couple with moving boxes on their heads unhappy

How to Save on Moving Costs

October 31, 2017
, , Emergency Loans 2

Moving can be a very stressful and difficult time.  is one of the most difficult things you’ll ever do reduce your stress during a move and make sure that you have planned for the costs involved

Finding a new home can be challenging, let alone having to think about packing, moving and unpacking. However, new research from ING that delves into the costs of moving home reveal 50 per cent of home buyers don’t budget for the costs associated with moving house, leaving many out-of-pocket. As a result, it comes as no surprise that Aussies individually spend an average of $1,618 physically moving home! To help you save some extra dollars on the cost of moving house, read here about money saving tips to saving money when you’re moving

When they knock on your door, it’s in your best interest that they find you armed with a sizeable emergency fund.

How to Save on Moving Costs

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With the tips outlined above, now you shouldn’t worry about being caught unawares.

And if you find yourself caught up before you build the fund because emergencies are part and parcel of life. feel free to reach out to us for a short term cash advance.

Original source article : bodyandsoul.com.au

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Stop the Bleeding: 5 Simple Credit Card Debt Solutions

October 31, 2017
Budgeting 5

You have a huge amount of credit card debt, and you have no idea how you’re going to pay it off. In fact, the amount you owe is so overwhelming that you’ve been avoiding the issue altogether.

If this sounds like you, don’t feel bad. You’re not alone in your stress. In fact, the average Australian has a credit card balance of $3,130.

If left unchecked, credit card debt can spiral out of control. Follow these credit card debt solutions to secure your financial future.

And are they stressed about this debt? You bet.

In fact, in a study printed in the Journal of Family and Economic issues, researchers found that there’s actually a link between credit card debt and depression levels.

Credit card debt shouldn’t be ruining your life. But, stressing out about your debt isn’t going to do you any good.

Instead, you need to be proactive and work on implementing debt solutions to get rid of it.

Let’s take a look at the top credit card debt solutions. You’ll be surprised at how simple they are.

1. Figure Out What You Owe and Set a Budget

The best debt solutions begin with figuring out what you owe.

This will help you set a budget and develop a plan of attack.

To figure out what you owe in an organized fashion, create a spreadsheet. This spreadsheet should contain the dirty details about all of your credit cards: the total balance, the minimum monthly payments, the interest rates, and the due dates.

Once you’ve got all this information compiled, you can set your budget.

Ideally, you’ll want to create a budget that allows you to pay a little more than the monthly minimums due.

Now, we realize that your budget may already be pretty tight. Is it really possible to tighten it even further?

Most likely, yes.

Take a hard look at your spending habits over the past few months. Make note of all the money you spent on luxury items versus on necessities.

Subtract your luxury spending from your total spending and allow this to be your budget until your credit card debts are paid off.

2. Choose a Repayment Strategy

There are a few different strategies for paying back your debts. Each has its benefits but ultimately you’ll want to choose the one that will actually motivate you to repay.

Let’s take a look at what these strategies are:

Highest Interest Rate First

Paying off the highest interest rate card first definitely makes the most sense financially.

This strategy will save you the most money overall as it will limit the total compound interest on your debt.

Once the balance on one card is paid off, you move on to paying off the one with the next highest interest rate.

But, don’t think that paying one less minimum payment per month is an invitation to spend more money. Instead, you should use the money you’d normally put towards your minimum payment towards the next card. Keep repeating this until you’re done paying your last card.

If this is the strategy you decide to go with, just remember that you’ll still need to make minimum monthly payments on all your other cards.

Pay Off the Lowest Balance

Also known as the snowball strategy, paying off the card with the lowest balance is great for those who love a quick win.

Often times, a quick achievement is all you need to keep pushing towards your loftier repayment goals.

Compared to other debt solutions though, this one will not save you the most money in the long-run. However, it can give you some time to save money for your cards with the most debt.

Consolidate Your Cards

Are all the numbers and figures in your spreadsheet just giving you one big headache?

If you’re someone who struggles to keep track of payments, consolidating your debts may be the best debt solutions option for you.

This repayment strategy helps you focus on one large number instead of multiple smaller ones.

For those who can live without those “quick wins,” this is a great solution. However, you should still try to pay more than the monthly minimum to ensure you stay on track.

You may also want to consider consolidating your debt and then making a balance transfer to another card with an interest-free period.

Many cards offer interest-free periods as long as 24 months. But, make sure you don’t use this time to ignore your debts. Instead, use it to repay as much as possible before that interest kicks in.

3. Stop Swiping

Sometimes, you need to stop the bleeding completely.

In other words, you need to stop swiping your credit cards and stick to using only cash or debit cards.

To make this easier, you should leave your credit cards at home when you go out. Hide them in a drawer or have a trusted friend or family member hold on to them for you.

You can even cut them up and wait to order new ones until your debts are repaid.

Whatever you do, don’t close the credit card accounts completely. The length a card is opened for can affect your credit score. Closing the card will only negatively affect your score.

4. Grow Your Income

Picking up side gigs can be a great way to pay down your debts fast.

If you work a job that offers more hours, start putting in that overtime.

Or, you could run a side hustle in addition to your full-time job. Here are a few ideas:

  • Sell stuff on eBay or Etsy
  • Pick up freelance gigs – writing, graphic designing, editing, virtual assisting, etc.
  • Get a second job on nights and weekends
  • Drive for Uber or Lyft
  • Pick up random gigs on Craigslist

5. Auto Payments

You know paying back your credit card debt is a necessary evil, but you just can’t seem to stay on top of it.

The best way to make credit card payments a priority is to set up auto payments for each statement cycle. This will allow you to make your monthly minimum payments before engaging in any unnecessary spending.

Stop the Bleeding: 5 Simple Credit Card Debt Solutions

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Debt Solutions: Wrap Up

Implementing these debt solutions will help you repay your credit cards fast.

And while paying off your credit card debts is a huge accomplishment, often times it’s not the end of your financial woes.

Many people with poor credit card spending habits have poor credit scores and struggle to qualify for loans because of it. If your bad credit is holding you back after repaying your loans, take a look at how our bad credit loans can help you.

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Think Like the Wealthy

October 28, 2017
, , , Budgeting 2

The only thing holding you back from future financial freedom is you. Maybe all you have to do to reach your goals is change your thinking. According to Grant Cardone you need to think like the rich.

No one would deny that the wealthy think and operate differently regarding money, wealth, finances and investing.

You do not want to be a burden on your loved ones in the future. Get your finances in order today. Stop over spending, start paying off any debt you already have and then start saving. If your needs exceed your pay check, it is time to look into other revenue sources. If getting another job or more hours is impossible, consider passive income. It is a great way to earn money without investing a fortune.

Think Like the Wealthy

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Try our Loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs.

Short-term Cash Advance solutions to get to your next payday. Receive up to $1000 in your account Today with manageable repayment options, contact us:  https://staging8.cignoloans.com.au/how-it-works/

Original source: entrepreneur.com

 

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Teach Kids to Save From a Young Age

October 25, 2017
, Budgeting 2

If you do not teach your children how to manage their money properly you are setting them up to fail. We are inundated with advertising messages geared towards instant gratification daily and the thought of patiently saving for that dream item seems out of reach for most. According to Sophie Elsworth one way to teach our children how to save is to open a savings account for them early on and then to regularly deposit money into it, this will slowly grow to a sizeable amount by the time they can access it.

“There’s a lot we can do now to get him started and the cost of living is so high and real estate is so difficult to get into at the moment so if we can start early it will give him a headstart.”

Another way to teach our children to save is to get them involved in the process. You can work towards a shared goal to which everyone has to contribute.

Teach Kids to Save From a Young Age

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Try our Loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs.

Short-term Cash Advance solutions to get to your next payday.

Receive up to $1000 in your account Today with manageable repayment options, contact us:  https://staging8.cignoloans.com.au/how-it-works/

Read the original source article here: news.com.au/finance

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Budgeting When You’re Broke: 7 Ways to Do It Properly

October 24, 2017
Budgeting 9

Budgeting when your broke can be a challenge, but with the right steps, it can be done.

When you’re struggling to save coins, a normal budget won’t work. There are extra steps you need to take to stretch your limited dollars as far as possible, and of course, you’ll need to adjust for your unique personal situation.

In fact, if you budget right, you can even start taking steps toward getting yourself out of a financially dire situation so that someday, you won’t have to be broke while you budget.

Budgeting when you’re broke isn’t easy, but it can be done. Read on to learn the best tricks to do it safely and comfortably.

Ready to learn how to make great financial choices when you don’t have much to work with? Let’s get started!

1. Start With an Assessment

Before making your budget, you’ll need to step back and do a thorough, honest assessment of your financial situation.

You’ll have to assess your income and expenses, to find out a way to make your expenses stay below your income. There are a few steps to doing this.

Categorize Expenses

Take a look at what your expenses have been over the past few months. Look at receipts or bank statements to get an accurate picture.

Then, separate your expenses into needs and wants. You might even create a hierarchy of expenses in order of importance.

Don’t forget to add in your debts to this categorizing project.

Find Issues

There will probably be some problem areas that become apparent when you categorize things this way.

Are there any bad habits that you can avoid, such as a restaurant or shopping habit that’s not essential? If you find places where you can cut back in this step, the rest of your budgeting becomes much easier.

2. Reduce Spending

Now, you need to put that information into action to actually reduce your spending.

Look at what you organized into the “wants” column, or what is at the bottom of the hierarchy of importance for your expenses.

This doesn’t mean you have to cut back on every single “want.” Your budget should have a bit of wiggle room for fun expenses, otherwise it won’t be sustainable.

However, when money’s really tight and paying bills has become a challenge, you need to be able to find ways to cut back.

Maybe there’s a television service you can cancel, or a phone plan you can switch to that uses less data.

You can also look at your “needs” column and see if you can find any ways to reduce your bills. You might be able to save on energy expenses at home or see if you qualify for a reduction in your car insurance payments.

Other ways to reduce spending? Find the cheaper grocery stores and use coupons. Buy secondhand clothes and necessities as often as possible. Learn to make your own cleaning supplies.

Get Creative

Strategic meal planning – which means grocery shopping to make your dollar stretch as far as possible – is one of the best ways to save money. So is learning to do or make things yourself.

If you have an Internet connection, there are countless things you can teach yourself to do, from home improvement projects to car maintenance. The more you can learn to do yourself, the less you’ll need to pay for. (Yes, that includes cooking!)

If you’re really strapped for cash, you may need to look into ways to save on rent, since that’s likely your biggest expense each month. Consider moving to a cheaper part of town, or living with more roommates.

3. Figure Out Goals

Of course, this budget is meant to be temporary. You shouldn’t have to be budgeting when you’re broke forever.

In order to change things for the future, you’ll need to come up with some goals and a strategy for how to reach them.

One of your goals should be to build up your savings. This is something you’ll need to do before you start tackling debt. If you don’t have an emergency fund, you could end up in a much worse financial situation when something unexpected happens.

Having an emergency savings account will allow you to stick to your budget long-term, even if a setback happens. So focus on getting those savings, and then you can turn to paying off debt.

When you need to pay off debt, you’ll need a repayment plan. Either pick the smallest debts first, so you can pay them off faster and feel inspired to keep chipping away at the big ones. Or you can focus on the debts with the highest interest rates first, which can be more daunting but save you money long-term.

It doesn’t hurt to call your credit card company and see if you can get lower interest rates. A Bankrate survey found that 56 percent of people who called and asked got a positive response.

If you fall behind on bills, don’t be scared to ask for a payment plan or extension. Often, people are more willing to work with you if you get on a plan than if you simply make late payments.

4. Make Your Plan

Now, you need to put real (and realistic) numbers on paper so your budget is completely mapped out.

It’s important to stay realistic, so your budget will last. Don’t try to take extreme measures or cut out all fun expenses, even though you’re budgeting when you’re broke.

Once you have a budget you can stick to for the foreseeable future, you can focus on making changes in the long term. Maybe you can ask for a raise or look for a job that pays more or find a freelance gig as a second income stream.

Budgeting When You’re Broke: 7 Ways to Do It Properly

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Final Thoughts on Budgeting When You Are Broke

Budgeting when you’re broke is much more challenging since you don’t have much to begin with, but it’s also that much more important.

Budgeting skills will be useful for the rest of your life, no matter what your income is. If you hone them now, you’ll know that you’ll always know how to manage your money effectively, so don’t wait.

There are always ways to get out of a tight spot. If you’ve made your budget and you’re still struggling, consider a loan to get you through difficult times. Contact us today – we can help.

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Tips on saving money with a budget

October 12, 2017
Budgeting

Saving money seems impossible most days. If you change your mindset, however, start you can put some cash away for a big ticket item or a holiday. You will never be able to save a dollar if you are not setting yourself a budget which includes a small amount for your savings. It is just too easy to pay for that cup of coffee you desperately need or buying an item on sale. According to George Leaker being more organised with your money as soon as you get paid makes all the difference.

Yet it’s possible to save money when you’re paying crippling rent prices and trying to lead a normal social life, even on a low income. I know because I do it.

Even if you have plenty of disposable income now, things change and you do not want to be caught unprepared. Simple changes including cancelling all the subscription services you no longer use, investigating better interest rates on your credit cards and making your own designer coffee at home, can all impact directly on your budget.

Tips on saving money with a budget

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Try our Loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs.

Short-term Cash Advance solutions to get to your next payday. Receive up to $1000 in your account Today with manageable repayment options, contact us:  https://staging8.cignoloans.com.au/how-it-works/

Read the original source article here: smh.com.au/money

 

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10 Easy Ways to Create Your Rainy Day Fund

October 10, 2017
Budgeting

In life, death and taxes are certain. For most people, rainy days are also becoming an absolute certainty.

Even if you have a well-paying job or thriving business, you’d be totally unwise to skip saving for a rainy day. In fact, in a country where most people are living from paycheck to paycheck, creating a rainy day fund is extremely important.

One of the biggest reasons people fail to save is not because they lack an adequate income, but because they lack the financial discipline to put some money aside on a regular basis.

Creating a rainy day fund is one the smartest financial things you will ever do. Here’s how to do it quickly and comfortably.

If you have this problem, you’ve come to the right place. Read on to learn 10 strategies you can use to create and maintain a healthy rainy day fund.

1. Give Your Current Budget/Spending Habits a Second Look

Can you account for your money, up to the last coin?

If you can’t, you’re making a major financial mistake, which is living without a budget. And even then, having a budget doesn’t really mean you’re on the right financial path.

The first step to creating a rainy day fund is to study your current budget or expenses and compare it with your monthly income. If your expenses equal or even surpass your income, you need to start cutting back immediately.

Do away with expenses you can live without. For instance, if you’ve multiple TV subscriptions, cancel and remain with one. Love going out for a movie every weekend? How about catching a movie in your living room instead?

That’s the only way you’ll free up your income and have money to start building your emergency fund.

2. Find Another Gig

Let’s be honest: many of us would be better at saving if we made more money.

Unfortunately, not many people have the will to do whatever it takes to put an extra buck in the pocket. You’d rather sit and wait for a promotion than go out and look for a second job, right?

Indeed, the best way to earn more money is to find another gig. If you’re good at writing, designing or even editing, you can find a suitable opportunity online. With the rise of freelancing websites, this shouldn’t be a difficult task.

A second job gives you an additional stream of income, which you can use to create your rainy day fund.

3. Automate Your Finances

Technology has changed how we do a variety of things, from how we work to how we manage our finances.

Today, you don’t have to manually or physically settle your bills. With financial automation solutions, your bills can be paid as soon as they are due, and as long as money is in your account.

Automating your finances reduces financial procrastination.

Say you have some money, which you set aside to pay a certain bill by a certain date. Perhaps you get caught up with work, so you end up postponing the payment of this bill. Before you know it, you’ve already spent the money elsewhere.

With automation, the amount of money you intend to save for a rainy day will always hit the selected account without fail.

4. Find a Saving Buddy

Just like hitting the gym with a workout buddy, you have a better shot of financial success when you have someone with whom to pursue a common financial goal.

Find a friend or relative who also wants to create a rainy day fund, and start the journey together. Motivate and hold each other accountable.

5. Look Out for Sweet Deals

One day, you’ll be so rich price tags will be least of your concerns.

But until then, looking out for deals can make a big a difference in your personal finances.

The good news is you can find deals for pretty much everything, from groceries to clothes and movie tickets. You just need to know where to look.

Besides scouring the web for these deals, make a point to ask your local service providers when they’ll be running a sale, and put a reminder on your phone!

Capitalizing on deals will save you money, money that you can put in your emergency fund.

6. Sell Stuff You Don’t Need

Minimalism is all the rage!

If you’ve stuff you don’t need around your house, you’re not only being uncool, but also sitting on money that could kickstart your rainy day fund.

Seriously, look around for stuff you no longer use and put them up for sale on eBay or Craigslist. Are you a whiskey enthusiast with a collection of rare bottles? They can fetch you a pretty penny.

Use the funds you raise from the sales to create an emergency fund.

7. Read a Lot on Personal Finance Management

Knowledge is power

When you read books, magazines articles and blog posts on personal finances, you’ll have a better grip on how to go about several issues, including saving.

Beyond reading, be sure to follow personal finance experts on social media platforms such as Twitter and Facebook. You won’t miss out on their financial stories and tips.

8. Manage Your Debt (Prioritize Paying Off Sooner)

Loans can swallow a huge chunk of your income and deny you the chance to establish a rainy day fund.

Just think about: if the money you pay in interest rates alone could be going to your savings, by now you could be boasting a healthy emergency fund.

As such, you should make repaying your loans as quickly as possible a top priority. Consolidate credit card debt if you have to, and start off with high-interest loans.

9. Claim Your Tax Refunds

Of what benefit is claiming a $5 expense in tax refunds?

Sure, it might look meager, but several such expenses can quickly add up into a handsome amount. To start claiming tax refunds, you need to know which items are deductible. Then, keep all the relevant receipts, and during tax time, claim your refunds.

Need we tell you the money you get back should go into your rainy day fund?

10. Seek Professional Financial Counseling

On the surface, it looks paradoxical to keep spending more money when your primary goal is to cut back and save.

Sure, seeking professional counsel will set you back a couple of dollars, but it’s completely worth it in the long run.

A professional financial planner will have a thorough look at your personal finances, find gaps, spot extremes, and in the end, advise you on what you need to do to build your rainy day fund.

10 Easy Ways to Create Your Rainy Day Fund

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The Journey to a Healthy Rainy Day Fund Starts Now!

Emergencies are part and parcel of life.

When they knock on your door, it’s in your best interest that they find you armed with a sizeable emergency fund.

With the tips outlined above, now you shouldn’t worry about being caught unawares. You’ve all the information you need to easily start building your fund for tougher times. Start your journey today, and don’t forget to pop back and share your experience with us in the comments section below.

And if you find yourself caught up before you build the fund, feel free to reach out to us for a short term cash advance.

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7 Common Reasons for Short Term Cash Advance Loans

September 28, 2017
Short Term Loans 25

If you’re short on cash and need to make a payment urgently, have you considered short term cash advance loans to solve the problem?

This type of loan can allow you to get your hands on cash quickly and easily. And there are many reasons you might need to take out short term cash advance loans, from bills to babies.

In a financial pickle and wondering where to turn? You are not alone. Here are 7 common reasons why people look for simple, short term cash advance loans.

Here are 7 of the most common reasons people are on the lookout for these short term loans.

1. To Cover Urgent and Unexpected Bills

Sometimes, bills drop in on us unexpectedly. For example, perhaps you forgot about an upcoming car or personal loan payment.

When one of these bills lands on your doormat, it can be a rather unpleasant shock.

But short term cash advance loans can help you to clear up that forgotten bill quickly. You then have the freedom of paying off the money over the next few weeks, rather than suddenly and all at once.

These funds can also be used to bridge the gap between the bill’s due date and your payday. This will help to relieve the pressure on you.

2. After Being Made Redundant

If you’ve been made redundant, you are likely to be entitled to some form of redundancy pay.

But it can take a while for any settlement to come through from your ex-employer. This can be a stressful period, as you’re left without your normal support.

This type of loan can help to tide you over until you’ve been paid. This means you can handle essential expenses like food and heating while you’re looking for a new job.

This way, you won’t be struggling as much after receiving the bad news.

3. A New Arrival

Babies are a gift – but an expensive one. It’s sensible to budget for your new arrival.

However, many parents – particularly first-time parents – might not have thought about certain expenses when getting ready. Or, they might simply be so excited about a new baby that they overspend.

Short term cash advance loans can help you pay for everything your newborn needs if you’re short on cash yourself. For example, have you realised how fast they’ll get through clothes as they grow?

Or quite how much you’ll spend on nappies? And for particularly blessed parents – do you know the true cost of twins?

This can be very helpful if the baby has decided to arrive unexpectedly early.

4. A Bad Credit Score

Sometimes, banks won’t give loans out to people with bad credit scores. If you haven’t looked at your score for a while, a rejection like this can be a warning sign that your rating isn’t looking too good.

A poor credit score can be the result of missing or late payments, applying for or taking out too many loans, or filing for bankruptcy – among other reasons. You should check your credit report when you get a chance.

With short term cash advance loans, you’re borrowing a lot less money.

This means that the process is less strict. You can take out smaller amounts to see you through until your next payday. Plus, you can do all this without the formality of a bank loan.

However, these loans are not something to be used without some thought and care. You shouldn’t generally use them just because you fancy a night out.

5. Christmas or Easter

During seasonal events, it’s normal to want a bit of extra cash.

There are drinks with friends, presents to pay for, and other seasonal excesses. These loans can help you secure a little extra funding at an expensive time of year.

Particularly at Christmas, if you’re getting paid at the end of December you might have a shortfall of cash available before the 25th.

You don’t want to be seen as Scrooge this Christmas. However, picking up extra hours at work may simply not be possible.

A short term cash advance loans can help you to cover these seasonal costs. Plus, you can pay back the money in the new year.

6. You’ve Overdrawn

So, you’ve run out of funds in your bank account and have started borrowing from the bank through the same account.

This is called overdrawing, and it’s a dangerous trap to fall into. It means that you have a negative balance on your account.

Bank accounts can cost a lot when this happens. There can be all sorts of fees and interest charges.

Notice that you’ve dipped into the red? If so, then it may well be cheaper to consider alternative loans.

7. General Emergencies Around the Home

An unexpected emergency to do with your house can quickly run down your savings account. For example, you might need urgent repairs to the walls of your home. You might also need to have your roof fixed before winter.

You might not be able to get a bank to agree to lend money so quickly. However, short term cash advance loans might be a viable solution to your problem.

In our example, you could use a short term loan to pay your builders an advance for the job. That should keep them happy until the rest of the cash comes through from the bank.

You can add on a little to your bank loan to cover the extra cost of taking out the short term loan. This way, all of your debt is neatly consolidated in one place afterwards.

7 Common Reasons for Short Term Cash Advance Loans

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Looking for Short Term Cash Advance Loans?

There are loads of reasons why customers ask us to take out a loan, and we judge each application on its own merits.

We try to say ‘yes’ as much as possible.

When unexpected costs come up, sometimes you just need the cash. We believe in giving everyone a chance, regardless of their personal circumstances.

Here at Cigno Loans, we can lend you short term cash up to $1,000 to help you out before payday. We promise that we’ve made our service as quick and as easy for you as possible.

So get in touch to apply for a loan, or to ask us any questions about our loans. We’ll be there for you.

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Financially secure Female Entrepreneurs

September 24, 2017
Payday Loans

There are many exciting successful entrepreneurs young women can look up to these days. If you want a better financial future you should study what has worked for them in the past, try to adapt it to your life. Bianca Harge-Hazelman says Jo Burston’s tips for women on money are easy to understand but you will need courage to follow in her footsteps.

Burston believes that cash is king and having some emergency savings is important, even if it starts by throwing your loose chain in a money jar.

Financially secure Female Entrepreneurs

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If you are struggling financially and you need more money, Jade Collins from femeconomy.com suggest you start by doing a financial audit, investing in upgrading your own skill and finally asking for that raise you know you deserve.

Pay your financial commitments on time, keep your debt levels low, and only apply for the credit you need.

For more tips on getting savvy with your money read: financy.com.au

Try our Loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs. https://staging8.cignoloans.com.au/how-it-works/

Read original source article here: whimn.com.au

 

Credit card in hand

8 Bad Financial Habits and How to Easily Fix Them

September 21, 2017
Bad Credit Loans 4

Bad financial habits are hard to break. Would it motivate you if we told you they can eventually spoil your long-term financial goals?

It’s not just about impulse spending and overspending.

Some loans, for example, can impact your chances of getting a mortgage. In some cases, this can be positive, as responsibly borrowing and paying loans back on time demonstrates that you’re willing to stick to the rules.

However, taking out loans all the time will have a negative impact on your credit score. This could ruin your chances of getting a house loan in the future.

Bad money habits can crush your financial dreams, and if you’re currently engaging in any of these habits, you need to break them fast!

Here are the 8 bad financial habits that you need to break right now. We’ve also included helpful tips on how to mend your ways.

1. You Buy on Impulse

Don’t let your heart rule your head. Sure, that new top might be nice, and going to the pub spontaneously with your mates on a Wednesday is always tempting.

But do you really need to spend that money?

Obviously, everybody deserves a treat from time to time. But when your spending gets out of control, things become dangerous.

If you’re always out and always spending, you’ll likely run up debts. These will eat into your savings and eventually into your wages.

Keep a level head. Don’t spend more than you earn, and always try to end the month with a little left over. It helps to use cash, instead of paying with cards.

2. You Don’t Save Any Money

We know that on payday, we all tend to spend a little more than we should. As bad financial habits go, this is entirely forgivable – we’re all human.

However, if you’re not putting any money aside in a savings account, you may find this to be a problem later on.

One survey says that Australians are putting over $400 into a savings account each month. How do you measure up to that?

The best way to be an effective saver is to set up an automatic, standing order to move a portion of your income straight into a savings account on payday.

Since you’ll never ‘see’ the money in your account, you won’t miss it. If you get a pay raise, increase your standing order to move some extra money.

This is an effective strategy, as it’s much easier to keep on saving when it’s being done automatically for you. But also consider moving any ‘extra’ money at the end of each month into your savings too.

3. You Aren’t Fixing Your Debt Problems

If you have debt demons, you need to beat them before you can start to make real progress towards your financial dreams.

Debt can ruin your credit score and spoil your chance of getting a mortgage.

Think about consolidating your debt using a new loan, so that it’s all in one place and all at one rate. Then, create a payment plan to pay off the debt and save money on your normal spending.

It takes time and dedication, but you’ll get there in the end.

4. You Use Your Credit Card Too Much

This ties into what we’re saying above. Using a credit card can help you to be flexible with your financing. But bad financial habits can arise when you use these cards too much.

If you’re paying for everything on credit, you’re creating a much larger problem for yourself down the road. If you have multiple cards, think about cancelling several so that you can keep an eye on what’s going on.

Don’t try to justify it with the fact you’re collecting rewards points either. These rewards mean nothing compared to the potential costs of long-term debt.

5. You Don’t Have a Budget

How can you keep an eye on whether or not your finances are doing well when you haven’t set up a budget?

It doesn’t take long to put together your monthly income and outgoings, and to see if there’s a shortfall. Make sure to take everything into account, from food and utilities to nights out and weekend trips.

This can help you identify and prevent future frivolous spending, which in turn will help you work towards your savings goals.

6. Ignoring Your Bills

Everybody hates opening bills. But ignoring them can cause real problems.

Ignoring a bill is often a symptom of knowing that the money the letter is asking for will be high. This could mean that you’re spending too much on your phone, for example.

If you know that deep down, you’re spending too much on this type of thing, that’s a longer term issue to tackle.

In the short term – open it, and pay it. Letting bills stack up makes them much harder to pay off than dealing with them bit by bit.

7. You Throw Away too Much

Do you ever find yourself throwing things away that you haven’t even used?

Food is a good example of this. It’s not uncommon that we’ll throw away old potatoes, fruits and vegetables. This is often because we simply bought too much in the first place.

You don’t always have to take advantage of good deals if you’re not going to eat the things you’re buying. Having said that, many people throw away food that could be frozen for later.

Think about what you’re throwing away and whether there’s a way of preserving it, before you chuck it in the bin.

8. You’re Comparing Yourself to Others

We all get jealous of the things other people have from time to time.

But just because your friend got a brand new fishing rod, doesn’t mean you need one, too. Ask yourself if you really need these things yourself or whether it’s just the green monster speaking.

Chances are, it’s the latter — and you can easily live without it.

8 Bad Financial Habits and How to Easily Fix Them

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Solving Your Bad Financial Habits

Preventing yourself from falling into bad financial habits can be hard. But once you’re living with these habits, it’s even harder to get out of them.

It’s not an easy task, but everybody is capable of budgeting and spending their money a little better.

So good luck with your bad habit-free financial future!

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