3 Financial Tips For First-Time Car Owners

car-owner
Image Credit

When beginning to drive for the first time, no matter if that’s when you’re eighteen years old or fifty, it’s easy to feel worried about the financial cost of operating a vehicle. Of course, you have nothing to fear (not really). Vehicles do require maintenance and sometimes they do break down, but if you are willing to look after the pennies, it’s possible to run a car without having to pay over the odds for the privilege.

That being said, financial wisdom applies to all areas of life, and running a vehicle is no different. For those who wish to save as much as they can, or rather spend in the areas that are most important, it’s worthwhile to know what your options are. Thankfully, you don’t have to learn these tips through trial and error, instead, you can come to rational conclusions based on worthwhile tips and tricks you deserve to know.

So – what do you deserve to know? That’s a great question in itself. Let’s move forward and share all we know about financial guidance for first-time car owners:

Consider Financed Options Or Loans

Financed options or loans can help you achieve a vehicle that is more reliable, more affordable in the long run, and more worthwhile. New Roads Auto Loans can help you secure a car you’re looking for, because ultimately if you purchase a sustainable vehicle (or one that can operate well without proprietary repairs), you are saving money in the long run. No matter if you buy a gas-guzzler or a tiny hatchback, the same principles apply. This way, you’re more likely to benefit.

Understand The Basics Of Maintenance

If you’re able to change a tire, check and change your oil, and understand the basics of maintenance, you can avoid having to call someone out for the privilege each time a difficulty springs up. Something as simple as checking tyre pressure before a journey or replacing brake fluid can help you avoid nasty callout charges. At the very least, invest in great insurance so that you are covered even if there’s something you can’t fix. This will help you avoid issues (and financial holes) in the long run.

Buy Fuel On A Credit Card

Buying fuel on a credit card is useful. It helps you pay for your gas wherever you need it, without having to overly worry about the exact penny cost to your limited debit account funds. This can also grant you the means of paying off your expenses later on, building your credit score, and ultimately helping you secure a better option (or better insurance) next time. When you know you can afford fuel no matter what and pay it back at a later date, you will have peace of mind on the roads, and feel very comfortable as a result. That’s a greata place to start.

With this advice, you’re sure to manage the 3 best financial tips for first-time car owners.

Continue Reading

4 Ways to Free Yourself From Debt

debts
Image Credit

Debt is something that everyone will experience, and it will likely follow you through life until you finally get to the point where you can pay it all off, however long that might take. But debt isn’t just a fact of life, whether credit card debt or student loans, it can also have a severe effect on your mental and physical well-being, which is why it is vital to try to escape and free yourself from debt.

Pay Off More Than The Minimum

One common reason that people struggle to escape debt is that they will only pay off the minimum amount each month, and if you’re working with thousands of dollars in credit card debt, 20 bucks every month is not going to make much difference. Even paying twice the minimum will slash the amount of time you need to repay in half, so if you can afford to do so, consider changing your monthly payment to slightly more. Ideally, you want to pay off as much as possible while still having money to live and save, but if you can double, triple, or quadruple your monthly repayment, you will free yourself from debt much faster.

Snowball It

Snowballing is a technique where you analyze your finances and identify what you owe. They start paying off the smallest costs to reduce the payments while still making minimum payments on everything else. Once the smallest debts are paid off, they move to the next and so on until they are only left with the most substantial charges. While there is still some way to go, they at least don’t need to worry about defaulting on payments, and all of their excess funds can go directly into paying these charges off, which will speed up reducing the balance.

Cut Your Expenses

We all have expenses that we deem necessary to survive, but the reality is often quite different from this. It’s possible you have plenty of monthly charges for services you don’t even use, so you’ll need to get rid of these before anything else. Once you have achieved this, consider things you could cut out of your daily life, such as a morning coffee from Starbucks, or even your cable TV, especially considering you can access unjust information about everything online nowadays.

Seek Lower Interest Rates

Seeking lower interest rates from your lender is something many people explore when they cannot handle the extortionate interest rates. Considering Mark of Freedom says all banks are a scam, high-interest rates are no surprise. However, some lenders may take pity on you and allow you to negotiate a reduction to help you manage your money better.

Freedom

Paying off all of your debt and finally being free is not something you can achieve overnight, but the feeling you will get when you see your credit card balance at zero is hard to beat. It will take time, and it will take plenty of discipline with a few bumps along the way, but with these methods, you can start the process of freeing yourself from the nasty clutches of debt in all its forms.

Continue Reading

Tips To Help With Your Savings This Year

Savings are something we can all benefit from having in our life. You never know what’s around the corner and what you might need to be financially prepared for. Here are some tips to help with your savings this year.

savings
Image Credit

Try To Avoid Using Your Savings

Firstly, it’s important to try and keep your savings as savings until you need to use them for bigger expenditures and things that might be very meaningful. You should be spending it like any spending money you have available for the month ahead. Try to avoid having that attitude towards your savings and instead make your savings hard to access so that you’re only going to end up using them when it’s really necessary to do so. If you’re treating your savings like another spending pot, then you’re not going to have any savings left, so use them wisely. For bigger expenditures that you might want to hold onto your savings, you can always look to apply for Installment Loans so that you’re not having to spend all your savings on things when you could pay it off in parts.

Save Something Each Month Regardless

It’s always good to try and save some money each month, even if it’s only just a small amount. A little bit here and there is going to make all of the difference when you’re trying to build your savings pot. Look at how you could save more and try to set aside some money, whether you get paid at the end of every month or whether it’s every week. If you’re saving anything, it’s going to help you improve your attitude towards saving money, so try and do more of it where you can.

Create A Better Budget

Budgets are good to have when you’re trying to save money, and whether you’ve got one already or not, you can always make it better. We can always cut down luxuries and find ways to make your money stretch further. Think about how you can set out a budget if you’ve never made one before and if you already have one, is there anything that you can wiggle in order to help you save more money? Be strict with your expenditures and try to direct as much as you can towards your savings pot.

Find Ways To Make Extra Money

We’d all like to earn extra money and for some, it can be easier than others. However, with the online world, there’s so much out there where you can make extra money. It’s all about being aware of what’s out there and what you could with the opportunities that you’re presented with. There are plenty of ways to make extra money, so think of what you can take advantage of, whether it’s starting a blog and making a living from it or selling your services to the local community in your area.

There are lots of ways that you can help improve your savings, so do what you can to help make a difference to your savings.

Continue Reading

Three Ways To Live Below Your Means

Living below your means can seem impossible sometimes, especially if you are already struggling to make ends meet, but spending more than what you can afford regularly will eventually lead to financial ruin if you aren’t careful.

If you are fed up with continually trying to keep up with your monthly credit card bills, increasing debt, and lack of financial breathing space, use these three tips to help you start your journey to improve your finances by living below your means.

money-card
Image Credit

Stick to your budget

To successfully live below your means, you need to have a budget in place; otherwise, you will keep overspending. A budget is vital to ensure success and will give you an accurate picture of your monthly cash flow. Once you can see the whole picture, you can then focus on your weak spots and areas for improvement to help you save as much money as possible and get out of debt. Doing this will help you to identify habits that you need to change and where you are wasting your money. Make sure to do a new budget at the beginning of every month, either in a dedicated planner or an Excel spreadsheet, and aim to stick to it. Just leave a little bit of wiggle room for those last-minute surprises that life inevitably throws at us from time to time. Remember that your budget is very individual and will differ from everyone else’s, the most important thing is that it works for you. If you find that realistically your budget doesn’t work in the first month, then that’s also fine – you can always go back and tweak it, but having a budget, even if not perfect straight away, will stop you from mindlessly spending money allowing you to save more.

Make more money

If you have budgeted as much as possible, and find that you are still struggling and feeling deprived, then it might be time to start thinking of ways to increase your income. Easier said than done? Of course. But there are also many money-making opportunities out there if you are willing to look around and work hard enough. In an era where just about everyone has a side hustle, there are plenty of part-time, freelance jobs that you can easily do in your spare time on evenings and weekends, and many from the comfort of your own home. The trick is to simply get started, keep persevering, and take every opportunity you can. If you don’t want to work for someone else, why not start your own business on the side instead and look into starting your own blog or promoting your skills and becoming a freelancer? This will help you to save more and live below your means a little easier, meaning that you are more likely to stick to this new way of living.

Don’t spend more just because you earn more

Should you be successful in finding ways of making an extra income, then congratulations! Just make sure that you don’t fall victim to the vicious cycle of spending more now that you are earning more. It might be tempting to go after lusted-over purchases now that you have some extra money, but remember what your overall goal is. Instead of using your extra income on mindless spending, start using it to pay off current debts and add to your savings. Regardless of how much you earn, if you elevate your lifestyle every time you get a pay rise, you will never gain control over your finances, and you’ll always be living in debt. If you are struggling with severe debts and don’t know how to deal with them, reaching out for professional help from specialists such as gaining a DTSS Membership is a great first step to finally gain control over your finances. Living below your means is challenging, yes, but think about why you’ve boosted your income, all of the progress you’ve made in the first place and the financial freedom that you are ultimately trying to achieve.

Continue Reading

Why You May Have More Money Than You Realize

Of all things that can cause stress, none are quite like our money situation. The problem with finance-related problems (or even just worries) is that it seems like they rarely, if ever, go away; it’s an all-consuming issue. However, while there aren’t any magic bullets when it comes to solving these issues, there is something that could help: you may have more money than you think you do. A lot of this will be wrapped up in untapped sources. We’ll take a look at how to reveal that cash below.

woman-money
Image Credit

In the Drawers

Most of us are guilty of buying more stuff than we really need. We buy and buy and buy, to the point where our homes are overflowing with things that we don’t necessarily need (or even want). Take a look in your drawers, and you might just find that you have many goods that you could sell for a significant amount. Go through, figure out the items that you don’t need, and then look at listing them online for sale. Within a week or so, you might have earned the equivalent of a month’s pay.

What You’re Owed

We tend to think that the only source of cash is through our jobs, but that’s not really the case. There’s a lot of money in the world, and some of it may be owed to you. For example, if you were injured and it wasn’t your fault, then you may be entitled to financial compensation. However, it’s not as if that money will automatically come your way: you have to fight for it. The best personal injury lawyer can help you to get the money that’s rightfully yours. You will also want to see if there are any tax credits or other state money that you’re entitled to.

Daily Expenses

If you’re one of those people that reaches the end of the month and always thinks, ‘where does all my money go?’ then it’s worthwhile digging a little deeper, and seeing where exactly your money goes. For example, many of us spend more money than we realize on things like coffee and takeout food. Individually, these things don’t cost too much — but collectively, they can add up to a pretty penny. Just by cutting down on these expenses, you’ll find that you have a lot more money in your bank account.

Putting Your Assets to Work

It could be that you’re actually fairly wealthy — it’s just all your financial worth is tied up in your home or car. If you want more cash in your life, then put these assets to work. You could rent out a room in your house, for example, or offer rides in your car (such as to work).

Earning Potential

Finally, take a look at your earning potential. If you’re currently underpaid, then you’re more valuable than you’re currently being paid. If that’s the case, talk to your boss about getting a raise — if you’re worth it, they’ll give it. You can only ask!

Continue Reading

Life Hacks That Will Save You Money

Everybody wants to save more money. Whether you’re saving up for a vacation or want to build up your savings for retirement, saving money is important to everyone. It can seem difficult to save money if you feel like you’ll have to go without things. With these life hacks, you can save money without feeling like you’re going without.

lifehack
Image Credit

      1. Speak to a financial advisor. They can help you to look over your finances and help you spot areas where you could better manage your money. Whether you’re overpaying on your mortgage or have debts to handle, they can assist you with sensible solutions to make you better able to save.

      2. Clear your browser history. Shopping online can very tempting when you’re trying to save money. After browsing online, clear your cache and browser history. Online companies use cookies to follow your progress around the internet and will show you the products you’ve looked at in adverts, tempting you to go back and buy.

      3. Turn down the brightness on the screens of your TV and computer. This is not only better for your eye health, but it can also save you a lot of money. Lowering the brightness from the default can really reduce the amount of energy you use, which is much cheaper. The default brightness is meant to make the screens look their best in a store under fluorescent lighting. You don’t need it this bright in the lounge.

      4. Carry large bills. Many people find that paying in cash instead of using cards makes you less likely to overspend. This is because you can see what you’re spending. If you carry large bills, you won’t want to break it, which can save you from making impulse purchases that you don’t actually particularly want.

      5. Build your credit. Whether your credit is good, bad, or middling, you can still do more to build it up. Credit is used to determine your rate on loans and is also used by utility and insurance companies to decide on your monthly premium. A good score could save you a lot of money on the bills.

      6. Make big purchases at the end of the month. Sales representatives, whether they’re selling cars or washing machines, will have a monthly quota to meet. If you need to make a large purchase, try and wait until the end of the month. If the salesperson has had a bad month, they may be open to giving you a generous discount in order to secure a sale and meet their targets.

      7. Paint your roof white. Painting the roof sounds strange but could potentially be a big saving. Roofs are usually a dark shade, but dark colors absorb more heat. In the summer, this means you’ll have to crank up the air conditioning to keep the house cool. With a white roof, this doesn’t happen.

      8. Brew your own coffee. Takeaway coffee can be a pricey treat, especially if you buy it most days. Instead, treat yourself to some quality coffee that you can brew at home. Even with a more expensive brand, it’ll be cheaper than coffee shop drinks. If you do buy takeout coffee, take your own reusable mug. Many shops now offer a discount if you don’t need a disposable cup.
Continue Reading
1 2 3 9