Signs of
economic recovery, regardless of how robust and where they are read, are not
likely to dent the global growth in payday loans. From the U.K. to the U.S., Canada and across the globe to Australia, short term loans made to employed
individuals have become firmly ensconced during the recession as a means of
obtaining emergency money.
The losers
in this trending are credit cards, auto title loans and other forms of both
secured and unsecured lending. As millions of people have either lost or been
refused revolving credit, they have discovered the low-commitment, short-term
nature of payday loans. These are some of the reasons for the surge in
popularity of short term loans.
Short Term Loans Now in Online Form:
A dramatic
innovation over the bricks-and-mortar retail locations of the past - short term
cash loans can be processed in about five minutes. The borrower can also
execute the transaction entirely from a personal computer, including when he or
she can pay bills online with the emergency cash. This reduces the time
commitment from about 120 to 180 minutes down to about ten minutes altogether.
Ease of transaction:
The
features of a payday loan are easily understood: It’s money for emergencies,
based on (a partial) value of a paycheque. But the process is just as
important, perhaps even more so. It just simply is easy, paperless and
straightforward to take out short-term loans, with key benefits:
Privacy:
Transactions
from a computer are largely protected from discovery by family and friends, as
might otherwise occur when going to a retail location.
Speed:
In the U.K., the payday loan can arrive in
about one hour, deposited directly into the borrower’s bank account. In the U.S. and other countries, that might require
a single business day for the transmission of loan funds.
Credit:
Under most
circumstances, borrowers do not need upper-tier credit scores. The loan is
based on being employed, less so on past money management behaviours.
Even as
lending and credit loosen up, the behaviour of seeing payday loans as a normal
means of accessing emergency money is likely to continue.
Americans'
perception of frugal living has changed substantially since the Great
Depression according to the recent report by Pew Research Center (2010). Now, consumers are searching for
ways to adjust their spending habits which is clear in the growth of financial
tools available to help them save money. With the right knowledge and tools,
you can take control of your finances and rebuild confidence in the way you
live your life.
Frugal living is
the first step in managing your finances. You have to know where your money is
going and how you want your money to work for you. According to the Federal
Trade Commission (2011), self-help is the most effective help in managing debt
and personal finances.
1. Review
financial documents including bank statements, pay stubs and credit report.
Your bank
statements can explain more than you're willing to admit. Your bank and credit
accounts sometimes receive overdraft fees and interest fees because of your
misuse. Identifying the real issues behind your spending habits is the only way
to make a change.
For example, if
you earn $5,400 a month and pay $7,000 in bills so you are in the red and owe
$1,600 to creditors, which can go to collections, that damages your credit
ratings. If you notice overspending in your accounts, you can start tracking
your spending to see where your money is going.
2. Track spending
for 30 days.
You can see where
your money goes if you keep track of every dollar spent for 30 days. By tracking
your spending in a systematic method, you will develop the skills necessary to
find problem areas. Getting your finances on track means monitoring the amount
leaving the home, so you save more to invest within the home.
3. Create a
two-column spreadsheet for your experiment.
Grab a sheet of
paper to create a two-column spreadsheet outlining every cost you have during
the month. In the first column, write the estimated amount you think you pay
each month, and in the second column, write the actual amount then file the
invoice under expenses. Identify and cut unnecessary spending then develop a
budget to repay debts and build an emergency fund.
4. Work with
credit card companies to lower interest rates.
Lower interest
rates can increase the cash flow you have remaining after paying your monthly
expenses. Review your Terms and Agreements, Truth in Lending Act forms and
contact your creditors directly to ask about lowering your interest rates. If
you can take control of the payments, you will save money.
5. Consider a
different credit card.
Do you have cash
back credit cards in your wallet? Unfortunately, many people are unaware of the
benefits geared towards saving money with credit cards. The best credit card
deals help money managers in saving money with low interest rates and 0%
introductory offers. If you have too many credit cards now, consider making a
balance transfer to a lower interest rate card offered by the same creditor.
According to the Pew Research Center, 62% of households have changed the way they
spend their money to survive (2010). Another half reduced the amount of money
owed on credit cards and improved their savings habits.
Daniela Baker is a personal finance blogger at
CreditDonkey, where she helps consumers find the best credit card deals to get their
finances back on track. You can make a
few changes to your lifestyle by changing the way you see money. Money is a
tool; money is an object that makes living easier. Take control of your finances
and you will take control of the way you spend your remaining dollars in
reaching your goals.
Christmas is an expensive time of the year; there are presents
to buy, family
to see and work events to attend. It is not surprising to hear
that finances
are a push in December and January. The good news is that you
can make your
Christmas much cheaper and even find some freebies, as long as
you are willing
to look out for vouchers.
Whether you are looking for presents or you want to afford a
family meal, there
are vouchers for you. These are available online and all you
need to do is do a
quick search in your favorite search engine. Here are some of
the top ones to
look out for this Christmas:
Vouchers for Children
Children love toys, and getting to build their own bear and
dress it in clothes
is a great present. Build the Bear Workshops can be found all
around the
country and there are some vouchers for them online. These
vouchers offer as
much as 20 percent off of all online orders.
IWantOneOfThose Vouchers for Everyone
IWantOneOfThose.com is a website that offers a variety of gifts
for the whole
family. There are cuddly toys for children, books for avid
readers, literally
anything that you could possibly want. The website is already
reasonably priced
but you can make it even cheaper with vouchers. There are a
variety of
different vouchers available to help you buy exactly what you
need this
Christmas.
Vouchers for Entertainment
When it comes to looking for things to do this time of year, the
theater is a
popular option. One of those reasons is because Christmas is the
time for
pantomimes. These are fun for the whole family, especially the
children. It is
worth checking online for the available vouchers as some places
are offering 2
for 1 offers, which really makes the theater affordable for
a family.
For those who love game consoles, there are also plenty of
offers if you are
willing to search for them. Some of the video game stores are
willing to offer
deals, such as $5 offer when you spend $50 or more.
Vouchers for Food and Drink
Entertaining family, or going to see family, can be an expensive
time. If you
are entertaining them, you need to supply food and drink. If you
are visiting
them, it is only polite to bring some drinks with you or make
some food.
Sometimes, it makes more sense to arrange a family meal at a
restaurant. The
problem is that during Christmas time, the restaurants sometimes raise their prices.
The good news is that many restaurants do have Christmas offers,
as long as you
are willing to search for them. There are plenty available
online – some for
the larger and more well-known restaurants and others for your
local cafes.
Take your time to search for vouchers to help you cut costs
this Christmas.
There are plenty available, whether you need to find gifts for
an avid reader
or you just want to find something inexpensive to do with the
family.
This guest post was written by Nisha Sharma who represents the site, Freebies365.co.uk:A site dedicated to offering you free stuff.
Keeping
your household expenditures down is never an easy task. Every year, there are
good months and bad months. Most months you’ll manage to keep your bank account
in the black, often achieved by a delicate bill-balancing act and a bit of
fiscal fortitude. But unfortunately, it’s all too easy to slip into the red,
especially nowadays with the growing spectre of inflation and global financial
instability.
Last
month, household budgets took another turn for the worse, after the UK’s ‘Big
Six’ energy firms  announced annual price hikes, due to rising wholesale prices,
new carbon emission standards and the need for significant investment in the
UK’s energy infrastructure.
With
prices set to rise, and let’s face it, with prices likely to increase in the
coming years, there’s only one realistic solution to keeping your electricity
and gas bills down to a minimum: Thrift, invest and search.
Thrift
Thrifting
on your household energy bills may sound like a difficult task at first, but
just like any budget, there are a number of techniques you can use to keep your
electricity and gas costs down. The real secret to reducing your energy bills
is to be frugal, disciplined and energy efficient.
If
you’re absolutely serious about your energy budget then the first thing you
should do is conduct an energy audit of your home. Most utility companies now
provide households with free energy meters. These little devices can either be
attached to the main supply or to individual items, allowing you determine
which appliance or what time of day is the most expensive with regards to
electricity consumption. Using this data can help you identify the most energy
consuming devices and regulate their use – tumble dryers are often the biggest
energy hogs.
Ensuring
that all unnecessary lights are turned off, all appliances are switched off at
the plugs, rather than on standby, as well as keeping doors shut and the
central heating down to a minimum will also help to reduce your annual electricity
& gas consumption.
Invest
The
old adage of “it costs money to make money” still rings true today and making a
few small investments in your house could end up saving you lots in the long
run.
Heating
your home and keeping it warm can cost a great deal, especially during the
winter months. According to government statistics, almost a third of all heat
produced by central heating is lost rapidly through roofs, ceilings and walls;
this can often be fixed or reduced by installing layers of insulation into wall
and ceiling cavities. There are also a number of government and independent
grants currently available which can be applied for to help you insulate your
home and make it more energy efficient.
 If
whole-scale DIY is out of your budget then you should consider investing in a
number of small items, such as draught excluders, reflective radiator foil,
heavy winter curtains and window insulation film. These items are easy to
obtain, relatively easy to apply and will enable you to retain more heat than
before.
You
may also want to replace older appliances with newer, more energy efficient ones.
The majority of modern TV’s, washing machines and dishwashers all have EU
energy efficiency ratings, which will allow you to work out which appliances
will be the most cost effective.
Search
If
your energy bills still seem a little too high, then you may want to consider
searching for a new gas or electricity supplier. Statistics show that
relatively few people actually switch utility companies. The easiest way to
find a good deal is to use a price comparison site and find out which company
is currently offering the best deals in your area. Some companies may even
offer cash-back deals or reductions on tariffs if you sign up for fixed
periods. Having found a new deal it’s always worth contacting your existing
energy supplier to see if they can match it, or offer you something better.
You
may also want to consider fixing your tariff for a set period, as this can
often protect you from annual price increases. However, before switching or
fixing your tariff, ensure that you’ve done all your sums correctly and make
sure that you are aware of any fixed notice periods, any standing charges
involved and make sure that you know all the details of the tariff you’re
signing up with, including peak time rates as these may change.
Remember, even slight changes to your
home or your habits could end up saving you a small fortune in the long run; so
think long-term, think thrift…
This
guest post was written by John T on behalf of the UK gas and electricity supplier npower.
*Photos from Flickr, courtesy of Vince Alongi, Refracted Momentsâ?¢
Everyone has at least
one embarrassing Halloween costume story from their childhood.  Maybe your
parents were on a tight budget, and they put your costumes together from things
they could find around the house. While everyone else was wearing their plastic
masks and store-bought superhero and princess outfits, you were stuck playing
cop or soldier with your dad's old work uniform and a metal colander on your
head. Or maybe your mom fancied herself a seamstress or craftswoman, and made
Halloween costumes from scratch, which was tantamount to wearing hand-me-downs
to school. Or perhaps after one of those embarrassing parent-induced costume
situations, you decided to make your own with disastrous results.
Now that you're a
parent, you understand that your mom and dad did the best they could, and that
your mom was actually pretty creative, even if it seemed like her costume ideas
were crazy at the time. At the same time, you don't want to put your kids
through any embarrassing experiences if you can avoid it. But times are tough,
and Halloween costumes your child will wear once, and probably grow out of
while they're trick-or-treating can be difficult to justify spending money on,
or at least, spending full price. Luckily, you don't have to. Here are three
ways you can send your child out on Halloween in a great costume, and still
stick to your budget.
Use
a Coupon Code
If you haven't already been shopping with coupon codes, also called discount
codes, you've been missing out. Coupon codes will get you discounts on
everything from clothing and school supplies to big-ticket items like
flat-screen televisions and furniture. The best part is you save money while
buying new items.
Halloween costumes
are important to kids and your child may be insistent on dressing up as
something trendy. If this is the case, they may need a brand new costume. Because
they are seasonal, and such specific items, it may be difficult to find a
coupon code just for costumes.
What you do in that case is find a store that offers a wide selection of
Halloween costumes, like Target, and then look for Target coupon codes. You can
find codes that offer a percentage or dollar amount off your total purchase
price, or that provide free shipping. Either way, you'll be able to get your
child a new costume, without the new costume price tag.
Buy a Used Costume
Let's be honest. Most
kids don't want to go trick-or-treating as the same character two years in a
row, and even if they did, by the time the next Halloween rolls around, they'll
have outgrown the costume you bought the year before. The good thing about this
is, because costumes are usually only worn once, you can buy a used one that's
still in excellent condition.
 You may find costumes at thrift stores or yard sales, but before you drive all
over town looking for a Halloween costume, check out auction sites like eBay.
You'll be able to search for the specific character your child wants to be for
Halloween, and have the costume shipped directly to your home. The best part
is, you can put that costume right back up on eBay when your child is done with
it, and make a little of your money back.
Get Creative with Makeup
If you ever supplemented a Halloween costume with makeup when you were a kid,
you know how much fun it can be to completely inhabit a character, even just
for one night. In fact, makeup, if done well, can almost take the place of an
actual costume. If you're having a difficult time finding just the right
Halloween costume, or all the ones you find are a bit out of your price range,
it's time to implement a creative solution with Halloween makeup.
A costume, a hat, a mask, certain shoes, or other accessories are great ways to
dress up, but nothing changes an attitude like makeup, whether it's creating a
cute animal face, or going all out with a horrifying zombie look. It can allow
you to get away with using old clothes or other accessories from around the
house, and relying mostly on the makeup to make the costume work. It's a great
way to create a costume while saving money.
Halloween is a fun
holiday that your kids—and you—look forward to and want to enjoy, but it
doesn't have to break the bank. Use coupon codes to celebrate Halloween without
going overboard, and save the real spending for the December holidays. They'll
be here before you know it.
Maria Davis is a freelance writer specializing in topics such as
parenting and budget living. There's nothing she loves more than finding
great deals and teaching her kids life lessons through living well for
less money. *photos from Flicrk, courtesy of Ted Johnson and d70focus
Insurance is an important part of
most living needs, whether it is health insurance, car insurance or home owners
insurance. While it is possible to find cheap insurance, it is also necessary
to make sure the insurance meets all of your personal needs in a content or
home insurance plan.
Benefits of Insurance:
Home insurance is not only a necessary part of owning a home; it also comes
with benefits that home owners must consider to find the best insurance plan.
The benefits differ for individuals, but three common benefits include
protection against damage to the house, lower stress levels and the potential
to find cheap insurance for the home.
The protection against unforeseen damage to the property is the most obvious
benefit of any home insurance policy. Home insurance will often pay for damage
to the property like fires, floods and earthquakes. Areas where tornadoes occur
might also insure against tornado damage as well. This means that you will always
have a means to fix damage if natural disasters occur.
A less obvious benefit of home owners insurance is the lower levels of stress.
Since owners of the home have protection against natural disasters or damage to
the home, the amount of stress related to the home is less. Instead of worrying
that something might happen to the home, owners can focus on other needs.
The ability to find online cheap insurance quotes and compare different policies
means that home owners are able to save money on insurance and still obtain all
of the necessary coverage for the home. In fact, home insurance is often less
expensive than other types of insurance.
Saving with the Right Insurance:
Finding the best insurance for personal needs is never simple. Fortunately,
using online quotes makes it possible to find cheap insurance quotes comparison
reviews or websites that compare the insurance companies.
The right insurance is a key component to saving money while obtaining peace of
mind. Online cheap insurance quotes only give one aspect of personal insurance
needs. The right insurance might not always end up being the least expensive,
since your needs might include extras that cheaper quotes do not cover.
Having the right home insurance means that you’ve compared the price of the
insurance as well as the policy coverage. For example, a cheap insurance
quote might suggest that you are able to cover the home for a low cost.
Unfortunately, it might not include a necessary part of the coverage, such as
flood insurance. This means that it is not the right insurance for your needs
if a flood is possible. On the other hand, a slightly more expensive insurance
might provide the appropriate coverage, making it ultimately cheaper.
Obtaining a cheap insurance quotes comparison between two or three different
companies will usually provide you with at least one that suits all of your
personal needs and offers a low cost.
Frugal Living Tips:
Beyond finding the right home insurance for a low cost, frugal living requires
taking the time to saving in all areas of life. While it is true that the cost
of insurance adds up, especially if you pay a high cost insurance policy, it is
only one aspect of saving money.
Another way to save on insurance, particularly home insurance or car insurance,
is cutting out unnecessary extra coverage. For example, someone who lives in an
area that has never had tornadoes historically does not need tornado coverage
on a home insurance plan. By removing the coverage, the cost of the insurance
is lowered. The key is only cutting out the unnecessary, added extras.
For those who worry about the cost of gas, car insurance and other expenses
relating to driving, minimizing the expense by investing in a scooter can
dramatically cut costs, allowing more money for home repairs or necessary parts
of keeping the house in the best possible condition. Getting cheap car
insurance quotes is so easy
now because of the large number of insurance companies spreading widely on the
internet.
Saving money does not mean cutting out insurance, but rather taking a practical
approach to finding the right insurance and taking measures to save in other
areas as well. It might not seem less expensive to compare different insurance
companies, but ultimately it will result in saving more money for other
personal needs around the house.
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Frugal Living
