Category Archives: Finance

The 4 Important Tips For Women To Be Financially Independent

Finance

Tips For Women To Be Financially Independent

Although the concept of gender quality is getting into practice, few things are still different for men and women. For example, it may sound vague, but between the two, women still struggle more than men when it comes to money.

According to research, on average, men earn 9.4% more than women. Along with the discrepancy in earnings, women also tend to sacrifice their careers and work part-time to take care of their families and children. This gender pay gap is a cause of concern and should be addressed as it can diminish their financial independence.

Tips For Women To Be Financially Independent

In the UK, every fourth woman would not be able to support her if she gets separated from her husband. Moreover, the financial struggle grows for a woman as she grows older.

Despite longer life expectancy, women are being paid less. Also, there is a discrepancy in their pension pots as well. Undoubtedly the situation is not favorable and is a cause of concern for many women.

Women have to deal with such challenges, and there is no denying his fact. However, despite the discrepancy, being a woman, you can control your finances and establish yourself financially.

1. Financial goals

Before starting your financial journey, it is important to set financial goals that will help you to reach your destination and assess your financial position from time to time.

The goals should be achievable and realistic. Forming unrealistic goals is not going to help anyway.

For example, if you earn a total amount of £400 per month, then setting a goal of saving £350 per month is unrealistic as £50 is too little for your monthly expenses unless you make some drastic changes in your lifestyle and routine.

Setting unrealistic goals will only lead to failure, whereas setting up achievable goals will keep you motivated to do more.

Along with realistic goals, it is essential to be specific while setting up your goals. For example, do not keep them open such as “I want to save money every month”. Instead, you have to define each goal, such as “Instead of £150, I will save £200 this month”.

This way, you give yourself a target, and you can progress fast in this direction. You can also track your progress easily if you quantify your goals. Another important thing is to set a deadline with every plan to avoid procrastination in the achievement of your goals.

For example, if you wish to buy a house of your own, you have to give a deadline to yourself, i.e. “I have to buy a new house by the end of this year”.

This will help you plan out your finances in a structured way. Many women face financial instability, which makes them keep looking for cash loans to your door.

There is no harm in borrowing. The only important thing is to pay back these loans on time and stay stress-free.

2. Create a financial plan

After setting your goals, ensure to create your plan of action to reach up that goal. Keep track of all the money inlets and outlets in a month.

All bills, receipts, mortgages, payments should be noted. This will make things easier for you to look at the leftover cash at the end of the month. You can easily calculate your disposable income and savings.

Start creating a budget every month and stick to it. This way, you can track your spending and cut down on unnecessary spending. However, it is crucial to remember not to be harsh amidst all the budgeting and goal setting.

Goal setting and budgeting have been devised for your convenience and not for pressurizing yourself.

3.Emergency fund

With all the goals, make sure to set a goal of building an emergency fund. An emergency fund helps you stay safe during any unexpected event in your life.

For example, if your car breaks down during any journey, you have an emergency fund to pay off your car expenses. In addition, if you have any medical emergency, this emergency fund will help you pay off your medical bills and ease your burden.

It caters to your unplanned costs. According to experts, ideally, your emergency fund should have at least three months of your living costs.

It is not necessary to save a large amount of money every month. Instead, you can start with smaller amounts and keep on adding to your emergency fund.

To avoid any miss in your payments, you can automate the payment process through direct debit from your bank. This will take care of your emergency fund without you being worried every month.

4. The investment way

Saving should be an indispensable part of your finances every month. It is a good option, but in the long term, inflation may affect your savings as the value of goods and services increase over time.

This may lead to making you lose your purchasing power. For example, you have £100 saved today and saved even after 4 years. The amount remains the same in the long run. So today you may be able to buy 4 things from your savings of £100.

But, due to inflation after 4 years, you may be able to buy only 2 things from your savings amount of £100. If you save your money in the bank, you will be given interest in your savings.

But if the interest rate falls below the inflation rate, it decreases the value of your savings.

To get the real value of your savings despite inflation, you can consider investing your money in various investment options. This is because, in the long run, investment plays an important part in your financial growth.

In investment, the interest rates that you receive are not fixed and are fluctuating.

The interest rate depends on the market. Initially, you may get a lower interest rate, but in the long run, your investment pays you well and increases your financial pot.

According to a study, if you keep stock for 10 years compared to your savings, your stock will pay you better between both.

You have to make informed choices while investing your money. To stay clear in your approach, you can also seek expert advice to know more about savings and investment.

Published by:

7 Tips to Make the Holidays Affordable this Summer

Finance Travel

People wait for summer vacations to visit their favorite destination with family or friends. However, the past year has not been great for the finances, and many have already used their savings. You may think of spending the vacation at home to not get into another debt.

However, it is relatively easy to make the holidays affordable with the right tricks in mind. A few hours of research and negotiation will make sure you don’t end up spending the whole vacation in the backyard. After all, you deserve a break from your busy life throughout the year.

Here, we have mentioned some tips to make the holidays affordable this summer to help you plan the vacation.

1. Compare the Flight Prices

The basic advice to save money on travel is to compare the prices before booking. Airlines have different prices for the flight for the same day and same class. Therefore, it is wise to check the prices through some online website or application.

7 Tips to Make the Holidays Affordable this Summer

Also, compare the prices on the individual days before planning the vacation. Traveling on weekdays is cheaper than at the weekends. You will save a considerable sum if you plan the travel based on cheaper travel days.

Ask friends if they have some offers on credit cards while booking the tickets. You can also search the internet for discount codes and coupon codes or use the loyalty points on the cards. Many online booking platforms provide a discount to the new users that can help save some serious money.

2. Say No to the Hotels

Traditional hotel booking is more expensive than ever. A week-long stay in the hotels can quickly burn a hole in your pocket if you have a tight budget. Instead, select alternatives such as Home Away and Airbnb.

These sites provide places to stay in a different city or country at a lower price. They are available in numerous countries across the globe. If not, you can always stay at a hostel to live with the local community or fellow travelers.

Some people cannot compromise with the living condition as the room is the only place to relax. After exploring the neighborhood, a tiring day needs a comfy bed and a clean bathroom with a hot shower to recharge the body. Take out loans for very bad credit from direct lenders to cover the cost of a good hotel and other luxuries during the vacation.

3. Take Snacks from Home

Many people decide to use their car instead of expensive flights to travel. It has some benefits that include snacks or some meals in restaurants near the road. It is indeed slow but you cannot miss the element of adventure if the road is difficult.

7 Tips to Make the Holidays Affordable this Summer

The snacks near the highways are overpriced to take advantage of the travelers. Also, you may not find the favorite items in a different neighborhood. Therefore, it is recommended to buy stock up on the food items from the store nearest to your house.

You can also cook food at home to avoid eating at the restaurants in the way. It will be a cheaper and healthier alternative than the restaurant food if the packing is good. This also includes your drinks that can be carried in a small cooler easily available in the stores.

4. Don’t Pack Everything

Most vacations are short and don’t require people to change clothes every day. You can use the same nightclothes throughout the trip. Moreover, some of the accessories and essentials are easily available at the same price in the stores near the hotel.

This makes heavy packing a needless expense because of the limits set by the airlines. Add the drag of carrying the bag everywhere after landing on the foreign soil. Therefore, carry only the bare essentials that include clothing, medicines, and some accessories.

5. Limit the Orders

A new country or locality may have dozens of different food items and dishes you may have never tried. People end up ordering many dishes at once to give them a try. And a huge portion of their meal is wasted because of excessive ordering.

It is okay to try different stuff on vacations as it could be the only opportunity to have an authentic taste of them. However, you should order food within a limit to ensure no food and money is wasted. You can ask the restaurant or chef for a sample, and they may provide it for almost every dish to the tourists.

6. Carry Water Everywhere

Water is expensive in different parts of the world, with some countries experiencing a shortage of clean water. You will find tap at certain places that provide water to the visitors free of cost. The savings are significant at the end of a long trip.

Do not take the risk with water if the area is not known for good quality tap water. You can use the filters in the faucet to clean the water from pollutants. Since the full water bottles are not allowed past the airport security, you need to use the empty bottle packed at home.

7. Use Credit Cards Carefully

Credit cards can cause some trouble with finances because of the high-interest rates. However, some are extremely helpful while traveling in a different country if the international fees are zero. Also, some cards will provide access to the airport lounge for a first-class experience while waiting for the flight.

Therefore, find the card with the best offer to use during abroad travel. Do not use it to withdraw cash as the charges and interest are unreasonable. It is easier and cheaper to take an online loan from a direct lender instead.

Do not use the credit card for expenses other than essential. The available line of credit will make you buy unnecessary items during the travel. You may regret those spending during the repayment period.

Conclusion

To sum up, you can use the internet to find some more creative ways to make the trips affordable. Ask family or friends to share their experience of traveling on a limited budget. Nonetheless, you should prepare yourself for a bill over the decided budget even after hours of planning.

Published by:

Know How You Can Avail Low-Income Personal Loan Digitally

Business Finance

Low-Income Personal Loan

A data from India Human Development Survey suggests that almost 28% of India’s total population belongs to the mid-income group of whom 14% is from the lower and 3% constitutes the upper-middle-income strata. Resultantly, when it comes to managing any financial emergency and fulfilling dreams of travelling abroad and the likes, this particular group of individuals strive hard to make both ends meet. 

Low Income? Here's How to Get a Low Salary Personal Loan | IURRDA

In such a scenario, a low-income personal loan proves to be beneficial to bear recurring expenses without exhausting one’s savings. Generally, most lenders approve a personal loan only after assessing a few factors of the applicants such as income, credit score, etc. Nonetheless, individuals belonging to the low-income bracket can also borrow this credit following some smart tips. 

Ways to avail low-income personal loan online 

Due to its collateral-free nature, lenders become more cautious while sanctioning a personal loan. While it seems impossible for individuals with low income to be eligible for such a credit option, they can boost their chances by adopting a few measures. 

Following are some of the useful tips that individuals can follow to improve their eligibility for a low-income personal loan. 

  • Maintain a good credit score 

Lenders categories a personal loan as a high-risk borrowing option and consequently sanction it after thoroughly assessing the eligibility criteria of applicants. In this regard, the credit score of an individual plays a crucial role as it rightfully denotes his/her creditworthiness. 

Generally, lenders approve this credit to applicants with a credit score of 750 or above. On the other hand, those seeking the advance with a low income need to possess a score above 850 to be deemed eligible. However, before choosing a lender, it is advised to call the institution’s personal loan customer care number to gather more information regarding credit score requirements. 

  • Apply for a lower loan amount 

Another effective way to avail a low-income personal loan is by applying for a loan amount that is not so high. While most top lenders offer a personal loan of up to Rs.25 lakh, it will be wiser to settle for a lower amount to ascertain instant approval. Financial institutions like Bajaj Finserv allow borrowers to opt for a flexi personal loan that effectively reduces EMIs drastically, aiding low-income earners to lower their repayment liabilities. 

The NBFC also extends pre-approved loan offers that simplify the loan application process. Such offers are available for different products like personal loan, business loan and others. You can check your pre-approved offer simply by sharing a few essential credentials like your name and phone number. 

  • Choose a longer tenure 

A personal loan generally comes with a flexible tenure of up to 60 months. Individuals with low income can, thus, easily opt for a longer repayment structure to make EMIs affordable. Even so, to be on the safer side borrowers should have a profound idea about how to calculate personal loan EMI and plan their repayments accordingly

One can also make use of an online loan calculator to know about their exact EMI payable. 

  • Opt for a joint loan 

If you have low eligibility to obtain a personal loan, you can consider opting for the advance with a co-applicant with higher eligibility. It will assure a lender that you will be able to repay the borrowed credit within the stipulated time. Moreover, in such cases, to make repayment smoother, you can also negotiate with lenders for a competitive personal loan interest rate. 

Apart from following these simple tips, there are a few essential personal loan charges you should keep in mind to repay the loan on time. It further ensures you are capable of handling these additional liabilities of paying EMIs without defaulting. 

Published by: