Money Management Tips

A Beginner’s Guide to Money Management

Managing your hard-earned money is not an easy job. But if you take the time to manage your money it will pay off and you will be able to save more every year. You can then use your extra savings to pay off all your debts or put it towards your retirement or spend on your next car or holiday. Several tips can make money management easy for beginners.

Set Up A Budget

It is common today to have more than one account. So the first step that you can take to have control over your finance is to set up a budget. There are several banking apps available today that will allow you to see all your accounts in one single place. It is a great way to get an instant snapshot of how much money is coming in and going out. When you set up a budget, you are less likely to end up in debt or get caught out by unexpected costs and more likely to have a good credit rating. Get easily accepted for a loan or a mortgage.

To set up a budget you will need to keep a track of how much you are spending on household bills, living costs, insurance, transportation, and entertainment. You can find various easy to use online budget planners and tools that will help you to work out your budget. Simply grab all the information about your income and spending to get started.

Keeping Your Budget On Track

Any small changes made to your budget can make huge differences and save big money. If you are spending more than what is coming in, then you need to check where you can cut back. It could be some simple steps such as canceling your gym membership or making lunch at home instead of eating out. You can easily maintain a spending diary where you can note down everything that you buy in a month. Also check out your month’s bank statement to find out where your money is going. Get all your family members involved while making a plan that all of you can stick to. You can also try cutting your household bills and mortgages.

Pay Off Your Loans And Credit Cards

Try to pay off all your debts. You can start by first paying off the debt that charges the highest rate of interest. Even when you are focusing on paying off your highest debt first, try to pay at least the minimum on your credit cards and the monthly required payments on the loan agreements. If your debt problems are serious then you should get help from debt advisors.  

Set A Savings Goal

It can be hard to get motivated about savings. But it can be much easier for you if you set a goal. Your first goal should be to have some emergency savings that you can fall back on whenever any emergency arises. Try to save at least three months’ worth of expenses as an emergency backup. You may not be able to save right away, but you should have it on your list of saving goals. The best way to save money is to put some money into your savings account right after you get your monthly payments.

Once you have set aside your emergency savings you can consider other saving goals that include buying a car, taking a holiday, buying a new house, and so on. As you start growing your savings you can also make an investment plan based on your goals or you can also put more money into your pension.

Once you have begun your money management journey, try to stay away from debt. But if you are already overwhelmed by your debts, your first step should be to pay them off. If you are struggling financially do not ignore your bank statements and demands for payment. Avoiding your payments can make your problem worse.

12MonthLoans.CA are a perfect way to get guaranteed payday loans no matter what Canada help in the hour 24/7 of crisis 24/7. You should sensibly use the borrowed amount. Try to make timely payments of loans to avoid additional fees and penaltiesd penalties.

Read More

Accomplish-Monetary-Needs-Effortlessly-Bad-Credit-Installment-Loans

Accomplish Temporary Monetary Needs Effortlessly With The Help Of Bad Credit Installment Loans

Bad Credit Installment Loans are an antidote option against extreme fiscal disasters. So, no need to be worried if you have left your job and have been facing problems because of not having a stable source of income. Lenders of this loan option perceive that it becomes difficult to make ends meet time when there is an emergency, and these unforeseen events can create pressure of clearing so many debts. Hence, they arranged Bad Credit Installment Loans, which can bring one out of such circumstances. Accomplish Money Needs – Bad Credit Installment Loans. By payday loans, jobless individuals can avail funds easily. Through this type of online payday loan, you can obtain quick money without any frantic procedure. The procedure of obtaining no credit Bad Credit Installment Loans is similar to the online payday loans process.

No doubt is that a great risk factor is involved in lending money to an unemployed person. Because of this thought, many people believe that payday loans carry a higher interest rate. So, you are recommended to indulge yourself in some research work before making a selection for your loan and also scan through the various options offered to you in compliance with your exacting status of affairs. When you make proper research on the online loan market then you will find that numerous loan-providing companies offer great rates of interest for payday loans. And by analyzing lenders’ quotes you can be able to opt for the best rate as per your requirements and repayment potential.

Availing funds with quick approval:

The usefulness of the guaranteed approval loans can perhaps be realized by the ones only who have been lucky to get their hands on payday loans. If sometimes you need fast cash help, then think about payday loans for once. Each of the facilities and benefits incorporated in the loan will let you enjoy being a borrower of these. Sometimes a loan is more than being a provider of money. That is what you will get to feel after approaching online loans. There is simply a lot more than availing funds in payday loans.

A clear no to credit checking:

There is a clear no to the credit checking system in Bad Credit Installment Loans. As a borrower, you will not be asked to showcase your credit history nor their scrutiny of your credit records. It does not matter how good or poor you are in your credit records, but what matters is your need. If you need money then the lender is liable to pay you off with a helpful loan amount simply judging your reliability as a borrower.

Financial support on your call:

Whenever you need funds, simply give your call for the Instant cash loans no credit check. You can apply for Payday loans for unemployed simply by being anywhere, is it is from your home, from your office. And from anywhere else and the only thing you will need is internet connectivity. Accomplish Money Needs – Bad Credit Installment Loans The online loan sites through their easy payday loan application procedure and fast approval system. It will not let you be disappointed at all. 

Manage your issues as you like:

Through the proper use of the loan amount dispatched in the guaranteed approval loans.  You can get rid of any of your financial issues. There is no need for you to inform the lender about your need nor will you have to hesitate in using the money for any of your requirements. An electricity bill, car repairing bill, grocery stores bill, or anything that you have to pay off can be supported by it.

Hassle-free procedure:

No heavy formalities are observed for disbursing the payday loan. An online application will serve the purpose. The transaction is very fast the borrower can use the amount within hours after applying.

You can get the loan even if your financial standing is marked with bad credit records. Such as amount outstanding, arrears, defaults, bankruptcy, and the like as there is no credit check. Bad Credit Installment Loans can let you enjoy the speed of approval of payday loans. That is extremely fast, providing access to funds usually within 24 hours of application compliance. This financial aid provides for a short-term period, which usually varies from 14 to 30 days. It requires to be repaid as soon as you receive the paycheck from your new job. Thus, you can get instant cash easily without waiting anymore with no trouble.

Read More

FINANCIAL TIPS

Are They Helpful For Your Financial Decisions?

In 2018 it was estimated that 11 million people used price comparison websites to help make their financial decisions. Reports state that they are most used for vehicle products, such as insurance, or home and contents insurance.

These tools could help us cut the costs of our annual and monthly bills and can be extremely useful when looking to make sure we get the payday loans best deal. As our purse strings might get tighter after an expensive Christmas and we Brits are supposedly bargain hunters, we could all be flocking to the best price comparison websites to check our deals, consider switching, and looking to save money wherever possible.

How Price Comparison Payday Loans Work?

Price comparison websites are like a search engine that provides the best deal for a certain product, for example, car insurance. There are price comparison websites for so many financial products, from everything from payday loans to energy tariffs and financial products for savings. They are so popular because they supposedly house all the best deals and what a customer is looking for, in one place.

Customers input data and the comparison tool will scour the available deals that are suitable. The amount of information you have to put in varies, as for car insurance, customers will need to detail their driving history, perhaps some medical background as well as car details and personal information. The tool will then produce quotes based on your specific. There are a few comparison websites, like https://www.icash.ca/, that do not require you to enter your personal details in order to compare financial products.

It is always important for consumers to be aware that comparison websites are business models designed to make a profit, despite how much value they might provide to the consumer. 2018 reports suggest that the comparison market has become more competitive, which could be affecting their profits and consumers might want to be aware of any changes to the website they favor. One way they make money is by having advertisers appear on their website to drive through revenue. However, some consumer comparison websites also accept sponsored listings. This is where a certain provider pays the website to appear top of certain quote requests, despite not being the best deal for the customer.

A 2010 report also suggests that consumers are not aware of how much commission payday loans services earn from their customs. A YouGov survey indicated that consumers were expecting to pay between 5 – 10%, but the real figure was much closer to 24% in commission. Since this report, regulators have had a tighter crackdown in the industry to help protect consumers and encourage transparency.

Are There Disadvantages To Even The Best Price Comparison Websites?

We know that around 11 million of us use price comparison websites but experts investigating this market state that there is still little clarification or transparency around how these websites make their money. In turn, there are a couple of concerns and things that consumers should be aware of when using these sites.

Not All Competitors Are Listed:

When consumers are shopping on a price comparison website, they may think they are getting the best possible deal. Yet, not all the providers within one market are necessarily listed on the one site they are using.

How They Help Us Make Our Decision?

Consumers use price comparison websites to find the best deals. However, reports suggest that price has become the deciding factor for financial products when it might not actually turn out to be the best option for their specific circumstance. A report in the Telegraph indicates that consumers do not check the specifics of the product they are comparing; from anything from trying to cut costs on your holidays to insurances. As we use these sites for ease and convenience, we do not then check the excess or details of the policies that could end up costing more as it is not tailored to an individual’s circumstances.

How Could You Make Price Comparison Websites Work For You?

The CMA (Competition and Markets Authority) recommends that customers use more than just one price comparison website as there could be miniscule cost differences in the policies available, which could save you hundreds in the fine print. We have already established that there are some providers that do not subscribe to these consumer websites, and it is worth checking these directly, too.

They help us make decisions because they seem to present all the information we need to feel informed. This could be just as dangerous as being uninformed. This is not accurate as there are better cost-savings to be had when consumers read the policy. For example, a free courtesy car when you experience a breakdown included in your insurance package. Other, cheaper insurance policies might not include this, and a customer might pay so much more, but this is a risk cost.

Here at 12monthloans.ca, we encourage our customers to compare financial (and other products) before they commit to them. We believe in making responsible financial decisions that are going to benefit you’re in the future. Payday loans are featured on several price comparison websites, like this is one of the requirements set out by the CMA (competitions market authority) for payday loan companies. We are a compliant lender, happy to appear on these sites. You can check them out on our partner’s page.

We are a payday loans direct lender able to provide customers with emergency loans when they need it most, like in the instance when you need a courtesy car and do not have the money readily available because your insurance policy does not cover it. We do work to strict lending criteria but you can find out more about how it works on our website.

Here at 12monthloans.ca, we are looking at how price comparison websites should be used for maximum benefits and whether there are any negatives.

Read More

Save On Clothes

Second Hand September: The Cost Of Fashion

Second Hand September is a new challenge, started in 2021 by the humanitarian charity, Oxfam. You might recognise the Oxfam name for their charity shops, which is how they fund so many of their projects around the globe. However, Oxfam found that 11 million garments end up in a landfill every single week. The Second Hand September project is pledged to reduce the impact of unsustainable fashion and unnecessary purchasing by encouraging people around the globe to switch high-street shops for secondhand stores or just cut down on spending altogether.

Brits are buying more than ever before and are purchasing twice as much as 10 years ago. This increase in purchasing could be the allure of deals or the rise of ‘fast fashion. Oxfam is promoting upcycling and buying secondhand because it is better for the environment. Here at 12monthloans.ca, we have discussed the benefits of upcycling and reducing your household carbon footprint, but also the positive impact it can have on your pocket. This guide will have a closer look at how much is actually spent on clothing and the benefits of saying yes to Second Hand September.

The Financial Cost Of Fashion

According to Oxfam, 2 tonnes of new clothing items are bought every single minute in Canada. Reports also suggest that Brits spend, on average, $1042 on new items of clothing every year and that certain demographics were more likely to overspend on new clothing than others. For example, women are more likely to buy something new for an occasion than men.

This kind of purchasing could be extremely unsustainable, particularly, if purchases are being made for a ‘pick me up’ or for ‘retail therapy. This kind of shopping can create harmful spending habits that could push spenders into debt as buying a new item of clothing could become an unhealthy reaction to unhappiness. The relationship between debt, clothing, and mental health is relatively unexplored, but it does seem likely there could be a dangerous cycle in which individuals comfort themselves with clothes, feel bad about their financial status and then resort to their retail pick-me-up. There is data to support this, as two out of three 18 to 24-year olds say they don’t feel as good when they are not wearing brand new clothes, interestingly these make up a part of the demographic that spends quite a lot on luxury goods and also rely on short term loans or temporary credit to see them through to their next paycheque. This could be why there is an anticipated $10 billion worth of unworn clothes in wardrobes across Canada.

The Effect Of ‘Buy Now Pay Later’

Although it’s not a new strategy, ‘buy now pay later schemes have become more available at high-street clothing retailers across Canada. The likes of New Look, ASOS, and Topshop all offer Klarna pay. Klarna is a financer for retail outlets and makes it easier than ever before to purchase clothing we may not have the money for. Klarna’s checkout tag lines for these kinds of payment schemes promote the good feeling that comes when we treat ourselves to clothes, featuring phrases like “Payment can wait. Your new look can’t”.

The CBC News-Times reports “Companies like Afterpay [a ‘buy now pay later’ lender] operate off the premise that the younger generations are more open to them because they came into adulthood under the cloud of the recession.” This suggests that those millennials who find comfort in their purchases could be more likely to find themselves in debt or subject to late fees because of their clothes spending. This could lead to consumers finding themselves in a financial emergency and reaching for a short-term loan, as they cannot pay their other bills or cover unexpected or unplanned expenses when they crop up.

Read More

saving money

SMART TIPS TO MANAGE FAMILY MONEY

Are you self-employed? Are you your boss? As a self-employed worker, your salary income will be irregular than if you have been a salaried employee. You will have to manage everything yourself. To avoid headaches and stress while managing your finances, here are some best financial tips:

Make a budget 

Budgeting is the best tool to plan your income and expenses. With a budget, it will be much easier to understand how much you are getting and where your money is going. Budgeting will give a reality check. 

Build an emergency fund

With an emergency fund, you can able to handle any unexpected financial emergency with ease. This will give you a cushion that you may face through a dry spell of three to six months. Apply for a bank line of credit if you don’t have liquidity. 

Consult a financial planner

Don’t hesitate to take advance from a financial planner who can help you manage your business and personal finances. They can even help in calculating the amount of taxes you owe, plan for retirement, investment plan, etc. 

Pay your tax in installments 

Whenever you receive payment from a client, it is considered a gross amount. It is not wise to forget to pay income tax on that amount. Talk to your accountant and calculate your provincial and federal taxes and make installment payments every three months. By doing that you can control spending money that is not yours. 

Keep funds for sales tax payments aside

Remember that a portion of your income that you earn includes sales tax that you need to repay to the government. You will have to deduct the amount owing from your payments and set the difference aside. This would allow you to pay it to the government when required. 

Save money 

Ups and downs are part and parcel of any working structure. Therefore, it becomes easy for you to forget about saving money. To always remember to save money, just set up an automatic savings mechanism that will force you to set aside some funds for emergency and retirement. 

Plan your retirement 

Retirement planning plays a very important role in the life of self-employed people as they cannot count on a pension plan from their employer. Take help from your financial planner and advisor to ensure that you save enough to secure your future. 

Maximize your RRSP and TFSA contributions 

You must contribute the maximum amounts allowable to your registered retirement savings plan and tax-free savings account as you won’t be able to access a company pension plan. This will help your tax situation and facilitate your retirement. 

Avoid claiming for unnecessary deductions 

It is likely possible that you would like to deduct as many expenses as possible to lower down your taxable income and pay as little income as possible. But it may further reduce your ability to convince financial institutions of your ability to repay loans. To avoid that, don’t overdo it when it comes to deducting your expenses. 

Separate your business finances from personal ones 

If you chose to register your business as a sole proprietorship, there is no difference between your personal and business finances. Therefore, it is best to keep them separated as it will simplify things to help you manage your finances. 

Take out an insurance plan 

If you were to suffer a critical illness or disability, this may result in serious financial trouble. Therefore you must take out disability and critical illness insurance. 

Get an accountant 

Don’t make it too long to get an accountant. An accountant helps you to keep close track of your expenses and do almost everything you are doing in your business and an accountant will be there to help you understand the nuances of taxes and finances. You need to understand that every single dollar in and out of your business needs to be tracked and categorized to be able to file for taxes properly. 

Track your expenses 

When you are self-employed it becomes even more important for you to track your expenses. There are several tools available that can help you do this. You can use spreadsheets or can download some apps to track all your expenses. Doesn’t matter how you do it, what matters is that you understand where your money is going and you must be able to account for it. 

Think in percentages 

The most challenging part of being self-employed is the variability of your income as some months you might be taking in a good amount of cash, and the next month all your clients are on vacation and you are not getting much. To keep an account of these ups and downs, it is important to think about your savings, salary, and investments in terms of percentage. When outing some money aside for savings, for vacation, for investment, for business proposal, and more, think in terms of percentage of income, and not in fixed amounts. 

Make goals and pay yourself 

You need to pay yourself and set goals. It is a good idea to have a timeline for when you aim to be profitable and start saving regularly. Just keep in mind to never start investing money until you have an emergency fund. Make sure your business has a bank account meant for business income only. Next, pay yourself out of that business into your personal savings account. 

Invest

You should be having short-term, mid-term, and long-term financial goals to achieve and you should be investing money in accomplishing those goals like expanding your business, having a kid, investing in a child’s higher education, and more. 

Educate yourself 

Many self-employed, especially those in creative work, forget they run a business and they have to think about their profit first rather than letting others take advantage of them. Thus, you need to educate yourself in all matters, so that you can keep growing your business and take it to a higher level. The more time you invest in your business and implement new things, the more you will make money. Upgrade your skills, keep learning and keep gaining knowledge. 

Budgeting for the self-employed 

A budget for a self-employed is a little different from a traditional budget. This is most likely because a self-employed won’t make the same amount each month. It is quite challenging to budget every month appropriately when your income fluctuates. For that, you first need to prioritize your bills like what you need to pay first. Secondly, you should make a bare-bones budget where you can have an idea of your non-discretionary expenses. This is what you will rely on during slow months. Thirdly, you should separate your expenses. This will make your life much easier, particularly at tax time. 

Use windfalls for stability 

Just remember to not spend all your extra cash on lavish items when you have amazing months business-wise. You can treat yourself a little bit, but not much as it is important to have some financial stability in slow months or unforeseen times. During better months, take out what you need for taxes, emergencies and put the rest in an account. 

Calculate your net worth 

Once you collect all the financial records, calculate your net worth. By calculating your net worth, you can easily figure out what you own and what you need. If your assets such as your house, investment, bank account, etc. surpass the liabilities like a mortgage, loan, credit card debts, etc. then your net worth is positive. On the other hand, if your liabilities are more than your assets then your net worth is negative. Calculating your net worth is the best way to analyze your financial status. 

Read More

budgeting-for-household-expenses

Budgeting For Your Domestic: How To Accomplish Multiple Incomes & Cut Expenditures

Starting a budget can be easier said than done. Especially If someone has multiple sources of income and many outgoings that can change each month. To many, controlling your finances with can also be especially time-consuming, being easily put off until another rainy day. However, there are simple ways to achieve this and create a domestic budget. That can not only be complete quickly but efficiently too. At 12monthloans.ca, we believe everyone should have a clear idea of their finances to be able to control them and make better decisions if they choose to borrow cash. Budgeting For Your Unwanted Domestic Expenditures

If someone needs a short-term loan in the event of a financial emergency. They’ll want to ensure they can afford the repayments. By starting and maintaining a budget, You’ll be able to put money aside and pay for an emergency without over-relying on taking out further credit. Here’s our short guide to managing it all.

Address Those Multiple Incomes

There are a few available, such as on the Citizens Advice website. That is easy to use. Having to hand in recent bank statements and payslips, means an accurate picture of what is going into an account will form for many people. In a household, considering a partner’s income into this also presents a clearer view of the household income. Especially if they contribute to bills and outgoings or receive any benefits.

The first step for many is to know really what income is being generated. Otherwise, there will be too much reliance on guesswork. Depending on the type of industry and those who are self-employed. Many may not be able to put an accurate figure on all of it, so it is a case of being as accurate as possible. One way people that successfully budget achieves. That is by utilizing online budget calculators to thoroughly look at all avenues.

Different Approaches To Managing Multiple Incomes

There are different approaches to managing multiple incomes, for example, if your household has an income for both you and your partner that covers all expenses. One method some people try is the ‘jam-jar approach. Where you divide your income into different pots for separate expenses. Budgeting For Your Unwanted Domestic Expenditures Now of course you can do this physically. But it is much safer to do this online than withdrawing all your money to put into jars or containers. Setting up separate bank accounts for each type of spending will help achieve this, for example, one for rent or mortgage. And another for utility bills or car expenses.

Then it’s the case of dividing the money between those accounts, and if any money is left over, this can be put into an emergency savings fund. By separating multiple incomes into areas of expense, rather than just one account. That everything pays into and expenses come out. It can help and mean you can control how much of your income streams are spent on certain things like groceries and so on. With a set amount put into a savings account each month.

View Multiple Income Sources

Also, Money Dashboard is another way to view multiple income sources and track spending without having to log in to various accounts. The more income sources you have, the more difficult it can be to track them. So using apps and budgeting methods that give you an overall view of your finances can make a huge difference. And take the effort out of doing so.

Working out a budget is extremely effective for people who can’t see a way to increase. Their savings or disposable income. If done successfully and with all pay accounted for. If you are fortunate to have more than one source, a few mini changes to outgoings can make a difference in the long term.

Will It Affect Your Credit Score?

Often, the first time victims are made aware of identity fraud is when their card declines or a late-payment letter is mail to their address. That can be extremely upsetting, particularly when you live on a tight budget. Anecdotal reports indicate that individuals have been unable to buy food and pay their rent because of identity fraud. This kind of emergency can also make some people reach for a short-term loan Budgeting For Your Unwanted Domestic Expenditures. They wait for official services to investigate the issue. That is an expensive way to borrow money but might be the only way out of a tight situation for some people.

Read More