If you have too much debt, you may not want to do anything that will harm your credit score. But do you have any better alternatives? That depends on three factors: what is your credit record like at the moment? If it isn't good, then it isn't worth trying to protect! Check your credit score now, so you have accurate information. can you make the monthly payments to your debts? The … [Read more...]
I write about a lot of Personal Finance that isn't directly about problem debts. Those articles are gathered here.
Spending - reducing or controlling it is usually essential if you want to reduce your debts. So Budgeting is another big topic.
Your grandparents used a pen and paper, but now we have Apps to make all this easier.
Mortgages - sometimes thought of as the only good sort of debt!
Credit ratings - important if you have too much debt or very little!
Have you made some New Year Resolutions for 2020 - or even for the new decade? Millions of people in Britain want to improve their finances - start saving, clear debts, pay less interest, get a better credit rating etc. I think it's a good idea to ask yourself what you would like to change in 2020. If you carry on doing the same, then you probably aren't going to succeed with those … [Read more...]
Want to be better with money in 2020? If you eat and drank and sat on the sofa far too much over Christmas, you may be thinking of detoxing your body and making 2020 the year you get fit. A Money Detox is the same approach for your finances if your bank balance is looking sick and your credit cards bill looking bloated. You want to track and then reduce or get rid of the things that are … [Read more...]
Want to lose weight or get fit in 2020? Millions of people will have that as their main New Year's Resolution. Don't rush out join a gym... It's the most expensive of all the options and most people give up after a few weeks. Here are some suggestions, all free or low cost. The aim is to spend as little as possible until you find out what will suit you and fit with your life. Walk your … [Read more...]
Giving to charity is a great thing to be able to do, but if you have a lot of problem debt or you are trying hard to save up a house deposit, you may think you just can't spare any money. It's fine to put your own family first - but that doesn't mean you stop caring about and wanting to help other people. And many parents want their children to grow up thinking giving to charity and … [Read more...]
How much will my credit rating go up or down is a very common question. But it's often tricky to answer! Here are some guideline numbers from Experian that may help. These are only indications - your credit score may not go up or down by this much. They assume nothing else has changed on your record. They also apply to single issues. If you have two defaults already, getting a third won't be as … [Read more...]
If you want to cut your expenses, food should be high up on your list. Food shopping is a large part of most people's budgets and it's also one that you have a lot of control over. It's not easy or quick to cut what you spend on rent, council tax or transport costs, but adopting a few new food habits can help you reduce your grocery bill and still eat well. Plan, plan, plan Planning is the … [Read more...]
A lot of personal finance advice starts out with “Everyone needs an emergency fund”. A survey showed that a third of middle-class families couldn’t pay an unexpected bill of £500 without borrowing, so the lack of savings is a very widespread problem. But what if you already have debts that you are paying off? Accumulating an emergency fund will delay clearing the debts … but having a rainy day … [Read more...]
Are you worrying about how to afford the heating this year after the price rises in 2019? Millions of people on benefits or a low income can get £140 off their electricity bill through the UK's Warm Home Discount scheme. All the large electricity suppliers and some of the small ones offer this. 5 tips for applying for a Warm Home Discount if you are on Pension Credit you don't need to … [Read more...]
Piggy banks are not just the cute pig-shaped money jars for kids. Piggy banking is also a system of dividing your money into different ‘pots’, or accounts. It is also known as "jam jar accounting" or "the envelope method". Each pot represents a different aspect of your life you need money for. So, for example, you might have one account for your most important bills such as the mortgage or … [Read more...]