Finances Archives - Page 3 of 4 - Oh My Heartsie Girl

July 16, 2018

How To Manage And Regain Control Of Your Family Finances

If you are worried about the state of your family finances and are feeling increasingly upset and overwhelmed, then it is time for you to rethink how you spend and begin to take steps to make a change not only for your own future but that of your family also. We may all have the best intentions when it comes to managing our finances, but events that are unexpected can throw us off course, such as a redundancy, and unexpected bill or even a home repair project. So, if you are worried about your family finances, then keep these tips to mind to help you to regain control and begin to manage your money effectively.

Break it down

If you are spending more than you are earning, then it is up to you to begin to break your finances down and regain control of your outgoings. You could start to write a list, or use an app to track your monthly expenditure and begin to regain control of just how much you are spending. If you have an expensive month or are struggling to pay your bills this month, then you may need to dip into your savings – but just be sure to replace any money that you borrow and have a laid back and less expensive time during the next few weeks. Once you have begun to track and monitor what you are spending you will notice trends, such as your morning Starbucks that are adding up and ultimately costing you dearly in the long term.

Tackle your debts

If you have been putting off paying your debts for the past few months, or are unsure where to start so that you do not have to cover a huge amount of interest, then it could be time for you to seek financial advice and dig deep so that you can finally pay off any credit cards or money that you owe. Start by listing out your debts and make sure that you set up a monthly payment amount that is easy for you to track and manage so that you can slowly begin to regain control of any money that you owe. Once you begin to pay your debts, you will feel a lot less anxious, plus you can soon begin to start planning to save money for the longer term.

Consider investing

Once you have regained control of your family finances and are finally debt free, then you can begin to consider ways to invest and actually make money back. Consider tools such as betterment returns to help you to get the financial advice that you need. Put aside some money each month, so that you can soon buy your dream house or take your entire family on vacation.

If you are looking to regain control of your family finances, then remember that it is never too late to make a change for the better. Break down what you owe, tackle your debts and consider using investments so that you are soon back on track and ready to enjoy your hard-earned money.

June 29, 2018

Live A Limitless Life on a Limited Budget

No matter how much money we have, there is always that little extra we need for paying down a debt installment or for buying a new car or financing tuition fee for our children.

But, in order for us to be able to cover all the extra expenses that might arise on an everyday basis, we don’t always need a new job – sometimes we need to learn how to manage the funds we already have.

Sometimes, following simple habits and slightly changing our consumerist mindset is all that we need. We need to learn how to allocate money that we have more efficiently and need to familiarize ourselves with the most common pitfalls of money management.

Whether you’re buying new clothes for your teenage kids or you’re taking them out for a dinner, you should always be able to find ways on how to save a buck or two.

Sticking with pre-made lists of what’s needed to buy and what’s not as well as allocating certain amount of your budget to your children as a clothing allowance would be a good start.

In this article, we will bring to your attention some of the neatest budgeting tricks that will get your family budget growing in no time.

Fix the Budget Leaks

Every budget has its leakage. Overspending on certain types of things is common for families, especially if you’re earning more than you actually need to get by.

However, all those little expenses account for a big sum when you add them all up. If you put pen to paper and write down all there is, you will be surprised by the amount of money you are throwing away just not paying attention every day.

If you’re planning a vacation with your family, keep in mind that you should take all options into consideration Think about the ways to save money by booking in early season so you won’t have to pay double during the high holiday season. That way you can still find good accommodation, and stay on top of your budget! If you are a mountain lover, with Lantern Thredbo Apartments you can choose from a variety of premium accommodation options in both the Thredbo Alpine Village and the Snowy Mountains. You just have to search for options and your vacation doesn’t need to cost a fortune!

Prioritizing your buying and making lists can always help in this situation. We already mentioned the necessity of organizing your spendings by making lists prior you actually go shopping. For instance, paying visit to the supermarket or a grocery store can eat up contents of your wallet if you are prone to impulsive shopping.

Do you really need everything you buy every time you go to the supermarket? Certainly not!

Restraining from being impulsive when it comes to shopping or booking and sticking to pre-made lists of the things you really need is of utmost importance here.

Of course, it doesn’t mean that you can’t treat yourself with something nice from time to time, just make sure not to make a regular habit out of it.

Digging Even Deeper Into Family Expenses

Furthermore, go through your monthly expenses in search of some more pain points that are devastating your budget. You’ll probably find out that you’re paying for some services you are not even using anymore.

For instance, do you really need to pay for your Netflix if you don’t have time for yourself and you don’t practice movie nights with your family anymore? How many services you subscribed for on a monthly basis that are charging you on a recurrent basis? Make sure to go through all of them and to cancel all of those unnecessary subscriptions. Try to find budgeting options and make sure you keep an eye on those finances!

Perhaps you’ve come to that point when you should start cleaning out your closet for good. And we mean in real terms. What’s the use of keeping stuff around the house if you don’t intend to use them anymore?

Consider organizing a garage sale on weekends or listing your stuff for sale online. You’ll get some money out of it, plus you’ll definitely free up some living space for you and your family.

Last but not the least, if you owe some money to the bank (and lots of us are) you should seriously think of consolidating or even refinancing a loan.

There are many things you can do when it comes to this matter and, luckily enough, there are lots of articles online that can help you out with money management.

May 28, 2018

How to Manage Your Credit Card Repayments with a Debt Consolidation Loan

When you purchased your new furniture to fit out your new home, your income could support the monthly payment. Then, there was that little trip to the Caribbean last summer that really did some damage to your credit card. Compound that with the fact that in the last couple of months, you had to make repairs to your home and that has maxed out not one card but four.

How-to-Manage-Your-Credit-Card-Repayments-with-a-Debt-Consolidation-Loan You have a monthly mortgage that is reasonable, but the interest rates on those cards are beginning to climb and things begin to get worrying. Every month, you pay a couple of hundred dollars in interest to keep your card’s current, and Ramen noodle breakfasts, lunches, and suppers are a serious reality in your future if you do not rein in this out-of-control debt. However, all is not lost, as you have a couple of options—namely the debt consolidation loan. In fact, debt consolidation loans by Latitude and other financing companies can help you save money and your credit score.

Keep reading below to learn how you can manage your debt with debt consolidation loans.

Take Inventory

Before applying for loan consolidation, sit down and review all of your debts to determine which ones to consolidate. A few of the considerations should include interest rates and the amount of the payment. If you have a card with a good interest rate, it might not be in your interest to include it as a part of your consolidation plan.

You also want to look at all of your monthly obligations to see how you can get the best benefit from a consolidation loan. After reviewing your monthly budget, figure out which loans should be consolidated. Then, as a part of any debt consolidation program, seek counsel on some of the programs that can help you achieve debt relief.

Play With The Figures

When finished reviewing your budget and deciding on which loans to consolidate, play with the figures to determine whether this type of loan is appropriate. Sometimes, consolidating is not in your interest, especially if your new interest rate does not lower the amount of money you would pay over the life of the loan. Furthermore, paying on existing credit in the short-term can help you re-establish your credit or help you hold onto credit cards that have good rates.

Review Your Credit Score

As a part of preparing to consolidate your debts, review your credit score to determine its rating and whether a consolidation loan is even necessary. This part of consolidating loans is important because the whole point of this process is to repair any damage to your report and to provide you with some financial relief. Plus, you cannot repair a report if you have no idea of what is being reported to the credit agencies.

Financial Paradigm Shift

As a part of the consolidation process, you have to be real with yourself about your spending habits. Yes, a consolidation loan is a quick fix for a short-term situation that could turn ugly, and yes, you do eventually come out from under what seems unending debt. However, lasting financial health comes with understanding our spending habits, why we spend, and the purpose of credit. By understanding our own spending habits and spending patterns, we can better make use of money and even learn to make it work to our advantage.

Re-Establishing Your Finances

The lure of credit cards is strong, especially in a society bombarded with materialism. Like many consumers, credit ends up being a necessary evil that can make our lives miserable if not properly managed. However, debt is not the devil incarnate when we begin to think about financial fitness from a different paradigm.

This post may contain affiliate links and I might receive compensation if you make a purchase after clicking on a link.

April 7, 2018September 12, 2020

Unexpected Financial Setbacks

Many of us operate on some sort of budget, or at least try to do so. The amount of effort varies tremendously from household to household. One survey found that 82 percent of Americans said they budget, but about a third of those just write it out on paper. Roughly 20 percent of people use mental accounting, and don’t write down anything at all. It’s better than nothing, but it’s still not as good as it could be. Budgeting as precisely as possible makes it more likely that you can handle a sudden financial emergency. However, wages remaining stagnant makes it harder for many people to have much of a rainy-day fund. The combination of factors means that we have to look elsewhere when we suddenly need $500, $1,000, or more.

Medical expenses

A sudden medical incident can be incredibly frightening. No one wants to get into a car accident, or have an asthma attack so severe that it requires us to call an ambulance. When we’re in the middle of a medical emergency, we have to worry about treatment first and payment later. Sometimes, the payment is much more than expected, especially if insurance won’t cover the full amount, or if the medical office coded a procedure incorrectly. It stinks to think about all this when you’re in pain; however, you can always go to an emergency room if there’s no other option. Heart attacks, strokes, and major accidents all require major and immediate medical intervention. If your life is in danger, or you even think it might be, head to a hospital.

What if you sprain an ankle or develop a case of the flu? In that case, you have a bit more time, and a few more options. Head to an immediate care center, similar to the one in Staten Island, New York, rather than to a hospital emergency room. They’ll be able to examine you and give you the treatment you need, at a better price than you’d get at a hospital. Those emergency room co-payments are nothing minor, unfortunately, so it’s best to avoid them, unless you have no other option.

It’s possible that you could go to a walk-in clinic, and be told that your issue is something that requires you to go to an ER, anyway. In that case, at least you can say you tried. If all else fails, ask about paying in installments. Most hospitals and doctor’s offices offer interest-free payment plans, if you ask them.

Loans and credit
Credit cards and loans are sometimes necessary. However, they should be used as judiciously as possible. They’re a good option for building up credit, since a good credit score helps you buy things like houses and cars. However, what if you have an unexpected, one-time expense and bad credit? Cases like that are tough, because you don’t have years to build up a good credit score. You need a way to pay off a balance within the next few days, or, if you’re lucky, the next few weeks. Do some research on bad credit loans, and see if they make sense for your situation. Make sure to read the terms and conditions very carefully, so you don’t get any unpleasant surprises when you repay the loan. It’s vital to know exactly what you’re getting into, before you sign on the dotted line. A short-term loan is only useful if it doesn’t turn into a long-term problem.
Related:
3 Ways to Make Use of a Debt Consolidation Loan Effectively
5 Healthy Habits for a Positive Credit Score