A Quick Fix For Your Finances?

November 12, 2012 By 4 Comments

quick fix for your financesWhen it comes to the lending industry there are some banks and companies who make a bad name for everyone else – just like every other area of finance, and business in general.

For a long time payday loans have been viewed as a quick solution to a money problem that has come out of an emergency situation. As the price of living has risen, more and more people have been caught out by unexpected bills they can’t pay. It is really hard to budget your income around something that comes out of the blue and if you find yourself in this situation then yes, a payday loan may be what’s needed to get you through.

Many lenders have stuck to the original raison d’etre, explaining to customers that they should only use these kinds of loans for these emergency situations life throws at us, and budget better for the next month.

There are a number of genuine alternatives to payday loans which may be more suitable for you depending on what your need is. Credit cards have been the go to solution for quick cash for a long time, but they can cause as many problems as they solve, and unless you’re managing your money responsibly they can land you with long term debt. A different kind of loan might be the answer for you.

If you’re after long term funding, steering clear of alternative financial services and sticking to the banks can give you something to fall back on. Otherwise, as long as you look to a provider that is transparent about their processes you can find a short term loan to suit your requirements that will not cost you the earth.

If you’re unsure how to choose a loan the best bet is to read up on the subject – make sure you know how long you’ve got to pay it back (some providers are more flexible), and how much it is going to cost you. If you know you’ve got the means to solve the problem in future then there’s no reason that a quick fix can’t be a long term solution.

Have you chosen to use a pay day loan?  What do you think about them? While the interest rates are high, I think they are better than racking up late fees which can have a negative affect on your credit score….but they are not necessarily a quick fix for your finances.  Wise Money Management is..So Stick around and read up!

Photo by Wilhelmja
Filed Under: Emergency Fund Tagged With: , , , , ,

The handyman services ! who dabbles in finance

February 8, 2012 By 4 Comments

When I was younger I had a father who took pride in fixing things around the house.  This was not only the economical for him, but it also provided him a sense of accomplishment of handyman services.  He used to fix things for a local fitness club too and was very good at it.  I used to apprentice with him and he would take me out for ice cream after the job well done.

Fast forward about 20 years and I have my own house and have a wife and kids.  I have learned to take on the same pride my father had in fixing things.  It is a sense of accomplishment when you can see that toilet, or whatever is working now due to your handy work.   If you have the skill set and the want to repair or build something there is nothing stopping you.

The amount of money that my wife and I have saved fixing things around the house is huge.  We were a one income household until this week and some minor fixes could have been catastrophic financially for us.

Recently I have tried to broaden my skill set from basic repairs to building things.  This past summer I built an 8 foot picnic table.  I am currently in the process of building a cabinet and countertop for our dishwasher.

The money saved from the basic repairs has allowed us to provide some of the basic necessities for our children when money is tight.  When money is tight sometimes you may have to stretch yourself and take on an additional task to make your way through to the good times.  A wise man once said, “a dollar saved is a dollar earned.”

Do you try to take on these chores or do you have the honey do list for the handyman?

Filed Under: DIY Finance, Emergency Fund, Financial Crisis, Handyman services Tagged With: , ,

Call your financial advisor incase of an emergency?

February 6, 2012 By 3 Comments

While we are no DINKS we are finally the opposite, Dual Income Two Kids about an financial broker.  I graduated from the MBA Online degree program back in 2008 and Mrs. MBA graduated with her MBA masters in 2007.  I was working while I went to school and we were fortunate enough to be in a situation where she could just focus on school.  This worked out well.  She finished first and started out substitute teaching until I finished and then we moved closer to her family, so that when we raised our children her mother would watch the kids.  Long story short when we moved out here we found out she was pregnant with our first child.  Then she stayed home for the first year with our first child and then before you know it we were expecting another.

This September she started back into the substitute teacher field looking for full time employment as a teacher.  We were thinking that this would be sufficient income seeing how there were quite a few school districts around us.  This proved not to be the case.  Well Mrs. MBA got a job and she starts next week.  We felt like we had put a lot of things on hold hoping and wondering when she would be able to gain full time employment.  Having a single income household is stressful in itself, but then add 2 children and you have more responsibilities than just your own mouth to provide for.

The next chapter begins next week, while she is nervous with the anticipation of starting a job, our future looks bright.  We have made do with what we were given and racked up some credit card debt, but we are looking forward to getting our financial picture in check.  Anyone else been in a similar situation, how did you make do?  It could have been a job loss and suddenly you were down to one income.  Fortunate for us, we had been used to living off one income so this second income will be a tremendous relief.

Taking the time to make sure that you have funds set aside for emergency purposes is critical.  For us we were hit with this situation right off the bat so we really never had any time to build up an emergency fund.  Unfortunately like many, our credit cards served as an emergency fund.  The MBA courses never really teach you how to manage your own money; it seems they teach you everything but your own personal finance.  I know how to value a company but not really myself!  A good rule of thumb according to Kiplinger is to set aside three to six months of living expenses to get through the tough times.

Do you have that much money stashed away?

 

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Filed Under: Emergency Fund, Financial broker, Financial Crisis Tagged With: , , , ,