How to Get Out of Debt And Stay There

by Justin on April 15, 2014

There are more people in financial debt today than for a very long time. Given the still lingering recession, this is perhaps unsurprising. However, as much as those in debt today cannot be held wholly accountable for their financial struggles, many of them might be in a far stronger position now, if they exercised a little more caution with their personal finances. Whether you are personally in debt now or just trying to keep out of it, the following tips will be very useful.

Budgeting Is Essential

It is inconceivable just how many individuals or couples do not have a structured personal budget to work with. It’s common sense that you’ll never know how much money you can afford to spend if you don’t know precisely how much you are earning and spending each month. You’ll most likely be very surprised to see exactly how much you spend on food, transport and luxuries when the figures are all laid out in front of you. But having this information will allow you to be far more discerning and vigilant regarding the how much you budget for certain expenses.

Live Within Your Means

Living on a tight budget is difficult. Because for all our attempts to be pragmatic in times of financial hardship, we are all human at the end of the day. And the stress of living to such tight means can lead people to splurge on nights out, in order to get some relief from their predicament. Unfortunately though, if you are to have any chance of getting out of debt and combating this vicious cycle, you simply have to be ruthless and accept the downtimes that will come as a result of your frugal living. This means not going to the pub or cinema if it cannot be covered by your budget.

If All Else Fails

All of the above form part of a more gradual, long-term strategy for getting out of debt. And as a general plan of action, they are vital. But sometimes we find ourselves in a situation where the debts we have cannot be paid off gradually, where we can’t budget for a year in order to get back on top, as the interest payments are so high that such a strategy is almost counterproductive. In such a situation, the only thing to do is to get out of that debt as quickly as possible. And as much as it may pain you to do so, taking out another loan with a lower interest rate will enable you to pay off your first debt and then return to your budgeting strategy in order to pay off the second. Millions of people have used reputable companies such as The 1st Stop Group in order to do just this.

Get Back on Top

Some degree of debt is for many people unavoidable these days. But by utilising some of the advice here, you should have a better understanding of how to get back on top financially.


How to Find Success as a Forex Trader

by Justin on April 15, 2014

Interest in currency trading is at an all-time high. This is because the world of forex trading is open to anyone, as long as they have the relevant skills and a certain appetite for risk. The potential rewards that can be reaped from the currency markets are significant, although it’s definitely worth remembering that there is no single formula for success. There are many different approaches to currency trading and the one you choose will depend on your skills, experience, personality type and the amount of capital you can afford to invest. As with any type of trading, there is a certain degree of risk involved. It’s important to only trade with money you can afford to lose.

The Correct Approach to Forex Trading

Before you start trading, think about your personal goals and what you want to get out of this involvement with the currency markets. If you already have knowledge in a particular area, align your trading with this. Consider the kind of time frame that is appropriate to your trading style and temperament. Some people prefer to trade off a five-minute chart so that they are not exposed to overnight risk, while others choose weekly charts as they are willing to see losses during the week. Are you more interested in short term losses and profits? Or do you want to play the longer game? This kind of initial decision is entirely dependent on skill and personal preference.

What Skills Will I Need?

The main skills needed to be a successful forex trader are patience, discipline and objectivity. You should be able to wait for the price to reach the correct levels for entry or exit according to your system, instead of jumping in feet-first and ignoring your system. The discipline to wait is very important and you should also be disciplined enough to stick to your system, even if things are difficult. All successful currency traders must operate with a level of emotional detachment, or objectivity, so that if a significant profit or loss occurs, they do not start making impulsive moves. Be confident in your chosen system and don’t compare your progress to that of other pundits.

Protect Your Capital

It’s much better to take small losses often than to wait for a hefty loss to occur. Those just starting out should be prepared for numerous small losses and shouldn’t expect to become millionaires overnight. It’s very important that you use all the tools available to currency traders and sign up to trade with a broker that suits your individual needs. Always make use of currency charts like those available from Currencies Direct and practice with a demo account before you start investing any real capital. Demo accounts are usually free and the practice they give you is very valuable. If you have any questions about trading strategies, get in touch with your forex broker or seek the help of an independent financial advisor.


Quirky tips for conserving cash

by Justin on March 3, 2014

Here are a few quirky tips for saving some cash. Read on to find out how you don’t have to turn your life inside out to gain control of your finances.


Stick to one weekly shop

Sticking to one weekly shop instead of several smaller shops throughout the week can save you lots of money. It means that you are spending your money in a ‘big’ as opposed to a small Tesco, means you can plan your shop better and it means you only have to pay for a taxi or for transport home once rather than for several journeys to the shops.


Be tactical and forward planning

The reality is that even the best laid financial plans can fall to bits no matter how carefully considered and executed they are. There are some things that are simply outside our sphere of control. The trick here is to develop a robust contingency plan so that if you run into an emergency you have measures in place to keep your life running smoothly – it’s the moments of crisis and panic where people will usually resort to one of the online payday loan lenders (Wonga, etc) to get them out of their troubles, but with the right plan you should be able to avoid this.


Walk or buy a bike

You can choose to ditch taxis and just walk to your destination. Wrap up warm in your winter woollies and enjoy the hour long walk to the shops rather than taking the car, the bus or a taxi. Buying a good bike might require some capital.


Journey sharing

If you commute to work, why not advertise for someone who will do a journey share with you, which means that instead of two people driving separately to the same location, both people will travel together on alternate days. This instantly halves your commute expenditure.


Make batches of yummy homemade soup

Batches of homemade soup and easy to whip up in a few minutes. These can easily be frozen and kept for those occasions when you are tempted to eat out or grab some expensive convenience foods on the way home from work. There’s a ton of recipes ideas out there on the web (for example check this out).


Have a staycation

Have you ever added up the cost of going on holidays? Well if you have, you will see how much you will save by staying put and not going away. Instead of packing your bags to travel, why not organize a family get together, or a few daytrips which you can drive to, and home from in one day?


Stay in and entertain friends at home instead of going out

Instead of going out for a meal, why not stay in and cook something special for your friends and family. This makes for a hundred conveniences you might not expect: no annoying queuing at the bar for drinks, no taxi bill, no queuing outside in the cold, no parking costs and no expensive restaurant bills.


Jumpers and hot water bottles

Jumpers and hot water bottles can save you a fortune in heating bills. Instead of reaching for the heat switch in your home, why don’t you buy a cheap hot water bottle, wrap it in a blanket and place in on your knee. The heat is very relaxing and therapeutic and you wont have to heat the whole house just to stay warm. Also if it is cold, instead of reaching for the heat switch, why not just wrap up in a warm jumper or cardy and big pair of socks? This will save you on your heating and electricity bills.


Having a baby, and starting a family can be an exciting time in your life. However, bringing a little one into this world can be challenging, both emotionally and especially financially. There’s no getting around it: having a baby is expensive, and if you’re considering whether you’re ready for a commitment of this sort, it may be worth while taking some time out to figure out if you’re financially ready to have a baby. Here are 5 questions to ask yourself before deciding to have a baby that’ll hopefully help you make the right decision.


1. Do you have at least $5,000 to $10,000 in the bank?

Having a baby requires some initial investment in the form of prams, cots, furniture, clothes, car seats, and so on. That’s why it’s important that you have some substantial savings in your account to pay for these baby must haves.

2. Do you have substantial debt(s) against your name?

Being in debt whilst trying to start a new family can only add to the pressure and strain you’ll no doubt feel in those first couple of years. That’s why it’s important to get out of debt before deciding to have a family. Make sure you do everything you can do get out of debt ASAP. If you have multiple credit cards against your name, speak to the experts at Fox Symes about debt consolidation. With a little help from the
FSA Group you can combine all of your debt repayments into the one, saving you money and helping you keep track of your debt repayments at the same time.

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