How Do I Handle My Money?…
Well I kinda don’t which is my biggest problem. I’m not bad with money but I’m not good with it either.
I’ve never been in money trouble or owed the bank anything. I’ve been in debt to a clothing catalogue a long time ago lol but looking at my blog that can’t really come as a surprise. I’m a bit of a shopaholic.
There has been the occasional time when I have looked into getting a loan usually for a Holiday or an unexpected house or car issue, fortunately thus far I’ve been able to avoid borrowing money but I did have to go through the process of weighing up the pros and cons and having a plan of how I’d pay it back. For these reasons I feel if I ever need to borrow in the future I’ll be better prepared.
This has always been something I feel should be taught in schools. Growing up I had so many friends that knew almost nothing about managing money and it’s something that is so very important to everyday life. Companies that provide payday loans really must be a life saver for people that get into the odd sticky situation when the next pay day just isn’t quite soon enough.
In an attempt to keep things fresh in my mind and provide some, hopefully helpful, information to anyone in this situation that reads this, I’m going to give a couple of tips that I kept in mind and if you want some more professional information you can click here.
If you absolutely must borrow, I think brokers are the best way to go as you find the best fit for you compared to going direct to companies like Amigo loans who are an actual lender. Brokers boast a simple and quick service, by applying through a broker you stand more chance of being accepted as your application will be seen by more lenders so this will save you a lot of time instead of applying over and over again with different companies.
When dipping your foot into the world of borrowing it can be overwhelming at the best of times and I think people make rash decisions when the pressure is on and money is needed immediately. You need to choose the right service that offers rates and plans that best suit you and your income. How much can you pay back and how often without leaving yourself with nothing?
Borrow only what you need. I know it sounds a bit silly but it can be tempting to borrow a bit more than you need to ensure you have a buffer but then how do you decide what’s enough and you want to keep the loan as small and manageable as possible.
Read everything! And then read it again, make sure there are no hidden charges or conditions you weren’t expecting. If there is anything you don’t fully understand then call and speak to someone who can provide some clarification. It can be easy to end up in a worse position than you started purely by not being fully aware of what you’re signing up for.
Services that have a help team are the best especially for first time borrowers who need short term financial help.
Lastly, prevention is better than cure. Make a plan for the future so you can see clearly what’s coming in and what’s going out. Include the new loan payments and seek advice if you need it. Citizens advice is a great place to get general financial guidance and resources.
