September 1, 2020
by Addison Davies
Having the privilege to earn money and able to spend it on luxuries is a bittersweet feeling. Thinking about saving money is not something that comes to our mind mostly. But is it necessary to keep for something which might happen in the future? Can’t we live our life and enjoy to the fullest? Well, I am afraid to say No!
When we start understanding the fundamental aspects of life as a child, we are always taught to save our money. Well, we might have shrugged it off in childhood, but there is no denying the fact that it was a good tip. Adulthood is not any piece of cake, my friend. The constant pressure to earn, invest, and save money is a real thing. But the question arises for what?
Life is all about a balance of happy and sad days. While we spend quite a lot in our happy days, what to do in our unhappy days? Emergency related to health, clearing earlier dues, household expenses, wedding expenses, education fees, etc. are some of the costs that might arise in front of you.
What options can you have after that? How are you going to clear your expenses when in urgent need? Is it still the right time to start saving for your future needs? Well, we will answer all your questions right here.
Plan your monthly budget
The easiest way to save money is to start writing your daily expenditure in a diary or install an app on your Smartphone. It helps you to track where are you spending your money and what expenses can you cut down to save money. It allows you to identify your financial goals and to repay your debts. If you have a habit of impulsive buying, it will help you to control it on a large scale. You can be prepared in a better way for any future emergency. Even if you need any loan, it will help you plan to pay your debts through monthly instalments. If you have low income, you can opt for Family Income Support or Living Alone Allowance. Avoid using a credit card to save more money. You can start taking part-time work to increase your income and of course, savings!
Budgeting Loans are also an option.
Sometimes no matter how much we try to save, some amount of money is still required to meet any emergency related expenditure. Budgeting loans are a way to help you with that purpose. These are interest-free loans that can help you in household equipment, travelling expense, rent expenditure, clearing debts, etc. You can take budgeting loans from income support, pension credit, employment and support allowance, or Jobseeker’s allowance.
If you don’t have an education budget and want to pursue an undergraduate or postgraduate degree in the UK or Ireland, student loans are your option. It allows you to loan tuition and maintenance fees. In England, an average fee for the academic year 2020-21 is 9,250 pounds/annually. This fee is applicable for public-funded universities or colleges.
Student Finance Northern Ireland and a few reliable direct lenders issue student loans in Ireland. The average tuition fees charges for Ireland universities are around 4500 pounds. You can also opt for flexible loans in which the loan officer can make a repayment track for you based on your lifestyle and income. Credit Unions are also an option in which the loan that you repay will benefit another student just like you. The person paying for you or even you who took student loan are eligible for tax relief once you start working.
Borrow money smartly in case of requirement
Life is all about surprises, and not all surprises bring joy. If you or your family member requires sudden funds to meet the financial needs, you can opt for personal loans. Keep in mind that any loan is a debt and needs to be paid in the monthly instalment in future.
You can opt for a loan from banks or NBFC. But if you are not eligible for loan approval from major financial institutions, private lenders assist with flexibility. No compulsory collateral, no guarantors, online application, no early repayment, and no paperwork are some of the benefits.
If you have a poor credit score, banks may deny you to provide any loan. Bad credit loans are your friend in that case. Keep in mind, even if private institutions lend you money, you still need to manage to pay back the money. Bad credit loans in Ireland are provided by the best lenders with easy to manage interest rate and repayment in the form of pre-decided instalments.
To live under a budget is not about being under constant pressure and stress. It is a systematic way to enjoy your life while still saving extra money for a crisis. A well-planned system is beneficial to avoid debts. So, stop waiting and start saving now.