Magical Penny

When we see a path forward in a financial sense, it’s not hard to feel excited. For instance, if we realise we could potentially go for that mortgage now, or that we have a line of credit we could open, or perhaps we could finance a large purchase thanks to our credit being stronger, many of us find ourselves jumping for joy and enthusiasm that this is possible.

That being said, just because you have a financial path open in front of you, it doesn’t mean you should jump at it without thought. Sometimes, there are trade-offs we must consider, such as intensive repayment rates, or perhaps the inability of our financial standing to actually justify taking out that loan we are eligible for.

In order to make these decisions easier for you, we have decided to come up with a list of questions you could and should ask yourself before jumping into that large investment or financial commitment.This can help keep you grounded, as well as less impulsive, which is often a habitual process that can place any of us into financial dire straits.

How Will This Affect Your Future Plans?

It’s important to consider how any financial commitment will affect your financial plans. For instance, it might be that you’re planning for a child, but you’re in the middle of a job promotion that seems to be taking up all of your time. How long until this settles? Will you be able to easily keep going on one income, or one income on maternity support? 

Might it be that the house you hope to move into is actually quite an intensive investment thanks to how unfinished it is? Renovating this barn might be a wonderful idea in the long run, but balancing your yearly expenditure may require an extreme dedicated to time-focused thinking. This is worth considering in the long run, as it could make a real difference regarding how you plan your time and overcome certain strict challenges going forward.

Can I Wait For This?

Impulse control is important when managing your finances. For instance, it might be that you’re walking through a shopping mall. You realise that your iPhone is outdated, and there’s a brand new one out you’ve been wanting for some time. You have the option to join a phone contract to get it for free, right now, from a local carrier store. Then you realise that coming home and waiting a little, scouring online offers, and maybe even finding a resource to sell your current model could be a much shrewder move. These efforts and methods can sound simple, but it’s this principles that can often prevent us from diving into financial investments or commitments that will have a long-term affect.

Can you wait for this potential commitment to bear fruit? If not, at least you’ll have thought through the consequences. If yes, you may be able to get a better deal, or ensure that it works out in your favour. That has to be a reliable and worthwhile path forward.

Will It Affect My Financial Standing?

Your financial standing is comprised from more than just how much money or savings you have at any one time. Considering your credit commitment is also an important responsibility because it can quite easily help you avoid making long-term payments that you may not be able to keep up with. Furthermore, waiting until your credit score is stronger (by keeping up with commitments and paying off loans on time) can help you gain more of a credit score each and every month, which could ultimately lead to a better, stronger deal. 

This can affect how much of a deposit you may need to put down for a house, and what size of loan you can get, for instance. For some, it might be that instead of opting for that loan, they decide to go for a starting credit card to help pay off bills and build their credit score over time. How will your commitment affect your financial standing? Will it potentially open up avenues of risk? Or, provided you keep to your commitments, could you be in a much better place at the end of it? It’s worth calculating that question.

What Are The Exact Figures?

Whenever you come into any form of financial decision-making process, it’s essential for you to have the strict numbers and figures to back you up. You simply cannot work with guesstimates or vague understanding. For instance, an online mortgage calculator will help you understand just what kind of payments you may wish to make, or what you may be eligible for.

This can help you clearly answer the question regarding your capability of repayment, and if you should apply for this process in the first place. Furthermore, understanding the exact figures of how much debt you have, what your income is, what benefits you receive, how you budget, and what investments you have already made (including percentage fees and cutoffs) can help you more easily forecast your financial standing in the future. This can help any 

How Long Will This Affect Me?

It’s also very important to know that financial commitments take time to settle, and so whatever the commitment is, it’s important to place a timeline on it. For instance, it might be that you’ve just started a work contract that lasts twelve months, pending a review. Is your job security such (in this instance), that you can justify financing a car for your new salary right away? Will you be able to pay it off by the end of the year, as further work at this level may not be guaranteed? Keeping ourselves in check by continually assessing the practicality of our financial engagements, with all metrics considered, is quite clearly essential.

With this advice, we hope you can more easily understand if you should hook yourself to that financial commitment or not. If not, you have saved yourself from a difficult situation. If it is, that’s great! You can move forward with confidence.

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Buying an investment property is very different from purchasing a new home. With an investment, you want to focus on making money and finding a slice of real estate that has the potential to appreciate in value. If you’re on the hunt for your next acquisition, here are some positive signs to look out for. 

Increasing rental prices

If you plan to buy to let, it’s critical to research the local rental market and to look for properties in areas where prices are rising and the demand for homes to lease is increasing. The higher the demand, the better the rental value. Once you have a search area in mind, contact local agents to organise viewings, look at rental prices in the locations that interest you and use data to ascertain how buoyant the market is. 

Luxury homes and aesthetically-pleasing properties

Whether you’re searching for an apartment or a house to rent, or you’re keen to buy and then sell, it’s a good idea to look at the area and try and find properties in blocks or on streets that look smart and appealing. Many buyers value curb appeal and they want to live in neighbourhoods that look safe and inviting. With a flat, look for developments with luxury apartments if you’re aiming to attract affluent buyers and new blocks close to trendy bars, independent boutiques and cafes for young professionals. If you’re hunting for a house to sell, and you’re aiming to attract families, tree-lined streets, cul-de-sacs and quiet roads close to good schools and transport links will tick boxes on many buyer wish-lists. 

Development and investment

Investors will often target areas that are already sought-after, but if you cannot afford to buy in an exclusive area or an established hot spot, it’s beneficial to look for properties in up and coming parts of the city or suburbs that are popular with commuters or families. Signs of investment, development and regeneration often trigger excitement in investors who are looking to make money, particularly in the long-term. Look out for signs of building, for example, new housing developments and offices, new businesses like cafes, restaurants and shops, and improved transport links. 

Increased popularity

The property market is very interesting, and sometimes, places that have previously been overlooked by buyers and investors suddenly become hot prospects. This is often the case in big cities, especially in areas that have been regenerated and revamped. Up and coming locations become trendy, and the demand for properties in these parts of the town or city increases, pushing prices up. If you can get your hands on an apartment or a house at a time when the demand is still rising, you should generate a decent monthly income or make a substantial profit if you sell at the right time. 

Investing in property can be incredibly lucrative, but you have to choose the right property and sell or rent at the right time. Look out for these signs next time you’re keen to add to your portfolio. 

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If you need a quick sale on your house, whether because you’ve made an offer on your dream house, or need to sell the house of a relative who has passed away in order to cover costs, it can be tough. To sell faster, get the presentation right and prepare your property for sale. 

It’s obvious that the way your property looks is important when you’re trying to make a fast sale, but it’s surprising how many people fail to do it. Get the presentation right and a company like Sell House Quick Now can do the rest. 

Garden

If you have a garden, you need to think about making it look attractive to people. Many people see a garden or balcony as an extra room or extension of the house, so it can be a deal-breaker. 

• Cut the lawn. Untidy grass can make the garden look a mess. A quick trim can work wonders to get it looking neat. 
• Move bins out of sight. Bins aren’t attractive and can make the outside of the property look messy. If you can, hide them away in the garage or down the side of the house, or consider buying a bin store to keep them out of sight. 
• Make it secluded. A garden that is overlooked can be offputting for some, so think about adding some fencing or hedging to prevent this.

Appearance

Think like a property developer, and take some notes on how they sell new homes. Staging your property can help a viewer to fall in love with it. 

• Tidy up. Before every viewing, make sure the house is clean and tidy. No buyer wants to see washing up in the sink or children’s toys scattered everywhere. 
• Set the table for dinner. Use your best plates, napkins, and glasses. Touches like this help viewers to imagine themselves living in the house, entertaining their friends.
• Make the beds. Use neutral bedding, and dress them with cushions, so they look inviting, without putting too much personality in the room. 
• Put fluffy towels in the bathroom. Make sure they’re clean, and in a neutral colour. Fold them attractively.  
• Turn on lamps. This lights up any dark corners and can help to make rooms feel cosy, especially during evening viewings. 
• Make it smell good. Cooking smells, pets, and cigarette smoke are all a no-no. Make your home smell welcoming by brewing coffee or baking bread. Scented candles or essential oils can help too. 
• Control the temperature. Make sure that the property is a comfortable temperature. It should be warm if the weather is cold outside and cool if the outside is hot. 
• Use seasonal flowers. Flowers are a great way to lift a room and make people feel good. If you find it a nuisance to keep buying fresh flowers, invest in some high-quality fake ones. 
• Put rooms back to their original use. If you turned the dining room into an office or the spare room into a gym, try to put these back to their originally intended use. People can find it hard to picture three bedrooms in a house if only one has a bed in. 

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Owning a car gives you the freedom to travel anywhere you choose but it does come at a cost. As well as the cost of purchasing a vehicle, you’ll need to factor in the on-going maintenance and running costs you’ll encounter too.

Fortunately, there are ways you can save money as a car owner. By identifying the ways in which you’re spending more than you need to, you’ll find it surprisingly easy to make savings. To get started now, take a look at these XX ways you’re wasting money on your car:

1. Using Synthetic Oil

Some car owners keep their vehicle topped up with synthetic oil because they assume it’s better for the engine. However, this isn’t always the case. Before you shell out for more expensive synthetic oil, be sure to check whether your vehicle will benefit from it. In most instances, only high-performance engines really benefit from synthetic oil, so there’s a good chance you don’t need to waste the extra cash.

2. Spending Too Much on Insurance

A quick search on a comparison site will show you the variations in insurance premiums, so don’t be caught out by providers that charge sky-high prices. By looking for a low-cost insurance provider, you can substantially reduce your outgoings. When you take out car insurance with Call Wiser, for example, you can get the cover you need at a competitive price. By tweaking your policy to reflect your specific needs, you can lower the cost even further.

3. Frequent Tune-Ups /Services

You’ll need to book your vehicle in for a yearly MOT and an annual service can be beneficial but frequent tune-ups often aren’t required. Now that most vehicles are fitted with advanced computers, they can quickly alert you if something goes wrong. This means that most car owners won’t need to take their vehicle into a garage for routine tune-ups throughout the year.

4. Not Checking Tyre Pressures

Driving when your tyres are under or overinflated can increase the risk of accidents occurring. Additionally, the wrong tyre pressure can mean that your vehicle uses an excessive amount of fuel. By checking your tyre pressures regularly and making adjustments when needed, you can ensure your vehicle is roadworthy and save money on petrol too.

5. Ignoring Dashboard Lights

When a warning light appears on your dashboard, it’s important to take action swiftly. Some dashboard lights indicate a potential safety issue that will need to be looked into, whereas others relate to more minor issues. However, even seemingly minor issues can escalate into something bigger if they’re not remedied quickly. Avoid big repair bills by getting minor problems fixed quickly and efficiently.

Cutting the Cost of Motoring

Although car owners will inevitably incur some costs, owning a vehicle doesn’t have to be as expensive as it seems. By keeping your car well-maintained and looking out for savings, you can dramatically reduce your costs. No matter what type of vehicle you drive, there are simple and straightforward ways to cut the cost of motoring.

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Cold weather can be as tough on cars as it is on people. This means that it’s important to take particularly good care of your car over the winter months. A little prevention can save you a lot of time, hassle and money. Here are four tips to help.

If you have a new car make sure you know how it works

If you’ve just bought a car, then make the time to set it up properly and really get to know it under the bonnet. Don’t just look at the manual, open the bonnet and check that you can identify all the main components. Then check that you can actually take off the battery cover. This will make your life a whole lot easier if you ever need to jump-start your car.

Make sure that you actually keep the manual, at least in digital form. You may want to keep a copy on paper.  Used cars don’t always come with manuals, but you can generally find them online.

Clear out your car

Anything which increases wind resistance or adds weight to your car will increase your fuel consumption. This applies all year round. In summer, however, the minimal wind and warmer temperatures make it less of an issue.  

In winter, by contrast, your fuel efficiency is already reduced due to the cold weather. This means that lugging around any unnecessary extras can add a lot to your fuel costs. Only fit your roof rack when you are actually using it and be disciplined about clearing out your car at the end of each trip.

Clean and tighten your battery leads regularly

Even the best batteries struggle in cold weather. Making time to look after your car battery properly can prolong its life significantly and hence save you a lot of money. Check your battery once a week and clean off any corrosion you find. Then make sure that the clamps are tight. This is really important as loose clamps make it even harder for the current to flow.

Keeping your battery in good condition will go a long way to starting your car in cold weather. You’ll help yourself even further if you start your car the right way. Turn off all electrical accessories and then press down, very lightly, on the clutch as you fire up the ignition. This gives your car the gentlest, possible start and, hence, preserves your battery.

Cut out the idling

Idling dates back to the days of carburettors. Back in those days, engines needed to be heated slightly so they could achieve the correct air-to-fuel ratio. Those days, however, ended about two decades ago. Any car made since then almost certainly has an electric fuel injection system. This can achieve the correct air-to-fuel ratio at any temperature.

In modern cars, idling just wastes fuel and can lead to engine damage. What’s more, if you have your car idling on a public road, you could find yourself being fined for it. Even in a driveway, you’re increasing your risk of having an accident or having your car stolen. Instead of leaving your engine to idle, just drive off slowly and your car will warm up on its own.

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At the foundation of any financial plan, there is a budget. Regardless of if you live from payday to payday or earn six-figures, it’s important for you to know where your money goes. Budgeting has a bad reputation for being something that restricts you and stops you from spending money, however, it’s more about understanding exactly where your money goes each month. 

A good budget will make sure you stay on track so let’s have a look at some great tips you should be following: 

Creating Your Budget 

This is the hardest bit. You may find yourself staring at a blank piece of paper not knowing where you should start. You don’t need to worry though, it’s not as complicated as you may seem. You need to start with the most important bills, add in any priority debts, and then add in your luxuries. 

How To Succeed 

Once you have sat down to create a budget, you need to then make an effort to follow it. You may feel as though you going on a bit of a diet, you will start with great intentions, then possibly drift away from your plan. Try not to let this happen, remember you can always rework your budget if it’s not working for you. 

Be Mindful Of Overspending 

One of the main reasons you should create a budget and stick to it is so you can keep track of what you are spending and what on. When you stray from your budget the cause is usually because you are overspending, even if you have a budget to tell you how much you should be spent. It’s important for you to think about the reasons why you are overspending. Is it regularly in the same area? Perhaps you need to add more to your budget for your EE top-up credit because you need it for working from home because of Coronavirus?

Automate Your Savings 

This is a really useful tip. If you start to treat your savings as a monthly cost on each payday you are much more likely to succeed with your savings goal. Set up regular payments to automatically leave your account on the day that is ideal for you (usually payday). 

Outline Your Savings Goals

If you are going to save you need it to be for a reason. Saving for the sake of saving never seems to work. Whether it’ towards your pension or student fund, for home renovations, your first deposit for a home, or for something like a holiday. You will be more motivated if you set yourself a target. Think about what you would like to achieve and either set your savings amount based on the amount you need to meet your deadline or set your deadline when you will reach it from what you can afford to save each month. 

These tips should help you to start budgeting successfully. Remember a budget is about watching your money not restricting you.

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Building a new business can be a rollercoaster experience to say the least. At the end of the day, there will be days when you struggle and there will be days when you feel on top of the world. Even though there will be a lot of ups and downs, you still need to make sure that you don’t end up making too many mistakes. After all, every mistake you make may end up putting your business at an even greater risk of failure.

Slashing your Prices Too Soon

You may be tempted to cut your prices when you first start your business, but you have to try and avoid this as much as possible. If you cut your prices in a bid to get more sales, then you may find that you end up attracting customers, but soon find that they are not loyal to your business. They may be coming to you because you are cheap, and not because they appreciate your service. One issue with this is that when you put your prices up again, you may find that you end up losing them for good and this is the last thing that you want.

Not Having a Business Plan

Another common error is for you to not have any kind of clear business strategy. If you don’t know how you are going to succeed, then there’s a high chance you won’t. Having a good business plan is crucial because if you don’t have one then you may struggle to understand your priorities and you might even find it hard to measure success. If you are aiming to build a business, then you need to have a good process in place from day one. If you don’t then you may find that you end up struggling to build a good foundation and this is the last thing that you need.

Not Having Insurance

Believe it or not, it’s vital that you have insurance. You may need hire & reward insurance or even buildings insurance. Third-party liability is also crucial. If you don’t then you may find that your dream grinds to a halt before you have even had chance to get things off the ground. Sure, insurance is an expense but if you don’t take it out, then you are guaranteed to pay more in the long run.

Failing to Plan

Even if you have a business plan, you have to make sure that you plan for any unexpected long-term costs. If you don’t invest in your business in the short-term, then this will impact you in the long run. That being said, you need to make sure that you balance everything out so you don’t end up burning out too quickly.

Trying to do Everything Yourself

You can’t do everything yourself, so why try? You have to make sure that you are investing a good amount of effort into your company success for the future, but sometimes this means letting go of responsibility rather than taking more on.

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The United States has nearly 280 million vehicles in operation but at the same time, it has one of the highest levels of road traffic globally. Car accidents are becoming increasingly costly and research from the National Highway Traffic Safety Administration (NHTSA) stated that motor vehicle crashes in 2010 cost about $1 trillion in the value of losses from reduced productivity and lost lives. A study by Esurance found that about 77% of drivers have been in an accident, meaning you are always at risk. So what’s the best way to financially manage a car accident should you be involved in one? Here are four points to consider to avoid being faced with a hefty bill.

Take note of insurance and contact information

After a car crash, the first thing you should do if you are not injured is to get all the relevant information about the other driver and the occupants in their car. Details you should take include names, license plate numbers, insurance information, phone numbers, and willing witnesses’ contact information. Doing this gives you the necessary information your insurance company would need to process your claims.

Notify your insurance company immediately and start the claims process

According to NHTSA, private insurers foot the bill for about 50% of all motor vehicle crash costs, with victims paying about 26% of these costs. Your insurance company will most likely bear the financial burden of your accident. Many insurance experts recommend calling your insurance agents even while you are at the scene to make them aware of the crash. It would be best if you did this so your insurance company can start the claims process to make funds available to you for repairs within the typical thirty day period.

Hire a lawyer for potential legal developments

In 2005, the United States Justice Department’s Civil Justice Survey of State Courts stated that car accident lawsuits accounted for about 60% of state courts’ filed cases. A reported 64% of people who filed motor accident lawsuits won. In the aftermath of a motor accident, injuries are common and financial burdens often arise, making accident litigation still very common today. Consequently, it would help if you endeavored to seek first-class legal representation on matters like deciding whether to sue or settle and personal injury claims.

Take paid time off from work

Statista indicates that about 71% of workers in service-related occupations had a fixed number of days for sick leave annually, with the percentage being 68% for employees in other industries. The US Bureau of Labor Statistics in 2019 also indicates that 71% of civilian workers have access to paid leave benefits. Therefore, it would be best if you asked your employer for paid time off after an accident. By getting a doctor’s report of your injuries’ extent, you may convince your boss to allow you all the time for paid medical leave. You are more likely to succeed if you are employed full time, and your injuries prevent you from working.

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