM card, you insert the SIM card into your existing device, activate and VOILA! Their service uses one of the major carriers’ wireless tower networks throughout the United States. This means you’re getting the same service as you are when paying nearly 6 times the rate with one of the major carriers. And I haven’t been able to find a negative review of the company anywhere!

They’re currently offering their  unlimited wireless service starter kit for only $2.99, no contracts, no hidden fees, no surprises. Here’s what you get:

  • SIM Card: micro & nano sizes
  • Unlimited text
  • 2GB of 4G LTE data per month
  • 25 hours of talk
  • 1st month free!

After your first free month, you pay only $20/month (originally $59!).

Existing Device? So I Don’t Have To Buy a New Phone?
Already have a phone you love? If you have an unlocked LTE-compatible phone already, that can be used at any major mobile carrier (AT&T, T-Mobile, Verizon, or any other GSM carrier) – and it accepts SIM cards, then you can use it at SurgePhone! Gone are the days of paying $900 outright, or even $50/month for a new phone. Use the phone you already have and put that extra money back in your pocket!

If you don’t have an unlocked compatible phone, or you simply just want a new one, no problem – you can buy one directly from them!

Should I Make the Switch?
Well that’s up to you, but this is a great alternative to the current carriers that we see in the cell phone space right now, and a great way to save some cold hard cash. At the end of the day, SurgePhone could save you money on your cell phone bill – over $1200/year! That’s money that can go directly into your savings account.

If you’re thinking about making the switch, check out  the special $2.99 and one month free offer on the unlimited starter kit here.

Act fast! Offer expires 9/30/18.

 

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4 Legitimate Ways to Save Money Living Payslip to Payslip

Low on cash and don’t have time for a second job? Need to build up that savings account? Or do you just want to go out of town for the weekend but don’t have the extra funds to do so? Hey, join the club! The financial struggle is real – over 62% of Britons are struggling to make ends meet. I personally was living payslip to payslip a few short months ago but have since taken ownership of my finances and turned that around. And no, I didn’t get a second job. There’s a better way!

I put together the four simple steps that helped me rid the financial struggle, and start saving – none of which required me to get a second job, or even leave my house. Try them now!

Step #1 – Open a new bank account and make an initial deposit

Why does it have to be a new account? Because having a separate account will allow you to see your positive progress and will motivate you to keep going. Think about when you are working to lose weight; you step on the scale for the first time and see that you’ve lost 5 pounds. You get a rush of motivation to keep doing what you are doing. The same thing applies to your finances.

So open a new savings account, checking account, etc. whatever you prefer. Just make sure it’s one that is harder to withdraw from, and then make your initial deposit. What if you don’t have much to put in there? That’s okay! The amount of the initial deposit does not matter, but getting started does. This amount will grow over time as we go through the next three steps. Trust me!

Step #2 – Create an additional revenue stream of at least £35 each month

Ideally, this new income would not interrupt your daily life at all, so you don’t have to make that sacrifice. How I did it was with  InboxPounds

Try  InboxPounds – £1 Bonus, and then ~£8 for every 30 minutes of video watching, surveys, etc.

What is InboxPounds? InboxPounds is a site that pays you in cash to answer anonymous surveys and watch videos. This is my favourite survey site because they actually pay you in cash!

They’ve paid out roughly £40,000,000 to date worldwide, so they know what they’re doing. And, the surveys are actually interesting, and you can do them while binge watching your favourite TV show.

Step #3 — Examine your biggest bills

This part will differ for everyone, but I’ll share a couple of my problem spots to help get you started.

1. Credit Card

I like, so many of us, have a lot of credit card debt. When I finally made a payment, I ended up using it again! It was caught up in the never ending cycle.

My solution was to find a loan with a lower interest rate and use that money to pay off all of my credit cards. This allowed me to consolidate all of my debt and pay a 3.79% interest rate instead of 17.89%. The savings are unreal!

Result: I cut my interest payment by £90 per month in just 5 minutes

2. Car insurance

I know this is the last thing you want to look for, but did you know that car insurance companies make most of their money off of people that do not shop around, but continue to renew their existing policy? Think about it – Do you have a clean driving record? Has your premium increased in the last three years? They know it’s a hassle to leave, so they charge whatever premium they want! 10 minutes saved me £552 per year, how much can you save?

Result: I saved £46 per month in just 10 minutes

3. Coffee

Have you thought about how many times you stop for a cup of coffee each week? I had a daily habit of stopping at the coffee shop on my way to work. It got so bad, we eventually made it to a first name basis. That’s when I decided to start making my coffee at home. Yes, learning how to steam your own milk is challenging at first, but i’ve gotten really good at it and i’ve turned it into an art. Maybe you don’t drink coffee every day, but do you have a daily habit that you can rethink?

Result: I saved £112 per month

4. Final saving tip: Always ask them to waive the fee.

You would be shocked at how easy it is to get fees waived. No matter what it is: late fee, parking ticket, utility payment, etc. I had a £50 late fee tacked to my rent when I was paying a day late, but nicely asking them to waive, worked! Remember: the answer is always no unless you ask (nicely!).

Once you’ve analyzed your bills and find out exactly how much you are saving from these new changes, set up an automatic transfer for that amount to your new savings account to make sure this new money actually gets put away.

Step #4 – Keep it up…

If you’ve implemented all of these changes and didn’t spend the extra money in your pocket, you should have saved and earned a total of at least £1,000. £1,000 is great, but what’s better? £5,000. You’re almost there, just keep up the good work!

Conclusion:

The quicker you start on these changes, the more money you’ll save this year. I don’t know about you, but stressing about finances was taking a toll on me. I’m not rich and I’m not saying you will be from just these changes, but not living payslip to payslip has relieved my stress levels completely and changed my life… and I know it will change yours. Take the first step to get started today. You won’t regret it!

 

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How to Save Money While Living Payslip to Payslip

What if I told you that you could completely turn your finances around and escape debt in just four simple steps… without living off noodles or getting a second job? Keep reading to see how I did it…


Just a few months ago, I was like so many—I was living payslip to payslip, worried about making rent. It’s such a shame that 62% of Britons are struggling to make ends meet and I was one of them, I was actually worse off than that.

But over the course of a week, I followed these four simple steps and now have over £1,100 in savings, and I didn’t get a second job. I instead focused a few minutes each day (never more than 30) to changing my finances. I’m not here to boast. It is my goal that by sharing my story, I can also help you break the payslip to payslip cycle.

Step #1 – Open a new bank account and make an initial deposit

Why does it have to be a new account? Because having a separate account will allow you to see your positive progress and will motivate you to keep going. Think about when you are working to lose weight; you step on the scale for the first time and see that you’ve lost 5 pounds. You get a rush of motivation to keep doing what you are doing. The same thing applies to your finances.

So open a new savings account, checking account, etc. whatever you prefer. Just make sure it’s one that is harder to withdraw from, and then make your initial deposit. What if you don’t have much to put in there? That’s okay! The amount of the initial deposit does not matter, but getting started does. This amount will grow over time as we go through the next three steps. Trust me!

Step #2 – Create an additional revenue stream of at least £35 each month

Ideally, this new income would not interrupt your daily life at all, so you don’t have to make that sacrifice. How I did it was with  InboxPounds

What is InboxPounds? InboxPounds is a site that pays you in cash to answer anonymous surveys and watch videos. This is my favourite survey site because they actually pay you in cash!

They’ve paid out roughly £40,000,000 to date worldwide, so they know what they’re doing. And, the surveys are actually interesting, and you can do them while binge watching your favourite TV show.

Step #3 — Examine your biggest bills

This part will differ for everyone, but I’ll share a couple of my problem spots to help get you started.

1. Credit Card

I like, so many of us, have a lot of credit card debt. When I finally made a payment, I ended up using it again! It was caught up in the never ending cycle.

My solution was to find a loan with a lower interest rate and use that money to pay off all of my credit cards. This allowed me to consolidate all of my debt and pay a 3.79% interest rate instead of 17.89%. The savings are unreal!

Result: I cut my interest payment by £90 per month in just 5 minutes

2. Car insurance

I know this is the last thing you want to look for, but did you know that car insurance companies make most of their money off of people that do not shop around, but continue to renew their existing policy? Think about it – Do you have a clean driving record? Has your premium increased in the last three years? They know it’s a hassle to leave, so they charge whatever premium they want! 10 minutes saved me £552 per year, how much can you save?

Result: I saved £46 per month in just 10 minutes

3. Coffee

Have you thought about how many times you stop for a cup of coffee each week? I had a daily habit of stopping at the coffee shop on my way to work. It got so bad, we eventually made it to a first name basis. That’s when I decided to start making my coffee at home. Yes, learning how to steam your own milk is challenging at first, but i’ve gotten really good at it and i’ve turned it into an art. Maybe you don’t drink coffee every day, but do you have a daily habit that you can rethink?

Result: I saved £112 per month

4. Final saving tip: Always ask them to waive the fee.

You would be shocked at how easy it is to get fees waived. No matter what it is: late fee, parking ticket, utility payment, etc. I had a £50 late fee tacked to my rent when I was paying a day late, but nicely asking them to waive, worked! Remember: the answer is always no unless you ask (nicely!).

Once you’ve analyzed your bills and find out exactly how much you are saving from these new changes, set up an automatic transfer for that amount to your new savings account to make sure this new money actually gets put away.

Step #4 – Keep it up…

If you’ve implemented all of these changes and didn’t spend the extra money in your pocket, you should have saved and earned a total of at least £1,000. £1,000 is great, but what’s better? £5,000. You’re almost there, just keep up the good work!

Conclusion:

The quicker you start on these changes, the more money you’ll save this year. I don’t know about you, but stressing about finances was taking a toll on me. I’m not rich and I’m not saying you will be from just these changes, but not living payslip to payslip has relieved my stress levels completely and changed my life… and I know it will change yours. Take the first step to get started today. You won’t regret it!

 

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