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There are some lessons that you can only learn when you’ve been in debt, which is unfortunate because it would be useful for many people who aren’t and have not been in debt to know about them too. If only they knew what debt could do to you, they maybe think twice before getting in over their heads. View Post

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We all make mistakes now and again. After all, this is how we learn. However, when it comes to your finances, you cannot afford to make too many mistakes. After all, they could prove disastrous. With that in mind, read on to discover some of the most common financial mistakes people make, so you can avoid making them…

  1. Not having a budget – There is only one place to begin, and this is with not having a budget. It doesn’t matter if your finances seem healthy and you are making all of your payments, you need to have a budget. Without one, you won’t be using your money as effectively as you should be. So, now is a good time to get to grips with all of the money you have coming in and going out every month. This will give you full clarity regarding what you are spending and where you are spending too much. You will then be able to determine how much money you can put away and save every month.
  2. Failing to think about the future – One of the biggest mistakes people make when it comes to their finances is only thinking about the here and now. There are so many matters that need to be taken into account when it comes to your financial future. Of course, you need to save for retirement. However, you also need to think about your finances once you are no longer here. The last thing you want to do is lose most of your money to inheritance tax, so you need to put provisions in place to make sure that this does not happen. This is where a good financial advisor really shows their worth.
  3. Buying a new car Buying a new car can seem like a very attractive proposition. After all, there’s nothing quite like driving out of a dealership in a brand new vehicle that has all of the features you have picked yourself. However, while you may feel amazing in that moment, the value of your car would have already decreased by a third. So, you lose money the minute you drive your vehicle out of the showroom. As a car is a depreciating asset, you’d be better off buying a nearly new or used vehicle.
  4. Not facing up to your debts – You have probably heard things like ‘’everyone is in debt” or “a bit of debt is healthy.” However, if you don’t face up to the debt you are in, it’s only going to get worse and worse. Plus, if you miss a payment, it will remain on your credit report for six years, which can impact your chances of getting a mortgage.

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We all know how to sock away a few pounds a month, and when it comes to it we have a savings account with a good amount of our earnings stored away in. It’s all good practice for keeping our finances healthy, and yet a lot of us still struggle to make ends meet or to make the hefty bills sort themselves out. That’s when we turn to lending solutions and credit cards; these aren’t bad in the first place, but they can soon turn to the bad end of the scale with usage. And there’s a lot more than your likelihood to get another loan at stake if this happens! View Post

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Go away on your own, they say. It’s the only way to travel, they say. But, what these people don’t tend to divulge is how hard it is to let go and dive into the deep end head first. It isn’t that you don’t want to go travelling and see the world, but that you are scared. Why? It’s because all of your friends live at home and no one wants to feel lonely. Thankfully, there’s no need to land at the airport and spend the next six months alone as finding friends is easy. All you have to do is consider the following. View Post

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There’s a pretty common perception in the modern era that the millennial generation is pretty much doomed never to be able to buy their own homes. For the longest time, it was treated as an assumption that you would leave education, get a job, and then buy a house. But thanks to rising house prices combined with the stagnation of most people’s wages, that’s become a much less realistic ambition for many people. But the question is, is it really impossible for millennials to be able to afford homes? Well, unsurprisingly the answer is a little more complicated than a simple yes or no. In reality, it’s closer to something like a “yes, but…” With that in mind, here are some things that can help you afford a home, even when it might seem like that’s impossible. View Post