I think kids should get told to manage their money as money is an important part in people lives as they use it for anything they need. It would be better for people to stay out of debt and have a comfy life rather than get into debt and be paying them off for a majority of your life.
It would be a good idea to have some sort of lesson when kids get taught about how to handle their money and how to budget for when they have their own houses and flats. you should tell them about situations where others have been in debt and where things have gone wrong which would make them think they don’t want that happening to them.
It would be helpful if kids new more about debt also, because i didn’t really know about managing my money which gets me not having any til i next get paid. so it would be a good idea for kids to learn more before they have to do this kinda stuff to.
A home improvement loan, will only be of benefit if the improvement you are making will actually add value to your property, in some cases the home improvement may have the opposite effect and cause your home to depreciate in value.
For example if you are taking out a home improvement loan to extend your home, to replace a tired and jaded kitchen, or to convert the loft area, then you are probably on to a winner. These type of improvements, as a rule, will add value to your property. However if you are taking out a home improvement loan to build yourself a swimming pool, it will not increase the value and may actually cause the property to go down in value, as prospective buyers may be put off by the upkeep of a pool and the fact that with the British weather they may not get much use from it.
If you are taking out a home improvement loan with the intention of staying at the property for many years, and are improving it for your own use, then yes they are a good idea.
If on the other hand you are attempting to improve the property with a view to selling it in the near future, then you need to think very carefully about the improvements you are going to make so that it will add value, rather than take it away.
Depending upon the improvements that you’re making to your property, you may be able to save money on your utility bills, as making your home energy efficient will save you money over the long term.
I think the first most important step to take is to accept that you have a problem and not bury your head in the sand and hope that it will go away. You need to gather all your information together into one place and see how bad the situation is. You then need to do a statement of affairs setting out all your income and then all your necessary expenditure not forgetting anything. You will then see how much you have left to actually pay off your debts with.
The next step is to contact your debtors and inform them that you have a problem and see if they can help you in any way either short-term or longer. If you feel that you need more help than this then there are non-fee paying companies to help you such as CCCS or Payplan. They do not judge you and will act on your behalf when contacting the companies you owe money to. Most importantly admit that you have a problem.
When you are struggling financially as most of us are in the present financial climate, even the smallest savings can be of great help. If you have got yourself in a tricky situation with your debts, you are not alone. Many people are putting all their debts in one loan that has a lower interest rate, and for a very good reason. By consolidating your credit card, loan and other debts you could end up with just one low monthly amount. Debt consolidation certainly makes an easier and more manageable way to keep track of your debts.
There are many other ways to save a little bit of cash. Putting small change in a jar is a painless way to save a bit of money for Christmas or perhaps for a birthday present for a member of your family. If you empty your purse and pockets of small change every evening and tip it into a bottle or piggy bank you will be pleasantly surprised how quickly your savings grow. Don’t be tempted to keep dipping into it though!
If you absolutely have to buy something such as a new vacuum cleaner or other essential, check the prices carefully first. It may be cheaper to buy online but watch out for delivery costs that can be high. A price comparison site will help you get the best deal and also consider buying through a cash back site. These list product providers and retailers, and when you click through to visit these websites, they get paid for providing the links. In this way the site can pay you a percentage of the money it receives for this. You can also buy car, home and pet insurance in this way making a considerable amount of money that you can request when you reach a certain threshold.
Going out to clubs and bars socialising can be a huge expense. How about staying at home and inviting some friends round for a couple of bottles of supermarket wine and a rented film. You will still have good company but at little expense.
Petrol or diesel is a huge expensive as every driver knows. To cut down the expense you could consider car sharing. Can you share lifts to work with a colleague, both of you will save on fuel costs, have company for the journey and share the stress of rush- hour driving. Also consider whether you really need a car. How about getting a bicycle?
Food shopping is an essential as we all have to eat! If you usually buy well known products might want to try switching to supermarket brands as they often taste very much the same. Also clip money-off coupons from magazines and newspapers. Take advantage of Buy One Get One Free offers. If you really don’t need twenty four toilet rolls for example can you share the deal with a neighbour so that you both make a saving?
There is a lot of truth in the old saying. “Look after the pennies and the pounds will take care of themselves.” Every penny counts!
If you get in trouble. Good companies to call are Debt Free Direct, CCCS, and Payplan.
In our modern society, debt is extremely difficult to avoid. UK residents together owe hundreds of millions of pounds. So, how can we educate the futures generations on how to manage debt and how can we prevent them from falling through the same trap doors.
When it comes to finances, I think it is important to treat children as young adults when it comes to managing finances, you cannot wrap them in cotton wool and hope for the best because debt can put people in very dark places. You should sit down with the children and fully explain what to do and what not to do with their money. It is greatly important that you test the children during their early years and see how they cope with handling pocket money for example, therefore, any problems can be rectified before it is large amounts of money they are dealing with.
Although I think it is important to be taught in schools, sadly, I feel that it is just impossible. The education system is stretched as it is and there simply isn’t enough time or resources to accommodate it.
It looks like all of the educating will have to come from the home!
Never lied about my debt to my partner but to my parents? then I would have to say yes.
The main reason for this is not wishing to disappoint them or to make them worry.
It is very important that my parents think I am doing well, and I can understand where they are coming from, as no doubt they will have been through it all as well.
I think its a learning process, something you go through on the road to financial security, if you dont, then you will miss a couple life lessons and probably make bigger mistakes based on these later in life.
No doubt when I am a parent myself, I too will be worried about what my children are up to regards their money, and I too will wish to help them where ever I can.
Sometimes it would just be easier to let it all out and confess. It depends on the type of person you are i guess. I prefer to keep these matters private and to myself, others may like to share there problems with friends and family. There are benefits and downsides to each method. But in the end its up to you, and as long as you have it under control then it doesnt matter if you tell or not.
Debt is unavoidable but controlling debt can be almost impossible. Financial education is much needed in our schools so that people actually understand money and how to manage it.
Getting into debt does not mean that you have badly managed your money, sometimes it does though. In these situations it is important to be aware of the sources of your debt and the amount owed. This may increase faster than you can repay it due to high interest rates.
If your debt is out of control first take a deep breathe. Don’t panic. Organise your paperwork and bills and using a spreadsheet or pen & paper calculate what you owe and the rate of interest. If this is too much at least collect your paperwork before seeking further help. A family member or friend may be able to help or your local Citizens Advice Bureau will definitely be able to help.
The longer you leave it the worse it will get. It is always fixable in time.
The first point of contact for any debt advice should be the Citizens Advice Bureau. They have specially trained staff that know exactly where you stand legally and between them have years of experience in helping people for free. They will go through your circumstances and advise you on your options.
There are other companies that are advertised to help you with your debt however make sure they are independent and not just offering one solution to your debt (e.g. IVA) as they will be giving biased advice.
Secondly, you then need to contact your creditors to make arrangements to repay based on the debt advice given to you. In terms of whom to contact first my Mum always told me that you should always pay your rent or mortgage first as you need to make sure you have a roof over your head. You can then work backwards from there in terms of the biggest consequences if you don’t keep up with full payments.
Following this you can try and see if you can bring in some extra income to help speed up the repayments. I would not use these in my original calculations but as a bonus to help get out of debt quicker.