Do You Have a Spending Problem?

I pulled up to the drive-through window of my favorite fast food restaurant and ordered the meal that I always get. When I drove around to pay, the cashier said hi and mentioned that she hadn’t seen me there in a while. I obviously go there too often. I also find myself getting a little upset when people oust me on Foursquare as a mayor of any one of my favorite restaurants. It irks me. I’m mayor of several, and I feel a sense of competition when someone steals the title. There is a telling pattern in this that may mean I have a spending problem. There are other clues, of course. Here are some signs that we may not … Read more

Why Now Is The Time To Close Your Account At The Bank Of Mom And Dad

The bank of mom and dadIf you are in your teens or early twenties, you know that Mom and Dad won’t be there to provide for you forever. You may be just starting to earn your own money from odd jobs and be a long way off from achieving a full financial independence from your parents, but you can start with not asking them for money every time you want to go out with your friends. If you want to go for a drive around town, fill up the car with your own money, or walk instead. It’s time to start standing up on your own, beginning with closing your account at the Bank of Mom and Dad.

Financial dependence and today’s generation

More and more young adults are having difficulty becoming financially independent from their parents, not because of the lack of motivation but because of a number of factors such as poor job prospects and the escalating costs of education. Some young people also have a poor understanding of basic finance and lack budgeting skills, as they have become used to their parents handing them money for every need or want.

And while parents may have taught their children the value of money and the basics of budgeting, young adults may still have a difficult time going out on their own into the “real world,” considering the state of the economy and rising prices of rent and utilities.

Hand-outs from parents

Parents, caring as they are, would still insist on handing their young ones a little bit of extra cash, especially when they see their children struggling with the independent life. Ideally young adults should be responsible for all their personal expenses on their own and not receive monthly stipends from parents, but in real life that seldom happens.

For instance, you may already have a decent job but your income does not seem to cover the monthly rent, your food, and other things you spend on. Is your income really the problem, or your spending?

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Coming To Grips With Paying Your Rent On Time

Coming To Grips With Paying Your Rent On Time

Coming To Grips With Paying Your Rent On TimeWhether you have recently left home or full time education or your circumstances have changed, taking responsibility for paying your rent on your own can be a daunting prospect. Probably your most important outgoing will be your rent cheque, be that owed to a property management company, a private individual, local authority or a relative.

Paying your rent and in line with your contractual obligation takes some organization. For even more practical and clear advice on subjects ranging from universal credit to where to get help if you fall behind with your payments, visit the Money Advice Service.

Paying Your Rent On Time

Below is a list of things to consider for making sure pay your rent on time to your landlord.

Direct Debit

Renting a property and moving on in involves making important obligations to your new landlord. You will be bound to pay your rent on time and usually in full, unless your agreement has more flexible terms.

Scheduling your rent payment by direct debit is one way to minimize the risk of missing your payment date. Missed payments can lead to losing your deposit or even eviction.

By setting up a standing order from your personal bank account or from a joint account with your partner straight to your landlord’s designated account, you minimize the risk of riling your landlord or worse. And, it will help you in paying your rent on time every month.

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Don’t Take The Main Road With Your Finances

Don’t take the main road in finance: try these tips

Don't take the main road with your financesBy Paul Watson

There you are, your business plan in hand and the bank manager’s office before you. You can feel the sweat dripping from your forehead as that suited, booted, Gordon Gecko-esque manager opens his door and says, “Come in, then. Let’s hear why I should give you a loan”.

You sit opposite his plush glass desk, distracted by the clang of the Newton’s cradle atop it, as you recite you’re your wildest business dreams to him. The bank manager stares at his watch for a bit, yawns, looks dreamily out the window and toys with his Newton’s cradle. Once you’ve finished, he simply says no, and pushes you out the door with all the dismissiveness of an irritable geography teacher.

Trudging through the rain to your struggling business, you can’t help but wonder, Why me?

Yours is a story that thousands of business owners suffer every year. Indeed, national newspaper The Daily Mail claims that more than 43 per cent of small businesses are rejected for loans.

But there are alternatives. Here are just a few.

Find the niche lenders

Lenders that specialize in your field are usually your best bet, understanding your niche market more fully than the big banks.

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Interest rates – Will They Rise? And What That Means For You

Investing newsletters can help you find stocks to invest in.It appears that the major economies around the world are arriving – albeit at different paces – at a turning point. After years of cautious talk about possible recovery, the clamoring from the markets for a raise in interest rates will surely soon lead to some action.

But what does this actually mean for those of us who aren’t active investors?

Most people are aware of the primary impact of a rise in interest rates:  tracker mortgage, credit card and loan repayments will quickly increase, as well as the cost of new borrowing. So if you’re thinking of borrowing for a house, car or anything else it might be better to act sooner rather than later (and go for the fixed rate option).

So, bad news for anyone owing money. There is a silver lining, though: just as interest rates on your mortgage will go up, so it will on your savings. As you can imagine, that encourages most people to save their money instead of spending it, which is exactly what the government are hoping for. Keeping spending in check slows down the economy so that they can keep it in control.

Finally, if you want to use your well-timed loan or burgeoning savings account to buy yourself a holiday, you might find that an interest rate rise has the welcome surprise effect of making your foreign currency cheaper. That’s because high interest rates attract investors, which in turn makes local currency stronger. Learn spread betting with IG.

If, for instance, the Bank of England raises interest rates then British banks are suddenly more attractive to investors everywhere, and the pound becomes worth more in comparison to other currencies. That effect is slightly negated if all major economies raise their interest rates at the same time though.

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Five Tips For Frugal Living To Live Comfortably

Tips For Frugal Living To Enjoy Your Life

Tips for Frugal LivingIn the current state of the economy, it can seem nearly impossible to stay financially afloat and comfortable. However, many people don’t realize that the trick to getting their hands on more money does not necessarily lie with bring more of it in. However, it more so lies with learning how to not spend as much of what they already get.

Many incomes are substantial enough to allow a person to live a comfortable life, but often times, people don’t realize this because they don’t know how to properly manage their money.

Tips For Frugal Living

Without further ado, these are five tips on living a frugal life, frugal living, and pinching the most amount of pennies possible.

Always Look for Used First

Before you buy anything, whether it be a gold necklace or a truck, make sure you check with friends and family first. There’s always a chance that someone you know would be willing to actually give away whatever it is that you’re in search of. Additionally, check local “For Sale” listings for the items that you want. You might be surprised how easy it is to get a great deal on something that has been lightly used.

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