Showing posts with label money. Show all posts

Ways To Borrow Money When You Need To

Sometimes we may need to borrow money. There may be a million reasons why. Jobs are no longer secure, with the worry over Brexit, zero-hour contracts and casual work all too common it's a worrying time for many money wise. If you are self-employed then an episode of illness could affect your bank balance and unexpected bills like the boiler or car breaking down, your windows need replacing, or a large dental bill can leave a big dent in your finances. Ideally, you would have a pot of money saved for emergencies like these but sometimes you just need to borrow money. 


This post is in collaboration with Polar Credit, a finance company that offers a credit line form of credit. This is an ongoing form of credit which you can use to borrow money when you need to. For more information on the application process, using the credit line and the repayment process read about Polar Credit here.

 This post does not offer financial advice but explains simply the different types of way to borrow. So let's have a look at the different ways in which you can borrow money. 

Overdraft

An overdraft is part of a bank account that allows you to take out more money than you have available. There are two types, arranged overdrafts and unarranged. It's good to have a small overdraft facility to use in an emergency. The interest rate will usually be high on an unarranged overdraft, whilst an arranged overdraft interest rate will usually be much lower.

Guarantor loan

A guarantor loan is a type of unsecured loan that requires a guarantor to co-sign the credit agreement. This means that they guarantee payments if the person defaults on the loan. You both need to go through the application process and that can take time. They are useful for large loans and long term loans but both parties will need a credit check. 

Credit card

A credit card is a card that allows you to buy something and pay for it in the future. You can get interest-free credit on a credit card if you pay the credit back on time, so they are useful for short-term credit however long term credit can soon be costly. You may be able to get a good deal on a new credit card such as 0% interest for a set amount of time but there may be an arrangement fee. There can be a lengthy application process.

Credit union

A credit union is a financial co-operative which provides savings, loans and a range of services to its members. It is owned and controlled by the members. 
A credit union are not for profit so will generally have decent interest rates but a credit union may require you to have a savings account first and live in a certain catchment area to access their loans or savings accounts.

Family and friends

Borrowing from family and friends can be a great way to borrow if you have people you know that will lend you money, as often it is interest-free, however, tread carefully as there will be expectations on both sides. What happens if you can't pay it back on time? Will they expect payment once a month? Borrowing like this can strain relationships for sure but could be interest-free so you need to balance this up.

Credit line 

A credit line is an ongoing form of credit which you can use when you need to.  You pay interest on only the amount borrowed not the credit limit agreed. It is usually faster to open a credit line account than a credit card and it has a much lower rate than a payday loan but more expensive than an arranged overdraft. A credit line is useful in the short term and can be convenient to borrow if needed as you can access the credit limit almost immediately.

Payday loan

A payday loan is a short term unsecured loan often used in an emergency. They can be convenient but usually, they have very high rates of interest. If you do not pay the payday loan off as expected the companies charge a late payment fee and interest skyrockets.

With all types of borrowing ensure you can see the annual percentage rate to compare products (APR), check if there are any arrangement fees and the total cost of credit and ensure you have everything in writing. When you apply for credit it will be recorded on your credit report.  If you default on any repayments this will be recorded and may affect your credit score and your ability to access credit in future. 

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Struggling to Reach Payday? Sell Your Jewellery for Instant Cash

If you’re still counting the cost of the festive season in February, you’re not alone. While Christmas has come and gone, many families are still facing the burden of excess spending and struggling to recoup their finances. With the combination of the early payday and a long month in January, it’s no surprise that 80% of Brits struggle with their finances over the festive period. What’s more, the need to take out payday loans is becoming increasingly necessary — a financial decision that can cause a hangover well into the year.

So what can you do?

While many families opt to budget hard or delve into their overdraft, a smarter option might be to sell your unwanted goods to earn an extra bit of cash and ease the pressure.

Sell your unwanted jewellery


Have you considered selling jewellery? Selling your unwanted silver and gold is always a safe bet. It’s something many of us have in a drawer at home and can actually be worth some serious money.

Now is the perfect time for a pre-spring clean, but instead of simply throwing your old jewellery away, why not give your bank balance a welcome boost by selling it to a cash your gold company? Not only are you guaranteed to get a fair price for your items (selling jewellery that can be resold will actually mean you get more!), but it’s also completely hassle-free. Sell your gold online and you won’t have to trudge to the high street and haggle with a pawnbroker. Simply send off your goods in a pre-paid envelope and if you’re happy with the price, the money will be sitting in your account in as 24 hours.

Finding a reputable cash your gold provider

When it comes to selling your old jewellery — even if you don’t have any sentimental attachment to it — you still want to make sure you find someone you trust. Gold and silver prices fluctuate daily, so do your research and make sure you’re getting a fair quote. Getting your jewellery appraised can make all the difference, so be on the lookout for cash your gold companies who are experts in the industry. The last thing you’d want is to be stung by a provider offering you the price of scrap when your jewellery is actually worth a lot more.

Don't want to get rid of your old jewellery? Other money-making tips

You may have plenty of old jewellery around the house that holds sentimental value, meaning you don’t want to sell it on. But selling jewellery isn’t the only way to make some easy cash.

Sell your unused goods online

The majority of us have a habit of not throwing things away. It’s that old adage that things will come in handy again at some point but, realistically, it’s unlikely they ever will. As a result, it’s so easy to accumulate a vast amount of junk in a short space of time. A good rule of thumb is that if you haven’t used it for a year, it might be time to consider passing it on.

Online marketplaces such as eBay are a great way of getting rid of your old stuff easily — and to minimise your costs further, keep an eye out for the chance to host your auction for free. You might just cause a bidding war! You never know who might fall in love with that handbag you bought last year, but haven’t used since.

Future-proof your bank account

How great would it be if every time you bought something, be it your weekly shop, a holiday or a new outfit, you could earn extra cash? With cashback apps and websites, such as Quidco, you can! While you may be cutting back on luxuries in the first few months of the year, with cash back, you might find you don’t have to scrimp on that takeaway treat you’re craving at the end of the month!

The New Year may be a time of promise and beginnings, but as the daily realities of bills, spending from previous months and a long wait for payday set in, you may find yourself struggling. We could always do with a little bit of extra cash, especially during tough times, and selling jewellery and your belongings can, quite literally, pay off.

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Ways To Make Money Whilst Travelling The World

Make money whilst travelling the world. Sounds almost too good to be true, doesn't it but people do this every day, combining their love of travel, whilst funding it through working abroad.

Make sure that your money goes on travelling and enjoyment and not medical bills. It is now easy to secure a good level of travel insurance before hitting the road, with a choice between a signal trip and a multi-trip.

Before you go off to wander the world, there are three important things you should do - Plan, Prepare and Save.

If you have a lust for travel you can make money doing what you love

Plan - where you are going to go, how long you will be in a place, whether any injections and visas are required, and how much money you will need. Maybe you want to sell some of your possessions to raise money for the trip, if you don't you may need to put them in storage.

Prepare - -think about your skillset and how it will help you find a job. Are you good with computers (programming, website testing), communication (guide, TEFL, PR), people skills (hospitality work), languages (interpreter, guide), or childcare (au pair, nanny)? You may want to have a job lined up for your first destination, so do some searching online and apply. For those interested in childcare, consider working with an agency like goaupair.com to find suitable positions and ensure a smooth transition into your new role.

Save - it's important to have that financial safety net behind you, so start saving now. Depending on how long you are travelling, it's essential to have a few months savings in the bank until you become established in an area and this will help if you have difficulty finding work.  To make some extra money, sell your old car, any broken jewellery, and items you no longer need to make that financial safety net.

Not sure where to start? Here are my top ways of making money whilst travelling the world below.

Blogging

You can make money from blogging. I know as I do. Typically bloggers make money from sponsored posts, affiliate advertising, and social media promotion. 

 It helps if you are an established blogger but why not set up a blog about your travels around the world? You do need to put the time and effort in though, writing on a regular basis, promoting your blog and building your following. It's not as easy as some people think but it can be done. You also have the added bonus of documenting your travels along the way.

If you travel blog, you may be invited on press trips. This has the bonus of free travel and accommodation and you may even get paid for it. You will be expected to write about it, and share your trip on social media too so it's not an easy job.

Vlogging

If you have skills behind a video camera then set up a YouTube channel and post your Vlogs online. It's important to think about your style, your unique voice and who your audience will be, then build up your following.

You can monetize your Vlogs through YouTube advertising and sponsored content. The more views you get with YouTube advertising the more you will make and generally, brands will look at the numbers following you, the quality of your Vlogs and if you are a suitable ambassador for the brand.

Teaching English As A Foreign Language

You can make new friends teaching English abroad

Teaching English abroad is a viable career choice if you have a good command of the English language. It also helps to integrate yourself into an exciting new country and interesting new culture.

It is, however, advisable to get a qualification to teach English abroad such as the T.E.F.L. (Teaching English as a Foreign Language) qualification. This will help you get a well-paid job in a country of choice and many of the best schools do not consider teachers that aren't T.E.F.L. qualified.

Studying for the T.E.F.L. qualification does not require any formal qualifications and age is not a barrier either as students are from the age of 18 to retirement age.

Virtual Assistant

A Virtual Assistant or V.A. provides professional administrative, technical, or creative skills to clients remotely at the end of a computer. In this day and age, it's possible, with good Wi-Fi, to do this almost anywhere in the world.

You could be updating websites, answering emails, posting on social media or any number of tasks required by your clients.

If you want to find work like this, check out sites such as Elance, Upwork, and People Per Hour.

Work In The Travel Industry

Working on a cruise ship will give you the opportunity to travel as well as earn money

Whether this is with an airline, cruise ship or tour company, working within the travel industry can have the added benefit of free transportation and accommodation too. 

It will depend on what role you are applying for, to what skills you need. Jobs on cruise ships include chefs, shop staff, fitness instructors, entertainment coordinators, security officers, plumbers and engineers. Cabin crew aboard an airline will need a good standard of education and have excellent customer service and organisation skills and have undergone training on safety and security.

Creating A Passive Income

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Many long-term travellers are entrepreneurs and have more than one income stream.  Creating a passive income, e.g. income that comes in with little effort on your part can be a very useful addition to your bank balance. 

If you have a blog, advertising can be a great passive income, and many companies are happy to pay for sidebar ads on a quality blog. If you own a property that you are leaving to travel, renting it out can cover your bills. You may not be a millionaire overnight but writing an ebook or online course can create an income stream that will trickle in nicely.

 There are many other ways to make money whilst travelling the world, and this post doesn't even cover traditional methods such as bar work or waitressing. As you can see making money whilst travelling can be done, and if you are off on your travels I wish you all the best on your adventure.

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Car Finance Explained

Finding the right car can be a difficult process. Do you buy privately, from a franchised dealer or from an independent garage? Then there is the style, the model, the colour, the specifications. Once you have found the right car there is a myriad of options on how to pay for it and in this post, I will explain some of the car finance options available.


Cash

 Ideally, a cash deal is the simplest transaction and often a discount can be negotiated for cash if you part-ex your car. This does, however, need some forward planning and not everyone will have the cash available to pay for a new or second-hand car. Do you have a car to part exchange or a car to scrap to raise some cash? 

 Personal Loan

 According to What Car magazine, a personal loan is the most popular way to finance a car. Borrowing from a bank, building society or another loan provider allows you to own the car instantly, as opposed to leasing a car and not owning it until the last payment. 

 Generally the better your credit history, the lower your A.P.R or Annual Percentage Rate - the interest you pay on your loan. If you have had problems paying back loans in the past there is car finance available for people with bad credit,  however, interest rates may be higher.

 Personal Contract Purchase

 A Personal Contract Purchase (P.C.P.) is another popular way of financing a car. Similar to hire purchase, you pay a deposit, there is a fixed interest rate and then monthly payments, usually between 1 and 3 years.  At the end of this time, you have options to keep the car, trade the car in or return the car to the supplier. 

 The car's Guaranteed Future Value (G.F.V.) is set at the start of the agreement. If you keep the car there is a final payment to be made,  if you return the car and it is in good condition and you haven't gone over the agreed mileage then there is nothing to pay. If you trade the car in the G.F.V. is used to calculate anything owed.

 Hire Purchase

 With Hire Purchase, the car is owned by the company until the final payment. A deposit is paid, usually around 10% and then there is fixed monthly payments. You have no legal right to sell the vehicle until the final payment has been paid. 

Personal Contract Hire

Personal Contract Hire (P.C.H.) allows you to rent a car with an agreed mileage for usually 2 or 3 years. At the end of the contract you do not own the car, you just return the keys to the company.

The advantages of P.C.H. is that is many cases maintenance is included, and if you renew your contract when it runs out you get a new car every 2-3 years. Deposit and monthly payments are also relatively low but you never get to own the car.

So these are some of the finance options available when you are looking to get a car. Have you used any of these?

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Las Vegas Money Saving Tips

Las Vegas is certainly an interesting place, it's not all about gambling either. I have visited twice now and enjoyed the shopping, entertainment and great cuisine.  The hotels are amazing too - you can visit Paris, New York and Venice, all within the themed hotels and all within a pleasant stroll of each other, and that is just for starters!

 I am happy to spend money on great meals and fabulous experiences, whilst in Vegas but I certainly don't like wasting money either.

Here is my guide to saving money in Vegas.

  1. For the best prices on hotels, stay midweek and avoid Vegas when large conferences/big events are on as prices rocket.
  2. Consider staying downtown as hotels and restaurants are normally cheaper.
  3. Check out Priceline. Their 'Name Your Own Price' feature can give you big discounts, especially if you don't mind which exact hotel you stay in.
  4. It may be worth staying in self catering accommodation, the Vdara and the Signature have such rooms. Even if you are only making your breakfast every day you can save a fortune.
  5. If you are on Facebook, you can build up freebies on My Vegas. This app allows you to plays games and complete tasks for points which build up for discounts and free food, shows and hotel rooms affiliated with MGM resorts.
  6. Travelzoo and Groupon have regular deals for Vegas on hotels, attractions and restaurants.
  7. Sign up for emails with hotels and restaurants before you go for special offers.
  8. If you are getting a taxi from the airport to the strip, tell the driver not to take the freeway. Vegas taxi drivers are notorious for doing this which adds to your taxi fare.
  9. Sit at a 1c machine and play for a little while. The waitresses come around and you can order a drink for free, just tip a dollar a drink.
  10. Search online for "Happy Hours Vegas ", to find the best prices on alcoholic drinks.
  11. For cheap show tickets in Las Vegas check out https://vegaslens.com/discount/shows-tickets/.
  12. If you are booking any tours in advance search for discount codes online. Viator for example have a 10% discount code at certain times of the year. Check their social media pages.
  13. Vegas is known for its buffets. If you go at 10.30am you can pay for a cheaper breakfast buffet but 11.00am is often the time they bring out the lunch so you get the choice of a breakfast and lunch buffet at the cheaper price.
  14. The Grand Canyon shop on the strip sells cheaply priced water - 2 for $1 and soft drinks 2 for $2. Much cheaper than any other shop in this area.

  15. Search restaurant.com for vouchers which you can buy to slash the cost of meals.
  16. Ceasars has a 24 hour buffet pass which can be used in a number of restaurants.
  17. Have your biggest meal for breakfast and lunch and have a snack for dinner as dinner is almost always the most expensive meal of the day.
  18. Split meals in casual restaurants. Most portions are BIG, appetisers especially.
  19. In Vegas many hotels do not have a coffee maker, so consider taking a travel kettle, sugar and powdered milk if you need your tea or coffee in the morning.
  20. If you have nerves of steel and can spare 90 minutes attend a time share presentation and be sure to say no at the end to collect free show and buffet tickets.

Here are some tips on saving money in Vegas. Let me know if you have been and if you have used any of these tips?

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Nutmeg - The Spicy Savings Portfolio

Putting money aside is a good idea for big life events, unexpected costs, an emergency and for retirement planning, but who can you trust when you want the right savings account and how can you limit your risk?  

Have you heard of Nutmeg? Nutmeg is a simple to manage online savings platform, with completely transparent costs.



Image Valentyn Volkov Shutterstock

 Started in 2011, by Nick Hungerford, who was frustrated by the exclusivity and lack of transparency in the investment world, Nutmeg is the UK's first online discretionary investment company.

They invest primarily in Exchange Traded Funds or ETFs. These are simple, physically-backed and liquid securities that comprise a range of asset classes including equities, bonds, commodities and cash. As Nutmeg is a totally independent company and not tied to anyone, they can select the assets, holding and securities that they like and base their investments on past performance, and the spreading of risk

Building up a portfolio of investments like a best share isa can be daunting to those that are not experienced in this area, what with finding the best interest rates and understanding the costs involved it can be a minefield, so it's reassuring to know that as an investor in a Nutmeg product you are not charged any initial or setup charges, any exit fees or any trader or broker fees. You will only pay 0.3 to 1.0% based on how much you invest. 
As a Nutmeg Investor You are Not Charged Any Of these Fees


It is important to point out that with all savings nothing is guaranteed, and your investment can go up as well as down. Nutmeg manage the risks by tailoring the portfolio based on your individual needs, spreading your risk and opportunity and regularly reviewing your investment. 

Frequently Asked Questions

You are not locked into any minimum terms, and the minimum investment is £1000 for each fund you create. To get started you answer some simple questions such as the type of account you want, the goal and the target amount. It allows you to set a timeframe and a risk level from 1 to 10, and then shows you a financial projection. The risk levels start at 1, "Avoiding Loss" to 10 , "I'll risk large losses for higher gains". I found it interesting going through a dummy run to see the list of investments they would make with different risk levels.

Of course, you could open these accounts yourself but this platform guides you along the way through the investment maze, in simple easy to understand language. Costs are also kept low due to the bulk-buying of investments. 

You can open a Nutmeg ISA, start a personal pension plan and transfer your ISAs and personal pension pots to other providers. I am particularly interested in the stocks and shares ISA.

If you have an interest in the stocks and shares market but want to be guided along the way I think the Nutmeg way of doing business is perfect for you. You are guided, some of the risk is spread and your investment is regularly reviewed. 

 An important point is they are also regulated by the FCA.

 Let me know what you think of the Nutmeg way of investing. Do you have a pension fund, ISA or other long term savings?

 * A sponsored post, words and opinions are my own.
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