Does cash just seem to slip through your fingers? Tired of eating nothing but noodles for three days before that next paycheck? For some, budgeting money seems natural. For most of us, it is about as much fun as a paper cut. While it may not be enjoyable, budgeting money is one of lifeâ??s skills that once mastered, will reap rewards.

Income versus Expenses

When the subject of income comes up, most people know down to the penny how much they make in an hour, a month, or a year. Even those who work on tips will tell you within a few dollars, what an average night brings in. But somehow, when it comes to where that money goes, things get fuzzy. Expenses are slippery. The only way to get a grip on budgeting money is to record and examine expenses. Dull? Yes. Do it anyway. Analyze three months of expenses minimum. One year is better.

Predictable Patterns

People are creatures of habit. That might mean a weekly movie, football night at the sports bar or a haircut every other Wednesday. Learn where your patterns fall. Add up what they cost. Budgeting money starts to boil down to comparing income against needs and making conscious decisions. Once you begin to understand your personal patterns, changes can be made.

Making Mistakes

Itâ??s inevitable. If you are human, at some point a financial error will be made. Part of budgeting money is recognizing that soon or later, you will goof up. It can happen on either the income side of the equation or on the expenses side. It matters not. What does matter is whether you prepare for a slipup by having a small amount of cash set aside. Raid this fund for a midnight pizza run or that really cool new game and it wonâ??t work. Budgeting money also means choosing to behave responsibly.

Tips and Tricks

Just like taxes that come out of a paycheck, money that you donâ??t see canâ??t be spent. Use direct deposit to make contributions to savings or retirement funds. Donâ??t carry large amounts of cash. Itâ??s more difficult to accurately track expenses and spending patterns unless thereâ??s a paper trail. Set aside time once a week to review whether youâ??re on track to pay every bill on time for the month. If not, make adjustments. Budgeting money is about not getting painted into a corner.

Payoffs

Ever wonder who qualifies for the best loan rates on things like cars, homes and credit cards? Itâ??s the people with good credit. Those who have mastered the art of budgeting money are never late paying bills, live within their means, and prove they can be trusted to use credit wisely. Being wealthy is not required. Being smart with budgeting money is.

Itâ??s never too late to become an expert at budgeting money. All it takes is the discipline to carefully monitor expenses compared to income, make informed choices and have a little savings for the normal mistakes we all make. With practice, budgeting money is like brushing your teeth. Just a good habit.

Simply looking at the price of a house in an estate agent’s window will by no means tell you the whole financial story. Consider stamp duty, costs of removal companies, fees to the estate agent (if you’re selling as well), fees associated with mortgages, valuations and of course legal bills, and you will quickly add several thousand pounds to the cost of the house in the first place. On top of that, the government takes even more – in addition to stamp duty – by adding 17.5% VAT to many of the charges.

All that spending means that when you’ve moved into your new house you have nothing left to spend to make it look like your new home. That is why a cash back mortgage can seem so appealing. Have some additional cash can give you just what you need to buy new items for your new home: cooker, fridge, washing machine or wardrobes, dressers or even a TV!

Cash back mortgages give you the opportunity to receive a lump sum of cash, most often at the time your mortgage starts. It can be an agreed percentage of the amount of the loan, or it may be a fixed amount.

The percentages can be 1%, 5% – sometimes even as high as 10% – of the mortgage amount. For example, if you borrowed £120,000, and the cash back deal is 5%, then you would get back £6,000 at completion of the house purchase – or a remortgage if you’re staying put. Deals for fixed sum cash back deals typically range from £100 to £1,000.

Cash back mortgages are often not stand alone mortgage types, and can be added onto the other different mortgage types, such as trackers and fixed rate deals. In fact, pure cash back mortgages are quite uncommon.

The obvious advantage of a cash back mortgage is that it gives you some money at a vital time to enable you to buy items such as those mentioned above, or home furnishings, or you might choose to pay off your credit card debts, or use the cash to help pay off those fees that go with buying a house as discussed above.

There are some possible disadvantages to a cash back mortgage too. There may be an early repayment charge, applicable for a time, and that could take back all the cash that you received. There also might be a trade-off between the cash back and the interest rate you get on your mortgage. In other words, you get some cash back, but the interest rate on your mortgage is higher than on a non cash back mortgage. In addition there is usually an arrangement fee or a booking fee which you have to pay for a cash back mortgage.

Cash-back mortgages are often useful for first time buyers with the mortgage lender offering a lump sum of cash at the start of a mortgage, giving them a good start to their home owning life.

There are a lot of companies that carry options for antique cars, so it shouldn’t be a problem finding something that fits both your budget and your needs. Did you know that most car insurance companies offer classic cars policies now?

If you have a custom or antique car you can probably benefit from the collectors auto insurance plan. Ask a representative from an insurance company for more information and you’ll be able to take the best decision for your case.

You need to find the best balance between the coverage that you need and the price you can afford to pay. The agent will help you with all that. Compared to the past situation, the number of choices when it comes to antique classic car insurance is huge.

You might find higher rates when you look at big companies though, as they’re not specialized on them, but the extra cost is worth it in most cases, because of the extra stability and reputation of that company. There are also a number of companies that are independent and working with car collectors only, though that means that you will need a second company to insure your normal cars.

It might be harder to find insurance if the car is very rare, because the choice is a bit more limited. This is because rare cars are also very difficult to repair, so it’s not easy to estimate costs. It’s more popular every day to collect old cars, so more companies offer these insurances each day, and some of them are even specializing in them.

There are a lot of insurance providers out there, so make sure that you pick the right one for you.

A large number of debts turn out to be a huge burden on the borrower. It is not possible for a single individual to manage the debts along with the various aspects. It is a cumbersome job and requires a full control over the proceedings. It is quite natural that the borrower who is facing these problems will desperately look for solution. To assist you settle the debts, debt management solution appears to be a blessing in disguise, as it assist you to get rid of the debts and facilitates a debt free future.

The word “debt management solution” encompasses a whole new terminology and is widely used for various services associated with it. It includes debt management advice, debt consolidation loans and debt management tips. The services can be sourced from various debt management companies. These companies allocate financial experts who in turn assist you to settle the debts. They offer solutions on the basis of your current financial standing. Once you have applied for the solution program, all the matters pertaining to your debt problems are handled by the experts.

By opting for this program, you get aces to certain benefits. For instance, the experts after assessing the extent of debts, prepares a feasible repayment plan that suits your repaying capability. These experts can also negotiate with your creditors to lower the rate of interest. Your creditors will be more than happy to receive some amount which was not possible earlier. To ensure that you do not fail to make the payments, you are required to make payments to the experts who then disperse it to your various creditors.

If in case, the debts incurred are quite large, then you can avail a loan from the debt management companies at comparatively low interest rate to pay off the debts. This way you will have to make a single payment and decreases the total number of payments you have to make. Ensure to make timely repayment of the borrowed amount. Further you should completely stop making unwanted expenses as it may not help you at all.

So when you are facing severe debt problems and finding it difficult to manage it in an appropriate manner, seek the assistance of debt management solution.

Imagine what would happen if you had no insurance? Without insurance to fall back on you could stand to lose everything if your car was damaged beyond repair in an accident or was stolen. It doesn’t bear thinking about, especially if the car was bought on finance. You could be left repaying a loan for a car that no longer exists!

If you were involved in an accident depending on the cover you could claim for repairs to the car and if it was written-off you would get the value of the car back. You could also claim medical and legal costs and many other things.

You can get more information online about the different types of car insurance policies available. However, using the internet is just not just about getting information. You can also take advantage of the web when buying the actual cover, either by shopping around yourself or getting a car insurance broker to do so for you. This means that you can find the most suitable cover for your circumstances as well as can often get the best deals online for car insurance.

Buying car insurance on the internet can help you to cut down the cost of your policy. It is also the best way of comparing the policy benefits (and any failings) against each other. However boring it may seem, do always check out the terms and conditions for what you get for your money. Providers will try to tempt you with many small extras so consider this when choosing what you want from your cover.

There are several things you should bear in mind when getting a car insurance quote such as voluntarily paying a higher excess; upping the security on your vehicle making it a less risky proposition to insure; limiting your mileage per year can often attract discounted premiums; and never stopping with the same insurance company year after year without first doing your research. Often you can get lower premiums if you choose to go elsewhere by considering around.

Taking advantage of what the internet has to offer when considering buying your car insurance is a sensible idea. It holds hints, tips and a vast amount of information relating to policies which can often lead you to the biggest savings on the cost of your policy.

It is a well established fact that living a contented life in the United Kingdom demands a lot. The high cost of living often compels many individuals to opt for easy solutions of loans and credit cards to buy the basic necessities and comforts of life. But as nothing in this world comes for free, even these temporary financial resources are required to be repaid and unfortunately, most of us, lose track of this fact and keep on piling up debts which ultimately get out of our control. In such situations, the most feasible option that a person can look for is a good and well thought bad debt management plan.

However, before you start your search for a decent bad debt management plan, you are required to perform some groundwork in advance. Try to create a summarized track sheet of all your debts that specifies your total amount of debts and the complete list of your various lenders. Only after analyzing this track sheet, the financial advisors will be able to generate an intelligent scheme that can bear the onus of clearing your debts in a fruitful manner. Generally, the charges that one is required to pay for availing a bad debt management plan is zero but in some special cases, where the amount of debts is huge and is maintained with several different lenders, you may be required to pay a certain amount of money as the monthly management fee.

So, if even you have reached to a miserable position where making your monthly repayment installments seems almost impossible then this could be the most apt time to consider a good bad debt management plan that not only offer you a well categorized program of segregating your funds but also gives you the assurance of clearing all your debts in a specified period of time. Several money lending agencies, finance companies and banks are offering this assistance to the borrowers. As a matter of fact, in addition to an efficient debt management plan, they also offer the financial assistance of bad debt management loans if your debt cannot be cleared with your monthly income. With this kind of financial aid, you will not be forced to make any sorts of compromises with your daily expenses.

Now let us discuss some important facts about these bad debt management loans. In today’s scenario, availing this type of loan assistance is not much of a hassle as numerous lenders in the finance market are dealing in this option. Moreover, because this loan service is specifically meant for the poor credit holders, the rate of interest charged is also very low and affordable. However, to avail these loans, it is mandatory for the borrower to be an adult and he should also possess a regular source of income so that the borrower gets convinced with his repayment ability. Hence, if you think that your total amount of debts is huge and cannot be managed with your monthly income then immediately opt for one of such loan plans and get an access to good amount of funds.

As a nurse, you want to keep your mortgage rates as low as possible. The lower the loan rate is, the more buying power you have. Many factors affect what the interest rate will be for your mortgage loan. Some of these factors are easier to control than others.

The Federal Government controls the rate for mortgage loans for nurses in the United States. The Federal Reserve arm adjusts interest rates positive or negative in an attempt to maintain a strong economy and keep inflation down. These rate adjustments are out of our hands. Rates will go up and down depending on the state of the economy.

Instead, decide whether you want to choose a fixed-rate mortgage or an adjustable rate mortgage (ARM). An adjustable rate will have a lower mortgage rate to start. Many people have gotten themselves in trouble with this, because the mortgage rate is completely dependant on the adjustments that are made in the future. A fixed rate mortgage will have a higher rate at the start, but you are protected against rate increases.

You sometimes have the choice of paying discount points in order to lower your interest rate. Each point equals 1 percent of the amount you borrow. If you were borrowing $300,000, one point would cost you $3,000. So it may depen on how much cash you can afford to put into the mortgage when you purchase the loan.

The discounted mortgage rate you receive varies among lenders, but it is usually about a quarter of a percentage point for every discount point you pay. For example, if you pay 2 points, your rate would be lowered from 6.75 to 6.25 percent. That adds up over the life of the loan.

One financial factor to consider is how long you plan to live in the home before you pay a lot of points to discount your loan. Be sure to calculate the figures (use a mortgage calculator) both with and without the points to see which is a better deal for you.

You can also choose a shorter term mortgage. A 15-year will have a lower rate than a thirty year mortgage. The payments will be higher because you are choosing to pay it back over a much shorter term. But it’s a good option if you can manage it.

Don’t forget to review your credit report when shopping for a mortgage. If you have a higher credit score, then you can qualify for a lower interest rate. Be sure to get a current copy of your credit report and check it for errors. Correct any mistakes that you find and work on cleaning up any possible problem areas. Paying your bills on time and avoiding late or missed payments will have a huge impact on yoru credit scores and interest rates. Make it a habit!

Whilst the principle of a pension annuity is seemingly very straight forward, however, things are rarely quite as simple as they seem.

The first and probably most critical aspect of buying a pension annuity is that it is a long-term, one-off commitment. You have just one shot at it, since there is no going back and asking for a refund of all of the capital simply because, after the event, you have found a better deal elsewhere. In other words, it is very important that you make the right choice.

Making the right choice is made no easier by the fact that a host of different annuities all offer a host of different annuity rates – i.e. will offer a different level of income for the same amount of pension investment.

The difficulty is further compounded by the sheer number of different types of annuity available these days.

Standard annuity – the most conventional form of annuity is one that pays you a fixed income throughout the remainder of your life. The income is known in advance, so you have the security and peace of mind in knowing just how much that will be;

With profits annuity – as the name suggests, this relates the income you receive to an element of your initially invested sum that is in turn invested again in equities, bonds and gilts. In this way, your annuity reflects some of the risks inherent in such investments;

Unit-linked annuity – this is probably the choice for those prepared to take the greatest risk on an annuity that is entirely subject to the fluctuations of the investments made;

Immediate (“temporary” or “purchased life”) annuity – this form of annuity needs to be purchased either from the cash element of your matured pension fund or some other cash resource. The advantage of this kind of annuity is that part of the annuity is treated as a return of your initial capital and, therefore, is not taxed, whereas the whole of your pension annuity would be subject to income tax;

Impaired life annuity – this is a type of annuity designed for those whose actuarial life expectancy is lower than someone of the same age in the general population. Different annuities will operate different definitions of what amounts to “impairment” of life, but it is generally a question of an existing serious illness or lifestyle factors such as smoking, obesity or past occupation.

Summary

The seemingly simple and straight forward question of converting the final value of a pension fund into a regular, income-paying annuity actually requires the kind of advice you can best receive from an independent financial adviser, since:

? Your pension annuity decision is of a one-off type that you need to get right the first time;

? There is considerable variation in the level of income paid by any one annuity – naturally, you would want the highest paying;

? There is a wide range of different types of annuity – some higher, some lower, risk – an independent financial adviser will be able to help you choose the one you want.

When it comes to financial health and well-being, I strongly encourage taking the time to properly implement healthy habits.  Whether it’s sitting down once a month to reconcile your current account, planning for retirement or saving up for a deposit on a flat or to buy your first car, you should set a goal beforehand so you can appreciate your efforts and success when you cross the finish line.

To create a new habit, it’s best to pick one thing to focus on instead of trying to create a whole new you in a brief window of time.  Think of how long it took to create your current habits, years, right?! So let’s just take a baby step with one new habit for now.

If you’re a newbie to the world of personal finance, welcome.  Taking control of your own financial health and well-being is very empowering and it’s a good habit that will serve you for years to come.  With the novices in mind, let’s start with a good basic habit of creating a budget.  Since creating a budget is only a one-off event, it doesn’t have to become habit forming, however maintaining and updating your budget is another story.

I’ve created a number of budgets in my limited years as a financially independent adult.  On numerous occasions I’ve torn a page from a pad of paper and sat down on the spot and made two columns with my income and expenses.  I’ve also searched online for a free budgeting spreadsheet and saved it to my computer, and most recently I’ve begun using Wonga’s free budget calculator on their website.  However you decide to make your budget, sit down within the next seven days and create your budget.

Action it: Create a budget within the next seven days!

What I like about the Wonga budget calculator is that it saves my data for future use; it breaks down expenses into different segments; and its user-friendly interface makes a sometimes unpleasant task more cheerful.  I also really like the advice section at the end because it’s like my own personal cheerleader:

“Congratulations: your income is more than your regular outgoings, meaning you potentially have surplus cash which can be saved, invested, used to repay any existing credit or just enjoyed! Well done for managing to live within your means.”

Doesn’t that make you feel good?  It works for me!

You can also clear all entries and start again, save it and/or print off a copy of your budget.  If you think you’ve missed an expense or you just want to go back and double-check your work, you can simply click on the “step 1…2…3” circles at the top to go back to the correct page and make changes.

Become a registered user of the Wonga budget calculator today and create a good financial habit.