There may be a time in your life that you find yourself in a real difficult financial situation. We have all been there, and while it can feel embarrassing at the time, it doesn’t necessarily mean that is going to be your fate for the future. Things can change, you can change, and you can do things to improve your situation massively. Often at the time, there may feel like no way out and you are heading to bankruptcy, but in most cases, this isn’t true. There may be a solution it is just a case of knowing where to look. Which is why I wanted to share with you some of the realistic options you could consider. I hope that it provides you with some hope in what can be a very difficult and emotional time.

Have you got an asset

One of the first places to look when you are going through a difficult time is your assets. Many assets have huge potential, and we can often be to blinkered to realise what you can and can’t do. First of all, you could consider your home. While it may not be nice to potentially sell your home it could be holding the key to improving your financial situation by releasing valuable equity. Selling may seem like a long drawn out process but actually, using companies like Wren Realty could be an ideal solution. Enabling you to change your situation fast. Releasing funds could then mean you pay off your debts, get yourself straight, and allows you valuable breathing space. Of course, selling your home might not be an option, so think of the other larger assets you have. Do you own a car that you can sell? Maybe you have land you could sell from your property or renting out your drive for commuters and people surrounding for their vehicles. Once you know where to look you can start to improve your situation.

Increase your disposable income

Maybe you need to look at your outgoings a little more closely. Too often people let their bills leave their account dutifully without giving it another thought, but this can be a big mistake. There are bills that you could perhaps get cheaper, things you may no longer need but are still paying for, or simply making some changes to your habits to brings some costs down. Analyse your bank statements and look at what is costing you the most. One big expense is the food bill each week, but this is one bill completely in your control. Why not try meal planning, buying only what you need, or changing the shop you go to? Even switching from brands to supermarket brands can make a big difference to your expense. Next up, consider changing providers for things like energy. Many companies save their best rates for new customers.

Could you spare time be a money making opportunity?

Finally, you could think about making money in your spare time. Filling out surveys online, performing mystery shops and even just selling unwanted things online on platforms like eBay or Facebook groups could help to improve your income and pay of debts that are costing the most each month.

I hope that these tips help you to consider other avenues you can take to get you out of a financial struggle.

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As awful as it is to think about our loved ones passing away, unfortunately, death is the only thing guaranteed about life, aside from perhaps taxes as the saying goes. Most of us dream of having something to leave our children when we go, property, money or a family business being the ultimate goals. Some of us are even lucky enough to be able to pass things on before we die. Giving us the chance to see the people that we love benefit from our life’s work. Your parents and family are no different. Leaving you a property is something that will have pleased them, so it’s certainly nothing to feel guilty about.

When you inherit property, there can be a period of adjustment. Whether your loss has been expected or come as a complete surprise, it can be a lot to take in. In these situations, it’s best to let yourself grieve and take your time to adjust before rushing into a decision on what to do with your new property. An instinctive reaction can be to either move straight in or not want it at all and offer your inheritance to someone else. Both of these things could prove to be a mistake. So, take your time and give these options some consideration.

Rent it Out

Renting the house out is an interesting option, with both pros and cons. If you choose to rent your house to someone else, you get a steady monthly income from it. Sometimes, there’ll be very little you’ll need to do for this money. Then, other months absolutely everything will go wrong, and you’ll need to work ridiculously hard as a landlord. You will also be subject to landlord’s insurance and taxes as well as having to ensure that your property meets all health and safety standards and completely adheres to the law.

But, it does keep your options open. When your tenants move out, you can rethink, sell, move in or search for a new tenant.

Finding tenants is much easier than it used to be now so much business is done online, and properties rarely sit empty for long. Keeping your property in good condition and appealing to tenants is also easier than ever. You don’t even need to do any of the work. Learn more about these options before making your decision.

Live in it

Whether or not you chose to live in the house can depend on a variety of circumstances. You need to consider your current housing situation. If you already own your own home and feel happy and comfortable where you are, you may not want to move. It will also depend on your past experiences in the house and with its previous owners. If it’s the happy home of your childhood, you could either love going back or feel a bit odd, like you’ve been out and made your own life only to find yourself taking a step backwards.

If you don’t own a home, work locally and still have relationships with people in the area, moving into your new property could be the perfect answer. You won’t have to worry about selling, finding tenants or the pressures of being a landlord.

The value of the home should be another consideration. Is it worth selling? Or could you make more in the long term by renting it out? If you already own a house, could selling or renting that out instead be more cost-effective?

Of course, if you do decide to live in it, for now, you’ll still be able to sell at any point in the future should you change your mind. However, it is worth bearing capital gains tax in mind. If you inherit a house and choose to sell, you get a bit of a tax break. Say the house was bought for $150000 and is now worth $300000, only the difference will be subject to capital gains tax. Once you’ve lived in the house for two years, this tax break starts to decrease.

Sell it On

Selling the property on is a popular choice. If you need money quickly, because your current financial situation isn’t great, then this can be the best option. You save money on capital gains tax; you don’t have the constant responsibility of being a landlord or the hassle of moving to a new house yourself and you get a large cash injection. If you currently rent but have significant debts, selling to enable you to pay things off could be a good idea too, as it will allow you to improve your credit score before you get on the property ladder. You could even have plenty left for a good deposit.

However, selling has associated costs of its own. You’ll need to make sure the house is in sellable condition, pay to get it valued and pay estate agents fees. If it’s on the market for a long time, these fees increase, and you have to wait for your payout.

It’s also the only option on this list that’s final. Once the house is sold, that’s it. There’s no changing your mind once the sale has been made.

Use it as a Business Premises

Another option is to use the property in another way. If it’s in a great location, you could convert it into a business. Perhaps a shop or restaurant. If you work from home and need some more space, it could give you an ideal solution. These options very much depend on location and how much the conversion would cost.

Another alternative use is hiring it out as a holiday property. If it’s in a great location that would attract tourists or people on business trips, list in on Airbnb and make some money off it. Then, there’s nothing to stop you keeping it as a second home when you need a break yourself.

When deciding what to do with your inherited property, there is a lot to consider. Your own living situation, your income, cash flow and debt levels, your long-term plans and the home’s condition and location for a start. So, wait if you can, let yourself grieve and then take you time to reach the right decision.

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When you are young and care-free, planning for a silver-haired future might feel weird. It’s difficult to image how next week is going to go, never mind figuring out how you are going to support yourself when you no longer want to work.

However odd it might be, planning for the future while you are young will give you the best chance of a happy retirement. It may be unpleasant to imagine a day when you will need full time care or perhaps can’t make decisions for yourself, but thinking about it now will certainly help.

Start Young

As soon as you start earning, you should be thinking about how you are going to save up and build your retirement nest egg. By starting young, you are giving yourself plenty of time to build up your financial portfolio and save without really feeling the loss. The older you are when you start, the more aggressive your saving plan will have to be.

Set out your financial goals early on and work steadily toward achieving them over a long period of time. This method will help you to budget properly without sacrificing all the good things you enjoy like meals out with friends or holidays.

Invest Smart

In order to accumulate, you must speculate. This means making smart investments in things such as stocks and shares or alternative opportunities like antiques or gold. In fact, a gold-backed IRA is an excellent supplement to your portfolio as it reacts slightly differently to the rest of the market. This is an advantage because it will help to smooth out any risks as the market naturally fluctuates.

If you aren’t too confident about what you should and shouldn’t be investing in, or how to balance risks, you must see an independent financial advisor before you part with any cash. They will be able to create a personalized financial plan for you and offer good advice to ensure you can save enough for your future.

Save, Save, Save!

If you have a budget, and stick to it as best you can, then saving a portion of your income each month should be fairly easy. In fact, if you get the balance right, you probably won’t even notice it’s happening.

Some of the best advice for building your nest egg is to put any windfalls into savings rather than splurge on things you don’t need. Find other ways to treat yourself without completely blowing your budget out of the water. This isn’t to say that you can’t treat yourself every now and again, but just to make sure that you adjust your budget accordingly.

With a sensible portfolio, your retirement plan should be easy to manage and your nest egg will gradually build up over the years. Try to keep this fund separate from your other savings to prevent you from being tempted to dip in for some extra cash. Keep a rainy day fund as well as a contingency fund and your nest egg will be safe for the future.

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If the world was perfect for everyone, no one would ever need to borrow any money. Unfortunately, things just don’t work like that yet – and as long as we have a banking system, it’s unlikely to change. The reality is that we have to borrow money to lead the lives we want. However, there are limits, and many people are guilty of stepping over the mark.

The truth is there are good debts and bad debts, as you probably already know. And even if you are in good enough shape to take out the former, after a few missed payments or a challenging life event, it can quickly turn into the latter.

When it comes to personal loans, the temptation is strong enough to turn heads of even people with the strongest financial constitutions. Advertising is everywhere, and almost all speak to your aspirations and the life you could have – if only you would borrow a few thousand dollars or more.

To make sure you don’t fall into a trap, there are a few things you need to consider when taking out a loan. These golden rules should be set in stone, as when you step outside of them, it’s often the first step down a slippery slope to unaffordable, bad debts. Let’s take a look at everything you need to know.

Always shop around

It doesn’t matter whether you are borrowing money to buy a car, a home, or just pay for something quickly with cash loans, always shop around and look for the best deal possible. You should compare percentage rates for interest, but also check the length of the loan. Sometimes, cheaper interest rates over a longer time period will result in a higher overall cost.

Always check your credit score.

Another thing to consider before applying for a loan is your credit rating. When you make an application and get turned down, your credit score takes a hit. Not only that, however, but when you are attracted by a fantastic looking deal that you see in an advertisement, you have to remember that these deals are only offered to consumers with the best credit scores. If your rating is anything less than perfect, you won’t be offered it, and instead, have to put up with a much more expensive deal than you applied for in the first place. A lot of people fall for this, so ensure your credit rating is up to scratch before you apply.

Always read the small print.

The terms and conditions on loans are notoriously detailed, and the vast majority of borrowers never pay them a blind bit of notice. It’s no surprise – who has time to read the reams of paper that often come with your application form? However, you should make time. Banks and lenders of all varieties depend on your ignorance and lack of time, and will often include some pretty dire conditions that you need to meet to qualify for any of the supposed advantages. Another thing to watch out for is early repayment charges – you should always include them in the overall cost of the loan when you do your initial sums. Ideally, all loans would be free to pay off whenever you want, but the reality is somewhat different.

Consider insurance

Loan insurance gets a bad rep, because of a lot of malpractice in the past. However, it’s a valuable protection if you can find the right deal. For a few dollars a month you can protect yourself in the event you suffer an injury at work or get ill and can’t earn any money to pay the loan back. Again, shop around – there are varying rates from all kinds of lenders and insurance companies, and you will often find it is more expensive to buy insurance from the company offering the loan.

Compare with a credit card.

Another major misconception is that personal loans always have better deals than credit cards. To be fair, this used to be the case, back in the day when credit cards were only for the very wealthy, but times have changed. When you consider the long 0% deals you get on credit cards – some of which go for around 18 months at the moment – they often compare very favorably to a personal loan at, say, 6%. And if you can pay off the card before those 18 months are complete, it won’t actually cost you a penny.

Pro tip: borrow more money

As a rule, you should never borrow more than you can pay back. However, when you consider that banks and lenders will offer lower interest rates for higher loans, wouldn’t it make sense to get the better deal? In short, of course, it would, but you have to have a lot of self-discipline. You could borrow a larger amount of money, only spend what you need, and then pay it back over time using a combination of your personal repayments and the surplus. Over the course of a 4-5 year loan, this could actually save you a four-figure sum, so it’s well worth investigating – if you have the discipline, of course.

Be careful with secured loans.

Secured loans will always give you a fantastic sounding deal. But there is a reason – it’s because you have capital at stake. When a loan is secured against your possessions, lenders tend to sleep easily, content in the knowledge that if you fail to pay, they get your house, car, or treasured objects. Yes, the deals can be tempting. But unless you are 100% sure that you will be able to pay them back. Unsecured loans may attract higher interest charges, but ultimately if you have a problem paying them, there is little a lender can actually do.

Always stake the shortest path.

Finally, whenever you take out a loan, the cheapest option will always be to pay it back as quick as possible. It’s down to your personal circumstances, of course, but if your idea of the perfect loan is that it ends up costing you less, it’s the only way to go.

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There might come a time in your life when you could do with some extra capital. Maybe you want to start a business, or you fancy taking the kids away for the holiday of a lifetime? Either way, most people think they have to work harder than they do at the moment to build their bank balances. However, in many instances, it’s possible to do that without making too many changes to your routine. Believe it or not, the average family wastes thousands of dollars every single year, and so you just need to stop doing that as soon as possible. The advice below should come in handy.

Transfer the balance from your credit cards

Lots of people take out credit cards and then only make the minimum payment every month. That is fine for the first year because most cards come with 0% interest. However, after twelve months, the provider will often begin to charge interest on the balance, and that’s where folks tend to make mistakes. If you continue to send the minimum amount, you will never make a dent in the debt according to sites like thesimpledollar.com. So, search online for a new credit card that offers 0% on balance transfers. You can then move the money you owe to a different creditor and continue reducing the amount you owe.

Look for a debt consolidation deal

Debt consolidation arrangements have many advantages including:

• Only having to deal with one creditor
• A single affordable monthly payment
• Lots of breathing space

The people behind debtconsolidationprograms.co and other industry leaders claim that a significant percentage of individuals could benefit from a deal of that nature. In most instances, you just have to get in touch with a consolidation expert and explain your situation. They will then take a look at your finances and let you know if they can assist or not.

Use comparison sites to find better contracts

You live in the digital age, and so it makes sense that you should use technology to your advantage. There are many different price comparison websites around today for almost everything. That means you could secure some astonishing savings if you visit the right domains and shop around. People who compare deals online could save a fortune on:

• Home energy
• Home insurance
• Cell phone contracts
• Car insurance
• And more

If you’re not aware of the top comparison domains at the moment, just search Google, and you should discover lots of sites that will help you to reduce your outgoings.

The suggestions made in this article are almost guaranteed to provide you with some extra cash. Now you just have to work out the best ways of spending that money to improve your situation even further. Some people might want to use it to start a business or make investments. Others may choose to pay more than the minimum amount each month and get themselves out of debt a little faster. The decision is down to the individual. Just make sure you don’t waste the money or get yourself deeper into financial trouble.

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