Maintaining A Fashionable Lifestyle With Alamo Associates

We live in an age when consumerism is perhaps at its peak. Financial facilities that are now available have led to a general belief that it is now easy to buy whatever we wish, and then pay for them later in manageable bits and pieces. This has resulted in buyers becoming more aggressive. Buy now and pay later is the culture that has taken over the world. As a result, people are being more and more driven towards debt.

Easy money fuels buying

It is so easy to get into debt. Suppose you have a reputation for being fashionable, and you take pride in buying new items frequently. It is quite natural that in order to stay fashionable, you indulge in spending more on branded clothes and accessories. You feel a tinge of excitement every time you see a “sale” sign hanging outside of a store. In order to stay tuned with the trends, you become unmindful of the spending since money is now easily available through various financing schemes and credit cards. You pamper yourself with shopping sprees that soon become your habit.

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The debt trap

The habit of uncontrolled buying can keep growing. This can lead to a dreaded financial rut as debts mount on credit cards. The temptation to borrow from multiple sources to keep pace with your buying habits is always a danger. Debt can also get worse due to just paying the minimum amount off every month against the debts, which is quite common with other financial needs, but the burden of debt gradually acquires menacing proportion. Along with other bills that need paying each month, managing debt can become a big problem. Missing out on payments can make things worse for you as debts keep piling and you can also end up with late and missing payment fees.

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Borrow from a single source Like Alamo Associates

So what options are available to help manage your debt and repayments?  You need to look for support from a company like Alamo Associates who prioritise what clients need by offering a single monthly payment with low interest rates.  The idea being that it is easier to deal with a single lender who offers finance at lower interest levels, enabling you to pay off the total sum of all other outstanding debts.

What Will Happen?

A company like Alamo Associates will first evaluate your needs and financial situation, before they offer you a new loan/payment scheme that should be manageable for you.  The new loan is obtained at lower interest rates so that you pay less every month and can hopefully lead to your debt being repaid in a way that still leaves you able to live day to day.

You have thus found out a way to get out of the vicious trap of debts that has now becomes easy to manage. You don’t need to give up your love for fashion to live a life free of debt. All you need to do is manage your finances better!

Getting Financially Savvy In Time For 2020

With Brexit edging ever closer, the credit crunch still in full flow, and money becoming increasingly tight, 2020 may well be the year when many people have to, once again, tighten their belts when it comes to family finance. But, if we are being truthful, are we as canny with our budgets as we could be. I know my answer to this question is no, but 2020 could be the year when you change all this.

Woman with coins in jar

Woman with coins in jar

Here are some of the things you could be looking at.

Bank Accounts 

Look carefully at your bank accounts. I have had the same bank account with the same bank for many years, but I’m not sure it is the right one for me now. Shopping around for a new account with better interest rates on savings could help to increase savings, and if they also offer things like travel insurance and other incentives, this may also save the pennies. In addition, my son Joe is now almost 11 and I think it is time he had a bank account of his own to teach him all about the reasons for saving. Many banks offer specific savings accounts for families and these are well worth a look.

Borrowing

Look carefully when you need to borrow. Bank loans and borrowing can leave you in a position where you can only borrow a large amount, which you then end up paying interest on. Borrowing in general can also be difficult if you have a low credit score. Polar Credit could well be worth a look if either of the previous statements apply to you. They offer a credit line which allows applicants to borrow money as and when they need it. Customers apply for a credit limit through an online application and if the application is approved, sums of money can be transferred to your bank account. Interest is paid only on the amount of money drawn out of the credit line, not on the total credit limit agreed, and repayments can be tailored based on an individual’s current financial circumstances with only a minimum repayment being a required each month. This means you can borrow small amounts (from £25), get the money quicker than you would from your bank, and with far lower interest rates than you would find from payday loan lenders.

Household Bills

Look at the household bills to see where savings can be made. Utility bills need to be looked at carefully, swapping your provider can lead to quite decent savings, and you can also lock yourself into deals which fix your rates for up to 12 months. In addition, if you use Quidco, you can gain cashback when you swap.

Your Shopping

Write a shopping list. This may sound like a no-brainer, but I never do this – ever. I walk around the supermarket and throw anything (and everything) in. Planning meals properly, checking what you actually need and writing it all down in a list should avoid waste and impulse buys.

Your Home Insurance

Keep up to date with when insurances need renewing and then shop around. I kept the same home contents insurance for years, I just kept renewing at a rate of £33 per month. I then had a random letter from ‘More than’ and saw they did home contents insurance. A quick phone call led to a new policy saving more than £250. When it comes to renewing, barter, and if that fails, get more quotes.

Shopping Online

When you shop online, shop savvy. Look for voucher codes, free delivery offers, companies that offer free returns. Sign up to email alerts that will tell you when the sales are on, or if there is a flash sale coming up. Nobody says you should never shop or treat yourself, but there are definitely more savvy ways to do it.

 

Preparing For a Rainy Day

The rate at which people in the UK are saving is falling. According to data from the Office for National Statistics, more than half of 22 to 29 year olds (53%) have no savings at all. Even among those who are saving, 40% have no more than £1,000 saved.

It’s an alarming figure as it means that a large portion of young adults do not have emergency funds to cover unexpected expenses. Some examples might include sudden car repairs, having to replace a faulty boiler system, or an unexpected job loss. Either scenario can happen. If you’re not prepared with a rainy day fund, you could be left with no other choice but to borrow at a high interest rate.

Here we’ll look at how to build a rainy day fund so you’ll have the means to cover any unexpected surprises that come your way.

Start With a Small Amount

It’s impossible to predict with complete certainty about what will happen in the future. Experts like Dave Ramsey recommend setting aside three to six months of living expenses in an emergency fund. A funded rainy day account lets you prepare for any unexpected events. If you lose your job, you’ll have enough to cover living expenses while you look for another job.

Start building your rainy day fund with small amounts then slowly ramp up your effort. Saving just $5 a day averages to about $150 a month. Don’t discount smaller amounts either as even a few dollars a day can really add up after a few months.

Create a Savings Plan

Saving a few months of living expenses is much easier with a budget. Budgeting lets you create a spending plan for your money so you have enough to cover all expenses. In addition to including major expenses like food and housing, build in a monthly commitment to add funds to your rainy day account. You can even automate this by setting up direct deposits into a savings account with your bank.

Be sure to look for ways to reduce your spending. For example, preparing your own meals at home can easily help you save a few hundred dollars a month. Other ways to save include cancelling any monthly subscriptions you no longer use or looking for better deals when shopping.

Using Your Rainy Day Fund

Life happens – Your car might break down or you may come down with a potentially serious infection like measles or hepatitis that requires you to briefly stop working. These scenarios are impossible to predict. But with an accessible emergency fund, you’ll be able to weather the storm instead of borrowing or using a credit card.

It’s important to have a highly liquid rainy day fund. When you need access, you can simply withdraw the needed funds and pay for the emergency expense. Such scenarios are bound to happen again so you’ll want to replenish your emergency fund again. Hopefully, you’ll never have to use a rainy day fund but with how unpredictable life can be, having one will provide extra peace of mind. 

Author’s Bio 

Kym Wallis, the founding director of Higher Ranking has over 15 years of advertising sales, digital strategy, and business development experience. He is currently working as Digital Adviser for Travel Vax.