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Overdrafts

Tips for Reducing your Overdraft Burden

An overdraft can be a useful thing to have. If you need money quickly and do not have enough, then dipping into the overdraft can keep you going until you get paid. It is a feature of many current accounts and a lot of people use them. Some people get overdrawn rarely and enjoy having the facility as a backup just in case they need it. Others go overdrawn more regularly and use it as a way to keep them going if they run out of money before pay day. There are some people though, that really struggle to keep on top of their overdraft and in this case it can be a problem.

If you spend more money than is available in your current account then you will go overdrawn. You may have arranged an overdraft with the bank and they will allow you to go overdrawn up to a certain limit for a specific charge. This will normally be an interest charged daily. If you borrow more money than the agreed amount or borrow money when you have not arranged an overdraft at all, then you will be charged more money. Some people find that they get overdrawn a lot and they find it harder and harder to pay it back.

If this is the case, then it is good to work on ways to reduce the amount that you are using your overdraft facility. It is wise to think about how you can ensure that you do not spend so much money from that current account so that you do not have to borrow money from there so often. An overdraft is an expensive way to borrow money and so it is worth thinking about alternatives.

Some people use a credit card rather than an overdraft. You can set up the credit card so that the outstanding balance is paid off each month when you get paid and then you will not get charged for using it. It is a great way to buy things and pay later without having to pay for the privilege. Even if you do not pay it all off to start with, it can still be a cheaper option than an overdraft as long as you do not leave the debt outstanding for too long. There may also be other sorts of borrowing which could be cheaper as well – it is always worth doing some research to find out as you could save yourself some money.

It is also worth thinking about your spending and whether you can find cheaper alternatives to the things that you are buying or cut down in the amount that you buy. If you note down what you buy and look at the prices, it could help you. Think about whether you could change providers, retailers or brands so that you can still buy the same things without paying so much. You could also consider buying less things so that you do not keep spending more than you earn.
If you do not want to cut down your spending or do not think that you can, then you will need another way to make sure that you do not keep getting overdrawn. The solution would be to increase your income or to inject a lump sum of money so that you can pay it off and then get back on your feet. It could be possible for you to achieve either or both of these.

Getting a lump sum of money could be achieved by selling things that you own and getting some money from them or doing some temporary work to earn a bit of extra money. Selling things is probably the easiest and you will be amazed how much people will pay for things. Take a look at various places that you can sell things, such as social media pages, classifieds, auction sites and even local sales. You will need to select the right sort of place depending on the types of items that you are selling. Temporary work could be done by doing some temping through an agency or by finding some freelance work online.

If you want a more long term income then you could consider starting a business or doing more regular freelance work. You could do an extra bit each week and it could add up to really helping you to get the overdraft paid off and stop it from coming back.

Spending Money

How to Afford the Luxuries that you want

Usually we find that we can afford the basic things that we need such as food, shelter and warmth, but that when we want some extra things, we may not have the money to afford them. This is becoming more and more frequent as many people have not had pay rises for a long time and prices are continuing to rise. Therefore, if you want some extras, whether you want to treat yourself, buy some gifts for friends and family or get things for your home, you may wonder how you will be able to afford it.
There are basically two ways that we can all get more money to spend on luxuries. We either spend less money on other things so that we can afford them or we earn more money. Of course, you can also do both at the same time.

Tracking what you are spending your money on can be a really good way to start. You will need to write down everything that you spend money on. This helps you to see where it is all going and you can decide whether you are happy with that or whether you want to change your spending habits. Sometimes it can be surprising to find out where you actually spend money and you may decide to stop buying certain things or to look for cheaper alternatives. Even if you do not want to change your spending habits, it is still really useful to have an idea of where your money goes.

Earning more money can be a better way to get more, rather than spending less. You will not have to cut back, but you may have to use up more of your time. This means that you may have to work extra hours in order to get more money. It is worth seeing if you can get a pay rise in your current job first though. This would mean that you would not have to work anymore to get extra money. However, pay rises are rare, but it is always worth asking, especially if you have not asked for a while. Doing extra hours in your current job may also be an option for some people too.

Earning money extra to your job is probably the way most people would need to get extra money. This could be done in lots of different ways. The most obvious would be to get a second job, perhaps working evenings and weekends to get more money. Although some people may be prepared to do this, it is not always possible for everyone to be able to do it. This means that they will need alternative ideas.

Working from home can be an option for some people, but it all depends on what skills they have and the time they have available. There are freelance jobs and other ways to earn money online which could be an option, but you will need to use your leisure time to earn. If you are caring for family, then this may not be possible and you will need to make sure that you get some time to rest between jobs as well. It also depends whether you have easy online access as well.

Some people may choose to buy the extra things that they need using a credit card. This can be a convenient way to get the things that you want but it is wise to think about it first. Understand how much interest you will be paying on the credit card if you do not pay it all off and make sure that you are prepared to pay that extra for the items that you are buying. Many people do feel that it is worth it as they would rather have what they want now and pay extra for the privilege. It is also wise though to make sure that you have a plan for paying the money back.

There are also other forms of borrowing you might consider to use as well. It is a good idea to compare the prices of different types of borrowing and the repayment schedule to pick the one which provides good value for money but also has a manageable repayment schedule.

Get Money

The Best Ways to Get Money Fast

There are many of us that will find that at certain times in our life we need money quickly. This could be because we have a bill come in that we were not expecting, need emergency repairs on the home which the insurance will not cover or want to help out someone else, perhaps a friend or family member that is desperate for money. We need to get money fast and may wonder what the best way is to get that money.

The best place to start looking is your savings. It is hard to spend savings, especially if you have spent a long time building them up or if you are saving up for something specific. However, it is much cheaper to use your savings compared to borrowing money and so it is well worth considering doing this. If you need the money for a one off payment, then you should be able to save the money up again once you have paid for that expense. You should be able to get the money pretty quickly as well.

If you are employed then it could be possible to ask for an advance on your salary. Larger employers are more likely to help you with this than smaller ones, but it is always worth asking. You might be able to get half your monthly salary in advance within a few weeks and this should really help you. Again, this is only a solution of you have a one off expense to pay, as otherwise you will struggle when you next get paid and have less money.

Another way to make some extra cash is to sell things that you own and no longer want or need. Many of us have things which we no longer use and by selling them we can make extra money. It is easy to sell things online and offline. It will depend on what we are selling as to how we should sell them. Very valuable items would be best sold in auctions, either specialist auction houses or online. Cheaper items could be sold at a garage sale or a table top sale. It is also possible to sell items on social media sites. Different ways of selling have different costs and so you want to note this as well, because you do not want to overpay to sell cheap items, but it could be worth paying more to sell a dear item if that method is likely to bring a higher price for it.

Earning more money can also be a good way to get more money. This can be more useful than the other methods because you a more likely to have a permanent income as a result of it. Therefore if you are tight for money a lot of the time, then it can mean that you will be able to have extra. This could mean that you find an additional job to the one that you have already or you do more hours in the job that you have already. It is worth asking at the place that you work already as it could be a lot easier than looking for alternative employment. If you have family commitments and cannot work extra hours outside of the house then you could look for some freelance work to do from home or other work from home jobs. There are plenty of opportunities online, it is just a matter of finding one that is suited to your skills. Often these jobs will pay very quickly as well, you can find an opportunity to do a small amount of work and get paid for it almost immediately which can be a great way to get some money really quickly.

Some people may look at borrowing as an option to money quickly, via short term loans for example. Although this is a solution, it is important to make sure that you will have enough money to cover the repayments. If you do not do this, then you could find that you are worse off than you were before you borrowed. However, a lot of people do use borrowing to help them with money problems and find that it is a successful solution for them.