Money saving advices - Simple but crazy steps/advices to save serious money

For many people saving money is always a rocket science to master, but from my experience I will show what crazy things I do to save my money.

Saving money is for me a part time job, because I know you should work to get more money, but here I am the boss, so if you are looking for a part time job to earn more money then you are in the right place.

Tell me honestly how many of you know how much money you spend monthly including personnel and house hold expenditure? If you don’t know the exact answer to the question then, please spend some time to read all below steps then you will save money for sure.

Budget:

First off all, you should know how much money your spending for a month, so take a pen/pencil and a note book and do list out all your expenses from day 1 to end of the month.

 Make sure your monthly expenses cover the below list,

·         Grocery shopping weekly

·         Mobile Phone bills

·         Landline phone bills

·         Internet

·         Credit card payments

·         Personnel loans repayments

·         Car insurances
·         Mortgage repayment  

·         Weekends shopping expenses

·         Drinking Alcohol beverages

·         Smoking

·         Travel

·         Hotel rooms

·         Electricity bills

·         Car maintenance

·         Child care expenses

·         Fuel expenses

·         Boiler cover

·         TV subscription

·         Monthly clothes shopping

·         Miscellaneous, this should be at-least 5 % percentage of you overall expenses

Ok, now you should have the budget amount with their expected pay dates. If you have this then you have successfully started to save money. By following the next steps, you will know exactly how much money you are going to save.

 

How to find a cheap mortgage - read this if you'd like to save money

Things to consider when searching for a mortgage:

1. Credit Score – all banks and building societies will review you credit file to ascertain if you are an adequate risk. Most Credit applications such as Equifax and Experian will score you depending on how well your financial accounts are managed. Contrary to what you might think, having no credit on your file is not normally a good thing because the lender doesn’t know what kind of risk you are, that’s not to say you should rush out and take out as much credit as possible, its more than likely that lenders will just ask for different information is find out what kind of risk you are.
2. Affordability – historically, lenders use to base their mortgage lending on income multiples and some still do but now they are more likely, in the name of responsible lending, assess an applicant affordability by looking at a applicants incomings and outgoings. From there they will assess how much of a loan is affordable based on your disposable income.
3. Charges – there are a variety of charges connected with a mortgage including; Higher Lending Charge, application fees, Product/arrangement fee and maintenance fees to name a few. Most of these can be added to the loan amount without affecting your loan to value but bear in mind that interest will be charged on the total loan amount including the fees.
4. Valuation reports – cost of a valuation report is dependent on what type of valuation report you request and the market value of your property i.e. a basic valuation report would cost in a region of £240+ while a full valuation report with a building inspection would be in the region of £455 +. If this is carried out by the lender then they will often charge this fee up front because a mortgage application can be declined on the strength of a valuation report so lenders will want to make sure they are not out of pocket.

When searching for a mortgage:

• Always seek independent financial advice from a CMAP qualified mortgage intermediary – a mortgage is a big commitment and there are many different types of mortgage product out there on the market so always get advice from an expert. An additional benefit is that some mortgage brokers can obtain exclusive deals from some lenders which are not available to the wider market. However bear in mind that mortgage brokers are paid commission on the sale and a procuration fee from the lender if your mortgage goes through.
• Compare Mortgages Online – it’s a simple and easy thing to do. The internet holds a wealth of information and most comparison websites will show a wide range of mortgage products varying from fixed mortgages, buy to let, self build, and offset mortgages.
• Make sure when you submit your information that it is spelt correctly and there are no mistakes – after any spelling mistakes or changes the lender will automatically search your credit file again and each time will leave a footprint and if you have a lot of footprints on your file it can make your application fail even if you are a good risk.
• Make sure you read all paperwork and that you understand everything you are agreeing to – you mortgage is the largest financial obligation you will ever take on so make sure your happy with it because once it exchanges you are legally obligated to the vendor.
• Make use of online mortgage calculators - these will give you an accurate idea of what you can afford and will also give you an insight as to what your monthly payment could be allowing you to budget adequately. Making sure you can afford the monthly commitment is important because, as it is reiterated on every mortgage document you will receive, your home is at risk if you do not keep up with repayments on your mortgage or any other debt secured on it.

Thanks: Moneyextra.com & google pics

Click here if you'd like to know the tips that you must read before you take a loan.

Must read this before you take a loan money from any bank

Borrowing money is very hard job, especially with a poor credit history, banks or money lending companies can expect a lot more and we end up repay a fortune. Having said that, lending companies or banks are prepared to take a huge risk by sanction a loan for an applicant with a poor credit history. Therefore beware that the better credit score you have the better interest rate you will get for your loans.

Now, borrowing becomes part of the day today life for anyone, be it a wealthy business person or an average middle class family member or a student; in this day and age even governments are borrowing, so its no shame in doing that but it is if you pay a higher interest when actually you don't need to, because more lenders are available on the market and looking for a honest borrower.

Research the market:

Potential lenders are widely available on the market, do your research by spending more time on comparing the interest rates APR, penalty charges, length of the loan and further conditions. Especially, compare the over all re-payment cost because some lenders are very clever by indicating less monthly repayment but for longer period or by adding additional documentation charges or similar charges; also make sure that you read the term and conditions before apply for any loan, because in some cases if you miss a re-payment, then you will be charged over due fees, collection charges  and penalty etc so beware of those conditions.

More importantly, check if you repay the full loan amount during the loan period would there be any additional charges applicable, or how the interest rates will be calculated on that circumstances because it is very important during the loan re-payment period if you avail a cheaper loan from another lender it is wise to settle the expensive one and go for the cheaper option, is in it?

Final suggestion, before you apply for any loan make sure that you have done your research and aware of all related terms and conditions and ready to accept the loan if a lender sanction one because every time you apply for a loan the lender will leave their credit check foot print on your credit history which may reduce your credit score and eligibility.

 

So do compare the available lenders' interest rates, always remember to use cashback websites such as top cashback to get the cheaper interest with a reasonable cash back as well.

Good luck with your loan.

Thanks: google pics

Click here to know how to find a cheaper credit card