If you are like most people in this world, you only have one job that brings income in for you and your family. And that is because most people only have time for one job. The typical job is around 40 hours a week, for most of us the two day weekend is never enough time to recuperate from a busy work week. Every working person should be looking at ways to have income coming in that is separate from their regular work. It’s not hard, it’s just that most people don’t know where to look or where to start. For instance it isn’t hard to start up an internet business; depending on what you are selling it might not even cost you a dime to start up. If it does, get a merchant cash advance to help you out. Once you have the idea anything is possible, as long as you work toward it. Here are just some simple ideas to make some extra cash on the side, they are so simple anyone can do them:
Go online
Get paid to spend time searching the internet. You heard right! Companies pay to have people to have people do online surveys, searches, emails and so on.
Put your hobbies to work for you
Why not make money from the hobbies that you enjoy doing so much. Do you paint, or make jewelry? Why not create a website or go to E bay to try to sell your items online? You can even head out to your local weekend market and set up a booth for some extra cash.
Offer services
Are you good in math? Are you a piano virtuoso? Maybe you enjoy landscaping or wind surfing. Whatever it is that you enjoy why not profit from it. Offer your services on weekends or week nights. But don’t forget to register your business.
The meaning of the term frugal is to be “prudent or thrifty”. In order to be frugal with your credit card, you must begin to think of your credit card as you do your paycheck. There is only so much money to spend and you cannot go above that amount.
The limit on the credit card should not be the level at which you spend on the card. Set a limit that is lower than the actual credit line available on the card. When shopping, behave as though that is all the money available on the line of credit. Setting a budget for individual credit cards will help keep things in check and make you a frugal credit card user.
There are other ways to be frugal with your credit card as well. Compare interest rates to make sure you are getting the best rates available. If you are not getting the lowest interest rate you can obtain, consider changing credit cards. Transfer higher interest credit card balances to the lower interest rate credit card. This is a common practice today and should be considered by anyone who uses credit cards.
Use credit cards only when necessary. Emergency situations may require the use of a credit card, but consider saving for other items that are not necessary to purchase right away. For instance, if your refrigerator goes on the fritz, it is an emergency and you need a new one in order to keep your food from spoiling. If you want to update the kitchen with a new refrigerator, it is not necessary and you can be better served by saving for a new updated refrigerator.
The most important way to be frugal with your credit cards is to assure that payments are made on time. Making late payments on a credit card can cost hundreds of dollars a year, depending on the total balance used on the credit line. Late fees and interest raise the total amount you will have to pay the credit card company. It is a waste of precious money that could be used to pay the debt down or to put into a savings account.
Be frugal with your credit cards. Never use them for unnecessary purchases and limit the number of credit cards you keep. Credit cards can help your credit rating, but they can also be a detriment to it if it is not handled properly.
A credit card can either be a person’s greatest dream or worst nightmare, depending upon how they use it. By adopting a good set of strategies for proper credit card usage, credit troubles and debt can be avoided. Here are 5 methods to employ for responsible credit card usage:
If this is possible, paying off the full balance after receiving a statement is a very wise thing to do. Any balance carried over to the next statement period will incur an interest charge. These interest charges will continuously add up over time, making it much more difficult to pay off a credit card balance. Even if paying off the full balance is not possible, it is still a good idea to try to at least pay more than the minimum payment required, as this can help lower interest fees.
Many credit cards come with certain perks such as free movie tickets and free flight miles with a major airline. The key, though, is to not overspend with a credit card just to get the rewards. If a card balance becomes too high coupled with interest fees, this will offset any rewards.
Scam artists are always looking for innovative ways to fraudulently obtain a person’s credit card information. These may include telemarketing or email scams, where these criminals request credit card information. Fake deals are frequently posted online encouraging customers to use their credit cards to purchase fake goods or services, only to end up being scammed. It is a good idea to always check to see if the company or person who is requesting any account information is a reputable source. Also, it is wise to keep the card concealed as much as possible to avoid the wandering eyes of any scammers who may be looking to steal the information.
Just because it is easy to get approved for these cards does not mean it is a good idea to obtain them. Possessing too many credit cards can certainly result in massive debt. Even though the extra lines of credit may initially seem tempting, it is best to stick with just one or two credit cards to avoid any further financial hassles.
To curtail bad spending habits, try limiting credit card usage to only the most essential purchases. These may include electric bills, gas or groceries. Credit cards may also need to be used in times of emergencies. Frivolous shopping sprees and other extraneous purchases can quickly deplete a credit line, making it impossible to use in times of necessity.
Credit cards have their advantages, but they certainly have their downfalls as well. They should ideally enhance financial ability, not detract from it. By using credit cards prudently, many financial pitfalls can easily be avoided.
Author Harvey Wakefield is a financial counselor and writes for creditcardhelp.com.au, a site providing help with comparing credit cards, and reviewing rewards programs and credit card balance transfer deals.
Image: Hakan Dahlstrom / Flickr
If you have less than stellar credit, you might be wondering if you could ever get your own cell phone. Whenever you open an account for anything these days, the first thing that happens is a credit check. A service provider wants to make sure that you are going to be able to pay the bill each month and do so on time. If you have bad credit what are your options?
Get A Prepaid Phone
The best thing you could do is to get a prepaid phone that you pay for as you go. That way, if you cannot pay your bill that month, you simply just wait until you can buy more minutes. The phone is bought just like you would buy anything else, and there is typically no contract. If you are not sure about being able to qualify for a monthly plan, this would be your best option.
Pay A Deposit
Some providers may allow you to sign up for a plan assuming you are willing to pay a deposit for your service. This will guarantee that your bills will be paid until they can make a determination about your ability to consistently pay your bills. The upside is that if you pay off your bills on time, this may be reported to credit agencies and improve your credit score.
Sign Up With Other People
Find a friend or family member who has better credit and is willing to put you on their plan. The good part is that you might only have to pay 10 dollars or so a month for your line, assuming that whoever opens the account only makes you pay for your line, and not split the bill in half.
Buy A Phone Outright
If you are thinking about getting a cool new phone, you might just want to buy the phone outright and not worry about a contract. You still have to pay the bill each month, but if you are not obligated to pay for anything more than you use. Buying a phone, and then picking an inexpensive plan, could be a great way to get around contracts and expensive monthly plans.
Getting a cell phone will require a credit check for the most part. However, you can get around this by paying a little more upfront, or by getting a phone that will not require a contract, or service plan. If you have bad credit, you might want to consider these options as your way to get a new phone as soon as possible.
About the Author: Author Stephanie Sanders is a communications consultant and writes for mobilephones.org.uk, a provider of all the latest cell phones and many unique plans.
Are you lucky enough to be satisfied with the jobs that you currently hold? Or do you wish you could step away and try something different? You may want to start your own small business—but what should the focus be? How do you get started? If you want to turn a hobby into something that makes money, the tips below will be a great help!
1. Determine What You Are Good At
Before you make your small business dream a reality, you first need to think about what you should focus on. What do you believe you are good at? If you enjoy cooking, you may want to pursue a business that sells cookies, pies and so on. If you are very handy with a paintbrush, consider painting the homes of others. When you really love something, it is easier for you to motivate yourself and get things done.
2. Do the Research
Once you have chosen a subject, you need to put in the necessary research. You cannot hope to start making money if you do not know what to charge or where people typically sell items that center around your chosen hobby. How much do the professionals charge for their products? How much does a person new to the business charge? You also need to know if you want to have a physical location, a website or both. Many small businesses opt for both, as they can reach more potential customers that way. If you want a physical location, you will need to look into renting office space or turning a room in your home into an office.
3. Think about What the Budget Will Be
Physical locations mean investing in various office supplies such as printers and office chairs. You may not have to spend too much if it will be just you running the show most of the time, but you will still have to come up with a budget. Creating a website means coming up with a design and possibly hiring somebody to put it all together. Before you so much as purchase a box of pens, make sure that you sit and do the math. You do not want to spend money carelessly, especially if you do not have a lot to work with.
4. Ask For Help
If you are new to the world of business, or even if you have worked in business for several years, you cannot hope to bring your small business into fruition alone. If you want to succeed, you are going to have to ask other people for help. Whether you need somebody to set up a website, design a professional logo, or simply help you shred papers, it can help you cut back on stress and loss of time on projects.
Do you want to start a business based on a hobby? With the information above to help you, you can set yourself down the right path.
Photo credits: Furniture Making by Katina Rogers/flickr
Professional logo designs are important to companies. It is their first message to the world. Avery Petersen a brand consultant who works with companies to find the best designs for their message. Click here to find out why Logo Mojo is his top choice.
Read the 5 points below. If they all make you feel shamefully red faced and you know you’re guilty of them all, you NEED to change. Being broke in 2012 will not be fun. There are no excuses, you’re just lazy and need to kick yourself into shape. Nobody else will do it and all that will happen is the money hungry banks will feed off of your vulnerability and make life continuously harder for us all. So sit down, read through the list below and start making changes today. It really isn’t hard, grab a pen and paper and make a to do list and stick to it. If you don’t, there’s no way you’ll survive in this era of low income and high inflation, you might as well work for a bank for free.
1: You’ve Not Cancelled Recurring Payments
Online banking makes it a lot easier to keep track of your outgoings, so if you’ve not done so already, get yourself hooked up with online banking. You can’t even begin starting to look at the wider picture of your finances until you know exactly what’s coming in and out. Take a look at things like overdraft charges, direct debits and any additional bank account charges. If you have credit cards for people with bad credit, make sure you’re paying at least the minimum payments back each month. Most importantly though, CANCEL any payments that you no longer need. If you’ve subscribed to an online newsletter you no longer use, or any kind of recurring payment you’re unsure about, look into it, pick up the phone and cancel them.
2: You Can’t Say No
Saying no to people doesn’t mean you’re boring. If anything it shows you’re your own man (or woman) and won’t be easily led. If you really don’t want to go for those office drinks on a Friday night, don’t go. If all of your friends invite you to a gig but you really know you can’t afford to go, just tell them. Don’t have too much pride to say no. At the end of the day, you probably will enjoy yourself more on nights out and at events if you know you’ve got money to spend. Otherwise you’ll spend the whole night, and the remaining time until payday worrying about money again.
3: You’re A Lazy Shopper
The likelihood is, if you haven’t got a firm grasp of your finances, you probably go out a weekday, stuff a load of rubbish in your basket, whack it on your bad credit credit card and don’t really think about what it’s costing you and when and where you can save money. For most of us, weekly shopping is where we spend most of our money and if you’re overspending, you’re probably not considering exactly what you’re buying. Firstly, try shopping online each week as this is where the majority of the best deals can be found. It also stops the temptation of impulse buying.
4: You’re Too Generous
Generosity is great, but only if you can really afford it. If you find that somehow you’ve not got any money and yet you’re still lending cash to friends and family you need to make changes. Be honest about it and next times your friend asked to borrow a couples of pounds that you know you’re probably not going to get back, politely decline and say you’ve really not got enough money to be lending out. Avoid taking your credit card out with you and instead give yourself a daily cash allowance to avoid overspending. If you’re a parent, think about the amount of pocket money you’re giving your child. Are you giving them money to learn about money management or have they got you wrapped around their little finger?
5: Playing Ignorant
Possibly a little harsh but generally if you’re spending too much money you probably already know but might be letting those envelopes and bills mount up, well aware of the fact you’re ignoring dealing with the issue that’s right in front of you. When it comes to finances, ignorance is NOT bliss and will lead you down a rocky path. Don’t let things pile up and deal with each and every letter when it comes through the post. When you refuse to take a serious look at your own finances the only person you’re hurting is yourself.
Scott is a writer who would urge all those in financial trouble to sit and assess their finances before the New Year.
Think back over the years of how many coupons and weekly special fliers you have likely tossed away in the trash or recycle bin; if you’re like many average households facing a tight budget during the rough economic ups and downs, you may start to lament all those freebies and discounts that you ignored before. Luckily, it’s never too late to start saving money by using coupons and discount offers!
It seems simple to just go through the Sunday paper and cut out a few coupons to use during the week, but if you do it this way, you’re likely to lose more money than you save. Why? It’s easy to give into impulse buying when stores send out discount fliers and offers to make something seem like a great bargain, even if you don’t need it or won’t use it.
Plan your budget for the week, and stick to it. Avoid just picking up items or food because it “seems like a good deal”. If you don’t need it, don’t buy it.
Along with a budget, make a complete list of things you will need, and then find the coupons for those specific items. Remember to make it fit within your budget and avoid impulse purchases.
Most coupons are good for several weeks; if you don’t need to buy something right away but think you might need it later, just save the coupon for the next week’s shopping.
There’s more to finding coupons than just digging around in a newspaper or visiting your favorite retailer for their store discount flier. If you’re reading this survival guide, it means you have the Internet, and the Internet is one of the most powerful tools in helping a shopper find the best deals.
Check manufacturer websites for online specials and online coupons that can be printed out or used right on the Internet, but remember to stick to your list and budget.
There are many free coupon sites to check out that offer regional and national coupon specials that include everything from diapers and cereal to saving a few dollars on a car oil change.
Read the fine print carefully for expiration dates or restrictions. Additionally, find out which store coupons can be used along with manufacturer coupons to save even more money.
Look high and low. You can find a coupon for almost anything if you take the time to research.
With a little effort and some shopping discipline, becoming a coupon savvy consumer can definitely make a positive (and big) impact on your household’s finances. While some stores are cracking down on unethical coupon use (namely people who try to scam the retailers with over-using coupons), most stores are offering some pretty great discount deals to encourage consumers to come through their doors. While coupons are designed to make the store money, the coupon survival expert will see savings almost immediately; remember even small discounts adds up over time!
Photo credits: January first by Crystl/flickr; 11.10.08.SDC14021 by Victor Martinez/flickr
There are a ton of coupon and deal sites available on the web today. It is difficult to sift through all of them to find the best option. Tom Blanchard does all of the work for you and provides his suggestions. The couponcroc.co.uk of the UK has been one of his favorites for a long time running.
Everywhere you turn, the prices are going up. It doesn’t matter if it’s the box of cereal you’re buying or the internet bill you’re paying; inflation is affecting everything. It can be a scary world to live in, especially if you’re living paycheck to paycheck. Thankfully, there are things you can do to negate the effects of inflation in your home.
Cancel Subscriptions and Services You Don’t Use
Each month, sit down and think about the subscriptions and services your family uses. Are you using your music streaming account each month? What about your satellite radio? Do you read the magazines and newspapers that arrive in the mail or simply toss them in a pile? What about that fancy satellite package? Do you actually watch all the channels you’re paying for? Chances are you’re spending hundreds of dollars each month on things you don’t even use. If you don’t use these services, cancel them immediately and use the money on things you do use.
Shop Around for the Best Prices
It doesn’t matter if you’re shopping for a new insurance plan or groceries, shopping for the best prices can save a lot of money. Yes, this does take time and research, but wouldn’t you rather spend time than money? Just make sure you’re getting the same quality and you’re not sacrificing things you need just to save a buck.
Think Before You Buy
When shopping for groceries, stop and evaluate your cart before checking out. Think carefully about each item and whether or not you really need it or if it’s just something you want. For example, it’s okay to have a couple snacks in your cart, but if 25% of your cart is ice cream, chips and pop, chances are you could do without most of these items.
Kick the Habit
Without a doubt, the number one way to fight the cost of inflation is to kick those nasty habits. Stop smoking, save alcohol for special occasions, switch to drinking water instead of pop, purchase fruits and vegetables instead of junk food, etc. These habits are not only expensive, but some carry huge taxes as well. Not to mention, that you’ll be healthier when you stop bad habits, which means you’ll get sick less often and have fewer doctor’s bills.
Inflation is never easy to deal with, especially when hours are being cut at many jobs. Thankfully, you can easily cut back on unneeded expenses to reduce the effects. Cancel subscriptions and services you don’t use, shop for the best prices, be logical about what you purchase and kick those bad habits. Before you know it, you will be more financially stable and less stressed.
About the Author: Ross Prinzivalli is a finance specialist and professional writer. He enjoys counseling people on money saving techniques, watching for updates on www.ufxmarkets.com, and writing about bankruptcy procedures.
Buying a new home is an exciting time for many people. This is especially the case if this is your first home. Many first-time homebuyers are not always aware of hidden costs involved in the purchase.
In the heady feeling of potentially being a new homeowner, it is sometimes easy to overlook certain costs that will be involved and that are not always made obvious by the lender.
These hidden mortgage costs can add a substantial amount of change to the payment required to buy a new home. It is best to be armed with the knowledge of potential hidden costs before anything is signed on paper.
The first and most important thing is to shop around and find a mortgage lender that will give the best interest rates and terms for your requirements and you could use a comparison website such as moneysupermarket to compare mortgage rates.
When the right lender has been found, it is now time to inquire about the not so obvious costs that will be involved. Honest lenders will disclose the charges upfront. There should be no surprises down the road.
The most common costs many people do not give thought to are the fees associated with the transfer of the property and the charges involved with this.
Fees will have to be paid for the property appraisal. The title insurance of the lender and the credit report will all need to be taken into consideration. These are all legitimate fees.
When dealing with a mortgage brokerage it is not always so clear-cut. There may be fees for underwriting, warehousing, loan origination and document preparation.
Not all mortgage brokers will charge these fees but it is important to be aware that some will attempt to do this. It is important to ask the lender upfront what the fees associated with the mortgage will be.
There is a chance that the lender may ask to be paid a loan charge of one or two percent. This is what is known as points. You should inquire what kind of discount you would get on the rate of interest.
For every point paid there should be an interest rate reduction in your loan that is at a minimum, 1/8 percentage point. This should be for as long as you have the mortgage.
If you are planning on living in the home for a minimum of 10 years, pay the loan fee only. If you plan to sell sooner, it would be best to take the zero-cost and no-loan fee that includes all lender fees in the rate of interest.
Make sure that your loan does not contain a pre-payment penalty. This can add up to a substantial amount and may cause financial difficulties for the prospective home seller.
It is also important to be certain that the mortgage does not contain a negative amortization. If it does, it means that the interest rate is adjusted monthly or semi-annually. Any unpaid interest is then added to your loan balance.
These tips should help the future homeowner be a lot more aware of what the potential hidden costs of buying a home can be.
The term “creditworthiness” refers to an individual’s eligibility to borrow money. Lenders assess the creditworthiness of anyone who applies for a loan, a mortgage or a credit card to determine whether or not they represent a good lending risk. Ever since the nationwide financial crisis, most banks are seeking only the most creditworthy consumers to avail of the opportunity to borrow money.
There are three major credit bureaus: the Trans Union, Experian and Equifax. These bureaus are used by banks to request someone’s credit report during the process of evaluating their creditworthiness. Your annual income, the length of time you have resided at your current address, the amount and specific type of your assets, your bank account balances including checking and savings, whether or not you pay your bills in timely manner, how long you have been employed with your current employer and other determining factors play into a creditor’s decision-making process when they are considering offering you a loan or line of credit.
While all creditors have different criteria, in general, should any of the following appear on an applicant’s credit report, they would be considered a poor credit risk and likely not be availed of the best interest rate, if they are even offered a loan at all.
Habitual non-payment of bills or paying bills late are big “no-nos,” so to speak.
According to FICO, a credit scoring company, an individual’s payment history is the greatest influence on their credit score, accounting for 35% of their number.
Likewise, it does not look good if your report shows that you have had any accounts turned over to a collection agency. This typically indicates that you have defaulted on your bill long enough for your creditor to deem the amount an “uncollectible,” write it off their books, and turn it over to a third-party collection agency to attempt to recoup the amount owed.
Should any one of these be present on your credit report alone or in combination: repossessions, liens, legal judgments, and bankruptcies, it will have long-term negative consequences on your ability to borrow money or open a credit card account.
If you find yourself to be in a bad financial situation for whatever reason, the best thing to do is contact your creditor as soon as possible and explain your situation.
Most, in the interest of collecting what is owed to them, will be willing to work out a different payment schedule in order to prevent you from defaulting.
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