How to Establish Good Financial Habits in the Family

Several factors cause strain in family relationships, and financial issues are one example. A recent survey reveals that money issues are the second leading cause of divorce next to infidelity.

Excess debt is the usual financial pain point for these couples. But some argued because of hidden purchases from their partner.

The disparity in financial values between couples, whether married or not, may stem from different childhood experiences. They might have internalized many of their parent’s attitudes and behaviours towards money.

Having healthy money conversations at home is one of the keys to this dilemma. The problem is, only 28% of parents are discussing money with their children.

So how can you establish good financial habits in the family? Let us help you get started.

Identify Financial Habits and Attitudes

There must be financial discussions with the entire family. But parents should first understand each other’s financial habits and attitudes. Doing so will help you resolve money issues in a healthy manner.

If you don’t know how to do it, you can start with these questions:

● Who is a spendthrift or an impulse buyer?

● Are you uncomfortable talking about money?

● How each one of you makes purchasing decisions?

You can also examine your budget and debt. Then reflect on how you reach that kind of relationship with money. This way, you can determine the values that don’t help achieve your financial goals.

Discuss Family Financial Goals

Once you have a good understanding of each other’s values, set financial goals for your family. If you have kids, make sure to include them in your conversation. Perhaps, you can make a bulletin board showing what you want to change or achieve in your family finances.

Every family has different financial situations. But you can use the following goals as inspiration for your family:

● Buy a new home.

● Save for kids’ education.

● Go on a family vacation.

● Pay off debt.

● Build an emergency fund.

● Start a family business.

Children may not understand all the financial goals you set. But you can start explaining to them its importance. Setting goals will teach your kids how to take control of their finances in the future.

Develop A Family Spending Plan

Of course, children need to learn that financial goals don’t end on the bulletin board. You also have to make a plan on how to meet them. Sit down together and develop a realistic budget.

If you don’t have enough means to cover everything, you can look for other financial resources. You can get the money you need online with a quick loan application.

But first, try to enumerate the essential expenses, such as food, healthcare and electricity. Then look for ways to minimize non-essential expenses like dining out, subscriptions and entertainment. It’s an excellent opportunity to discuss the difference between wants and needs with your kids.

Creating a spending plan with your kids will teach them the importance of budgeting. It will also help them how to make the right financial decisions.

Be Open To Money Questions

Children can be curious about your finances. But instead of dismissing them, be open to their money questions. It’s a perfect opportunity to give your children a valuable financial education. Help your children understand how money works and your family’s relationship with it.

Final Words

Establishing healthy financial habits in the family is not easy. You can’t change your partner’s economic values overnight. You can’t also teach your children about budgeting and saving in one sitting. It’s a long and continuous learning process. But having a financial discussion with your family every day is an excellent place to start.

How To Be A Responsible Borrower

It is fair to say that many of us don’t earn enough to afford big purchases or emergency expenses. Almost three-quarters (73.2%) of Canadians have some form of outstanding debt. This includes payday loans within the past twelve months.

 We’ll likely face unexpected expenses within our lifetimes, and it’s best to prepare for them. But emergencies do not have a scheduled time to strike and for some of us, borrowing money is the only option. 

 Debt doesn’t have to be scary. If you plan right and be responsible, borrowing money should not be too big of a burden. Here are a few pointers to help you manage your debt properly. You can always get GoDay installment loans which are both convenient and affordable.

Do Your Research

Research is essential before getting a loan or borrowing money from any source. You should know what you are getting into before signing any contract or agreement.

For starters, you should know what secured, and unsecured loans are. This could mean the difference between risking losing your property and not.

It would be good if you vetted your options properly. If you can, don’t just go with your first option. Look at other loan providers as well and compare their services. Some offer lower interest rates than others, which is good to have long-term. Picking the right place to borrow money from is just as important as paying the loan back.

Plan Your Borrowing

Unless you’re in dire circumstances with no other option, don’t borrow money at the spur of the moment. Borrowing money is a huge responsibility with long-term effects. This responsibility grows heavier the higher the amount you borrow.

For this reason, you need to plan when and how much to borrow. If you already have outstanding debt, it’s better to postpone any unnecessary borrowing. If you can afford the added monthly expense, then go for it. However, more debt adds excessive strain, so it’s best to be on the safe side and handle only one or a few at a time.

Only Borrow What You Can Repay

A loan isn’t free money. You’ll still have to pay it back, often with added interest. This is why you should only borrow an amount you can safely repay within the given period.

Borrowing more than you can afford can be dangerous. This is especially when getting a secured loan, where the borrower provides collateral. You could lose your freedom or property if you violate the terms of your loan.

Knowing your financial capacity will help you avoid going bankrupt or getting in trouble with the law. Avoiding unnecessary risks is easier than getting out of trouble after the fact.

Make Timely Payments

Loan payments are often spread out over time, especially for higher amounts. Usually, you’ll need to make monthly payments until you pay everything off, including interest. 

It’s essential to make these payments on time. Most banks and loan providers charge additional fees if you miss a due date. This amount can pile up if you consistently make late payments. You then end up having to pay more than you should.

To avoid this problem, make it a point to pay early or on time. Work your loan payments into your weekly or monthly budget to avoid missed deadlines.

Money matters can be challenging to face, especially in times of need. But with the right plan, taking out and paying back a loan can be manageable.


How to Keep Money Emergencies from Turning into Financial Disasters

Going through financial problems is probably a rite of passage for most people, both the self-employed and employed. At one point or another, you may need some money for an emergency, for example, health complications or rent. When mishandled, this need for money can become a colossal disaster financially.

This article focuses on some of the tips you can employ to protect yourself from making wrong choices during a financial emergency.

Evaluate the situation

It is an emergency; you probably were not prepared to find yourself in such a situation at the given time. In most cases, these situations can be rather stressful, clouding your judgment. Take a step back and go over your situation. Decisions made when in a panic state can come back to haunt you when you are calm. Keep your emotions in check and take time to evaluate your current predicament. This stage is crucial if you are looking to make sound choices and prevent any future financial hurdles.

Once you are collected, try to locate the root of the emergency and develop numerous suggestions for the problem. The decision you make should be geared to address the situation from the root cause. Short-term solutions will only bring you back to this current state.

Prioritize your expenses

When handling expenses, you need to know that not all of them have the same degree of importance. If you cannot settle all the bills at once, segment them into the most important to the least. Once you have all the expenses lined up, focus your attention on those you can do without temporarily. It’s not fun but necessary. Don’t focus on the significant expenses; even the smaller ones can make a difference to your savings. The little money saved can then be used to address the financial emergency at hand.

Find extra cash

Now, this the one place you need to make deliberate choices. To settle their emergency quickly, some people may opt to get more loans, max their credit cards or even apply for bank overdrafts. All these choices are short terms and can make the problem worse in the long run. Borrowing money in most cases comes with interest that further extends your current situation. However, borrowing right can give you the breathing room you need. You can try installment loans direct lenders offer as an alternative to cash advance options or ask family and friends for a soft loan.

From an expert perspective, taking money out of your college fund or retirement account is one of the worst decisions you can make at this point. However, when you have exhausted all your options, this can be the best cause of action.

Take advantage of offered assistance

This is not the time to show your tastes and preferences. Explore any opportunity available for assistance. There are several government programs designed to help overcome unprecedented financial hardships. In cases of job loss, the government offers a benefits package to individuals who are currently unemployed. In some cases, you can even be legible for social security disability or Medicaid opportunities to help you with your health needs.

If colleagues, family, or friends offer to chip in to settle the bills, don’t hesitate to respond to their king gestures. Be open to any help that is presented to you.

Planning for the future

Just because you handled this one doesn’t mean it cannot recur, make adequate preparations to protect yourself and your household from the impacts of a similar situation in the future. The very first step to mitigating this situation is setting up an emergency fund. It is advisable to set aside enough funds to keep you afloat for three-six months in case of a crisis. These funds can help you manage any financial emergencies without having to make drastic changes to your current living conditions.

The most common way of setting up an emergency fund is through taking out an insurance policy. These funds can be sued to meet expenses related to your home, health, car, and even job loss. Have a backup plan.

Simple and Effective Ways of Boosting Your Credit Score in 2021

A person with poor credit might not easily get an apartment, mortgage, or a credit card. You might also have to pay high interest rates, making it costly to obtain credit lines and loans. You can start working on your credit score as you set financial resolutions for this New Year. These are simple ways you can use to boost your credit score this year.

Better Payment History

Your payment history indicates your ability to pay bills on time. Making timely payments is a way of communicating to your lenders that you are trustworthy and responsible. Therefore, you can improve your credit score this year by improving your payment history. You can start by setting a budget and sticking to it so that you can set aside enough money for your payments. You can also achieve this by automating your bills to make late payments due to human error. Finally, set reminders for your bills and their due dates.

Dispute Credit Report Errors

Your right to an accurate credit report allows you to report or dispute errors on your credit report by writing to the credit bureau. The bureau then investigates the dispute within a specific period. Credit report errors often originate from identity theft, data entry snafus by a creditor, or interchanging birthdays, SSN, or addresses. Dispute such errors as soon as possible so that you can start increasing your credit score.

Borrow Small Loans

Another effective way to boost your credit is to borrow a small loan and make timely repayments. The tip here is to ensure that the loan amount is small and repay as per the terms to boost the credit score. Consider small personal loans in Tucson and other cities that can help you build your credit score. Additionally, it can add positive information to the credit report and boost your credit mix.

Make Your Rental Payments Count

You can boost your credit score in 2021 by adding your rent payments to your credit report. If you make your rent payments on time, you can add the report’s payments to improve the amount of positive history that goes to credit bureaus. You can sign up to an app or bring your property manager or landlord on board can limit fees. Confirm with your landlord if they have opted for rent reporting services.

Regular Credit Report Checks

You can get a summary of your credit activity and inform you of any red flags through your credit report. The report contains information like your current balances, open credit accounts, such as personal loans, credit cards, and mortgages, and the period the accounts have been open. If you notice an open account that someone opened in your name, and it’s hurting your credit, you can reach out to wipe away the negative activity.

Try Out Experian Boost

You can raise your credit score this year by paying your bills on time. You can use a feature that allows you to add your internet, cable, streaming payments, on-time phone, and utility payments to your credit report. Connect the bank account to pay these bills and add it to your Experian credit file to calculate your credit score.

These are a few of the simple ways you can increase your credit score this year. Patience and persistence are essential when improving your credit score. Since you didn’t damage your credit overnight, you shouldn’t expect to improve within a week or month.



Why Does ‘No Win No Fee’ Exist?

Road traffic accidents cannot always be predicted. No matter how careful you are on the road, there could easily be some element – another person driving dangerously, a pedestrian, the weather, and more – that causes an accident. Accidents happen on a daily basis, and many people wanted to seek compensation for their road traffic accidents, but could not afford to do so. Therefore, the no win no fee model of claiming compensation was introduced. It meant that everyone who was eligible for claiming could do so without needing to spend many thousands of pounds. 

How Does No Win No Fee Work?

There are many lawyers who deal with the compensation claims that often come after road traffic accidents. And the majority of these solicitors will work on a no win no fee basis to help people get the financial compensation you deserve. This means that if you do not win the case, you will not need to pay your solicitor any fees. It also means that you only pay the fees after you have won – not upfront. This allows many more people access to justice and the right level of compensation after a road traffic accident. This will all be spelt out in the lawyers agreement with their client. 

The no win no fee model means that the solicitor – not the client – takes on all the risk for your case. In return for them winning, there is a ‘success fee’ to pay, and this will be a percentage of the money that has been awarded in compensation. The fees are recovered directly from the compensation, and the client will be given what is left over. You will need to sign a CFA, which is a Conditional Fee Agreement, which is legally binding, before this can happen, and this is the backbone of any no win no fee style of working. You should never sign a legal document after an accident without first reading it through to ensure that you know exactly what it is you are signing. Once you are sure, you should sign so that the work can begin. 

What Do You Need To Begin Your Claim?

In order to begin the process of a no win no fee claim, you will need to pass over some important information to your solicitor. After that, you can relax and let the healing process for whatever injury you have sustained work. The first thing, however, that you will need to do to start your road traffic accident claim is to have a consultation with your lawyer. Without this, your solicitor won’t know how to progress your claim, or what you want out of it at the end. During the initial consultant, you will be asked about the accident itself. You will need to detail how it happened, the date it happened, where it happened, and what injuries were sustained. 

You will also need to provide any contact details for witnesses (if there were any). In relation to your injuries, you will need to provide medical notes if you can. If you do not have them, a doctor’s letter detailing the problems and any outcomes will also work well. Your solicitor will want to know what treatment you have already received and if there is any more treatment to come. You will also need to provide details of your salary so that any loss of earnings can be calculated. The same is true for any other expenses incurred by the accident. Plus make sure you have your insurance documents to hand.

Don’t Lose It When It Comes To Your Lifestyle: The Easy Changes And Savings You Can Make

Our financial situation can have much to do with our lifestyles. There is no hiding from the fact that money helps us to be able to do the things we want to do in life. Buy those shoes, go on vacation, or spend time on the weekends enjoying being sociable. However, our finances can also hinder our chances to do that, if not managed correctly. 

When it comes to our financial situation it can often be a tricky road to navigate, but at this time of year especially it can become more of a focus. That is because we want to start planning for the year ahead, make savings where possible and also make some significant changes that we feel will have a positive effect on our lifestyles and how we feel. So what can we do to help that? With that in mind, here are some of the ways that you can remain in control of your financial situation, and therefore help you to make the most of it.

Image source – Pixabay – CC0 License 

Make wise decisions when it comes to necessary purchases

Sometimes we have to spend money, and this can be when we least expect it. Of course, with some big purchases they can be a little more considered, such as a house purchase which takes time and careful planning. Your car, for example, can be a big purchase you have to make when you don’t plan to, especially if your car is getting a little older. When it comes to spending large sums of money, you need to think about how you might pay for the items. A house deposit may be made up of savings, so this is when you need to be aware that once that money is spent in your home you lose that comfort and nest egg. A car purchase can be where you take a different approach to your spend, it might be that you choose to have a monthly spend and take advantage of a lease of hire purchase agreement or it could be that you use savings or a bank loan to help pay for it. The difference is that you can often plan for the big purchases, so make sure you consider all of the options. The next thing you need to think about is monthly budgets or overall costs, and also planning where possible to make savings to help with these situations. 

Switch up your mobile phone and tablet costs

Another cost that we don’t consider as being expensive but can be if we are outside of contract or haven’t got the best deal is our mobile phones and tablet costs. Many of us will have a monthly cost associated with the SIM cards that we use. It could be that you pay monthly for a line rental and extra benefits along with the latest phone, or the fact that you use a tablet out and about and need the GPS element so a SIM card is necessary. This is when you may want to look at things such as a mobile or Smarty tablet SIM to help keep those costs down. Often searching out a different deal can help you to make the most of what your monthly spend and also reduce the overall costs. This could be one area you see a surprise saving and could make a big difference to your disposable income or savings pots. 

Think about your household bills and how you can make savings

When it comes to your household costs we all have bills that we need to pay each month. This might be your mortgage or rental payment. It could be things such as energy bills, insurance, mobile phones which we have mentioned or even other items like TV subscriptions and broadband. So what can you do to ensure that you make the most of the costs and only pay what is necessary? By regularly checking that you have the best deal. Many companies like energy or insurance providers tend to save their better deals for new customers and do not repay loyalty like you might assume. A great tip would be to look at the costs you pay and use comparison sites to see if you are getting a good deal. Making the switch is easier than you think and most of the time the new companies handle all of the details for you. This could help you to only payout what is necessary when it comes to your outgoings, helping you to make a big saving each month. 

Looking To The Future And Keeping Your Finances In Good Shape

Fiscal responsibility requires a forward-thinking perspective. You have to think about the kind of financial situation you want in the future. This is difficult, of course. We all find ourselves preoccupied with present-day costs. You might be so focused on covering your current expenditures that you rarely give much thought to the potential state of your finances in 5, 10, or 20 years. However, whatever your age and whatever your current monetary situation, it’s always wise to think ahead.  Consider Stock Apps when thinking about your investment strategies. The pieces of advice in this post should help you to look to the future and keep your finances in good shape.

Start cutting back on unnecessary expenses.

You should start by cutting back on unnecessary expenses. This refers to more than just luxury expenditures. You should take a look at your basic costs. For instance, you might spend more money than necessary on your monthly utility bills. Perhaps you could insulate your walls, windows, and doors to trap heat more effectively and reduce the need to turn up your thermostat so high. You could also start using discount codes and other online deals to save money on your shopping. Buying the same goods for less money is an obvious route to take. You might want to check out this old navy coupon. If you’re going to buy clothes anyway, then it makes sense to get a discount. That should be your mentality when shopping. If you’re going to buy a particular product or service, then it makes sense to find the best possible price or deal online.

Look into options for automatic savings.

You might want to look into options for automatic savings if you want to look to the future and keep your finances in good shape. If you struggle to set aside money for later life, then this might be a great way to safeguard your financial future. If a fixed amount of your earnings are transferred from your bank account to your savings account on a monthly basis, then you’ll save money without having to think about it. You should set the monthly transferral date as your payday so you don’t spend your income before you have a chance to save it.

Invest, invest, and invest.

You don’t need to be a financial expert who trades on the stock market in order to become an investor. And investing doesn’t have to be a risky financial venture, either. The misconceptions surrounding investments are often deterrents for people who want to protect their finances, but investing is actually a way to protect your finances. Rather than letting your money sit in your bank account and gradually accumulate interest, you could invest portions of it in different areas and massively increase your wealth.

You just need to choose the right investment opportunities. You don’t need to jump in at the deep end. Many first-time investors look into the real estate market, for example. It’s a marketplace that makes sense to people. Properties are assets that are always valuable because people always need homes. Anybody with the right mindset can become a property developer, too. If you learn how to choose reasonably-priced properties in good areas, renovate them cheaply, and sell them at an increased value, then you could make a decent ROI per property. Do your research, get some help from estate agencies or other property developers, and start looking into good property investments that you could make.

Property and divorce: what happens to the family home?

Getting a divorce can be an extremely stressful process to go through, both emotionally and financially. If you’re planning to separate from your partner, there’s no doubt you’ll have a lot to think about, including what will happen to your family home. The chances are you will no longer want to live with your spouse, so it pays to know what your options are. To help you make an informed decision on what to do with your property, keep reading.

Put it on the open market

Selling the family home is common among separating couples. So, if you’re going through a divorce, this might be the best option for you. Putting your property on the market can be emotional, especially if it’s where you raised your children and somewhere that you have fond, happy memories of. However, from a financial perspective, selling your family home and splitting the equity with your spouse could offer you an easy, hassle-free way to deal with the mortgage, helping you both move forward during this difficult time.

Consider a cash sale

If you’re going through a particularly complicated divorce or you’re struggling to keep up with mortgage repayments or other bills, you might be keen to sell your home as quickly as possible. While you could put it on the open market, this may take longer than you’re willing to wait. Instead, you could consider a cash sale. By enlisting the help of a cash buyer such as Fast Sale Florida, you should be able to sell your property extremely quickly, regardless of the condition it’s in. You’ll also be able to avoid paying realtor or closing fees and future mortgage payments.

Agree for one spouse to continue living in the property You could come to an agreement with your spouse whereby one of you continues to live in the property. This means that you won’t need to worry about putting your home up for sale at all and instead you can arrange to have it refinanced under the relevant person’s name. In order for this to work, the person remaining in the property will need to qualify to take over the payments. If

you can afford for one of you to stay put, this could be a good option, especially if you have children.

Property is one of the most important assets that a couple can share, so deciding what to do with it during a divorce can be difficult. However, as long as you consider your options carefully, you shouldn’t struggle to make the right decision for you and your family.