Step by Step Guide to Repaying a Loan

If you have a loan that you want to repay then you may feel a little daunted about how to go about this. Some loans will have a monthly repayment schedule where you repay a certain amount, which is usually taken by direct debit so it just sorts itself out automatically. However, this is not always the case or you might want to repay a bit extra so that they loan is repaid more quickly. In these cases, you will need to come up with a plan.

Check if there are early repayment fees

The first step is to work out whether there are any fees to repay the no credit check loans early. These are often called early redemption fees. The lender will want some compensation for the lack of interest that they will receive as a result of you repaying early. Sometimes this can be a really large amount of money, more than you would be paying in interest anyway. Sometimes it could be a small amount of money which is more like a small administration charge. It is wise to find out how much it will be as if it is large then it may just not be worth you bothering to repay it early.

Decide how much you want to pay

Next you need to plan how much you want to repay and how often. You might have a target of when you want it to be paid off, for example or have a certain amount that you want to pay each month. If you want to pay by a certain date then you will need to calculate how much you will need to repay each month in order to do this. These figures might seem high, but this is not something you should worry about at this stage.

Planning your repayment schedule is a great way to help with budgeting.

Calculate how to do this

At this stage you will be able to work out how to make the money that you need. There are basically two things you can choose from or combine to achieve this. You will either need to spend less money or earn more money or a combination of both. Sometimes we spend a lot of money on things we do not need and we can cut back and find that we will be able to afford things like these loan repayments. However, we may find that even if we cut back on everything we buy, that is not essential it will not be enough. We might be able to spend less on the essential items by comparing the different providers and seeing whether we can switch to one that is cheaper, such as changing insurers, utility suppliers, lenders, retailers etc. This can be a good thing to check because if we can get the same things but at a lower cost, then we can save money without really noticing a big difference in things that we buy.

We may still need to think about earning more money though. There are different ways to do this. You could try to get more money in your main job, perhaps working more hours, looking for a promotion or pay rise or trying to find a similar job with higher pay. You could get an additional job if you have the time or you could look for ways to earn money from home. There are lots of things you can try but it will depend on how much time you have, what you are prepared to do and what skills you have and what is available. However, it is likely that you will be able to find something, whether it is some freelance work, filling out surveys, being a virtual assistant, making a video, setting up a website or starting a business. It is a good idea to research different ways of making money online so that you are aware of all of the options available to you and you will then be able to choose the one that you think will suit you the best.

Ways to Motivate Yourself Financially

Many of would like to improve our financial situation but we fid it hard to stay motivated to do so. It might be that we want to save money, pay off our loans or things like this but we just find that we keep spending too much or not earning enough because we find it hard to actually motivate ourselves to do it. There are things that you can do which might help though and it is worth investigating these so that you can decide whether you think that they will help you.

Write down some goals

It is a good idea to start by establishing why you have decided that you want to improve your finances. It could be because you want something very specific – such as a particular item that you want to buy, that you want to increase your savings, pay off a loan or something like that. It is a good idea to make a note of this goal. This has several purposes. It makes it more definite because it is written down, it means that you cannot forget it and it helps it to stick in your mind as something important. You might also like to be specific with it, such as setting a date as to when you want to achieve it by or an amount of money such as how much you want to save. This will help you to focus. Also put on it the reason why you are doing it if you think that it is necessary. Perhaps the reason you want to save a certain sum of money or how it will benefit you to pay off your loan etc.

Write down all of your financial goals to help you achieve them.

Stick them in a prominent place

You now need to make sure that you stick your goal in a prominent place so that you see it a lot. Perhaps on the bathroom mirror, so that you see it in the morning and it will help you to start the day with the right attitude. It can help to remind you, not only what you are aiming for but also help you to remember why you are trying to achieve this and it will help you to stay motivated.

Do financial planning

It might be necessary to do some planning so that you can achieve this goal. Some people believe that you just need to set a goal and this will be enough for you to be able to achieve it. They feel that the focus on the goal is enough for your subconscious to work on a solution and for you to achieve it without changing your behaviour in a conscious way. However, there are other people that feel that you need to make plans so that you can work methodically to achieve what you want. It is up to you to you to think about which approach you think will work for you. It may depend on what you have read about goal setting and what evidence you have found for the two methods. It might be more to do with your personality and what you know is more likely to work for you.

If you feel that you need to plan then it can be a good idea to split the goal into smaller parts which look easier to achieve. Perhaps reward yourself as you go through each stage to help you to reach it quickly and feel like it is more worthwhile. The sense of achievement of doing it may be enough of course, but you may like to have some other reward as well. It will depend on how you like to reward yourself.

Tips to Get Money Fast

Sometimes we are in the situation where we are looking to get some money really quickly. This can be tricky as we might be worried about how we are going to get it and wonder if there is in fact any solution at all. There are things that you can try though which might help you.

Get a salary advance

Many people do not realise that some companies will offer the option of a salary advance. This means that they will pay you some of your salary early. So, if you are struggling, you might be able to ask them to pay you two weeks pay a bit early and then dock that from your normal monthly salary. Larger firms tend to be happy to do this and this could really help you to manage your money. It is probably something that you will not be able to do too often though.

Borrow money

Borrowing is something that many of us will use to help us get through difficult financial times. There are lots of loans available for us to choose from as well, which makes it a bit tricky if we decide to borrow. However, if you can establish how much money you need then this will help you with starting to find the right loan. Then you need to think about how much you can afford to repay and how often as you will not want to risk missing any repayments as you will get charges extra money if you do. You will also need to compare lenders to make sure that you get the right deal for you. They will vary in their cost but also in other things and it is good to compare them to find the one that offers you the best value for money.

Earn some online

It can be a good idea to see whether you can earn some extra money. You may be able to do more conventional things like doing some overtime or finding a second job, but if you were interested in doing this you would probably be doing it already. However, it is worth thinking about doing some online work. Most of it will be working form home which can be more convenient than going out to work and there is quite a variety of different jobs that you can choose from so there could be a selection of things that you might want to do.

Sell things you no longer need

If you have a lot of items that you no longer need or want then you might be able to sell some of them to make some money. There are places where you can sell things on social media also websites that you can list them on and apps. You might be able to make quite a bit of money by doing this but it is worth checking similar thigs first. You want to price it competitively but to sell and you also need to list at the right time as at certain times of year people will be more likely to buy certain items and sometimes, they will not buy things at all. You also need to be aware that once you have made money from the items you will not be able to do it again. Therefore, it is great to get a lump sum but you cannot rely on it working for you over and over again. You might have lots of things and just sell a few and have some left to sell another time, but eventually you will run out of items to sell.

Should I Sell Things to Make Money?

There are lots of things that you can try to make money and quite a few people are successful at selling items to make money. This can seem like a fun thing to do, whether you choose to open a shop or sell online. However, you need to make sure that it really is the right thing for you to do before you invest your time and money into it.

Start by learning about marketing, selling and accounts

When you are selling things you need to be prepared to learn a lot about how to do it before you start. You can’t just buy some stock and sell it. There are lots of things that you will need to know first. It is important to learn how to keep accounts so that you can calculate your profits. You need to learn about marketing so you know the best ways to sell. You need to also learn about selling. These things can each take quite a bit of effort to look into and they may not be the most exciting things to have to learn. However, it is important that you understand it all before you start as you will need to know the techniques so that you can make a success of things.

Be ready to invest lots of time

A new business takes a lot of time. You will need to be prepared to work a lot of hours and it is likely that you will not get much money to start with either. You may need to keep putting any money you make back into the business for quite a while. Therefore, you will need to think about how you will manage financially without an income coming in.

Consider storage

If you are selling things, then you will need to buy stock. You will need to think about where you are going to put it. If you are planning on opening a shop, then you will have shelves to put stock on. However, you may still have extra stock that does not fit on the shelves that needs to be stored elsewhere. If you are not having a shop but selling online, then you will need to store it. You might have room in your home, but this will depend on the size of the items and how many you are buying.

Think about postage or premises

If you are working online, then you will need to post items out to people. This is something that can take time and you will need to think about whether you will go to a post office or use a courier. You will need to look into the costs of this as well. You will also need to think about the packaging that you will need. You will need to incorporate the cost of the packaging into the item and so this could also be something that you will need to consider carefully. You will need to store the packaging as well.

If you are selling online you need to think about where to sell. Will you sell using a website of your own, on a website designed for merchants to use or a combination of both. Consider the costs of both and what might work for you.

If you are selling in a physical shop, stall or whatever, then you will need to choose the premises. You will need to think about whether the place will work for you. Consider what type of people will go to that area and whether they will be likely to want to buy the things that you are selling. Also think about the cost of the rent (plus other costs like rates, electricity, water etc) and whether you feel you will be able to cover the cost of these.

Decide what to sell
It is worth thinking hard about what to sell. Even if you have a vague idea, you will need to narrow it down. You will need to make sure that when you buy stock, that you are investing money in something that is going to sell for you and make you money back.

How to Cut Down Your Toiletries Bill

Many of us buy all sorts of toiletries and they tend to be quite expensive. However, going without certain items is not possible and therefore that means that you might feel you have no choice but to pay out lots of money. There are things that you could consider doing which might help reduce the cost though.

  • Switch to cheaper brands – you will find that most toiletries will have a selection of brands that make similar products. This means that you might benefit from changing brands to one that is cheaper. You will need to be careful as sometimes cheaper brands are not so good or they may be less concentrated so you need to use more of them. However, trying some out could mean that you will find a brand that you really like that is cheaper, so give it a go. You could find that you are paying out significantly more than necessary.
  • Buy from cheaper retailers – if you like specific brands then make sure that you shop around. For example, supermarkets tend to be more expensive than some budget pharmacies. You might even be able to find the items cheaper online, especially if you can buy in bulk. You may find that the very lowest budget stores may not be so good though. Sometimes they sell fakes or they sell smaller sized items so you think it is cheaper but you are getting less and therefore you may either not be saving money or you may be paying out more.
  • Use less at a time– Some people use too much of a product that they buy. They might waste it or just use more than necessary. So be careful and make sure that you are not using unnecessary amounts or else you could be spending a lot more money than you need to. For example, shampoo need only be a pea sized amount and many people use more. Too much and it dries out the hair which will then need extra conditioning so you use more of that.
  • Reduce your range – some people like a big variety of products. Although this is lovely it could mean that items have to be thrown away before they are finished. For example, you may find that creams dry up or lose their scent or that make up dries up and cracks. It might therefore be better to stick to a few basics and then when they run out pick something a bit different for next time. It might be less fun to have less of a variety but it will save waste. Also, before you buy something new, sort through what you have and see if there is anything that you can use up first.
  • Do not use so many items – we can sometimes feel that we have to use all sorts of beauty items in order to fit in or feel good. This can lead us to buying all sorts of things. We might have night creams, day creams, moisturisers, perfumes, nail polish, make-up, shower gel, hair products etc and it can all really add up. It can be a good idea to take stock and think about why you are using all of these products and whether they are worth the money that you are paying for them as well as the time it takes to apply them. Obviously, we want to stay clean, tidy and smelling good but it is easy to be convinced by marketing giants that we need all sorts of extras to this when it may not be necessary at all.