Getting started is the hardest thing while saving money. It is possible but difficult to plan out simple ways to save money and pursue your financial goals by using your savings. Here are some of the simple and realistic ways to save your money.

Track your expenses

Figuring out how much you spend would be the first step in saving money. You can count every penny you spend by keeping track of all your expenses such as snack, newspaper and every coffee you buy.

Do organize the numbers by different categories like grocery, mortgage and gas once you have the data and make the total of each amount. You can easily break down your spending if you are able to filter your statements in online banking. Hence you can make use of your bank or credit card statements to easily save money.

Create a budget

Now begin to organize your recorded expenses into a budget that is workable once you have an idea of what you had spent in a month. To be able to plan your spending and limit the overspending, a measurement of your expenses up to your income should be outlined by your budget. Make sure to consider the expenses that take place regularly but not per month, in addition to your monthly expenses. One of the Examples is car maintenance.

Start saving small

Now it’s time to create and add a savings category once you have made a budget. As a part of savings try to put 10% to 15% of your income to save money.

Also, it might be a time to cut back if you cannot save money that much due to your high expenses. To make it possible you must identify some non-essential and unnecessary things on which you can spend less such as dining out and entertainment.

Try to choose something for savings

Setting a goal is one of the best ways to save money. Start thinking for what you want to save – be it a vacation or a down payment for a house. Next figure out how long it will take you to save for such a thing.

Let’s see some examples of long-term goals – Child’s education, down payment for home and your retirement.

Examples for short-term goals – Vacation, down payment for a car and emergency fund to cover living expenses.

You can also consider putting money into an investment account if you are saving money for a child’s education or retirement.

Prioritize the goals

Goals will be the next thing that will have the biggest impact on how you will save money. Also, make sure that you remember the long-term goals. You will have a clear idea of where to start saving if you learn to prioritize the goals.

You could also start putting away the money for a new car, if in near future you are going to need to replace your old car. Hence prioritizing the goals are very important.

Automatically make the saving

The automated transfers between checking and savings accounts are offered by almost all the banks. You can also split your direct deposit between your savings and your checking account or you can also choose how much, when and where to transfer money to.

As you don’t have to think about automated transfers, they are always a great way to save money. The automated transfer also reduces the temptation of spending the money.

See your savings grow

It will help you stick with your personal plans for savings as well as identify and fix the problems quickly if you keep checking your progress every month. In order to save more money and achieve your goals very fast, these simple ways of saving money will help you and even inspire you a lot.

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Guarantor Loans

We need money in our life to get through the day or the whole month. These are the basic necessities of our life without which we cannot live. For example, food, water, travelling to work, electricity bills, etc. We have a monthly budget planned for expenses like this so that you can manage your finances. However, there comes a time where you are in need of extra money. At times like this, you cannot make use of your monthly budget as it may disturb your daily expenses. So instead you can opt for a bad credit finance.

The need for extra money can be dues to any unfortunate event like a ceiling leak, house repairs or your car needing a little tweak. Going for long term loans which consist of a very high amount doesn’t make sense as you would be buying extra money for a little expense, which you would be paying for years. As the money required for this is not much you can borrow a small loan to take care of these expenses.

These loans are also known as bad credit loans or small unsecured loans.

Small Loan or a Bad Credit Finance?

There is no difference between a small loan and a bad credit finance.

Bad credit finance is nothing but a small loan which you can borrow if you have a poor credit rating. Most People in the UK have a bad credit history which makes it difficult for them to borrow money. But now lenders have started giving out credit to people even if they have a bad credit score.

What is a Bad Credit? Why Do I Have it?

A bad credit score is a score given to you on the basis of your past finance transaction and how you have managed it in the past. There are many credit agency who can help you to know your credit score like Experian, and Equifax.

If you have a poor credit score it means that you have failed to manage your finance. Apart from this, there are many reasons why you may have a bad credit score like –

• If you have missed your loan repayments in the past
• The repayment amount is not paid in full
• If you have a huge debt
• Bankruptcy
• If your identity has been used for any fraud
• And your permanent address is not registered on the electoral roll

If you have a bad credit score you should try to improve it by paying your outstanding debts, making repayments on time, and updating your address on the electoral roll. However, it is a very long process, so if you are in need of some extra cash you could go for a bad credit finance instead.

Who Are Eligible to Get a Bad Credit Finance?

Though lenders are providing you with a bad credit finance despite your poor credit history, there are certain criteria that you need to fit in. So be sure that you fit in the below description in order to be eligible for this loan –

• You must be 18 years in age or above
• A UK resident for more than 6 months
• You must have an active bank account and a phone number

Is this Finance Option Expensive?

When it comes to paying back a bad credit finance it can be expensive. Although it depends on your credit score. If you have a decent credit score you could be charged a low interest rate compared to the person who has a very bad credit score.

These finance options are expensive because of the risk the lenders carry. They do not have any security against the money you are borrowing from them. If you miss any repayments of the loan and don’t pay on time they are the ones who are going to lose their money. This is the main reason due to which the lenders are charging higher interest rates compared to the interest rates charged on any other secured loans.

Conclusion:

So if you are looking for a quick small loan and have a bad credit you can borrow a bad credit finance. However, you should also check if you can get credit in another form like from friends or family before applying for this loan.

It might be difficult to keep a track of your finances so here are some life hacks which will keep your all finances in check for you. Do check these hacks and let us know if anyone of you is going to try.

Try creating a budget

You will be able to create a budget only if you know how much do you spend from your money journal and how much income you have coming in. It will mean that your finances are going in a wrong direction in case you are spending more than you are earning and your income journal will be acting as an indicator for such situation.

To start saving, you must have a look and see if there are any ways you can cut down once you establish your true expenditure and true income. Try to break this task into small chunks which are manageable as it might seem a difficult task.

Starting a money journal

Maybe you will always be in the dark about how much you spent and for what you spent, so it is very important to write down on what you spent your money on. For a month you must note down about what you spend your money on. You can do all this at the end of the day as you go and keep your receipts.

Try to increase your income

Doing a side business is again another life hack to keep a track on your finances. Beyond your current income, these are a great way of making some extra cash.

There are several other things such as selling DVDs or books, offering a service, selling your old vintage clothes, starting your own blog and completing the surveys that will pay you because of which your income will increase.

Try using cashback websites

Make use of the cashback websites if you are shopping online. One of the websites would be Topcashback which will pay you for shopping online. If you are buying anything then it is a great way of getting a discount off the items. Also, you could get a commission on recommending it to a friend.

Make use of coupons and money saving apps

To save £100 on your grocery shopping, a coupon is another easy way.  You can download money-saving apps or make use of printed coupons to get reduced or free grocery items for yourself or family. The savings may be large or small but it will help you in saving money.

Go for meal planning

Frankly speaking, it is true that meal planning will help you in many possible ways.  It can help you to save time and money. It may turn a boring dinner into a lovely feast by helping you to cut down on waste.

However, it doesn’t really take that much longer as people often complain that they just do not have any time for planning. Instead of buying food that may end up in the bin you will be using what is left in your freezer so that it will save you tons of money.

Try to plug your spending leaks

By plugging your spending leaks you will able to go one step further once you established your expenditure and income as well as created a budget. Try to answer some questions such as why are you spending money on this item? Do you need this item? Is there any alternate item which is less expensive?

Answer all these questions with some thoughts. A strategy such as setting a savings target for a holiday and then using this strategy to deal with such questions must be prepared if you want to stop bad spending habits.

Don’t be afraid of trying all these hacks. Because right now it’s the best time to get your finances checked and have a plan in a place to keep them on track.

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One of the most popular and common forms of transport in the world are cars. There are certain things that never get old such as freedom to drive the car whenever and wherever you want. Compared to buying a car directly, personal contract hire will make the use of vehicle more affordable and straightforward. Personal Contract Hire (PCH) is a long-term rental agreement for a vehicle.

PCH only applies to a specific individual instead of a business which is the main difference between PCH and other contract hires. While a person is talking about car leasing in general, the Personal contract hire is a popular way of leasing a car associated with it normally.

You can drive a car for an agreed period of time when you have a personal contract hire and this period is known as lease period. You won’t own the car even if the car is in your possession. The time period your contract runs can be used to make the monthly rentals and you will return the car once the contract is completely over. People don’t have to worry about the resale value of the actual car at the end of the agreement. You can walk away without any extra responsibility once your contract is finished because you actually don’t own the vehicle.

Personal contract hire – Benefits

Convenience –

The way to use the car becomes convenient which is one of the main points in taking out the PCH. Because of all the maintenance occurring later on in the future and large upfront cost, many people get turned off driving a new car. As you know that a loan for a car is more expensive but the monthly rental can be smaller in PCH as compared to getting a loan. Hence the advance cost of leasing a car is lower than buying it.

Fixed cost –

The fixed cost is one of the main reasons for a person to choose the option of leasing a car. You will be able to set your budget properly without any additional cost out of nowhere because before the contract starts you will definitely get to know how much the monthly rentals will be.

Very fewer obligations –

You will have very fewer obligations to take care of which is one of the greatest things about personal contract hire. At the end of the agreement, you are not selling the car because you don’t own it which completely avoids the extra work of putting the car on the market and let the buyers see the car and sell it. What you need to do is return the car and finish the agreement. Along with your PCH agreement, you also have the option of adding maintenance package due to which you don’t have to worry about any problem with the vehicle.

Working of Personal Contract Hire?

At the end of a contract, you don’t need to worry about vehicle disposal, its warranty and depreciation as it is a long-term rental. To use the car for an agreed amount of mileage and time, you pay a fixed monthly rental. Your mileage will increase if you are an individual that has to travel a lot. This means a higher monthly rental due to the increased depreciation. Paying monthly rental is more accommodating as compared to buying a vehicle because monthly rentals you are paying is fixed. A lot of people cannot afford to have a new car on regular basis but they do prefer to have a new car. In such case personal contract hire is the best option. If a contract is finished, then on the same day you are able to start a new agreement.

Personal Contract Hire – Key Features

• The monthly rentals are calculated by the contract period of the vehicle, the cost, a residual value of the vehicle, an additional option like maintenance contract and mileage allowance.
• It will remain the property of the finance company as you will never technically own the vehicle. Hence you won’t need to worry about the depreciating value of the vehicle
• It is the most common form (of private car leasing).
• It has fixed monthly rentals that covers the vehicle rent and also has a maintenance option if chosen.

What Are the Main Benefits of PCH?

• To meet your financial requirements and driving habits the terms are flexible.
• The initial rental is very low.
• To make the budget planning easier, the rentals for the whole package is fixed.
• You don’t need to worry about its disposal or depreciation at the end of your agreement when you return it.
• The vehicle that is not reachable in terms of its on-road cost you can lease it with PCH
• Spreading the cost of monthly fees in PCH you are allowed to include the maintenance of the vehicle.

A car leasing is the best option for you, if you don’t want to own a vehicle or if you always wanted a car for a personal use.

Can You Get Credit Cards for Bad Credit?

Yes, it is possible to get credit cards for bad credit. As a study, the banks approve credit cards to their customers who have bank accounts with them. Similarly, it is not necessary that you need to have an account in the bank to get the credit card. Likewise, the credit cards are subject to customers’ credibility and reliability. In most of the cases, a bank does your credit check before approving your credit cards.

Simultaneously, If you already have a bank account with the bank. You may get credit cards for bad credit too. Because the bank knows that you have been dealing with the bank. And it is easy to recover funds from you in extreme cases. Generally, a bank keeps a fixed deposit against the limit of the credit card to avoid any risk.

There is another form of borrowing if you don’t want to go for credit cards. These are basically loans which you can borrow despite having a bad credit.

How Do Credit Cards for Bad Credit Help?

As we know, credit cards have credit limits and a cash limit too. So, a credit card user uses the credit limit of his credit card to spend money. Moreover, it is virtual money still it solves the purpose like real money only. Likewise, the cash limit of the credit cards can also be used when needed. Therefore, the credit card is a financial medium to make transactions. In fact, if the credit card user keeps using the credit card intelligently, he picks up his credit rating. In addition, the bank may increase the limit of your credit card if you make the payments without delay. So, the credit card is a way which can help you improve your credit scores.

Measures for the Credit Cards for Bad Credit:

Precisely, The users who have credit cards for bad credit have to be really careful about using their cards. Because they are already in the category where they hold a bad credit rating. And if they do not make an appropriate use of credit cards or they fail to pay on time. They may get a high fee to payback. Like, there will be a late fee and extra charges towards the card payment. Similarly, this pattern of late fee may push them to default the credit card in the future. Also, they may spoil their credit limit or the bank may squeeze it. As a result, it will turn your bad credit rating into an extremely bad credit rating. Thus, people who have credit cards for bad credit should be wise and disciplined to use it.

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