Saving money as a student

Saving money as a student

Budgeting as a student is an ordeal for most people, and trying to find enough money to buy the right foods, new clothes and textbooks that you need can be a real struggle. While short term loans are a possibility for students, it’s not always the best option, and you can definitely make things a lot easier for yourself by thinking about where the problem comes from and what you can do to prevent any financial problems happening in the first place. Here are a few of the things that you can do as a student in order to save some money.

Make your own food

You should avoid buying takeaway food, and even packaged and processed foods can work out a lot more expensive than you think. You might think those £3 meal deals are a great bargain, but if you do that twice a day each day of the week, you’re spending over £40 per week and not even getting the goodness than you need in your diet. Plan ahead and make a shopping list, then visit the local supermarket and pick up some fresh foods to cook yourself. Continue reading

UK Household Bills rise by 40 Per Cent Since 2007

Bills for British homes have soared by over 40 per cent in the last five years according to Bacs Family Finance Tracker; the company that manages direct debit payments in the United Kingdom.

The company conducted research that looked at the financial affairs of over 4,000 British households. Their results suggest that annual bills on average are in excess over £12,000 per year between essential bills and some lifestyle expenses.

Essential bills were on average £5,834 per year in 2007 and the average now is £8,202 which is a jump of well over £2,000 per year extra for households to find. This is in a time when rages haven’t been rising in line with inflation due to the recession.

The average annual cost of lifestyle services such as mobile telephone bills, gym or fitness memberships and loan repayments has also risen from £3,380 to £4,146 over the same period. Continue reading

Trust Deeds: what, who and why?

A Trust Deed is like many things in life; until you need one, chances are you won’t have heard of it! Some people have heard or seen an advert and often know the term, but the majority of people we speak to don’t understand what it is until they really start looking for help and get advice. So in this article, we’ll be outlining what it is, who uses it and why- so that if you ever need one, you know a bit more about it.

So WHAT is a Trust Deed?

A trust deed is actually a legal document which has been in existence for centuries. It has slightly different meanings and purpose depending on what part of the world you are from but we’ll be focussing on its meaning in Scotland. The first function of the document is that it places your assets and estate in the care of someone referred to as a Trustee. This person is trusted (the clues in the name) with your estate for the duration of the trust deed, which is usually around 3-5 years. Before 1985, this Trustee could be anyone. However, it was decided that a Trustee had to be a licensed insolvency practitioner and hence an expert in insolvency legislation is required to be able to enter into a trust deed (what became a Protected Trust Deed). Continue reading

British Bankers’ Association In Talks Over PPI Deadline

The British Bankers’ Association (BBA) is in talks with the Financial Services Authority (FSA) about setting a deadline for mis-sold payment protection insurance (PPI) claims. The banks are hoping that they will be able to set in stone a date at which the PPI scandal, which has been dragging them down for the last few years now, can finally be put to rest.

It’s entirely a self-interested move, as the banks are having to pay out billions in compensation to customers that they deliberately mis-sold PPI to. Millions of people around the UK who took out loans, mortgages or other financial products were sold into PPI contracts, or had those contracts added to their costs without their knowledge, even though the insurance was totally useless to them. Continue reading

Five Reasons You Might Need a Cash Advance

There are times in everybody’s life when they find themselves short of cash. Most of the time, we manage to get by simply by cutting back our spending or waiting until our next pay cheque comes in, but what about the times when we’re unable to do that?

While you might be able to forego your regular Friday night out or skip the cinema a few times, some costs can’t be pushed off until later. So what are the top five reasons you might need to get cash advances?

1      Rent – Have you ever tried to talk your landlord into giving you an extra few weeks to pay the rent? It’s not easy. Many will decide that you’re not worth the trouble, especially as renting becomes more popular as house prices rise. Taking out cash loans means you don’t have to worry about the landlord finding out you’re short of money, as you can pay him off and then pay off the loan on your next payday.

2      Bills – The same way your landlord isn’t going to be happy if you try and push off rent, the electricity, gas or phone company won’t give you much leeway either. Neither will the council or water company. Amazing how many people want money from you, isn’t it? Continue reading

I’m In Debt… I Give Up! (You Can Escape Overwhelming Debt)

When the going gets tough, the tough get going. Millions of Americans are finding the burden of debt overwhelming. CNN Money Reports that according to the American Bankruptcy Institute, filing for bankruptcy was either a forced or chosen strategy used by 1.46 million individuals and 36,000 businesses in 2011. 2012 projections are very similar. Throughout the EU, the data is consistent.  Personal insolvency is a global epidemic.

At the same time, real property foreclosures are at record highs in the world’s most established economies. The causes of this suffering are numerous, including a worldwide employment crisis, unrealistic purchasing habits and careless money management. As a result, persons find that when the unexpected event occurs, we are not financially equipped to deal with our obligations. In simple terms, our liabilities outweigh our income.

And, when debt outweighs income, the situation either requires a cash infusion or outstanding cash management. A combination of the two is best. Continue reading

Creative Credit Course Corrections

Credit, six letters that can change your ability to do what you want when you want to do it. Most of the problems that people experience with their credit is caused by a simple lack of understanding of what it is and how it is best used. As a result of this ignorance, many people misuse their credit and end up in a pit of despair and debt that destroys the quality of their life.

The following five tips will help you to avoid common credit problems and to dig your way out of the debt pit.


Tip #1 – Be Aware of Your Debt

A lot of people get into trouble with credit products because they do not realize how much debt they are racking up. To avoid this problem create a list or spreadsheet that clearly identifies each credit product you have and what its overall balance is and what the monthly payment for each of these products is. Post this somewhere you will see it every day. Continue reading

How To Improve Your Family Finances

Maintaining family finance is a bit hard but not terrible. You can improve finances by taking critical decisions and here are few ways that can be used.

Monthly budget

Regular budgeting makes you stable in your financial career. This aids you to know where your each penny is going and also won’t tend you to take redundant credits which make you stressful. If you are confused and not able to make a budget, take the help of budget calculators that are available on the web.

Negotiate the excitements

Don’t get attracted to delights as it makes you to take more debts. Try to shop within the plan which you made and stick to it. Make a note of all your outgoings and prioritise them. Give more importance to needs than luxuries. Continue reading

5 Tricks to Improve Collection of Your Receivables

Most businesses do excellently in producing and delivering products and services to customers. However, most of the time, there is difficulty in collecting payments. If the problem is unresolved, it may accrue to cause a cash flow crunch. You should determine credit worthiness of each customer before agreeing to take payment as receivables.

As a business owner, yours is the prerogative to set and implement reasonable and logical credit policies. Here are five of the best proven techniques that you can use to optimize your cash flow and at the same time enforce your own terms in a more diplomatic yet firm manner.

1. Require deposits if possible.

It is advisable if you would require about 10% to 50% deposit of customers’ final purchase price during order time. This practice is most recommended for large sales orders, custom orders, and produce-to-order manufacturing. This trick can truly be helpful in preventing possible cash flow shortage in the future. At the same time, it can be a good strategy to ensure the commitment of customers to their significant order. Take note that when implementing this strategy, your business should clearly explain to the customers that deposits are in no way refundable. Continue reading

How to Stretch Your Savings When You’re Laid Off

moneyWhen the economy seems to resemble the motion of a roller coaster, you should consider that getting laid off has been and will continue to be a real possibility for many workers in the country. If this happens, or if it already has, you should immediately consider the ways that you are going to be able to make the best use of the savings you have to make ends meet in the troubling time.

The Calendar

You need to find a reliable calendar and start making a list of what bills are coming and when they are expected. Keeping accurate records of upcoming payments due can keep you from having to pay any more than necessary, and can also aid in determining what is actually essential to your life right now. You might find that keeping track of all of your bills that happen to be upcoming, you can determine the monthly requirements and start devising a plan to make money as necessary by doing odd jobs and more. Continue reading