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You don’t need a higher-paying job or a windfall from a relative to improve your personal finances. For many people, better money management is all it takes to reduce their spending, improve their ability to invest and save, and achieve financial goals that once seemed impossible. Even if you feel like your finances are stuck in a bad place with no way out, there are several things you can do to create a better situation for yourself. Here are seven to get you started.
1. Track your spending to improve your finances.
If you don’t know what and where you’re spending each month, there’s a good chance your personal spending habits have room for improvement. Better money management starts with spending awareness. Use a money management app to track spending across categories and see for yourself how much you’re spending on non-essentials such as dining, entertainment, and even that daily coffee. Once you’ve educated yourself on these habits, you can make a plan to improve.
2. Create a realistic monthly budget.
Use your monthly spending habits, as well as your monthly take-home pay, to set a budget you know you can keep.There’s no use setting a strict budget based on drastic changes, such as never eating out when you’re currently ordering takeout four times a week. Create a budget that works with your lifestyle and spending habits. You should see a budget as a way to encourage better habits, such as cooking at home more often, but give yourself a realistic shot at meeting this budget. That’s the only way this money management method will work.
3. Build up your savings—even if it takes time.
Create an emergency fund that you can dip into when unforeseen circumstances strike. Even if your contributions are small, this fund can save you from risky situations in which you’re forced to borrow money at high-interest rates or possibly find yourself unable to pay your bills on time.
4. Pay your bills on time every month.
Paying bills on time is an easy way to manage your money wisely, and it comes with excellent benefits: It helps you avoid late fees and prioritises essential spending. A strong on-time payment history can also lift your credit score and improve your interest rates.
5. Cut back on recurring charges.
Do you subscribe to services you never use? It’s easy to forget about monthly subscriptions to streaming services and mobile apps that charge your bank account even when you don’t regularly use these services. Review your spending for charges like these, and consider cancelling unnecessary subscriptions to hold onto more money each month.
6. Save up cash to afford big purchases.
Certain kinds of loans and debt can be helpful when making major purchases, such as a house or even a car that you need right now. But for other big purchases, cash offers the safest and cheapest buying option. When you buy in cash, you avoid generating interest and creating a debt that requires months—or, often, years—to pay back. In the meantime, that saved money can sit in a bank account and accumulate interest that can be put toward your purchase.
7. Start an investment strategy.
Even if your ability to invest is limited, small contributions to investment accounts can help you use your earned money to generate more income. The path to better finances starts with changing your own habits. Some of these changes will be easier than others, but if you stay committed to this transformation, you’ll end up with great money management skills that will serve you throughout your life—and in the meantime, you’ll have more money in your pocket. The foundation of good money management is a rock-solid budget. Create your own by downloading one of the many available on line.
Information provided by https://www.fscb.com/blog/7-money-management-tips-to-improve-your-finances
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What I like about Acres is their straight, no nonsense approach. Believe me, current markets are difficult, but they got the job done ! Hats off to the team! This might sum it up better-paraphrased
f you have a problem, if no one else can help, and if you can find them, maybe you can hire... the A Team (Acres Team)
Thanks Nigel and Team!
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Taking out a mortgage is likely to be the biggest financial commitment you’ll ever make, and so you'll want to find the best deal you can. The good news is there’s plenty you can do to improve your chances of getting your mortgage application accepted – follow our top 10 tips to help you get the mortgage you want
If you’re thinking about how to get a mortgage, you should be aware of the factors that affect your eligibility. These include: your credit score, length of time in current job, current debts, whether you’re self-employed and of course the size of your deposit.
Follow our top 10 tips below to find out how to get the mortgage you want.
1. Your credit score matters
Before applying for a mortgage, get a copy of your credit reportwhich is held by credit reference agencies such as Experian or Equifax. This will allow you to see what lenders see when they review your application.
If your credit rating isn’t looking that great, there are lots of simple things you can do which can give your score a boost. For example, check you are on the electoral roll and close down credit card accounts which you no longer use.
2. The starting point is your own sums
Sit down and work out your budget before applying for a mortgage. You will need to be sure you can borrow enough to cover the purchase of the property and that you’ll have enough spare to cover all the associated costs and fees.
Monthly mortgage repayments will depend on how much you want to borrow (and over how long) and the interest rate charged.
3. You’ll be better off in the same job
Lisa Brown of Acres Financial Services said; “ Most lenders will want to see that you’ve been with your employer for some time before they’ll give you a mortgage, so if you’re thinking of switching jobs, it’s a good idea to hang on until you’ve got your mortgage in place. Many lenders like to see you have been in your existing job for at least three to six months.”
4. Debts don’t help
If you’re submitting a mortgage application, the last thing any prospective lender is going to want to see is that you owe a load of cash on credit cards or you’ve got outstanding loans.
Ryan Jobbins of Acres Financial Services said " Before you apply for a mortgage, try to reduce any debts you have – this will help demonstrate that you manage your money responsibly. It will also mean you will potentially be able to borrow more when it comes to a lender’s affordability calculations. "
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Looking for advice on how to buy a house? You’ve come to the right place.
It’s no secret that the housing market has been incredibly busy in recent months with house prices going through the roof. For buyers, it's hard to stand out, with so few properties on the market and so much competiton. There is some good news on the horizon though...
Things are starting to settle down, amid increasing inflation and rising interest rates. 11% of homes have had their price cut by more than 5% since September, according to property portal Zoopla. And more properties are now coming to the sales market.
If you're looking to move soon, we’ve compiled a helpful step-by-step guide to give you the best possible chance to secure your dream home and ensure your purchase is as stress-free as possible.
1. Save, save, save!
Look to save at least 10 to 20% of the cost of the home you would like to buy.
Top tip: remember to factor in additional costs like solicitor fees, mortgage fees, survey costs and buildings insurance. As your local property professionals, we’re always here to help support you and offer advice on moving costs.
2. Get a mortgage agreement in principle
This is an estimate of how much you could potentially borrow from a bank or building society. Bear in mind it’s not a formal mortgage offer but it means you can show agents that it’s likely you’ll be able to afford the property you want to buy.
3. Identify an up and coming area
When searching for a new home, it’s important to look beyond the four walls of the property.
One way to get ahead and make the market work for you is to find a part of town that is affordable yet offers an increasing amount of amenities due to a new demographic of people moving into the area.
According to our property expert, Chris Rosindale, the top four signs you should look out for in an up and coming area;
- Young professionals are a great indicator of potential growth. If you can spot people in their twenties and thirties choosing a specific area, it's almost inevitable that local house prices there will increase.
- New delicatessens, pubs, restaurants and independent coffee shops suggest that there is new demand in the area from people with disposable income.
- Nearby public transport links that give local residents access to schools, workplaces and central locations will inevitably attract more people to the area.
- Regeneration can greatly improve the quality of life in a specific area. Chances are if money is being pumped into a neighbourhood, the house prices there are likely to grow.
4. It's advisable to find a good agent
Our estate agents are there to make your buying process as simple and smooth as possible. They can provide you with daily updates of new properties, and if you pop down to your local office, they can give you advice and tips on the local area.
You should plan for multiple property viewings. Do your research and get to know the local market really well. If you need a little extra area advice, talk to your agent.
5. Make an offer
Once you’ve found what you’re looking for, it’s time to make an offer. Think carefully about what you would be willing to pay, if you go too low you risk not being seen as a serious buyer, so make sure your offer is realistic. Equally, don’t go in too high and miss the mark completely. Remember your estate agents will be on hand to help to support you through the offer process.
6. What happens after you’ve made an offer?
Well, this can go one of two ways. The estate agent will call you back and tell you that your offer has been accepted. In this case, it’s time to breathe a sigh of relief and move on to step 7. If not, you might want to repeat the process again with a higher offer. Again, our agents are able to do all the negotiations on your behalf.
7. Arrange a mortgage
If you need to arrange a mortgage we can help through our associated company Acres Financial Services. They can compare thousands of mortgage deals from a panel of high street and specialist lenders (subject to status and lender criteria).
8. Hire a property lawyer called a conveyancer
Once you've had your offer accepted and confirmed your mortgage, it's time to think about who you want to handle the legal side of things. A property lawyer will take charge of conducting searches, liaising with the seller’s lawyer, inspecting the seller’s documents, dealing with the Land Registry and all that fun stuff. This role is critical to keeping your house purchase on track so do your research.
9. Get a survey
Sorted your mortgage and property lawyer? Great.
It’s survey time. A survey isn’t compulsory, but it’s definitely advisable. If you don’t get one and you come across unforeseen structural issues once you’ve bought the property, it would just be hard luck. Don’t be one of those people that rely on the mortgage valuation or you might find yourself forking out thousands of pounds later down the line. Give yourself peace of mind by having a survey conducted.
The HomeFact Report, RICS HomeBuyer Survey, RICS HomeBuyer Survey & Valuation and the RICS Building Survey are your main options.
10. Arrange buildings insurance
How important is buildings insurance? Well, take this example – as soon as the contracts are exchanged, you’re legally bound to buy the property. If the building were to burn down the day before completion and you weren’t insured, you’d have to pay every penny of the sale price yourself, that's why for many lenders it's a requirement for you to have building insurance prior to completion.
11. Set the completion date
This is the date that you’ll finally move into your new home. Completion usually takes place between one and four weeks after you’ve exchanged contracts. During this time, it might be an idea to find a trustworthy removals company to help get you moving.
12. Exchange contracts and sign the transfer deeds
You’re almost there! Your deposit will now be sent to the seller’s property lawyer, along with the contracts that you signed. Your property lawyer will prepare the transfer deed. Make sure you sign it in the presence of a witness. It confirms you're willing to take ownership of the property.
Once this is complete it means you’re legally bound to purchase the house. Time to put the champagne on ice and celebrate!
13. Completion
You did it. You’re officially a new homeowner – collect the keys and let yourself in. You can now look forward to making the house a home! If you’re interested in home improvements read our latest article ‘How to REALLY boost the value of your property.'
Thank you to Barstow Eves - original post : https://rb.gy/y0vhbx
