Tips to Help You Save

Increasing numbers of families are changing their spending habits and starting to save. If you have not been a saver in the past, it can be a difficult thing to learn. However, savings can do many things for us over time.

Savings will improve your standing with your bank, and they will help to improve your credit rating. It may not be fair, but the truth is, if you have savings, it is much easier to access credit! Savings also give you more flexibility when emergencies crop up or if a sudden purchase is needed.

The problem for many people is that they don't feel they earn enough to be able to have a significant amount. The truth is we all spend some of our money on unnecessary items. While no one would expect us to live a frugal fun-free life, it is important to make our money go as far as possible.

Even £50 per week over time can build up to a significant amount of money. Here is the best piece of saving advice we have seen to help people and improve their personal finances:

Manage your wages effectively

For millions of people, the wages always run out before the month does. This is not always because they don't earn enough money, sometimes it is simply down to a little bit of mismanagement. The problem is how you use your money when you are paid. Most people will pay all their monthly bills as soon as they receive their wage, and then have a splurge on whatever else they need, that they have been waiting until payday for. The problem with this approach is that it is easy to over-spend and end up with nothing left only a week after payday. We know some instances where individuals have had so much to 'catch-up' on by pay day they literally had no money left the next day. This is an extreme case of money mismanagement!

Put your utility bills on direct debts and create an account for all your regular monthly outgoings. Move the right amount out of your current account as soon as your wage is paid. This will help you to see clearly how much money you have left and keep the money for ongoing bills away from your regular current account activity.

Once you have done this the amount you have left should be split into four for each week of the month. It may sound simple, but it really is the only way to get back on track and start getting used to managing on a set amount each week. It's easy to feel well off after payday. The problem is that it creates a 'boom and bust' existence which plays havoc on your credit rating, can result in debt, and huge amounts of stress, because all you end up doing is juggling money every month, it is no way to live.

For the first few months you may feel a little hard up for cash, but you will soon find that you get used to it and are able to get through to the end of the month without any problems.

This is exactly when you should start saving! It is a great opportunity to add a small direct debit for an amount to be saved and put straight into a savings account each month. Don't let yourself get used to the higher amount. Be strict and stash the cash.

For example an employed person earning £2,000 per month will have £1,000 outgoings each month for utility bills, rent, food, fuel and other direct debits. That leaves one thousand pounds, which is £250 per week. Instead, they could save £50 per week, leaving £200 per week and saving them an annual amount of £2600.

The feedback from hardworking people who have tried this approach is simple; there is no doubt it works!

Time flies, and life moves on at a pace. It is amazing, once you get into a routine, in just five years £2600 turns into £13,000, and it would be more than that if you had been using a high interest account. What could you do with £13,000 right now? Think back five years from today. If you had started saving then, you would have that sum right now.

Don't waste time, start saving straight away. You will never regret it and no matter how much you manage to save, it will be an amount worth having.

Emergency Payday Loan

What Are Payday Loans?

Payday loans, sometimes referred to as payday advances, are short-term, unsecured loans, usually for small amounts. The only collateral that is generally required to apply for these specific loans is some form of employment records, like pay stubs, although the term payday loans has become a shorthand for any type of small, short-term loan even if it's not technically backed by a direct reliance on a borrower's next paycheck. Payday advances, like any loan vehicle, are regulated heavily. These regulations vary widely from state to state in the United States, and from country to country internationally.

Payday Loans Are A Booming Business

Payday lenders have had seen booming success worldwide, and credit that success to offering a service that was not formerly available. They point out that emergency cash loans offer an attractive alternative to people who are not able or willing to use less expensive conventional routes to borrow money. Some companies that offer emergency cash advances in the UK have described their approach as a handy financial service for young, Web-savvy borrowers, accustomed to the ease and convenience of instantaneous online communication. These applicants often feel left out of the conventional banking system. Today's modern consumer, raised entirely with social media, can even apply for these micro-loans using their smartphones, with money transferred to successful applicant's bank accounts within minutes.

Compare Payday Loans With Other Loan Types

Many types of short-term loans can seem expensive when the fees associated with the loan are factored as yearly APR. For that reason, payday lenders prefer to compare their loan products to bank overdraft fees and other charges that traditional lenders use to recoup funds. Many payday lenders don't even characterize their business as banks, simply as another form of Internet technology, used to connect willing borrowers with willing lenders.

Payday Loans Are Available 24/7

As traditional outlets for loans become harder to find and are requiring larger and larger amounts of paperwork for even small loans, payday advances have stepped in to fill the vacuum. They're available day and night, seven days a week, and in many cases the process is so fully automated that loans are granted without the borrower ever having to speak to another person. After applicants have established a track record of successfully paying off cash advance loans, some lenders only require applicants to text the amount of the desired loan, and the term of the loan desired, and the money is instantly made available.

So Why Would I Pay the Added Interest?

Sometimes it's an unexpected emergency, or it may be that an opportunity has come up you couldn't possibly pass up. Is it tickets to the playoff? Has a friend obtained access to ringside seats at the "fight of the century"? Or maybe you have committed an unforgivable sin and forgotten your significant others birthday...

Whatever the reason, you're short on cash. If you haven't got credit cards and maybe your friends and family are not in a position to help out. What do you do?

It's increasingly common for those in immediate financial need to approach a short-term lending company for a "payday loan". These loans are often unsecured, meaning the borrower has no collateral to provide. This makes the loans a high-risk cash advance for the lending company. If the borrower bails, there's nothing of value to collect. They compensate for the increased risk by charging very high-interest rates.

The applicant usually must provide proof of employment, and government issued identification. The idea is that when the applicant's next pay check is issued, the funds will be used to pay off the loan. In some cases, the loans may be made for the borrower to purchase a car or other big-ticket item. In these cases, there is somewhat less risk involved for the lender. The item may be re-possessed should the applicant fail to repay the loan as promised.

So What is the Bottom Line

Companies around the world offer payday loan services including Canada, the United States, Australia and Great Britain. The rules and regulations regarding how much interest may be charged, and limits on the amounts of the loans vary depending on the country, state, province or county where the payday loan company is located.

The industry is growing; possibly the fastest in the UK, where there are fewer regulations on how payday loan companies may operate. UK firms have expanded into Canada and Australia. In a few states in the United States, super high-interest loans (such as those provided by payday loan advance firms) are illegal.

On the spot check-cashing is another service that is frequently offered by payday advance companies. Perhaps the customer does not have a bank account or wants immediate access to the cash. A flat charge or percentage of the check amount will be charged as a fee. Short term loan companies often open early and close late to take advantage of those who need immediate access to cash.

Many companies now offer online applications for payday loans. They usually offer a quick decision on the client's application, sometimes within an hour. The cash can then be deposited into a bank account or collected by the borrower at a company office.

Credit Scores

While credit scores and credit reports are most commonly associated with loan approvals, there's more than just getting approved for a credit card, auto loan or mortgage that the little three-digit FICO score is used to calculate.

For instance, credit scores are also factored into things like auto insurance premiums. Yes, credit scores count for insurance too, which makes credit repair all the more important and quite the lesser known credit tip.

So just how is a credit score factored into an insurance premium? An insurance provider will typically base premium rates on an insurance score. And this insurance score takes into account your credit history in order to predict your likelihood of being involved in an accident or filing an insurance claim. Studies detail how credit history can be linked to risk and accident potential. However, Federal law requires car insurance companies that offer less favorable terms for consumers with no credit, or poor credit score, to inform consumers of their score and of the name, address and phone number of the reporting company that provided them with the score.

Here's a closer look at a credit-based insurance score and why it's important that you repair credit for more than just good interest rates on loans:

The higher your credit score - and thereby your credit-based insurance score - the greater the likelihood that you'll qualify for low auto insurance premiums. Keep in mind that this premium also takes into consideration driving history and the amount of claims on your record.

If you have a low credit score, you're more likely to pay more for your auto insurance premium, as you'll likely have a lower overall credit-based insurance score. In many cases, drivers around the country have found themselves paying up to 80, even 126% more for the same coverage, than drivers with excellent credit score. Top 10 States with the largest percentage difference premiums nclude: District of Columbia, Wyoming, Indiana, Maine, Michigan, South Carolina, Ohio, Louisiana, Minnesota, Kentucky.

If you have less than stellar credit, what can you do to improve it for auto insurance purposes? The same thing you would do to improve it for any other purpose:

Make sure payments are on time. Open new credit lines in good standing. Have a favorable credit history (i.e., no collections, missed payments, etc.) Good debt management - try not to accrue more than 30 percent of your total credit line at once.

Yes, good credit is about more than just low interest rates on loans - it can also net you lower auto insurance premiums. So if your credit is lacking, take measures to get your finances in order today.

Credit repair is hard enough. Trust in our team to help you with your credit needs. You can find us by searching key credit repair either with Bing or Google.