FinanceDogma – Finance, loans, creditcard and mortgages

April 15, 2014

Smart Money Management

Filed under: Tips — Tags: — admin @ 10:29 am

One of the most important ways to get rich is by managing your money well. If you have a 50,000$ income, you shouldn’t go and get yourself a 50,000$ car!

I can only give you a few tips, but the bulk of it is on your shoulders. Here are few tips, to help you get started on saving money and managing your money balance –

Keep a budget

It is always good to keep a budget for all your expenditures. If I say, all, I really mean it. Keep a budget for gifts and birthdays.

First day of the month, sit down for 15 mintues and write it down, write what all your expenditure is going to be for this month.

During the month, if you exceed your budget, keep a note of where you exceeded, this will help you cut down on your expenditure in that particular area!

Money Management

Invest Smartly

If you don’t know about Stock Market, either do your research or don’t invest in it. One of the best ways to invest is usually keeping the money in the bank, with the sweep in and sweep out facilities. This will keep interest accumulating in your bank.

If you have a big expenditure planned for future, start saving for it, create a fixed deposit in your bank and work hard to reach the goal.

These small tips won’t make you earn a million, but it will definitely help you save the money where you can cut it. You might need even that little bit in case a rainy day comes.

July 8, 2013

Debt Management – Avoid Bankruptcy With Debt Management and IVA Services

Filed under: Tips — Tags: — admin @ 4:22 pm

For many people across the UK, debt has become a huge burden, particularly over recent years where households have had to cope with the increasingly difficult economic climate with many UK residents now turning to debt management as a form of debt relief. The huge personal debt mountain in the UK reflects the problems that people are now experiencing with their personal debt levels and for many their debt problems have reached a point where they can no longer cope and require debt help and debt advice from specialists.

Anyone that is experiencing difficulties when it comes to keeping on top of debts payments is strongly urged to get debt advice or take steps to resolve the situation before things get any worse. These problems can arise for one of a range of reasons. Many people that are now struggling with their debts did not have a problem when they first took out the finance. However, factors such as unemployment, pay freezes, government cutbacks, and soaring living costs have all taken their toll on the average household budget, and suddenly repaying debt has become a lot more difficult than it was in the past.

Debt Help

With debt issues become more and more common, access to debt related advice has become easier and easier. The high level of demand for advice relating to dealing with debt means that you will now be able to access a number of charities and debt management agencies that are equipped to offer advice, assistance, and solutions for those experiencing problems.

Getting debt help and advice as early as possible is strongly advised so that your problems do not spiral out of control. Debt management companies and charities can offer a range of debt advice and solutions that can provide debt relief and help you to get out of debt more quickly. By taking advice you can reduce the stress that you are experiencing over your debts, stop debt collectors who may be hassling you, avoid court action, and even become debt free more quickly.

Debt Management Companies

Debt management plans are also an option that may be considered, where the advisor will speak to your creditors and set up a plan where you make one lower monthly payment to cover all of your debt repayments. Your creditors will be paid a portion of your monthly payment on a pro-rata basis by the debt management company.

Debt Management Plan

These debt management companies will arrange your debt management plan and will deal directly with your creditors, relieving you from the stress of those debt collection calls. They will also negotiate directly with them to try and cut the amount that you owe and build your debt management plan, one that you can keep up payments with while still living a decent standard of life.

Debt consolidation to reduce your debt problems

There are a number of possible solutions that can help to reduce your debt related stress and worries. Some solutions you can implement yourself without the need to speak to a debt agency or charity, such as debt consolidation. This is where you take out a larger loan to cover a lot of smaller debts such as credit card debt, loans, and other unsecured debts.

Debt Consolidation Loan Drawbacks

Of course, you need to have pretty decent credit in order to get a debt consolidation loan, so this may not be the ideal solution for everyone. Also, with debt consolidation you are merely increasing the size of your overall debt over a longer period. This may seem attractive to some but using debt consolidation will actually cost you more money over the length of the loan. Here are Nicongrp.co.uk, we can offer you IVA services and a fully personalised debt management plan.

Other solutions can include things such as Debt Relief Orders, Individual Voluntary Arrangements, debt management and even bankruptcy, which may all be considered for severe debt problems where there is no other option available. Debt charities and advisors are able to offer more information on these options, can determine which one is going to best suit you based on your needs and circumstances, and can get the ball rolling for you.

Why take action early on your debt problems?

It can be difficult to see the light at the end of the tunnel when you have serious debt problems that are getting worse and worse as time goes on. If you simply bury your head in the sand and don’t take advantage of the available debt solutions, hoping that it will go away you could find yourself facing serious issues. You could end up with County Court Judgments, default notices, very bad credit, and you could find that your debts are getting bigger because of the range of fees and charges that may be applied. Taking action as early as possible by setting up your debt management plan will help you to avoid many of these problems as well as reducing the severe stress that you are most likely experiencing as a result of your debt.

 

December 20, 2012

Obtaining Your Annual Free Credit Report Is incredibly Crucial

Filed under: Tips — Tags: — admin @ 3:22 pm

The Fair Credit Reporting Act entitles each individual to 1 free credit report per calendar year. When applying for new credit, most of the time your application won’t be viewed by any person. It goes by way of a computer system program and is assigned a number called a credit score. The higher your score, the much better your credit is. The score determines a number of attributes for instance the interest rate you may be charged, your credit line and repayment terms. For those who have a high score, probabilities are you currently are going to be supplied a promotional rate which is either lowered or eliminated for a particular period.

The three important credit scoring companies, Experian, Equifax and TransUnion are secretive about what factors establishes the scores. Most specialists agree that payment history, percentage of credit line utilized, length of credit history, form of credit used, and recent credit inquiries are the most vital drivers. Other items like length of employment, length of residence, house owner or renter can move the number. Derogatory info for instance judgments as tax liens will cause a substantial drop.

In this era of automation, errors can take place. Comparable names, males with senior or junior after their name and misspellings can throw items onto your report in error. For anyone who is struggling to keep your amount high, 1 of these mistakes can drop your score, resulting in larger interest rates. The only strategy to uncover this info is by reviewing your credit report.

For example, let’s say you’re obtaining $2,500 worth of new furniture. The store tells you about their particular financing offer you. If your credit is within the top tier, you’ll have an interest free loan for 12 months. Middle of the road credit and your interest rate are going to be 4%. Poor credit raises the rate to 18%. What does this imply in dollars and cents? When you repay this inside the year, at the 4% rate, you pay about $100 for 12 months. At 18%, that $100 finance charge increases to additional than $450 for exactly the same furniture, exact same repayment schedule.

October 1, 2012

Online Payday Loans

Filed under: Tips — Tags: — admin @ 11:22 pm

Convenience, easy access, flexibility – are the words of the day when doing business with just about anyone, especially with an online payday loan center.

A payday loan is simply a short term loan that gaps the bridge between your immediate need and your next paycheck. It is relieving to know that when circumstances arise that demand an immediate need for money, an online payday loan is always available with the easiest, most convenient options to meet that need.

The average person has experienced the financial stress of counting the days or even the hours until the next paycheck. This concern is suddenly diminished when you realize that an online payday loan can offer you the money you need. Knowing that an online payday loan can give you the cash you need, the confidentiality you demand, and the security of having solved a problem is a great feeling.

When you choose to apply for an online payday loan, the extraordinary services that are offered eliminates the hassle that comes from the typical payday loan center. Most customers would prefer to complete any payday loan transactions with secure, courteous service and receive a favorable answer within minutes. With an online payday loan, the ability to provide this kind of exceptional service to an unseen patron is remarkable. Payday loan lenders are most likely aware that an adequate understanding of a customer’s personal life, financial struggles, and individual needs is imperative in order to thoroughly provide the affordable financial services they desire in a timely manner, and without unnecessary stress added.

Since the ultimate goal of an online payday loan is to get you approved, they don’t sweat the small things. Even the wealthiest person has had their share of some sort of financial difficulty or credit issue at one time or another. Most customers easily qualify for an online payday loan without bias, regardless of their credit history. Online payday loan centers want to see you with a smile on your face because you were able to pay a bill, help someone else, or simply pull out a few twenties (or hundreds) just to show off!

Almost everyone can afford the fees that are administered because many online payday loan centers offer options that are available to help you decide which payment plan is right for you. You never have to worry about outrageous interest fees because you know and agree in advance what you can afford to pay. 

So remember, the next time you are faced with an overdue bill, a medical emergency, or any other financial crisis, an online payday loan is the most flexible, convenient, affordable option to place cash in your hand when you need it most!

April 27, 2009

Top 5 ways in which people waste money

Filed under: Tips — Tags: , , , , , , , — admin @ 9:28 pm

These are some things not to do with your money. Here are some of the biggest money wasters that will absolutely cause you to fall short in the long run.

1. Lottery tickets. I do not care how many people claim this is worth it, lottery tickets will take your money in the long run. Unless you are that one in a million person to win it big, save  your money.

2. Eating out. Eating out is fun, once in awhile. But every day is a waste of money. You spend, on average, about four times as much eating out as you would at home. So do the math, and save some money by eating at home!

3. Smoking. Have you seen the price of cigarettes lately? Is it really worth it? Besides, by kicking this habit, you are getting a leg up on your health, which will save you money on healthcare down the road. This habit is definitely a financial disaster in a box.

4. Impulse buying. Impulse buying is not the way to build savings or financial freedom. Look back on all the worthless impulse purchases you have made over the last five years. If you add these together, you could probably buy a hot-dog stand, which you could subsequently use to make potentially more money than you currently make at your job!

5. Gambling. Yes, gambling is fun, but if you are gambling for the sole reasons of bringing home some money, than you will most likely be out of luck. Again, instead of gambling, save up some money and invest in  your own business! You have better odds that your business will succeed anyway than you do at the Casino, and you can mix drinks right at home!

April 15, 2009

Saving money on your electric bill

Filed under: Tips — Tags: , , — admin @ 6:53 pm

The electric bill is a necessary bill. After all, it’s tough to live without electricity. It runs your appliances, keeps your lights on, keeps the TV going… it is needless to say that electricity is vital to our modern way of life. In fact, your job is probably one that deals with computers, and without electricity, you might not even have that job. But, it is not the cheapest thing either. In fact, depending on where you live, your electric bill probably lies somewhere between the “expensive”  and “Oh my gosh, why is it THAT expensive” categories. But, don’t worry, because electricity doesn’t have to be so expensive. No, electricity can be affordable if you know how to save money on it.

First, make sure that unused lights are turned off. During the day, open up your windows. Utilize the sunlight so that you can turn off your kitchen, dining room, and bedroom lights. Also, change out your light bulbs. Stop using incandescent light bulbs, and start using fluorescent,  or even  better, LED light bulbs. These light bulbs use a fraction of the electricity that the older incandescent bulbs do, so you will definitely notice a different just by changing them out. Also, keep your computer turned off when you are not using it. Your computer burns more electricity than almost any other appliance in your home, and you will notice a big difference if you turn it off when it is not being used. The same goes for your other appliances.

Also, make sure to unplug things like cell phone chargers. Even if the cell phone is not plugged in, the charger still uses a small amount of power if left plugged in. Things like this should be unplugged to maximize your hard earned money when it comes to the electric bill.

April 7, 2009

Buying a home vs. renting a home

Filed under: Tips — Tags: , , , , , — admin @ 12:20 pm

Many people deal with the big question when it comes to housing… should I buy? Or should I rent? Both have their advantages, and both have their hard points. But either way, the major point is that you are going to have to have a place to live, so you might as well live in the place that offers the most benefits for you, right?

Buying

Buying a home can do a lot of good things for you. You can build up equity, so in a way, your monthly payments are just payments you are making to yourself because you are building up equity in your home. So, you really cannot go wrong with buying. Now, there are some cases in which buying might not be the best for you. For one, you cannot always buy a house if your credit is not good.  Second, you cannot really own a home if you do not have a good job, or some other steady source of income. If you fall behind on house payments, the results are neither good on your credit nor on your housing options. It can lead to foreclosure and a total loss of your credit.

Renting

Renting a home is the obvious alternative to buying. Renting a home though, does not have a lot of the benefits of buying. For one, your monthly payments are spent on your housing. It is money you are not investing in your future, but money you are spending NOW. Your payments do not increase your wealth as they do if you buy a home, they go to make your landlord rich. Also, you can get evicted from a rental home faster than you can when you buy. It is easier to avoid foreclosure than it is to avoid eviction, mostly because in your own home you can have pets or whatever you want, but in a rental you have to abide by certain rules.

Powered by WordPress