Improving Your Earning Potential


5 ways to improve your earning potential

It can be quite deflating to look at your payslip, only to see the same figure staring back at you – month after month; but does that mean you need to resign yourself to this for the rest of your life? Absolutely not! There are always ways to improve your earning potential and you’ll find these all around you, if you look hard enough. Don’t resign yourself to a lifetime of being skint, look at all the potentials for improving your earnings. These are just some of the possible extra methods you can explore to make more money.

 

Change location

If you don’t want to be stuck in the same job for the rest of your life, you may want to consider moving to another country. Not only is this a new adventure, it can also improve your earning potential. Take a look at similar jobs in other countries and choose somewhere with a higher salary and lower living costs. Everywhere is different and some offer much better earning potential than others. The cost of living in Spain, for example, is much cheaper than residing in the UK. Australia offers much higher salaries. If you choose wisely, you can greatly improve your earning potential and even if it is not a permanent move, you can use your stay to save some money.

 

Negotiate your salary

It may be that you are in a position in your work to ask for a better salary; particularly if you have been there for a number of years. If you decide to explore this option, conduct a bit of research on competitors and what they pay, so you have some evidence to back up your request for a salary increase. It is also a good idea to take a note of any achievements you have made in your job. For example, have you saved your company money? If so, make sure you have figures to back it up. As the saying goes, if you don’t ask, you don’t get!

 

Extra work

Another option is to take on some extra projects, to help boost your earnings. It may be that your current employer could give you some overtime, or you may be able to take on some freelance work. If you have some spare time in the evenings or weekends, you might have the capacity for some part time work. If you are highly skilled in a particular area, you may also want to consider offering your services as part of a workshop or designing a course. Even a few hours a week of extra work could improve your earnings and over the course of a year, this could add up to quite a nice sum.

 

Save

It can be difficult to save, but it is important to do this if you want to ensure you don’t end up stuck for cash. Saving is a great way of making your money go further, if you choose a savings account with a good interest rate. It is a good idea to decide on a specific amount to put away each money and stick to it! If it comes directly out your account, you probably won’t miss it and you can always start with a small amount and increase it gradually, particularly if you take on some extra work. Saving as little as £10 per week can really add up over the course of the year, you will be surprised at how much this can boost your earnings.

 

Sell goods

If you have a keen eye for a bargain, you may want to try selling online. There are lots of people who pick up unwanted goods at charity stores and sell them online for a tidy profit. You’ll be surprised at what you can find if you take some time to go on the hunt for bargains. You might also find some hidden gems lying around your home, which you could sell online. For example, clothes you have always meant to take back, but never quite got round to. As well as making money, you can also get rid of a lot of clutter if you sell some of your unwanted items. If you don’t like the idea of selling online, you can also sell goods at markets and car boot sales.


6 Ways To Improve Your Credit Score

 

 

6 ways to improve your credit score

Your credit score is used when lenders decide on whether or not to accept an application for credit. If your credit score is low, it can affect your ability to get a mortgage, take out loans or credit cards. It may not be something that affects you imminently, but it might be something which could have a negative effect on your life further down the line. If you find that you are constantly getting refused for credit, it is probably down to a less than perfect credit score and it may be worth checking this via a credit reference agency to find out. It is not a lost cause though. There are always ways to improve your credit score and these are some ways to help you rectify the poor credit.

Take out a loan

Although you should never take out a loan solely for the purpose of improving your credit score; it can be beneficial for this purpose. A loan should only be taken out if you need it, but if you use it to pay off other debt – such as high interest credit cards, it can improve your credit rating. Many borrowers use a consolidation loan, so that all their debt is in one place, which makes the payments a lot easier to manage. If you are taking out a loan for this purpose, you should only take out the amount you actually need to pay off your other debt. It can be tempting to take out more, but this is likely to leave you in a worse situation.

Pay on time

If you constantly pay bills late – or worse still, not at all – companies will be registering this on your credit file. This means that anytime you make an application for credit, the financial institution you apply to will have access to this information. It is important to pay your bills on time. If you are up to your eyes in debt and constantly fire fighting to get bills paid, get in touch with the lenders to set up an arrangement. You will find that most will be willing to let you pay it back in installments which suit your situation. After all – they want their money back to!

Register on electoral register

In order to have a positive credit score, you need to be on the electoral register. If not, lenders won’t be able to find you, so it will look like you don’t actually exist! If you are paying your bills on time but still not getting accepted for credit, it might be for this reason. It is quick and easy to set yourself up on the electoral register, you can even do it online.

Minimise credit

Your credit rating will also be adversely affected if you keep applying for credit, especially if you are doing it consecutively. It is a misconception that your credit score will improve, simply by taking out a lot of loans and credit cards. In fact, it may have the opposite effect. If you take out one loan and make payments on time, this can be far more effective than applying for lots of credit. If you have been applying for a lot of credit, it is time to stop! Give yourself a break and only take out credit when you really need it. You will find that your credit score will start to improve if you are not applying for any credit and making payments on outstanding credit on time.

Rectify mistakes

There are sometimes mistakes made on credit reports, which can affect your credit score and your ability to take out credit. It is important to keep an eye on your credit score and get in touch with a credit reference agency, if there are any errors on your report. It may be that someone else has fraudulently attempted to take out credit in your name and it is important to be aware of any oversights, so you can get them rectified quickly.

Joint accounts

If you have joint loans or mortgages with someone else who has bad credit, this could also be adversely affecting your credit score. As harsh as it sounds, it may be time to cut these financial ties, so that you can start to improve your own credit score.


5 Top Tips For Effectively Managing Your Payday Loan

 

5 top tips for effectively managing your payday loan

Payday loans are short term loans, designed to be paid back on your next pay day. These are primarily for people who have an emergency, such as urgent car repairs, home repairs or important bills which need taken care of, and don’t have enough funds available. Borrowers apply to the payday lending company and if they meet the criteria and pass the credit score, they are credited with the funds into their bank account.

Quite often, this happens within 24 hours and borrowers make the decision on how much they want and how long for, but the payday lending company will ultimately decide on the maximum amount. Borrowers are able to take out further loans if they pay it back on time and there is also the option to extend the loan payments.

Benefits of payday loans

Although payday loans have higher interest rates than banks and other financial institutions, there are many benefits in using this kind of finance option. The criteria for payday loans is usually a bit more lenient than banks or credit cards, so borrowers who have a lower than perfect credit score may also be eligible to receive these funds. Another benefit is that you can gain access to the funds quickly, which is ideal for emergencies that we all have at some stage or another! However, although there are benefits, it is important to manage your payday loan so you don’t negatively affect your credit score. These are some of the ways to ensure you take care of your payday loan effectively.

 

Do you really need it?

Short term loans have higher interest rates, so it is important to take the time to decide whether you really need the loan. Could friends or family help you out? Do you have any savings you might be able to use? Is there any way you could pay the bill later? Make sure you are clear that there are no other options before you apply for the payday loan.

Determine your budget

When making your application for your payday loan, you will be asked how much you would like to borrow. Although it may be tempting to take out a £3,000 loan to pay for a nice holiday and shopping spree, it is not advisable. You should only borrow the amount you need and can afford to pay back on the due date. It is worthwhile taking a bit of time to determine your budget and how much you can realistically afford to take out.

Can you pay it back at end of the month?

Although these short term loans are designed to be paid back at the next pay date, there is usually an option to decide on the duration of the loan. You should consider whether you will be able to pay it back on your next pay day or if you have too many outgoings at that time and need a longer period. It is important to be honest and realistic with yourself about your budget, as this will make it easier to manage.

Budget throughout the month

The loan repayment will be an extra burden on your finances, so it is advisable to try and be careful during the month so you can afford to pay it back and don’t leave yourself short of money. There are always ways to take better care of your finances. For example, spending less on treats throughout the month or taking public transport instead of spending money on fuel. In doing this, it will make it easier to make your repayment, while still ensuring you have enough cash to get through the month.

Always be upfront

If something unexpected happens and you can’t afford to pay back your loan on time, get in touch with your lender and explain the situation – they may be willing to extend the loan for you. Many borrowers bury their heads in the sand, or worse still, take out another payday loan from another company. You will find that your lender will be sympathetic to your situation and will usually be willing to accommodate you. It is important to get in touch so your credit rating is not affected. You should get in touch as early as possible before the repayment date.


Why Not Choose A Payday Loan?

Why not choose a payday loan?

Having a loan can be a bit of a daunting prospect. Given the number of different loans that are out there, consumers are often left confused as to which lending option is appropriate for them.

The answer to which depends on how much money you are looking to loan, and when it is that you plan on paying it back. If the sought after amount is relatively small, and you have a guaranteed means of paying it back soon, then a payday loan may be a viable option.

What is a payday loan?

Payday loans have suffered from some bad press in recent years, some of which has been justified, but this type of loan does offer a very effective and practical service in the appropriate circumstances. This type of short-term loan is tailor-made for borrowing a small amount of money for a small amount of time.

If you need a couple of hundred pounds for an emergency trip, or need to replace a vital component in your life such as a part for your vehicle and it’s too urgent to wait until payday, then a payday loan would be a great option. With this loan, you can have the cash deposited into your bank account within minutes, and have no problems paying it back when your next payday arrives.

The reason that the reputation of these loans has been dredged through the mud is that if you do not meet the terms of your repayment schedule, you could be subject to extortionate interest rates. This is common with all kinds of short-term loans, including credit cards and store cards as well as authorised bank loans.

The benefits of payday loans

While having money loaned from an organisation such as a bank or building society — companies that are worth billions of pounds — may seem like a simple process, it can actually be quite complicated and take a while to authorise. Most banks will ask for some kind of collateral in the event that you are unable to repay your loan, which can be stressful. Indeed, people don’t feel comfortable giving the bank the authority to come and take their possessions if they miss a loan repayment. Payday loans require no such collateral before a loan is authorised.

Another benefit is that credit checks for payday loans are usually minimal if not at all, meaning you can lend money in the short term without having to sweat over a low credit score. This is great for those who are already being unfairly punished for their low credit score and have no other means of securing money in the short term, as they have been rejected by everyone else.

In conclusion, payday loans are an excellent short-term lending option for those who need cash in a pinch, but have an honest and foreseeable means of paying the loan back in the near future.

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