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How to Afford a Property in the Economic Crisis

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When it comes to finances, we’ve all been through the ringer these last few years. While reports on the current state of the economy vary greatly, it’s generally safe to say that it’s been better and that we aren’t completely out of the woods just yet. While we might be climbing our way toward the end of the tunnel (please say it’s so!) we’re still not as well off as we were before this whole sorry mess began.

And this has affected all of our lifestyles of course, and all of the larger industries. Nowhere though is it more apparent than in the housing market which has slowed right down with fewer and fewer people able to take the plunge with such a large purchase. This is particularly bad for first time buyers of course too who don’t have anything to sell to raise the capital, and who are generally younger and not as well off to begin with. Without investing in real estate though, those same people are going to be spending large amounts of money regularly on renting and thus making it more and more difficult to ever get to the point where they are able to invest in real estate.

So the question is, what can you do to get out of this sticky situation? When you’re between a rock and a hard place, how can you beat your circumstances and invest at a time when actually the housing prices are quite low? Here are some tips and suggestions…

Improve Your Credit Rating

If you’re currently looking to buy a new property then you should be saving as much money as possible toward making as big a deposit as possible. This is obvious, but what you might not have considered is the importance of improving your credit rating – which is a figure that dictates the way the banks see you and how willing they are to invest in you with a loan. In short if your credit rating is poor then your APR is going to be very high on any mortgage and you may not be able to get one at all – so look at ways you can prove to the bank that you’re reliable and in a stable financial situation so that when the time comes you are able to get yourself a good mortgage relatively easily.

Team Up

If you can’t afford to buy a property on your own, or if you are afraid to, then going in with someone else is a good way to invest your money and improve your quality of life without making such a large financial commitment. This doesn’t have to be a partner – it could mean getting help from a parent, or it could just mean buying a house with a group of friends. Either way you’ll be able to get money back out of the deal when you leave, and you’ll technically be a homeowner.

Cut the Other Costs

You should also look into ways you can reduce all the other costs of moving so that you can focus on the property itself. This means shopping around and seeing if you can find cheaper settlement agents and cheaper surveyors, and it means throwing out lots of your things so that you can forego using a removal company.

Schemes

There are plenty of schemes available specifically for those who are struggling to afford a property from ‘rent to buy’ schemes to ‘part-buy-part-rent’. Each has strengths and weaknesses and they won’t all appeal to everyone, so do your research and consider these alternatives to buying outright.

Jimmy Hendricks has done quite well for himself in the trading business. He gives simple trading tips and advice to his readers on his blogs.






5 Key Special Occasions to Save up For Throughout the Year

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Doesn’t it always feel like as soon as you’ve saved up for one occasion, another is just around the corner? For some reason, these events seem to come round faster than pay day does, so it is important to be organised with your savings to make sure you can make the most of your money.

A really useful tip is to have a timescale of how long you need to be saving up for certain events, so you savings become either short-term or long-term. If something does come up out of the blue, you can always take a payday loan, but have a bit of savings is always a great idea.

Here are a few examples of special occasions that happen throughout the year, starting with short-term and increasing to longer-term saving, and a suggestion of how long you may want to consider saving for them:

  1. Birthdays: Gifts are a way of treating someone, so it can always be tempting to spend a little more than you can actually afford to, and the amount that you spend on gifts throughout the year can really add up. Try alternative presents that may cost less in money but more in time to manage your costs, like baking a cake or using any skills you have to make a gift. But for a very special someone, make sure you save up for a couple of weeks so you can really afford to splash out. Save for 1 – 2 weeks.
  2. Weekend city break: Everyone needs a weekend away every now and again, and with the temptation of cheap flights across Europe, there’s no excuse not to have an adventure! To cut down your costs and make the most of your trip, try staying in cheaper alternative accommodation to hotels, like hostels which often have their own cooking facilities. Save for 1 – 2 months.
  3. Christmas: It is so easy to spend a lot at Christmas because there are so many people to think about! But be organised by saving up beforehand. Write a shopping list so you can plan how much you intend to spend on certain gifts and people. Try not to be tempted to overspend because with so many presents, little extra costs can really add up! Save for 2 – 3 months.
  4. Summer holiday: This is the big one – the holiday you’ve waited and saved for all year. There are a lot of costs to think about; you need to save up for flights, villa or hotel, any daytrips you might want to take, as well as saving for a good food and cocktails budget. Cut some costs by booking things far in advance and looking into package deals, but otherwise save up so you can really enjoy yourself without worrying too much about you bank balance. Save for 4 – 5 months.
  5. Wedding day: This is probably the biggest single-day occasion that people will save up, so understandably it’s going to take the longest! With a million different things to account for, a wedding day is no small undertaking! Save up and budget meticulously to avoid feeling the sting of the price tag long after the day. Save for 12 – 18 months.

Hopefully we’ve provided you with a few ideas of how to make it a bit easier to save up for special occasions.

Louise Jenkins writes about payday loans, for more information see https://www.communitypayday.com/

Are You Being Chased for a Debt That Isn’t Even Yours?

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With a consumerist culture encouraging us to spend our money, getting into debt is unfortunately a pitfall for many people. Not only is this bad for your quality of life, but being in debt has all sorts of negative mental effects – it may get to the point where every time you get a letter through the post, you are filled with a sense of stress, doom, and despair. Debt is so easy to get into, but so difficult to get out of again.

You can imagine the despair of those then who receive demands for debt repayments when they haven’t borrowed any money. Companies can make this mistake due to computer issues, human error, or disorganisation in the workplace. Even though you know these debts aren’t yours, it can be surprisingly difficult to convince these organisations to back off.

With big names like Scottish Power, you are lucky enough to have a thorough complaints procedure but good luck to you if you are involved with the payday loans sector.

The Office of Fair Trading

Yet, there is still hope: recently the Office of Fair Trading has been given the right to grill any rule-breakers, and this month alone, issued a £554,505 fine to payday lender MCO Capital Limited and took away their consumer credit license.

Unfortunately, this company had failed to double-check the identities of the people they were handing out loans to and fraudsters used the details of over 7,000 people to borrow millions of pounds of money. Even though MCO Capital Limited knew they had blundered, they still hounded the victims for repayments.

Another company that is guilty of unfair accusations when it comes to money is the online site Wonga.com. It told its customers that they had committed fraud by asking for a payment to be reversed, through their banks.

What Do You Do If You Are Contacted?

The first thing you need to do is write a letter to the lender so there is documented proof that you dealt with the situation straight away. Remember, you can’t be sued for money you don’t owe, so don’t worry about that. Companies won’t take you to court until they have explored absolutely every other avenue.

Whatever you do, don’t just pray that the letters will stop – do something about it as soon as possible. These accusations can be negatively affecting your credit rating, meaning you will struggle to apply for a mortgage or loan in the future, or maybe even be denied tenancy in a rented building.

Request

Ask the company to conduct an investigation into your debts and that all the letters coming through are stopped for the time being. If they get shirty with you, calmly say that failure to disclose will be brought to a judge’s attention in a court of law.

Respond

Keep in touch with every company involved: unfortunately, the lending business may have contacted a debt collector, so send a letter to them too. You are protected by The Office of Fair Trading, and debt collectors must deal with you fairly – download a complaint form from their website and fill it in.

This guest article was submitted by Francesca on behalf of IVA Expert. If debt problems are getting you down, read more about how an IVA could help by visiting their website.

5 Ways To Reduce Your Food Bill

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There are 1001 different ways to reduce your food bill. However, in this article the focus is on the 5 most practical ways to save on food expenses. Of course, food prices have really shot up in the recent past. The economy is contacting and households around the country have to come to terms with such words as budgets, cut back, necessities among others.

Anyhow, food is one of the necessities one cannot do without. As a result it takes up the larger part of most expenses. The great thing, however, is that it is possible to use the following 5 ways to reduce your food bill.

1. Stick to a Food List

As you are shopping for groceries, you will come across lots of food that are on offer. Additionally, you will be tempted to buy some foods simply because they look tasty. This is especially the case when you go shopping on an empty stomach.

Therefore, the best thing you can do to cut back on these unnecessary expenses is to create a workable food list. This list should be adhered to irrespective of the temptations that come your way.

Also, you should never do your shopping if you are feeling hungry. In fact, research shows that this is one of the leading causes of impulsive shopping. Once you manage to stick to a list and shop on a full stomach, it will be easier for you to make cut backs on your food expenses.

2. Walk Away from Popular Food Brands

As you select food items, you will be tempted to pick those ones that have popular brand names. This is due to the unfounded belief that these products taste better or are more attractive due to their glossy adverts.

However, it is more prudent to stick to regular food and product names. This could help you save anything between 10 and 15 percent every time you go shopping. After all, it is common knowledge that in- house items cost considerably less than other popular brands. In a couple of cases, also, most of these products are manufactured within the same factories so you will still get high quality irrespective of the brand you choose.

3. Accumulate Loyalty Points

Most food stores will award loyalty points/ cards. Therefore, you can make great savings by building up on these points over a couple of months and weeks after which you will get good cash back or amazing discounts in return for the points.

4. Stock up on Lentils and Pulses

Lentils and dried pulses can be used to bulk out on meals. They cost considerably less than other foods within the same groups. Therefore, they will increase your protein intake without the added cost.

5. Use Discounts

Always double check any bill you get after buying food to see if you got a discount. Supermarkets will often advertise deals and discounts at the point of sale. Unfortunately, most shoppers do not enquire after these discounts meaning that they miss out.

All in all, the above 5 ways to reduce your food bill should work well for you irrespective of your physical location. Use them and you will end up making greater savings while sill eating right and living healthy.

Roger is a contributor for ppi claims where you can get some tips to help you manage your finance better.

Hoping to go back to work soon

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Earlier today I renewed my nursing registration. It’s something I have to do every year around this time.

Unfortunately I haven’t been a practicing nurse for about 6 years because I’ve been on medical leave … but, I’ve been feeling quite a bit better in the last 6 months or so … or I was until something very stressful started happening about three months ago – and I had started to think about returning to work.

I’m pretty sure I still have my job placement at the hospital if I want to return to it, so if I can overcome the current stressful situation that I’m under I might be able to go back to work. In fact, getting out of the house might be very good for me. I need a change of scenery and need to renew my sense of self worth.

So please wish me luck. I’m hoping that maybe by February I’ll be able to say that I’m starting back to work at the hospital. I’ll still be blogging of course too – so you’ll still hear from me.

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