How to lend money wisely





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We all have been there: you trustingly lend your hard-earned money to a “friend”, and when it’s time for them to pay you back, they hide from you, come up with the most creative excuses or worse, ignore you. Sometimes, you get so traumatized and decide to just say NO to all those people who ask to borrow from you. But there’s good news: there are steps you can follow to reduce, if not eliminate, the risk of such financial and friendship losses.

The following are five practical ways and precautions to avoid such.

1. Give instead of lend-  When friends or relatives notorious for not paying their debts asks to borrow 5000 from you, promising to pay you back in 3 days, will you lend money to them? I shall use my Uncle Ben (Benevolent) rule here: You can give 1%-10% of the amount they’re asking for, if you think that can help them. Let us remember that it is easier to give than  to collect money from borrowers. We are so shy to wear our collectors’ hat. I have many friends who get stressed out when it became time to collect. They lent so much money to common friends but rarely got it back, or on time.

2. Think, don’t just feel- When your friend is in an emergency and he/she asks for financial help, claiming to need this and that, sometimes you act without thinking and you immediately lend a hand. Your money is like ammunition when it comes to war. What if an enemy attacks you and you are left with no ammunition because you’ve lent it away? What are you going to do? Stop and think first, your savings account will dry up if you let your emotions rule you. I have a theory on why God put the brain above the heart: He placed it there so that it may rule over our easily deceived hearts.

3. Draft and Sign a binding agreement- The situation is this: They are asking to borrow 50,000 from you so they can fund their business, or they need to pay for an emergency situation. They promise that within 6 months, they will pay you back. You have money in the bank. The problem is how to wisely lend your money with minimal risk. Too many relationships both personal and professional have ended up being ruined because of unpaid debt. So my recommendation is to write down what was agreed upon, have it duly signed by both parties to ensure the presence of a clear agreement. Commitment is not optional since you guys are friends.  He needs to take the agreement seriously, and the payment terms should be clearly defined and followed. By simply writing it on a piece of paper and having it signed, you will have something to present to any arbiter just in case your borrower decides to run or hide from you. You can file a case against them at your nearest small claims court. This is a problem with the culture that we have: this is not a widely held practice at all. I encourage you all to be different in this case. There’s not much difference whether it be a big or small amount since it is not about the money in the first place, but rather about the principle of trust.

4. Assess the situation- You have a friend who is a party-goer, who frequently eats in upscale restaurants, who has so many gadgets and owns a brand new car. His family has a house bigger and better than yours. All of a sudden that friend got into a big mess and is now asking for your financial help. I recommend that you first ask why and how he came to be in such a mess. Let me remind you managing, not wasting, the money you have worked hard for is your primary task. When you find out what happened to that friend, you empathize and then assess your finances first to see if you have enough funds. Dig deep, be upfront, be concerned. Don’t be ashamed to ask why they need borrow from you. Asking them will also help you to make good financial decisions in the future. Is this for a worthy cause? If you demonstrate good and sound financial decision-making, it will be an opportunity to inspire others to follow your ways.

5. Learn to say No and be honest!- There are times with you really have to say NO to people asking to borrow from you. Whether it be due to your own lack of financial security, or due to your lack of trust, or due to your desire for them to learn, being honest is the best way to go about saying NO. Do not feel guilty about it. Do not also recommend other people to them for it will cause more problems. Don’t ever use your credit card for cash advances for it will cripple your sound finances with long term dues the fees involved.

An excerpt from got questions.org

The clear teaching of the Bible is that God expects His children to act righteously when lending money. And it helps us to remember that our ability to produce wealth comes from God (Deuteronomy 8:18) and it is God who “sends [both] poverty and wealth; He humbles and He exalts” (1 Samuel 2:7). Now, there is nothing wrong with legitimately loaning money and expecting to be repaid at a fair rate of interest (Proverbs 28:8; Matthew 27; Psalm 37:21). Yet we need to remember that the Bible’s teaching on money matters also includes borrowing money and indebtedness. Although the Bible does not expressly forbid borrowing money, it doesn’t encourage it, either. It is not God’s best for His people, as debt essentially makes one a slave to the lender (Proverbs 22:7). God would rather have us look to Him for our needs than rely on lenders. Additionally, as the psalmist makes clear, we are to repay our debts (Psalm 37:21). When we loan money to someone, we increase that person’s debt load and make it easier for him to stumble.

Thank you to the Chief editor: Gandalf the black

David Isaiah Angway is a Financial Evangelist

Celebrate the holidays and stay within your budget

Image via gettyimages

Winter is a hard time for your budget. But holiday still does not mean that you have to spend all the money you have on gifts for family and friends. I can recommend you some easy tips that you can use making decoration and gifts and during preparation to holidays.

Making invitations

The main purpose is to invite people you want to see at your party. You need to set a date and time, also determine a place, so your friends can plan their time according to your invitation. This also helps hosts to understand the amount of guests to prepare dishes.

In the past time people used cute cards to make an invitation, and also marked the necessary date in their calendar. But today we all use smartphones and other means of communication, so it is not necessary to spend money on cards and delivery. Also you can find many services online that can help you to invite people you want. This is much convenient and time saving.

The other possibility is to make an event in your social network, where you can also create a discussion about the following party. It will help you to prepare and understand what your guests want. Using this service will also provide a timely reminder, so none will miss the event.

Using an online service will also allow you to apply for personal money loan with online approval. This is the most convenient way to get extra money during holidays to make all necessary purchases and preparations. You do not need to save money during all the year and also miss good holiday’s propositions just because you have not got your salary yet.

Decorating your house

There are some traditions about decorating a house for New Years Eve. The most appropriate colors are thought to be gold, silver, red and black. So you should not be too quick when you take down your tree to make enough space for all guest on the party, you can try to redecorate it. You can use the decoration from the tree for the candles and place it somewhere in rooms. Also consider about using interesting things that you can always find in the garage. Use your imagination and be creative, this will help you not only to save the money, but also make unique decor.

This holiday has the other tradition to kiss people you love. So to create a good romantic atmosphere you can use candles, which you can easily buy not so expensive. It is better to choose candles with no aroma, because you will have a good tasty food which smell should not be mixed.

Cooking

At first you need to decide how big your company is. If you have just few close friends you can cook various dishes, but if the invited guests are not limited it is better to make a pot-party. You can also make just light sandwiches and salads, and discuss who can help you. According to my experience people do not eat much during such events, so it will be enough just to have appetizers. But you should not forget about drinks, this will obviously end at first.

The most necessary drink traditionally is champagne. But you can make a punch with vine and fruit juice, this will help you to use less champagne and make it more wanted when the time comes.

However if you decide to make a really big event, you can discuss with your friends and divide the meals to cook together. This will also diversify the menu and give you more free time.

Home Equity Lines of Credit

Have you ever looked around your home and felt it could use a little update? Perhaps the kitchen could needs new granite counter tops or maybe the bathroom is too small or even worse, the den is still sporting that shag carpeting from the 1970’s. If this sounds familiar to you but you are wondering how you might pay for the remodeling, a home equity line of credit might be what you are looking for.

What Are Home Equity Lines of Credit?

Simply put, a home equity line of credit is a line of credit secured by your home. Most homes have equity – meaning they are worth more than what you owe on them. A portion of the difference between the value of your home and the outstanding mortgage amount is the equity available to you. As opposed to receiving one lump sum of cash as you would in a home equity loan, you will have access to a line of credit, similar to a credit card.

First, your mortgage company will establish a total available loan balance from which you can draw. You can draw the amount you need or want up to the total available. For example, if you receive a home equity line of credit of $50,000.00, you can take as little as the minimum withdrawal amount and all the way up to the entire $50,000.00 or make several withdrawals as needed.

Home equity lines of credit use a variable interest rate which is often based on the current prime interest rates.

What Are Home Equity Lines of Credit Used For?

There are several uses for a home equity line of credit. Many people use them to update or renovate their homes. From a new backyard and swimming pool to updated wiring, this type of line of credit is a good option for covering the costs. In addition, some individuals use home equity lines of credit to pay off or consolidate debt from credit cards and other sources.

Another use you can use a home equity line of credit for is college tuition. This is a good option as the money will be available when tuition comes due twice a year as opposed to receiving a lump sum.

How Do Home Equity Lines of Credit Benefit You?

One benefit of home equity lines of credit is that the interest may be tax deductible. Your tax advisor can provide insight into your personal circumstances. In general, IRS guidelines allow  interest as a tax deduction as long as your line of credit is less than $50,000.00 for an individual and $100,000.00 for a couple filing jointly. If you use a home equity line of credit for any other purpose than home improvements, the interest is not tax deductible.

A second benefit of home equity lines of credit are the repayment options it affords you. You may pay a small amount of principal plus interest, which may help your monthly finances if you find yourself in a rough spot.

What Is the Easiest Way to Obtain Home Equity Lines Of Credit?

Having a good payment history is a necessity when it comes to obtaining a home equity line of credit. Like any home equity loan, certain criteria must be met before a bank or mortgage leader will grant you a line of credit.

If possible, review your credit score and clean up any inaccuracies. Be sure all of your payments are on time and above the minimum payment to improve your overall credit standings.  Your debt does not need to be entirely erased, however, all of your credit accounts should be current and in good standing. Secondly, ensure you have a solid employment history. Typically, lenders like to see at least two years of employment at your present company.

Once you feel you have your financial house in order, contact your current mortgage holder or the bank from which you obtained your original loan. Having a personal relationship with your banker or mortgage lender can aid in obtaining the home equity line of credit you are looking for. A local bank has a personal stake in the community, and that might make it easier for you when going through the loan process.

Home equity lines of credit can be a ready source of money for home improvement projects, both large and small. Whether you need a new roof, or plan to finish your basement, a home equity line of credit can help you increase the current value of your property. With a little planning and research, you should be able to find the right home equity line of credit for you.

This post was written by Holly Wolf of Conestoga Bank, a community bank servicing Philadelphia and its surrounding regions for over 120 years. This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material.

Personal Budgets That Work

Budgets do a lot of good, but you probably heard that already. If budgets do so much good, then why do we avoid them? 

Budgets are like exercise and eating right. We know diet and exercise is good for us. We know diet and exercise will help us be better people. We know the amazing benefits that happens when we follow a diet and exercise. Yet, we don't. It is easier, and more rewarding in the short term to gorge ourselves and sit and surf the interwebs. 

Budgets suffer the same stigma like diet and exercise. We know the benefits, but the discipline and work involved to maintain a budget or dieting or exercise scares us to accept the short term pleasures in lieu of long term success.

How do we make a budget work? If you're single and you have a money spending issue, then get someone who you trust and is responsible. Make them your "sponsor" and submit yourself to their direction and oversight. Some churches offer budget counselors to help in this area. 

Married couples need to be on the same boat. If one person controls the creation and maintaining of the budget, make sure to do weekly budget meetings with the other spouse. The reason is to make sure that everyone is clear on where the money goes during the week. This will prevent one person having all the control and keeping the other spouse in the dark.

The last thing you should do is get a budgeting program. If you read my other posts, you'll  know I'm a fan of YNAB. The cost for YNAB is $60 dollars but you can get $6 dollars off by following this link. While $60 dollars may be a lot of money, just remember YNAB offers a 34 day free trial, and if you follow the rules in YNAB, the money you'll save will  pay for the cost of the program.

The Top 4 Reasons People Fail at Budgeting

Budgeting isn’t easy, and many people experience difficulty trying to get the most out of this essential financial tool.  While the concept may sound simple, adhering to your budget could be a lot harder than you might think.  To help you experience success, here are the top 4 reasons why people fail at budgeting.

Unrealistic Expectations

The key to a successful budget is in the planning.  When you sit down to write up your budget, it is essential to be as realistic as possible.  If this is your first time working with a budget, or if you have previously experienced difficulty saving money, you should remember to start small.  Keep your goals simple and achievable, and then work on a budget that supports them without being too strict.  As you get used to your budget and start to experience progress with your savings, you can tighten the belt a little more. Following a gradual, step-by-step process will ensure that your budget is realistic, and most importantly, achievable.
  
Giving In to Temptation

Temptation is the biggest enemy when it comes to trying to stick to a budget. Months of hard work and sacrifice can come completely undone simply with one impulse purchase, so it’s important to be vigilant. Try and ensure that you are never in the situation to go through with spending on a whim by having clear goals and constantly reminding yourself of what you’re working towards. When you’re tempted to spend, walk away and take the time to truly consider your actions. It’s easy to get carried away in the heat of the moment, so removing yourself is an important step.   

Feeling like You aren’t Getting Anywhere

Sometimes it can feel like you are putting in all this hard work and not really getting anywhere. Your goals are still years away from being achieved, and you may start to ask yourself why you’re doing this. The trick is to focus on small, short-term goals that you can easily achieve, as this gives you a sense of success. By making budget a rewarding experience, you are far more likely to stick with it in the long term and avoid the feeling of being stuck in a savings rut.  

Not Seeking Advice

Many people aren’t aware of the help that is available when budgeting. Seeking advice from a reputable company such as Fox Symes debt assistance will allow you to access the highest quality professional budgeting advice personally tailored to suit your financial situation.  Not only are they experienced, they have a clear and objective approach to create a budget plan that reflects your needs. You don’t have to go through this on your own, and with professional advice, you’ll be able to experience great budgeting success sooner than you think!  

By being aware of these common reasons for failure, you can ensure that you avoid making the same mistakes with your own budget.  Remember that you can always get advice and support from a professional agency such as Fox Symes, ensuring that your budget has the very best chance of success.  Whatever you do, don’t give up. Budgeting might not be easy, but it is one of the most important and rewarding financial tools to help you to get on track and achieve your goals.

Choosing Credit Card Processing Companies?

These days whether be small or big businesses accepting credits cards is very important because without them you know you are going to loose quite a many customers. But the processing of the payments for instance working with credit card processing machines is not a layman’s job. For this you need to hire a credit card processing company. Since it is completely upon computer and internet networking not all business owners has an idea how it works. Very few credit card processing companies work for the betterment of their clients. You will never know about the service and may even loose thousands of money just as hidden cost. Hence choose the credit card processing companies carefully for which there are certain intelligent methods as well.



Tips on how to Choose the Right Credit Card Processing Company

• A certain amount or percentage of the total sale and the cost of the each transaction is what the company will ask from you. But usually this amount is double the actual cost and hence it is your call on how you negotiate the deal. Hence the first thing to check is the fees. In case a company is charging you less, you need to ensure how the transaction fee charging method is; is it monthly or on the basis of large sales. Hence you need to find out whether such hidden costs or fees are there or not.

• There are different types of transaction rated which you need to check and get updated regularly. For instance, there are times when swiped credit cards transaction charges are less while the swiped debit card charges are more, and such deals vary.

• The best way to check the credibility of the company is to have a contract with such companies only for a year. In case the service is satisfactory to you, you should choose to reconsider or extend the contract.

• Make sure you do a good background check up on these companies. Sometimes problems regarding such companies are reported in the consumer or government forums. For US, the place to find such complains is the Better Business Bureau or the Federal Trade Commission.

• To cross check the company, ask the business representative of the company to give you contacts of two of their clients. If they show signs of hesitation it is a sign for you that the company is not that good in their service. Secondary references also help you to do business better.

• Do not hire processing equipment from that company rather own it yourself. The rent of such equipment over the years would be much high than one time investments. In case you change the company, the equipments are not affected.

I am Sandy Wood, an entrepreneur by profession. Before contacting the credit card processing companies I had already bought the credit card processing machines. It actually helped me to get the contract deals quite cost-effectively.

How to Raise Money in Tough Times

The economy is in a pretty hard place for everyone at the moment. Each day, it can seem as if everything’s getting more expensive, while the amount of cash in your pocket just isn’t matching up to this change in lifestyle.

Rather than sitting back and doing nothing, it makes sense to tackle the problem head on by looking at clever ways to get more money coming in to beat the ailing economy.

Check out these top-tips for making extra money in harsh economic times.

Get work

The number one way to make money is to work for it. If you’re not in work at the moment, it can seem like a daunting time to look for a job, as you’ll feel like you’re competing against a lot of out of work people.

Make sure you have a great CV by spending time identifying what makes you a better employee than other people. This could be anything from your personality and attitude, to a specialist qualification that most people simply don’t have.

Then spend more time on the layout and format of your CV to make sure it’s clear, concise and really sells you as a professional. Try to keep your CV short to around two sides, so employers know at a glance what a great employee you would make.

Trade your things

One aspect of money-raising many people overlook is making the best use of what they actually own already. It’s much harder searching for new ways to make cash, rather than simply selling the things that you can do without.

Take a look at websites such as MusicMagpie, where you can sell your unwanted goods quickly, easily and totally free of charge. Be sure to have a look at the website here.                                   

All you need to do is fill out an online form to get an instant quote for your CDs, electronics, clothes and other consumer items. Then you can box them up and either mail them free of charge for remote payment, or drop them off into special shops for instant cash payment.

Start a business

Even scarier than looking for a job in trying economic times is the thought of starting a business. However, this can be one of the best times to launch a business, as long as you make sure you’re selling the right goods or services to the right client base.

With so many retailers now going out of business, there are opportunities to lease prime shop fronts and you can negotiate with the landlord to secure a good rent.

You’ll also find that businesses with lower start-up costs are more successful when consumer spending is low, so as a new business you won’t need as much cash to get your business trading in tough economic times.

Timesheet portal for financial report analysis

Timesheet reports and analysis offer a comprehensive pallet of reporting options. Timesheet reports often quickly analyse the project and all its resources and financial data. All the reports are actually based on live data. This blog post will focus on how timesheet reports functions. Take a look at it.

Timesheet tracks actual versus targeted billable hours:

Timesheet reports measure the productivity of the staff time. Therefore, any business who wants to manage their staff time and increase sale, make use of timesheet portal.

Timesheet generates detailed project reports:

Every detail of a project including the costs, margin, and budget and billing hours can be maintained through timesheet portal software. Every hour worked based on per client on individual target and billable time can be easily traced through this software. With timesheet debtor invoicing, cash flow management can be reportable on a real time basis which is essential for all business.

Timesheet helps to show the work in progress:

All the resources hours which are booked by the clients along with the charges that wait invoicing can be recorded.

Following are the other reports that can be tracked through time sheet portal:

The invoicing options include-Staged billing, time and material and any fixed price.

The custom billing templates which involves heaps of invoice layouts together with products can be maintained through timesheet.

Timesheet system helps you to chase money in the right way. The system track correspondence sent and receivable money and allow you to enter notes for further future references for easy receipt of payment.

The validation of staff time is well calculated by timesheet portal. This eliminates any guesswork and allows room for smooth management. Moreover, timesheet also removes errors and streamlines billing.
Using billing module along with timesheet is a great alternative for flexible invoicing.

Therefore, when it is a matter of acquiring an accurate business report, timesheet plays a major role.

When and how should we get Financial Advices?

We are all in need of someone who can cut our bills. For that we have to stop using Independent Financial Adviser. We have to know that from where and how we can get proper advice. If we have shortage of time in researching while searching for financial products which are complex, then the financial advice will seem worthwhile to us. We should take our full time for researching for the best products. Professional help has to be taken each and every time as paying the adviser is worth as it will ensure that we are getting all the things right.

Help from the experts are needed in some areas which are quite common. The first area which includes is the pensions. At the time of retirement we are supposed to get a pension which is the annual payment for the rest of the life. It is a financial transaction which is pretty big. For this, most of us would require an adviser as we have to acquire the best deal after searching in the market. The other financial transaction which is huge is mortgages. We should always remember that we will not be getting an instructor but an adviser. So it is important to know all the basics from before. The products which are complex include life insurance, protection of income, critical sickness, and also there are several exclusions. In some particular events, the adviser is not needed and it can be done cheaply.



Legally the advisors can be categorized into two parts. One is the Independent Financial Advisers which are absolutely unbiased and offer advice on all products found in the market. The other is the Restricted Advisers which can be located in the high street banks. The variety of products is limited to them.

International money transfer in UK is a quick way of transferring remuneration which is personal from the bank accounts in UK to others in abroad. The service of money transfer in UK is very efficient and dedicated and works as a team. Fees for anything are not needed and the exchange rates are competitive. The international money transfer is complete secure and is very fast. The amount from which money can be transferred is £250. The whole process of money transfer is convenient for using. Money can be transferred at any time whether it is day or night it does not matter. We can also save a lot of money through this process of money transfer. We can fix our rate of exchange up to twelve months as the pound will be getting weaker within that time. The options of payment are varied. Online payments can also be done. We are also able to manage our budget through this service as we will also know that how much we are paying every time we are transferring the money. We will have to ensure that we are making usage of the most effective processes for our purposes. We have to choose the best rates of exchange and also the charges of transaction.

Impact of the UK Budgetary Announcement 2013

The announcement of the UK budget will have a lot of impact especially to the both the employers and the contractors.

The budget has greatly considered the working parent. Parents will benefit from the new tax free vouchers that will offer £ 1,200 childcare to parents earning less than £150,000 per year, aimed at encouraging more parents to return to work after maternity or paternity leave. This will come as a boost to employers in the region.

The other set of good news to the contractors is that the 3% increase in fuel tax that was due in September has been scrapped and so has the escalating beer tax which will now be replaced by a cut of 1p per pint. Other alcohol duty rises remain in place though, such as 10 pence extra on a bottle of wine. Gin drinkers are the hardest hit and must pay 39p extra!

A focus on more sober matters, the chancellor steered clear of pension tax. This will come as a huge relief to contractors as pensions seem to have suffered in recent budgets, with annual allowance falling from £ 255,000 to £ 40,000 over the last three years of budget statements, while the lifetime allowance reducing from £ 1.8m to £ 1.25m. This has come in amid speculation that there could have been a further cut to £ 30,000 a year.

The government is also set to cap long term care at £ 72,000. This will put a limit on the proportion of an individual's wealth that can be consumed to pay up for their later years, although this is all in theory. This will provide peace of mind to those who want to plan for their old age and leave savings to their children.

There has also been a major boost to investors as Osborne has scrapped duty on the shares traded in growth markets. This will allow contractors interested in self-investment to access far greater range of options.

It is also a major relief as the tax loop hole that allowed many companies to dodge around £ 100m in national insurance will now be closed. It is important that the government closes this loophole as soon as possible, ensuring that no worker is left unaware that their tax status makes them ineligible for such benefits. Every worker should be secure in the knowledge that the correct tax is being paid by their employer so that they are not exposed to unnecessary risks.

It is also good news to all employers as from April 2014; the government will give businesses and charities an entitlement to a £ 2,000 Employment Allowance per year towards their employer National Insurance contributions (NICs) bill. This will particularly help small businesses who want to hire their first employee or expand their workforce;

The government also intends to promote exports and inward investment by providing support for more than 32,000 SMEs to export in 2012-13 and also provide support to UK exporters to win contracts worth over £ 3.2bn. Also encourage investment across sectors and regions.

The UK government also sets out to make UK the best place for business by improving access to finance and support to new and growing businesses. This will be possible through Seed Enterprise Investment Scheme and expanded Venture Capital Trusts and Enterprise Investment Scheme, funding raised so far through the Business Finance Partnership and the increasing number of banks and building societies signed up to the Funding for Lending Scheme.


The article was written on behalf of a paye umbrella company for contractors who also provide accountancy services to limited companies.

Joining a paid survey site

If you join a paid survey site, it will help you to make extra money from the comforts of your own home. You just have to register your name in a paid survey site for making some extra income. Make a research on legitimate paid survey websites and choose a suitable one for your end. Surveys are often used by the businesses in improving their services. You are given a small fee for providing input to enhance a business service. Let’s have a look at some of the tips for joining a paid survey website:

Make an alternate email account

You have to make an alternate email account for the purpose of taking online researches. It is because you will get a huge amount of emails. You can create a free account in Hotmail before registering your name with a paid survey site.

Find out a directory

You should also try to find out a directory of online paid research sites. You can go to the Free Paid Survey site for finding a list of websites to join and get paid for taking research work. Go through all the information on the paid survey site associated with joining the site for avoiding scams. Never pay for information on online surveys sites as genuine marketing research companies do not charge any fee.

Sign up with a legitimate website

Finally you have to sign up with a legitimate site matching your profile. You can sign up for free and can start working on online researches. Try to fill out the application with all the necessary information. You will then get an email on the process of activating your account. Opt for your suitable research works for earning points and prizes.

Register your name with Crowdology paid surveys UK and get the opportunity to earn extra money from your home.

Budgeting Your Debts Away

As consumers, we are often driven to create debts for ourselves. We have a built in desire for a house which, more often than not requires a mortgage. The same for cars which require loans and other great items that we simply can't pay for right now. When we go to the store, we are often asked if we would like to save 10% on our purchase today by signing up for a store credit card. Our answers, “Well, of course I would!” The simple fact is, our country and economy is based on debt. But, what if we really want to live debt free? Is it even possible? Well, I believe it is and I'll explain how I believe it can be done below!



The Budgeting Debts Away Concept

More often than not, consumers live just within their means. Therefore, the pay check to pay check lifestyle has become a reality for many! But, I believe that it doesn't take a pay raise to change the pay check to pay check habit. If you think about how much money you take in and, how much money you spend each month, you've probably come to the conclusion that it's not possible. But, I'm going to challenge you to think again!

This time, let’s really calculate this out. First, add up all sources of income that you have. This could be salary, side job, alimony and any other source of income that you receive consistently. Now, make a list of all payments you are required to make every month. This should include rent/mortgage, auto loans, credit card payments, utility bills, medical bills and any other bill you get every month. Add up all of the payments required and subtract the total payments from your total income.

Now, we have to think about food. From what's left, subtract the amount of money you spend every month on food. This does not include going out to eat. This amount should only include how much money you spend at the grocery store. Once you've got a new total, subtract the amount of money that you spend on gas for your car every month.

Your Total Is Monthly Leverage

The total that you come up with at this point is leverage that you can use toward your debts. But, how can you take advantage of this leverage and, get the most bangs for your buck? The best way to do this is to come up with a plan that pays off your highest interest rate first. No matter if you have only $50.00 at a high rate or if you have thousands at high rates, paying off the highest interest rate debt that you have first will save you the most money. With that said, to really use the extra funds you have to their fullest potential, you are going to have to do a bit of work. It's time to really start understanding your debts.

To understand your debts, it's best to make a debt portfolio. This is very simple. All it is, is a simple list. Make a list of all your debts in order from the account that charges you the highest rate the the one that charges you the lowest. Make sure to include all information that you can about your debts. Of course, the most important information to include is the lender, interest rate and balance. However, it's also important to include things like account numbers, pay to addresses and available credit.

Once you've created this list, you know that the lender at the top of the list is your target. This is the lender that gets the most out of you. Therefore, you are going to fight back by paying that debt off early and cutting off those high interest payments. Here's how it's done

There Is A Snowballs Chance In Debt!

As a matter of fact, one of the best ways to target the highest interest rate debt and get out of all of your debts quickly is by using the debt snowball! This concept is based on the fact that as you pay off debts, more and more liquid assets become available to you. Assets that can be used to pay off other debts. Under this idea, the total that you spend in payments for debts today is the total amount of money that you should pay until all of your debts are completely paid off. When using the debt snowball concept, you will pay minimum payments to all of your debts. Well, with the exception of one of them! The debt that charges you the highest interest rate should receive all extra funds you are willing to use to pay off your debts. By doing so, you will pay off your highest interest rate faster. That leverage we talked about earlier can be used for this!

And The Snowball Debt Rolls

Once you've paid off your first debt, use the extra money that has now been freed up to pay off your next highest interest rate balance. Now, you have even more money available to send so, you will be able to get this one paid off even faster than the last. Continue the process until all of your debts are paid off and, save tons of money and time when repaying your debts!

About The Author: This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance and avid personal finance journalist. Join the conversation about this article on Google+!

5 things you can do with £10,000

What could you do if you got your hands on £10,000? What if a bank decided that you were worthy of that kind of credit? Can you think of something that you might do with that amount of cash? Most people can come up with a few things they might do if such an amount of money fell into their laps. This is an illustration is just how important a bank loan can be. It can give you the power to make big changes in your life. Here are five things you could do with £10,000.

1. Pay off your high-interest debts

If you were able to get £10,000 at a low interest rate, you might be able to pay off those other debts that sit with a higher interest rate. You might think that taking out a loan to pay off other loans is a silly practice. It makes plenty of sense, though, if you are using a low-interest loan to pay off high-interest loans. This is one of the ways that you can improve your life.

2. Renovate your home
Do you see an opportunity to renovate your home in order to add significant value? If you had £10,000, you could go through with that additional bathroom or that kitchen renovation. This could turn your home into a potential money-maker if you decide to put it on the market.

3. Start a business

Are you the kind of person who has great ideas and great drive? If so, you might be able to start a business with that £10,000. If someone nicely dropped that kind of cash into your lap, you would be able to make some hires and buy a business space. It could help you launch the business that could eventually take your finances to the next level.

4. Buy inventory

What if you're already a business owner? Could you use £10,000? An existing business owner could also benefit, and the extra money could serve as an infusion into the company. If you have the sort of business where you need inventory, you could do some serious buying with that extra money. It could give you the ability to position your business for a nice run.

5. Get a start on university

Whether for you or your child, you could use £10,000 to get a start on university. Depending upon the school, it might pay for a year or it might pay for more. The money could give you the ability to get the sort of education that will put you ahead. If you are a parent, it could allow you to pay for your child's first few semesters away at school. 

How to Avoid Sliding into Debt after an Expensive Honeymoon

Going on your honeymoon should be about spending quality time relaxing with your partner as you start your married life together. Nothing spoils the romance faster than a mountain of debt awaiting your arrival back home! It can be hard, but here are the best ways to avoid sliding into debt after an expensive and luxurious honeymoon.

Stick to Your Budget

This is one of the toughest yet most vital ways that you can ensure your honeymoon doesn’t turn into a financial horror story. Coming home to increasing debts is no way to remember your special time together, so draw up an accurate budget and stick to it! Allocate your funds clearly between accommodation, meals, activities and shopping so that you always know how much you have to spend. Don’t let yourselves get carried away, as the guilt of overspending is guaranteed to follow you home, and can put disastrous pressure on your relationship.

Organise Your Bills Before You Leave

Some service providers and lenders will allow you to pay in advance when you are leaving on a holiday. Take advantage of this option for ultimate peace of mind on your honeymoon, where you can relax in the knowledge that everything is up to date. If pre-payment isn’t an option with the provider, many financial institutions will allow you to set up an advance payment to a specified biller? Talk to your bank to find out the full range of options available to you.

Consider Consolidation

Trying to keep track of your debt can be exhausting, with many couples having several credit cards, personal loans and a home loan on top of their normal bills and expenses to try and budget for. If you’re feeling like your debt could become out of control after your honeymoon, consider a debt consolidation loan. The way it works is that a debt consolidation company will give you a loan that covers all of your current unsecured debt.

This allows you to focus on paying off your debt with one monthly payment, often saving you hundreds of dollars when compared to your current repayments. In addition, the interest rate tends to be significantly lower than your existing loans and cards. With a consolidation loan, you will notice that it’s much easier to not only keep up with repayments, but make additional ones as well, which greatly increases your chances of becoming debt free sooner.

Save a Little Extra

It always helps to have that little bit extra in the bank just in case. There are a range of scenarios which could see your already expensive honeymoon become exorbitant, so being prepared for emergencies is essential. Having some spare savings will give you a buffer zone for the worst case scenario.

Don’t let your beautiful honeymoon drag you into insurmountable debt. Once you have strengthened your financial position and created a great budget, you can feel free to relax and enjoy your very special holiday with your partner. With these simple tips, you can ensure that expensive doesn’t become excessive, and that your honeymoon is one to remember for all of the right reasons.

About the Author: Emma Jane is a freelance finance writer and a frugal mom of two kids.

5 Creative Ways to Be Frugal, Save Money and Live an Abundant Life

The current economic environment has contributed much to a feeling of unease among many Americans. Savings are near an all-time low among the nation's citizens, and many people have excessive amounts of debt. Credit repair companies can be helpful for these people. Are there any ways to beat the system and have a great life? Living frugally and saving money is still possible for many. Here are five creative ways to save money.

Start a Savings Account

This might not be the most creative way to save money, but saving a bit of money out of a paycheck on a weekly or monthly basis is a great way to get started in having a good amount of savings.

Make Household Items at Home

Cleaners and detergents can cost quite a bit at the store. The name brands and store brands will both have significant markups. It is possible to make some of these cleansers with items that are probably already in most households. In many instances this can save a substantial sum over the course of a year.

Take Lunch to Work

Just about anyone with a job has to eat lunch at some point during the day. Those who eat out daily will usually spend between $5 and $10 each day if they are reasonably frugal. Taking lunch from home can frequently cost $2 or less. This could conceivable save around $20 to $40 per week. Added up over the course of a year, this can be a large amount of money.

Sell Items that Are Not in Use

Just about everyone has some items lying around the house or apartment that have not been used in months or years. Yard sales or internet sites are great opportunities to get rid of these items and make some money in the process. The profits can then go to savings or into buying more cheap items for sale. Both of these ideas will add to the bank account over time.

Find Online Work

Most people waste many minutes or even hours during the day doing frivolous things. Why not get paid? There are several online sites that offer work. Of course, it is important to be careful when doing work for online sites. Sites that do not have a strong and lengthy reputation should be avoided because there are many scams on the web. Over time, these small tasks can add up to fairly sizable sums of money.

Using just one or two of these options can improve the financial situation of just about any home.

Instant Cash Loans - The Preferable Solution for Sudden Cash Funding Needs

If you are short of time and need funds to pay your bills, then there are numerous options that you could choose from. You could borrow from your close friends and family members. However, the best thing to do is go with Payday loans. Although they charge you little high interest, at least you know for sure that you have cash that you need, and not spoil the relationship with your friends or family in case there is a delay in repayment.

Types of Loans To Manage Emergency Situation

• Urgent Loans
• Payday Loans
• Bad Credit Loans
• Instant cash loans
• Same day loans

Instant cash loans mean you will get fast cash within hours of dropping your loan application. To qualify for the loan amount, you must be a permanent resident of the country and above 18 years of age. You must have a job, which is permanent and pays a fixed salary every month and a valid bank account number to transfer the money.

If you fulfill the above conditions then you will quickly qualify for the instant cash loans. In such loans the lender does not verify your earlier credit records or ask for any documents. Once you have mailed your application form they quickly process, it so that you can get the amount in next few hours. However, once you have taken the loan you must repay it within the next 14 to 30 days time. Since these are short term loans, they hardly ask for any security deposit. The only condition is that you must repay it in a short time after you get your cheque on the next payday.

If you are in a rush and have little time to visit their office then you can just browse through their website and fill up the online application form at your convenience. Once you complete this procedure, you will get a call from the representative of the company and the money is transferred in next few hours time.

Avail Quick Cash at Low Interest Rate

You may never know when you will face uncertain expenses and if your credit history is bad, then you are in a fix. It is a known fact that you will be identified as a defaulter with such bad credit record. So, you are at your wits end. However, with instant cash loans, which have special facilities that are tailor made to suit individual needs, you need not worry. You can apply for loans in spite of having bad credit history and also get financial assistance to repay the loan at low interest rate.

Emergency Cash Loans

There are many lenders who offer instant cash loans. They do not identify people with bad credit as defaulters, instead help them to overcome such issues and avail loans under any circumstances. However, to qualify for bad credit loans low interest,

• You must be a citizen of the country or own a house
• You must be 18 years of age or above
• You should be working, and the nature of job must be permanent
• You must have a legitimate bank account number

If you fulfill the above mentioned points, you can easily apply for loans and get short term financial assistance. They do not check your credit records and also do not ask for any documents or collateral from your side. All they need is your bank account number, so that the money can be quickly transferred. Once you apply for the loan, you will get it within a day. Instant cash loans are easy financial solution to all your emergency needs.

How will you get the best out of your earnings?

Once you decide to join several survey panels, you may find that you do not have sufficient amount of time to take all of the surveys as they come. Therefore, this blog suggests some of the best way to utilize your time in order to maximize your profit.

Ideally when you join a survey for the first time, make sure that you take at least 5 to 10 survey invitation whatsoever the reward amount is. This allows the survey panel to know that you are a sincere candidate who is ready to invest time to provide honest opinion.This ultimately, helps you to receive higher paying surveys in your future.

How will you maximize the profit?

If you want to prioritize your time you need to first decide whether the surveys are worth of it. You will find a few surveys stating their rewards in cash while others prefer to reward you through a point system. The only important thing that you need to understand is that each panel has a different system of translating their rewards into cash.

Prioritize your time:

Once you understand the worth of every survey, you should start reviewing all your survey invitations. Try to pay attention to all the higher paid surveys first. While evaluating the surveys, it is important not only to consider the amount but also the amount of time required to complete each survey. Utilize your time in the best way possible. Make sure that you do not run out of time to complete a particular survey. Besides, keep a record of the earnings from each of the survey panels that you join. Use the information to decide which survey works best for you.

Therefore, know your survey well before you invest your time. You can contact Crowdology one of the good online paid survey if you are searching for online paid survey panels.

Three Online Stores That Truly Do Save You Money

The Internet has been a Godsend to bargain hunters. There is no other entity on earth that can save you as much money as a computer and Internet connection can when they are used in the correct way. Bargains aren't just "low prices" on products you want. There has to be an element of quality as well, otherwise you've just gotten a cheap item that you have to buy again at a later date. The following three online stores don't just offer a cheap product that you have to buy again later because it was a low quality product. These stores actually offer you high-quality merchandise that's discounted.

Overstock

Stores sometimes order too much inventory. When they do this, it's your lucky day. Overstocked items are sold for drastically lower prices at the end of their stock date because the store failed to move all of the merchandise. There's nothing lacking in the quality and no defects in the product. It's just a matter of management ordering more of a product than the store could sell, and when this happens you can find these items up marked down as much as 90%, just so they can get rid of the inventory and move new inventory onto store shelves. Overstock does this year-round and makes an entire business out of selling items for reduced prices.

My Jewelry Box

If you're searching for jewelry online, my jewelry box is an excellent choice for bargain hunters. You'll find rings, bracelets, necklaces, and more that are marked down as much as 70%, thanks once again to a store being smart enough to grab up and sell overstocked jewelry. There's nothing inferior about this jewelry. It's just that someone ordered more than they could sell and now they need to move the merchandise quickly. The items found at this store are truly beautiful, but they're always in limited stock so get it when you can.

6 PM

The Internet is well-acquainted with this remarkable apparel and accessories meta store that compiles designer brands together all in one place so that you can search by % marked down. This is a clothing and accessories store that gives you huge designer brand names and quality merchandise all in one place, so that you can pick and choose who to shop from and for what price. It's not unusual to find the biggest designer names marked down a whopping 70% at this store.

Eloise Hammond is a professional writer with 10+ years experience. She enjoys hiking, reading and spending time with her family. Also, check out FindTheCoupons and SkullCandy discount codes.

Top 4 Investments that Provide Long-Term Family Fun

Too often, families divide their items into two broad categories: items for adults and items for children. While each age group should have some of their own items, it can be nice to have activities for the whole family. Games help build bonds, and ongoing activities are great for building connections within a family. Here are four investments that will provide fun for the whole family for years to come.

Trampoline
No matter how old we get, trampolines are always fun. Kids enjoy being able to bounce high on them, and families can all enjoy some jumping time together. In addition, trampolines are a great way to exercise, and they can be an effective way to get kids away from the TV and computer screen for least a little while. Just be sure your kids are safe while jumping on the trampoline. Consider using a net around the trampoline or making an ground level trampoline.

Hot Tubs
Hottubs provide fun for kids and parents, whether together or for each of them separately. Family hot tubs and spas can be a great way to spend time with each other. While they are fun for the whole family, adults can use them after the kids have gone to bed, and kids will enjoy hot tubs as they become teenagers. Hot tubs are fun in all climates, and quality hot tubs are built to last. They will continue to serve parents well after the kids have left home.

Croquet Set
While the game is often considered outdated by modern standards, croquet is still a popular sport around the world, and croquet sets can be bought for low prices. On a freshly-cut lawn that is relatively flat, an improvised game of croquet can be a fun way to spend a weekend or evening with the whole family. These game sometimes turn competitive, which can help keep kids interested over time.

Game Table
A high-quality card table can be fun for all family members. Families that are competitive may enjoy them more than most. These tables are great for card games and board games. One fun activity families can do is to gamble for household chores. With a few lucky hands, mom and dad might be able to avoid doing the dishes for an entire week.

As kids grow up, they will inevitably form their own groups of friends and spend less time at home. By using the investments outlined above to start weekly activities, parents can get their kids to spend at least a bit of time with them. By making family time fun, parents can encourage their kids to keep coming back to spend time with mom and dad.

This article was written by Dixie Somers on behalf of bullfrogspas.com.