Keeping your finances in check is a very important thing to do in the 21st century. You’re going to need to be able to keep everything where it is because the world revolves around money! Everything you need and want you have to pay for with money, including your house and food, so it’s important to make sure it’s all in order so you don’t go without anything, but how can you do it? Well, if you read on, you’ll learn how!

Keep A Good Credit Score

Credit scores have been around for a while but have only recently become used, so what is it? Well, your credit score is a representation of how good your financial standings are in terms of credit. It takes into account things like how much credit has been used in your past, how long it’s taken you to pay it back and if there were any discrepancies with the payment. When you apply for a loan, banks will look at your credit score and judge you off it; if it’s in a poor state then they’re going to be likely to turn you down for the applied loan, however if your credit score is good then you’re going to be in the green and get your loan! Not getting loans can become a very serious problem if you need to money urgently, so we need to find a way around this, and luckily there is. Websites like usarepaircreditinc.com are able to repair your credit score by filtering through very small loans and repayments through your account, improving your credit score so you don’t have to worry about getting turned down for a loan ever again!

Opening A Savings Account

Savings accounts are brilliant ways to raise money without actually having to do anything or invest anywhere, so what are they? They are small accounts that are attached to your main bank account and serve as a way to store money. Each month, your savings account will take a predetermined amount of money from your main bank account into your savings account, which will stack up and accumulate after a while. You can open these accounts from banks like american express, and the real beauty of them is revealed once you’ve been paying into them for a few years. You’re going to have a sum of money that has interest on it so that it grows within the account, which can be a huge amount depending on how long you leave it! This can get you through a rainy day when you need funds but don’t have the available in your bank account. Another good thing about them is that they are temptation free; you need not worry about accidently spending what is in your savings account because you are unable to access it with your card, perfect for anyone that might find themselves buying extra things because they think the money is there which makes it a great tool for keeping on top of your money.

Debt Consolidation

Having and dealing with debt is part of life, and an unavoidable one at that too! Debt just means something that you need to pay back, and with the amount of things we have to borrow money for in the 21st century this covers a lot of things. Debt can come in the form of credit card payments, loan repayments, mortgages and so on, and the single thing that makes them a pain is how many there are. Debts become a problem when you’ve got lots of them; they become hard to follow and track, which means that you’re going to struggle a bit trying to work out how much money is going out of your account each month to what company! This means it’s more difficult to budget, meaning that life gets more difficult. However there is a solution. Debt consolidation loans that you can find more about if you read on at DebtConsolidationUSA.com, operate in a way that allows all of your debt repayments to be funneled into one, monthly repayment. This reduces the amount of tracking down money you have to do, you know how much you’re going to have to pay at the end of the month in one easy instalment making life easier for you!

Smart Meters

This is a great way to keep a track of how much you’re going to be spending on your utility bills at the end of the month! Smart meters are installed into your system, and it will gather data from all of the different sources your house pulls from, mainly being electricity, gas and water. It will be able to read how much of each commodity you have used, and by inputting how much you pay for a given volume or measurement of each of the commodities, it can tell you how much you’ve used and therefore how much it’s going to cost at the end of the month. It will be able to make basic predictions about your resource usage so you can effectively plan for the month ahead by knowing how much your bills are going to be instead of being stuck doing guesswork like the days of old!

Coupon Shopping

Everyone loves coupons; they’re given to us by supermarkets and other retailers and give us brilliant discounts that we then go and take full advantage of, but there is a problem with them. Nothing in the world comes for free, and unfortunately neither do coupons; they’re given away when a customer spends over a certain amount, which means that if you don’t reach the quota like a lot of us won’t, you’re not going to be eligible for the coupon and this means you’re going to miss out! So what can we do to circumvent this? Well, websites like groupon exist to serve this purpose for us. They have online coupons available for free, for everyone to use however they’re only available for a limited time so if you’re wanting to use something for a later date it’s best to do it sooner rather than later! They’re able to do this because the company coupons are a form of advertising, meaning that it’s completely legal and nothing for you to worry about getting in trouble for. Some coupon sites are illegal though, so you will have to use your head and avoid websites that look dodgy to save yourself from having a nightmare!

Budgeting Properly

Budgeting is the key to managing your finances properly, it’s an essential skill that you need to learn in order to be able to properly manage your finances. Budgeting involves being able to plan out where your money is going to go for the next month, or where it should be going at least! You’re going to have to know how much you spend each month on each bill that you have to pay, as well as for food and taking into account how much money you’re going to be putting away each month! This can all be very difficult to do when you’re starting off and chances are that you’re not going to be able to do it very well, but there is a helping hand available to you! Online budget planners are available for free on the internet, which you should take advantage of if you find yourself struggling! They’re able to take out all of the pain of trying to do all the maths work manually; instead, these planners do it for you and show how much money you’re going to have at the end of the month and how much you should be saving each payday to keep some spare.

It’s recommended to do all of these things to make sure that you keep on top of everything to do with your money, if you have a good credit score you’re not going to have to worry about getting refused for a loan when you need it most, you’ll have a savings account that you can dip into as and when you need it for those days that cost just the little bit extra, you could have yourself a debt consolidation loan to help you pay back all those small niggling debts that somehow creep up on you, a smart meter so you know exactly what your bills are going to be that month too. And then to top it all off you’ll have loads of coupons at your disposal to make your life cheaper and you’ll have a proper budget so you know what your plan for your money is for the month! When you’ve got all this income, it’s important to not only know where to spend it, but how to protect it once you’ve spent it. If you go out and buy something new with all your savings, only for it to break, you’ve just lost yourself a lot of money, so if you want to know how to keep what you invest in safe then read this!

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Many people consider self-building a home, rather than buying a property on the market. If they haven’t been able to find their dream home elsewhere, it makes sense to build something from scratch, with all the features they have been looking for. However, you need to consider the costs. On average, it costs around $300,000 to build a home, so weigh this against the cost of buying pre-existing property on the market before you make a decision.

If building a home is something you have set your heart on, these are the steps you should take, and how they affect your finances.

1: Set a budget

You need to set a realistic figure before you begin, factoring in the cost of the land, building costs, loan repayments, and a contingency to deal with those unexpected costs. Use a construction cost calculator to give you an idea of the costs involved, as you don’t want to run out of money midway through the project.

2: Find the right location

You don’t want to build in an area that is inadequate for your needs, so think ahead. It is often cheaper to buy land on the fringes of a town or city, rather than the middle, so factor that into your choice. Wherever you choose, pay for the services of environmental consultants to make sure the land is safe, and free from hazardous materials and pollutants.

3: Speak to your lender

You need funding in place before the project can begin, so once you have chosen a plot to build your property, speak to your bank or another lender about arranging a construction loan. Funds will be released in stages, so you will only be paying interest on the amounts you have already drawn.

4. Know what you want

You need to have a clear idea of what you want your home to look like before you call in the builders. Your budget will dictate some of this, so speak to the experts, including architects and home designers who will help turn your dream into a reality.

5. Get planning permission

Before you start to build, you need to know that you are legally allowed to do so. Speak to your local authority for advice, and they will let you know the regulations attached to building property on the land you have chosen.

6. Factor in the hidden costs

Have a look at this article that will give you an idea of what to expect. There are costs you will expect to pay for, but it is good to be prepared for hidden and extra costs before building work commences.

7. Begin building

Should you choose a building firm, be sure to find somebody reputable. Be wary of those offering lower prices, as you don’t want anybody cutting corners on your project. There is some helpful advice here on keeping costs down in the construction process, whether you hire contractors or take on the building work yourself.

8. Enjoy your home

Finally, you will be able to enjoy your home, and spend whatever you think is necessary on the finishing touches. You could create the perfect home for you, or add value to sell later on. Enjoy.

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Knowing how to protect your earnings is an absolute must if you’re going to avoid bad financial situations befalling you both now and in the future. Luckily, we’re here to give you a few ideas on how to do just that. Here are 3 ways you can protect your earnings:

Have A Savings Safety Net

Having a savings safety net is crucial, whatever job you do and however much you earn. Consider every eventuality for a moment. Is there a chance somebody could fall ill? Could you take a pay cut? Could you lose your job? Many of these things can happen to anybody at any time. A savings safety net takes a while to build up, but when you experience an emergency, you’ll be glad it’s there.

Take Out Income Protection Insurance

Income protection insurance will help you if anything happens to your income in the long run. This is especially helpful if you are a contractor or a freelancer who could fall ill and lose out on cash. You’ll be seriously glad you got the appropriate insurance cover, even if just for peace of mind.

Use Your Money In Smart Ways

Make sure you use the money you have in smart ways. You should invest as well as save, as investing is one of the only ways to make a great return on your cash. You should also know when to lease or buy, as this can make a huge difference to your finances overall. Take a look at the infographic below for more information:

credit to auto.loan

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Shakespeare once said “Neither a lender nor a borrower be”. That’s a nice sentiment, but the bard didn’t live in an era of subprime mortgages, negative equity and business insolvency. In his day, all you had to do was write a few sonnets for a wealthy patron and you were golden. In the 21st century, however, lending and borrowing are not only essential in a realistic business climate, they’re the basis of our entire global economy.

In both personal and business finances, peaks and troughs are inevitable, and even the most successful among us have our rough times. From hip hop icon 50 Cent to Mark Twain, many of successful business and creative types face stared down bankruptcy and come through it stronger than ever. Even the billionaire president Donald Trump has been declared bankrupt four times.

Myriad circumstances may result in individuals and businesses filing for bankruptcy. While it’s undeniably a stressful and upsetting experience, it’s important to remember that though there are certainly repercussions following bankruptcy, by no means is it the end.

If bankruptcy is looking like a possibility, or even an inevitability here are some tips that will help you to make an informed decision whether or not to file:

Remember… You are not alone

Facing bankruptcy and feel like an isolating experience, but you are most assuredly not alone. In fact, over 800,000 people applied for bankruptcy in federal court last year. Filing will neither make you a social pariah nor mark you out as a failure. It is, however, important that you do it right, so hiring a bankruptcy attorney should be one of your highest priorities. Your spouse or partner doesn’t even need to file alongside you.

There are different kinds of bankruptcy

In the US there are two forms of bankruptcy; Chapter 7 and Chapter 11 and which you file for will depend on your circumstances. A Chapter 7 requires the business or individual’s assets to be liquidated, using them to pay creditors as much of the outstanding debt as possible. A trustee will be appointed to facilitate the liquidation and ensure that creditors are paid in proportion to the debt. A Chapter 11, on the other hand, reorganizes the debts and adjusts them in terms of repayment amounts and interest rates (much like consolidation).

You may still be able to get credit

You may feel that it’s the end for you and your business, but lines of credit will still be open to you. Remember, however, that over-reliance on credit is what leads many to bankruptcy in the first place. Bankruptcy is a highly instructive tool for many as it teaches them to really appreciate the importance of budgeting and financial planning. That said, the bankruptcy is not quite as prohibitive in terms of credit as many believe.

But it’s important to be realistic

Bankruptcy is intended to wipe the slate clean. It’s a fresh start for businesses and individuals, but it’s not without financial consequences. Credit gets harder to come by (but not impossible) and it could have repercussions on your business borrowing. Bankruptcy can help you but it should also be considered a last resort. You should first consider an alternative such as a consolidation plan before filing for bankruptcy.

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For many people who have the funds available, buying a second property is the ideal way to channel their money effectively. But before you get swept away with the amount of rental money that will provide a boost to your earnings or the funds that you will make from renovating it, you should think about all the other costs and factors that are not so apparent. To give you a helping hand, here are a few of the main things that you should consider before taking the plunge and buying that property.

Create a Clear Plan

First of all, you need to have a clear idea in your mind about what you are actually going to do with the property as this will massively influence your overall decision. If you are planning on renting it, you need to choose a place that is an attractive place to live for your target renters – whether they are students, young professionals or families. If you are planning on selling the place, you need to carefully do your sums so you identify a property that can be renovated for a good cost, while still providing you with a healthy return on your investment.

Select a Good Location

Just like choosing your own house to live in, location is everything. We have already talked about how this could affect renters, but you also need to consider how easy it is to get to your new home. This is especially important if you are planning on taking a ‘hands on’ role in the rental or development. If this is not the case, it may not be so much of an issue, but you still need to choose a location that is going to be appealing for people. Also, consider whether you will be buying land with the property as well – check out this guide for more info about house and land packages. Consider all factors including public transport links, proximity to schools and other facilities and the type of neighbourhood it is.

Budget for Unforeseen Costs

Any sort of big investment like this has the potential for unforeseen costs. Aside from the mortgage and taxes, you should also think about maintenance costs, which will play a major role regardless of whether you are planning on renting the place out or selling it on. Decoration and repair bills should all be factored in as well. Many first-time investors fall into the trap of underestimating how much it will be to get their new property up to code, so make sure that this doesn’t happen to you.

Plan Your Involvement

Decide whether you will be heavily involved in all aspects of the project or whether you will be leaving the job to external agencies. If it is the latter, you need to make sure that you choose some organisations that you trust to handle any issues along the way. Personal recommendations are always going to be the best way of ensuring you have the right people for the job. Each approach has its pros and cons, so make sure that you are fully aware of all of these before committing either way.

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