As more people are leaving their very insecure permanent jobs and going down the self-employed route, there doesn’t seem to be many financial preparations for the future anymore. And it’s hardly surprising, given the current nature of unpredictability in the market. People are setting up their own businesses, and approximately 9 out of 10 small businesses are failing because people are ill-equipped, or the financial strain is way too much for them to bear. Living a lifestyle of self-employment can be all about living day to day while working all the hours under the sun. While this isn’t the most fruitful way to live your life, how can you make the most of a delicate financial situation while working for yourself?

Assess The Real Amounts Of Outgoings

Living in a hand to mouth way means that you seldom stop and take notice of how much you’re spending. If you get a big contract, you may feel that you are in the money and spend quite lavishly, which leaves you out of pocket when you’re left wanting for work. The best way to tackle this is to establish a base level of spending and stick to that, though it’s worth doing this when you’re in a good working contract and not when you’re struggling. Look at your outgoings and cut back on what isn’t essential. Have you been to the gym in the last 6 months? No? Get rid of it. Getting a selection of credit cards is handy when you’re self-employed is handy for expenses, but not for buying everyday items. The best way to avoid temptation is to lock them away and avoid remembering the PIN number. If you have pressing payments when you’re in the middle of a contract, you could use a credit card to make the payment and then use your earnings to pay off the card. With costs like insurance, you can pay insurance premium by credit card which helps to spread out the debt over a longer period of time. It all depends on the rate of the credit card you have. It is always ideal to have a 0% card for business expenses. So if you needed to travel to another country, the card could pay for the travel insurance.

Look At What You Can Claim Back

One thing that newly self-employed people forget about is what they can claim as expenses. Depending on where you live it varies, but if you operate out of your home, you can make the most of cutting back on your energy bills if you use one of your rooms as an office. So if you have a phone set up, the internet, and of course, all your electricity usage for your business coming out of this one room, you could try and claim some money back on your bills. The rules differ, but you can always speak to an accountant to get the bearings on this situation. Self-employment is a feast or a famine, but saving money is possible in light of circumstances. Just do your research, and make the most of what you are entitled to.

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Credit cards are an ever expanding form of payment in the financial world, for both the consumer and the provider. If it is your first time buying a credit card, it can be quite overwhelming and confusing on what it all means. Here is a simplified list of what to expect from owning and using a credit card.

The Procedure of Making Payments

A credit card allows you to make instant purchases without the requirement of physical cash. Whatever provider you choose, you are set on a prearranged amount of money which you can spend on, but must pay back. This is when it gets a bit complicated, so let’s clarify. After a purchase, you have a ‘grace period’, which means you have up to 56 days to pay off the card without incurring any interest. Ensure that you never delay the payments of your bills. If you do, you can expect to have unexpected charges and penalties to pay off.

How to Keep your Financial Details Safe

We all like to feel secure when it comes to money, which is why it’s important to understand credit card safety. As soon as the card arrives in the post, sign the back of it straight away. This means that if it gets lost or stolen, you’re protected. Never give your account number to an incredible source. This includes giving any information over the phone (unless you initiated the call and talking to a bank), posting anything on social media or answering emails which ask for personal information (a bank would never do this). Check your account activity regularly for purchases which you haven’t made, either online, on the phone, or through paper statements, it’s easy and doesn’t take up a lot of time. If you feel like you’ve made a bad decision or the card looks fake, you can establish the legality of your card by using a reliable credit card validator. Finally, if you have lost any cards or feel like any fraudulent activity has occurred on your bank activity, go with your gut instinct and contact your bank or card issuer.

Features of a Credit Card

Many credit card users don’t understand all of the features which come with it. The biggest quality of a card is the credit limit which is attached. For first time consumers, a lower limit may be set by the issuer, meaning you need to watch how much you spend. Contact less payments are great for quick and efficient payments, especially when you’re in a hurry to get home for the football game. Any purchases under $100, simply tap your card against a contact less reader to make a fast purchase. You can also use a credit card for cash advances and balance transfers. Specific credit cards come with extra features such as, international travel insurance, extended warranty with best price guarantee cover and complimentary airport lounge access. Before deciding on a credit card, do your research and pick the best one which suits your needs.

Expert or not, credit cards can catch out the smartest of users. Which is why it is essential to always plan ahead and utilize the web for helpful information.

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If you’re in over your head with debt, you may be desperately seeking ways to get rid of it. Debt can hang over you like a black cloud about to strike you with lightning, but there are ways out. The first rule when it comes to clearing any sort of debt is to tackle it head on instead of avoiding it. Avoiding things like debt will just make the situation worse. So, how do you clear debt fast?

Plan It

Before you put any plan into action, you need to sit down and figure out where to start. What debt do you have? What are the interest rates on your Credit 24 loans and credit cards? Lay it all out in front of you, even if facing it makes you feel anxious. Common sense would tell you to pay a little towards each one every month, but it’s best to tackle the debt with the highest interest rate first. That’s not to say you should completely ignore the others, but if you can put more money towards the one with the highest interest rate, your payment per month should significantly decrease over time.

Transfer Your Balance

When you got your loans or credit cards, you may have been in a position where you had no choice but to go for higher interest rates because they were the only ones that would accept you. By transferring your balance to a loan or card with a lower interest rate or a 0% interest rate for a certain amount of time card, you’ll have the chance to catch up on payments.

Prioritize Payments

You shouldn’t take money that supposed to go towards your mortgage to pay a credit card. There are ways you can save money but you must prioritise your payments. Sort out the needs from the wants. For example, paying your electricity bill is a top priority, but paying for games on your Xbox is something you can cut back on. Here’s a list of other cut backs you can make to save money. The money you save can go towards paying your debt so don’t be tempted to use it on things you want.

Stop Using Credit Cards

There’s no point in working hard to pay off your debt if you’re still spending at the same time. It can be a habitat and an addiction when it comes to spending. So, if you don’t trust yourself with your card, ask a family member or friend that you trust to keep it for you. If you know you’re likely to spend again and end up in the same situation, maybe it’s time to give the card the chop.

The main thing to do when it comes to clearing debt is to not bury your head in the sand. If you need help, ask for it. There are many places you can get advice and it helps you to feel like you’re not alone. Just by reading this, you’re already on the right track. Good luck!

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When used smartly, with prudence and financial discipline, credit cards can be quite a convenient financial tool that can help you manage your rolling money better. However, anyone who has ever missed a credit card payment knows that missing timely payments of your credit card bill is one of the cardinal financial sins. Missing the due date of your credit card bills can have significant financial implications that could affect your overall credit worthiness.

Many falsely believe that paying the minimum amount due on your credit card bill is sufficient to avoid interest on the outstanding bill amount. However, your entire outstanding credit card bill will attract interest charges, irrespective of the amount that you have paid. Missing a credit card bill payment means a late fee will be levied when you fail to pay the minimum amount due by the bill due date. The longer the delay, the charges and late fees keep piling on and a heavy interest is levied on outstanding bill amount.

Depending on your card issuer, the annualized interest rate on this outstanding amount can go up to as high as 45% p.a.While there is a short window of interest free grace period that the RBI directs card issuers to allow and you can avail this window to pay any pending bills that you may have. However, missing a payment means that your credit score is likely to be adversely affected and the card issuer may reduce your credit limit too.

If, for whatever reasons you are unable to pay your outstanding credit card bill, contact your credit card issuer to convert your purchases into equated monthly installments. However, it may cause problems should you decide to apply for a consumer loan in the future.

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Debt management plans are usually offered as a part of a debt consolidation solution to your various debt problems. According to doylesalewski.ca it is a great way for you to seize control of your own finances and eliminate any unsecured debts you may have at the same time. Remember that unsecured debts are those that aren’t covered by a collateral asset such as a house or car. Typical unsecured debts include credit cards and student loan payments.

How it Works for You

When you sign up for a debt management plan, you are required to make a deposit every month to the company you signed up with. This deposit is used by the advisors at the company to pay off each of your multiple debts in a schedule that has been negotiated and agreed upon with the people you owe money to.

This monthly deposit you make is one that is determined by how much you can afford to pay each month while living frugally. You are informed of the amount you will pay before actually signing any agreements. You can have the monthly payment amount suggested to you by letting the debt management company analyze your income and expenses.

The Benefits of Using Debt Management Plans

These plans are made for a single reason – to keep your organized. This is the main advantage of such a program. It doesn’t reduce how much you owe, of course, but makes it far easier to pay off the debts because you make them on time. You can also finally make a budget for yourself that has a set goal and is realistic, without overdoing your spending on debt payments. These regular payments you make to pay off your debts also serve to improve the look of your credit score as time goes by, meaning that your creditors will no longer need to call you every two days to remind you about your outstanding payments.

Choose the Right Counseling Company

There are many credit counseling companies out there that are willing to help you manage your debt with a debt management plan. Most of these claim to be non-profit, while others will charge you for their services. You should always try to find a company that has trained, qualified and certified counselors working for them. Agencies like the Consumer Protection Agency, the Better Business Bureau, and the local DA office can help you identify companies that have a good reputation without any complaints or a history of bad service.

Points to Consider When Signing Up

It can take over three years to pay off all your debt using a management plan. While paying off your debt, you will have to live more modestly than you are used to. You also won’t be able to take out loans or apply for new credit cards while you are enrolled in the plan. If your payments on the plan are late, your costs may rise over time, and you will be at risk of having to stay in it for longer. With all these in mind make the right decision for yourself and your bank account!

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