Common Financial Mistakes And How To Avoid Them

 

Common financial mistakes and how to avoid them

Unless you are extremely savvy, you have probably made some financial mistakes throughout the course of your life – most of us have! Unfortunately, most of us are not really taught how to manage our finances effectively from a young age and this can cause problems in later life. Fear not though, no matter how bad your finances are – you can make steps to get them into order. These are some common financial mistakes and how to avoid making them, or at least reduce them if you’ve already made them!

 

Using credit cards

Many people completely rely on credit cards for daily purchases, but this is a sure-fire way to get into huge amounts of debt. When you use credit cards, you don’t feel like you are using real money. The money isn’t coming out your account, so it’s easy to just keep using it without any further thought, but this can easily spiral out of control. It is best to avoid the use of credit cards altogether, or at least keep them for emergencies and pay cash whenever possible.

 

One source of income

If you are solely relying on your pay at the end of the month, you may find that you will struggle financially, if not now – in the future. Even if you make good money in your full time job, it is a good idea to have different sources for your finances – as this will give you better control and earning potential. There are so many ways to make money out there and most of us don’t utilise any of these or very few of them. Some examples might include investing in property, selling items online or doing some additional work with another employer. The more sources of income you have, the better your peace of mind will be and less worry about finances in the future.

 

Living beyond your means

It is natural to want to keep up with everyone else, but you have to live within your own means and only buy the things you can afford. You may want to buy the latest BMW to drive up to your next business meeting, but if you can’t afford to keep up with the payments, you will only give yourself financial stress. Although it can be challenging, living within your means is important if you don’t want to create financial problems in the future.

 

Not saving for special occasions

There is nothing worse than a special occasion looming and realising you don’t really have the funds available to pay your way. Not only does this cause financial stress, it can also leave you reaching for your credit card. An easy financial mistake to make is not saving for special events and failing to forward plan for your future. It is a good idea to have different savings for separate occasions. For instance, your holidays, clothes, travelling, a new car, etc. It may take longer to get the cash you need, but saving is much better than using finance.

 

Not budgeting

If you just go around spending, without keeping any tabs on your accounts, you are likely to be spending much more on things that you don’t really need to be. It is a good idea to track your money, as this can stop you from wasting money unnecessarily and can help you to make savings. For example, you might be spending a lot of cash on shopping every day, when a monthly or weekly shop would be far more cost effective. You may be spending a lot of money on travelling to work, when you could quite easily just walk. These small savings can be used on much more enjoyable activities, such as travelling.

 

Lack of financial planning

Another common mistake is a lack of financial planning. Not working out what you need to survive, what you are actually bringing in and what your financial goals are for the things you want to do in the future, are all mistakes many people make. If you plan for your future, your finances will be a lot better and you will have a brighter life as a result. Everyone has different goals for their finances. Some people are happy to just survive, while others want to see the world and retire early. It is entirely your decision but just be aware of what you want.


FCA Plans To Help Customers With Credit Card Debt

FCA plans to help customers with credit card debt

Consumers with credit card debt could benefit from greater help with their debt, if plans by the Financial Conduct Authority go ahead as planned. The FCA have put a proposal in place to ensure credit card companies are offering more help for those who have paid more interest and charges than they have paid back on their outstanding balance, within 18 months. This may be welcome news for borrowers who feel that they are caught in a never-ending cycle with their credit card debts and constantly fire-fighting, without seeing any noticeable difference.

 

FCA proposals

As part of the proposal, there would be three steps put into place, which credit card companies would need to follow for customers who are suffering as a result of long-standing debt. The first step would be for the credit card company to request that the customer starts to make quicker repayments, if it shows that they have been in regular debt for 18 months. If the debt continues onto a further 18 months, a repayment plan would then be put in place, so that customers can pay their debt back in affordable amounts. If the customer fails to make these payments, they would not be able to use their cards and in some cases, interest and charges would be cancelled to help the customer make repayments.

 

Credit card debts

An astounding 3.3 million people are caught in persistent debt and 1.8 million are experiencing this problem at least twice over 18 months. This figure shows how huge this issue is and how many people are struggling to make ends meet. The problem is much greater than most people would realise and for credit card companies, it is more beneficial to have customers in debt, as in many cases, all they are really doing is paying interest. The plans would mean that customers would save money and the total amount saved could be as high as £13 billion by 2030.

 

Help for customers

In addition to this, the FCA are looking for credit card companies to offer better financial help to their customers, particularly when they notice they are having financial issues. The proposal would require credit card companies to keep track of payments by customers and to use the data to understand when customer repayments are not as regular as they had been previously. It is also suggested that credit card companies would let customers know that they have the right not to be told of any credit limit increases, as this is what can quite easily cause credit card debts to spiral out of control.

 

Why credit card debt is so high

Although income levels have stayed the same, credit card debts have continued to increase. There is an average credit card debt of £2,500 per household and this is at the highest level in 11 years. In most cases, consumers are not using their credit cards for luxuries, they are using them to make ends meet and this worrying trend looks set to continue. With the cost of food and other bills on the rise, it is no wonder that households are feeling the pressure and hitting the plastic. Initial free interest periods, followed by high rates are causing consumers to take out credit cards under, what could be viewed as, false pretences. The introduction of contactless cards also makes it much easier for consumers to spend money quickly.

 

Credit card alternatives

Credit cards are not the only option and in fact, should be a last resort. It can be good to have a credit card for emergencies, but this can also prove too tempting for some consumers to resist. Saving your money is by far the most preferable option, or taking out a payday loan might end up costing less, as long as you pay it back as soon as it is due. The fact is that with credit cards, you don’t really feel like you are actually spending money, so the bills can be a shock, especially when interest is added. It is not always easy to avoid debt, especially if your income tends to fluctuate, but it is important to take the most sensible option, based on your own circumstances.


7 Tips For Discussing Money Topics With Your Partner

 

7 tips for discussing money topics with your partner

Money is one of those issues that people don’t often like to bring up when in a relationship. If there is a big difference in earnings, it usually won’t be discussed at all in the early stages and both parties will usually pay equally. However, when your relationship becomes serious and you move in together, it is important to discuss money with your partner and be open and honest about your financial situation. Honesty is always the best policy and being upfront can make the relationship stronger. These are some tips for discussing money topics with your partner.

 

1. Outstanding debts

If you are planning to buy a home together, your credit score will be checked, so any outstanding debts you have will come to the surface. This is why it is so important to be honest about your finances with your partner. If you have a lot of debt, let your partner know. If they are the right person, they will understand and won’t judge you. A lack of honesty about finances will usually be found out eventually. If you are honest, you can help each other out when you need it – so it benefits both parties to be upfront.

 

2. Create financial goals

You may want to consider creating financial goals, so you know what direction you are going and whether the two of you are on the same journey. For example, if you both love travelling, you may be happy to save together to create your dream or if you prefer to buy things for the home, then you may want to save towards this. It is really important that you both have the same financial goals for the future. For instance, if one person is interested in travelling and the other is more materialistic, it may cause problems down the line.

 

3. Set boundaries

It is important to set your own boundaries when it comes to money, otherwise it will end up affecting your relationship. Many people put this off as it can take the fun out of moving in together or generally progressing the relationship, but it is important to understand who pays what. You may want to split everything equally, or if you earn more than your partner (or vice versa), you might be happy for the main breadwinner to pay more.

 

4. Payment plans

Sit down and discuss how you will pay your bills. For example, will they be direct debits from a joint account or will you both be responsible for paying different bills? If you do this, there will be less confusion and you will have a good understand of who is responsible for paying each bill. Whatever you do, don’t hide bills from your partner, as this is a sure-fire way to cause major issues in your relationship further down the line.

 

5. Budget together

It doesn’t really matter how much you have or who earns more – you can still budget together and make your money last. As a couple, you may decide to try doing as much fun, free things or make meals at home instead of eating out. If you work together with things like this, you can create a stronger relationship and savings at the same time.

 

6. Stick to your guns

As much as it is a partnership and being honest about finances is important, you should stick to your guns and not be swayed by your partner. For example, if you would rather keep a separate bank account, rather than a shared account, let your partner know this and stand your ground. You are perfectly entitled to manage your own money and many people choose this option, as after all, we don’t really know what will happen in the future.

 

7. Seek help

If you find that you are arguing with your partner about your finances, it may be a good idea to seek some professional help. It may be that one of you has spending habits which are out of control and the other isn’t happy about it! Sitting down and discussing this with an expert, can help you to manage it and hopefully, reduce any stress about money. It is not worth wrecking a relationship just because of money, so always look to get help if you need it.


Summer Is Coming! How To Make Your Money Stretch Over The Holidays

Summer is coming! How to make your money stretch over the holidays

The summer months are nearly upon us and if you are low on funds, you might be dreading the prospect of it. If you don’t have a lot of money to spare, this doesn’t mean you can’t go on holiday, you just need to be a bit more careful with your planning and spending. These are some ways to make your money stretch over the holidays, while also ensuring you have a great, worry-free time.

 

Holiday at home

It isn’t always necessary to go abroad on holiday, there are usually plenty of things to do in the country we reside and these can be just as good, but less expensive. You can instantly cut down costs on flights and general spending if you holiday at home and you’ll probably get to see some exciting places in your local area that you have never noticed before.

 

Book early

You can save a fortune on your holiday if you book it early enough. You can often pick up flights for as little as £10 to travel around Europe if you manage to book in advance. The closer it gets to the holiday, the greater the flight prices usually get, so book it now and go later. You will only need to pay the cost of the accommodation, which generally won’t change greatly over the space of a few months or more.

 

Share accommodation

Generally speaking, the more people you have in an apartment, the lower the costs will be. With apartments, you usually pay for the accommodation, rather than per person. If you can get a good group of people to share your accommodation, you will really drive your costs down.

 

Borrow summer clothes

As soon as a holiday approaches, most of us start to worry about the clothes we will need and the huge cost of going on a shopping spree. However, this is generally unnecessary spending. Holiday clothes are often not worn again, so ask your friends and family if you can borrow some summer clothes from them. This will instantly cut down your costs before you even get on holiday.

 

Free activities

Believe it or not, you don’t usually need to take a lot of spending money on holiday, you just need to be careful with your cash. Instead of lying around at the pool all day, ordering endless drinks and snacks, take a walk and see the local sights. Not only will you get exercise and some knowledge of the place you visit, you will also save a lot of cash at the same time. There are always plenty of free activities to enjoy on holiday, even if it’s just a simple walk in a park or a day relaxing with a homemade picnic.

 

Self-catering

This is often a more cost effective option, as you can buy your food at the local supermarket and make up your own meals in your hotel or apartment. The option of self-catering can save you a lot of the expenditure of eating meals out all day every day – which can add up. This isn’t to say that you don’t enjoy the odd meal out here and there, it’s just about being sensible with your cash.

 

Cashback websites

You should always make your holiday booking via a cashback site, if possible. This will help you save money, as you will usually get a percentage or flat fee back after making your booking. Most people don’t use these websites but when you consider you are getting money for purchases you were already making, it makes sense to do this. This might also give you some extra cash to spend on your holidays, so it is worthwhile.

 

Pay cash

It is a good idea to use cash instead of credit cards when you are spending money on holiday. Not only is this a better way of managing your finances, it also saves you paying interest fees. When you pay cash, you can set budgets for each day and it makes it much more manageable to control. If you use cards for all your spending, you will have much less control over your spending and this is the way you end up accumulating a lot of debt.


6 Ways To Make Money Quickly

 

6 ways to make money quickly

An unexpected bill has arrived or you completely forgot your rent is due and you have no cash left in your account. Sound familiar? This could be a complete disaster, but before you start panicking, there are things you can do to get cash quickly, so all is definitely not lost here. Believe it or not, many of us find ourselves in these situations and more often than we would all probably care to admit. Taking positive action is an important way to cope with these situations, sitting around and worrying will definitely not do anything to solve it. These are some methods you might want to use to make money for your bills as quickly as possible.

 

1. Sell online

There are probably loads of items just lying around your home, which you could quite easily sell on to make some extra cash. It may not be much, but every little helps in these situations. Quite often, debtors will be happy to accept at least some kind of payment, so anything is much better than nothing. Sell your items on eBay, Amazon or even Facebook groups and you never know how much you could end up making.

 

2. Do some freelance work

If you have some useful skills and experience, you might be able to pick up some freelance work from websites such as Upwork. There are usually projects you can work on, which due to the urgent nature, will probably pay out quite quickly. Alternatively, you might want to ask around to see if anyone needs some odd jobs taken care of around their home or even try some dog walking or babysitting when you have spare time.

 

3. Ask friends and family

No one really likes to go to their friends and family when they are down on their luck, but if you really need some cash – they will understand. It happens to everyone at some point and anyone who is worth being in your life, will not look down on you for asking for a loan. The good thing about borrowing from friends and family is that you can get the money quickly and means you are not robbing Peter to pay Paul. However, it is a good idea to only ask friends and family who you think have extra cash to spare, as otherwise you might put them in a position to lend money when they can’t afford it.

 

4. Payday loans

Although there should always be careful consideration when taking out any kind of debt, payday loans can often act as a lifeline for many people in these kinds of situations. As long as you can definitely afford to pay it back and you take into account the interest on it, payday loans can help you deal with any finance shortfalls, so you can pay your bills on time. If your friends and family are not able to help and you need the money quickly, payday loans can offer a quick and easy solution. Payday loans are usually paid out within the same day as the application is made, which is ideal if you are in dire need of some funds.

 

5. Get an advance

It might be impossible, but if you don’t ask, you won’t get. If you have exhausted other avenues, it may be worthwhile asking your boss if they could give you an advance until you get paid. This is probably a more common request than you might think and you never know what the answer may be. Some companies just won’t have the capability to do this, while others will be happy to help out. Have a quick word with your boss and see what they say.

 

6. Temporary assignments

If you are working part-time or have some spare hours over the weekend, have you considered taking on a temporary assignment. If you contact recruitment agencies in your local area, you never know what work they might be able to offer you. The great thing about this is that you are usually paid weekly, so it can be a good option if you need your cash quickly. It is important not to over-work yourself but even if you do this for a few weeks, you will feel a difference in your wallet.


How To Get Your Finances In Order Through A Savings Plan

How to get your finances in order through a savings plan

If your current financial situation is far from perfect, it might be time to start a savings plan. There are many reasons why you might want to save. A financial nest egg can be useful when unexpected bills arise, such as car repairs and you need access to funds quickly. Some people use their savings to pay for special occasions, such as birthdays and Christmas, or holidays. Savings can be a good alternative to taking out credit and although it can be difficult to do this, it can help you stick to a tight budget.

 

Getting started

If you are considering saving some of your cash, there are some considerations you must make first. It is important to pay off any outstanding debts, before you start saving and in particular, priority debts such as rent and electricity. You should also look at your budget and what you have left over each month to put into your savings pot. There are likely to be some ways you can cut back on your spending, so you have extra cash for your savings. For example, you may be able to walk to work instead of taking public transport or prepare your lunch, instead of buying it. A good way to think about it is non-essential items versus essential items. If you need to purchase something, such as your weekly food shop, then of course, this is essential and you can’t go without. However, there are bound to be times when you are spending money frivolously on items you really don’t need. Even small amounts can be used to improve your savings.

 

Set up a direct debit

The best way to ensure you stick to a savings plan is to set up a direct debit each month and make sure you can’t access it quickly. It can be too tempting to keep moving your savings into your current account, if you can view it every time you log into your account. If the money comes out and you can’t get quick access to it, you are less likely to go to the hassle of moving it into your account, which means your savings will grow. Don’t worry if you can’t afford to save much; every little helps and you can always increase your savings if your financial situation improves. If you can even afford to save £10 a month, it is better than nothing!

 

Long term versus short term

There are two types of savings; long and short term. Short term savings are those which are usually for a specific occasion, such as a wedding or birthday, while long term savings might be a nest egg for retirement. If you are saving for short term reasons, you should make sure you choose an account which allows you access to your funds within the set time you need it. However, if your plan is to save for the long term, it is more beneficial to choose an account which doesn’t allow access for 5-10 years or more. There are all sorts of options when it comes to savings accounts, so just choose one which is best suited to your needs. It is always best to go for the accounts with the highest interest rates, as you will get more out of your money when you do this.

 

Improving your savings

When you start saving, it can become quite addictive and can make you much smarter with your spending. If you want to start increasing the amount you are saving each month, start setting yourself goals for how much you are looking to save. It may be that you are quite happy to save only £10 a month, but this might gradually increase to £50 per month. If you set goals, you will have a target to focus on and this will make you better with your savings. A clear budget is also essential for improving your savings and looking at different ways to cut your spending. It is also important to shop around with your savings account, so you get the best possible deal based on the amount you save. You want to maximise your savings and comparing accounts is the best way to do this. There are always ways to improve your savings, you just need to be smart with your spending!


How To Cope With School Holidays – On A Budget

How to cope with school holidays – on a budget

 

If you have children, you probably feel that they are never at school and you are constantly trying to find different ways to keep them entertained. As one holiday season closes, another opens and it is soon time to crack open those Easter eggs – which means more time off for children. If you have a small budget to work with, these times can become truly frustrating but it is important to remember that children are generally easily amused. You don’t need to take them for lunch every day or down to your local bowling alley to keep them entertained. There are many cost free ways to keep children occupied; while still ensuring they have a great time during their break.

 

Baking

Children love to bake (and to lick the spoon!) and this is a cheap way to keep them amused for the day. It is also a good way for children to learn and you can pick up recipes online. This is fun, easy and enjoyable – especially on a rainy day!

What child doesn’t love to watch movies and you can make it exciting by setting your living area up like a cinema. Get the snacks out, duvets, cushions and have a movie day with your children – they will love it.

 

Painting

Why not get the paints out and sit down with your child to enjoy this activity during their holidays. Children love to paint and even more so if they have your full attention and encouragement at the same time. This activity is pretty much cost free, but highly enjoyable for children.

 

Go to the park

If the weather is nice, you might want to take your children to the local park to enjoy the fresh air and have some fun. You may even want to take a little picnic with you. Children love nothing more than playing on the swings and chutes, so consider this cost free option; before you over spend on other activities.

 

Library

Most libraries cater for children over the holidays and if you take a look, you will be likely to find a range of activities for them to enjoy – including book reading and puppet shows. If not, you can still have fun by letting them have a look around and picking up their favourite books to read. Most children love reading; so this is not just educational – but lots of fun too!

 

Have a party

Why not combine your own fun with your children by hosting a party? You don’t need to spend much on this; a few snacks and some music will be more than enough to keep the children amused. You can also invite their mum or dad over to keep you company while the children play.

 

Play games

Children love anything to do with games and you can easily fill out an entire day with different games for them to enjoy. You might want to dig out the board games, organise a treasure hunt or have a go at hide and seek. These are just a few options, but there are many others and you can get lots of ideas by searching online. Not only good fun, but also cost free!

 

Pound shop

Children don’t have any concept of the value of money, so if you give them a few pounds to spend in the pound shop, they will be more than happy. This gives them the chance to find something they like and they’ll be keen to get back home to play with their new toys. It might be a good time for you to grab 5 or 10 minutes of peace – you never know!

 

Visit the pet store

As long as you make it clear that you won’t be coming home with a pet, this is a great cost-free idea for keeping your children amused during one of their days off. Everyone loves to visit the pet store as a child and they will love doing this and you might too!

 

Write a story

Children love to read and this is a great way to get them involved in a story. You can take turns to write a sentence each, so that a full story is eventually developed. They can let their imagination run wild and it is a really good way for them to learn too.


5 Steps To Help You Achieve Your Financial Goals

 

5 steps to help you achieve your financial goals

 
If your financial situation is far from perfect, it would be a good time to start finding ways to improve the situation. There is nothing worse than arriving home to a pile of bills and this can be quite damaging to your mental well-being. It may be that your financial situation is not as bad as this, but you just want to make improvements and start saving some cash for the future. If you want to achieve your financial goals, you need to start taking action and these are some ways to do it.

 

Understand your goals

The first thing you need to do is to understand your financial goals. What do you want to achieve with your finances? Maybe you just want to clear your debt or perhaps you have plans to buy a new property. You can’t achieve your financial goals without knowing exactly what you want and how much you will need to reach these. What would make your life better and how much would you need to do this? Some people are happy with a small flat, while others strive for a 4 bedroom house. Both are perfectly acceptable. They are your goals and they can be whatever you want.

 

Create a vision board

In order to achieve your goals, it is important to have these written down, but it will be even more effective if you create a vision board of what you want to achieve. For example, if there is a car you want to buy, print out a picture of this and stick it on your vision board. Vision boards work as the more you see your goals in front of you as an image, the more likely you are to manifest these. You should aim to check these at least once a day and before you know it, you will have manifested everything you see in front of you!

 

Manageable goals

The best way to achieve your overall financial goals is to break them down into smaller goals – which are easier to achieve. For example, if you have debt of £2,000 – you would work out how quickly you want to pay it back and how this would be broken down throughout the year. If you are saving for something specific, such as a new home – you would work out how much you can afford to pay and how much you would need to save to reach your goal within a set timeframe. If you have specific figures to work with, it will be much easier to achieve small and then overall financial goals.

 

Develop a budget

In order to meet your financial goals and achieve what you want from your money, you need to work with some kind of budget. A budget is great as it can show you where you are wasting money and where you could be making some important savings. For example, if you tend to use public transport, when you could quite easily walk – keep a note of how much you could be saving, as this will be a good incentive for slipping into those trainers instead. You may even want to put the money aside for your savings, as this will soon mount up. If you buy a magazine every other day, this can mount up over the course of a month and you may want to consider whether this is really necessary. Could you get the same information online? It’s not about depriving yourself, but just making small chances which will enhance your future financial situation.

 

Monitor progress

You should aim to monitor your progress as you go along to keep yourself on track to achieving your goals. You may want to check your goals every week and make adjustments if you are not quite seeing the results you want. It can be very easy to lose track of your goals and go off the rails, but if you keep monitoring your progress, this will be far less likely. As long as you stick to your short term goals, you will see vast improvements in your financial situation over the course of a year. Just think what you could achieve in 5 and 10 years if you keep on track like this!


How To Get Fit On A Budget

 

 

How to get fit on a budget

You want to work out and get fit, but what if you don’t have the spare cash for a gym membership or to attend classes? This is an excuse many people make when try to find tactics to avoid exercise, but in fact, there are lots of ways to get fit, even if you don’t have much money to spare. These are some ideas for getting fit and into shape on a budget!

 

Go running

One of the best types of exercise for getting trim and fit is running and best of all – it is completely free of charge. As long as you have a decent pair of trainers, you are ready to get going and the beauty of this type of exercise is that you get some fresh air at the same time. This is something you won’t get if you’re in the gym working out. You can make your running more interesting by going to an area you have never been before or getting a buddy to go with you. There is also the option of joining a running club, where you can meet new people, as well as working out.

 

YouTube

If you have a decent amount of space in your home and access to YouTube, you can create your very own exercise space, with no costs. There are loads of fitness videos on YouTube, including aerobics, yoga and Zumba – there really is something for everyone. Get your friends to join you and make it more fun!

 

Walking

This is one of the most beneficial kinds of exercise and you can do this anywhere – cost free. Set yourself a goal and track your steps on a free app. You can even challenge other people too! This will encourage you to get out at lunch time and find ways to walk, instead of taking the car or bus. Walking burns a lot of calories and can help keep you trim and toned.

 

Tennis courts

If you take a look around your local area, you will be likely to find parks which provide free tennis courts, where you can work out without any costs. Of course, you will need the equipment to play tennis in the first place, but you can usually pick these up at low costs or second hand.

 

Geocaching

The ultimate treasure hunt for adults and children – geocaching is free, outdoors and you get lots of exercise in the fresh air. With geocaching, you can walk for as little or as long as you want, and you use technology to find geocaches; which are literally everywhere! It is a great opportunity to see a bit more of the country (or the world) at the same time and you never know where you might end up!

 

Take photos

If you enjoy taking photos; this can be a great way to get exercise, without even thinking about it. As you walk around taking your photos, you’ll be having lots of fun and won’t even notice that you are getting loads of exercise at the same time!

 

Join a meet up

The website meetup.com, is ideal for finding new activities to enjoy, meet new people and lots of these are cost free. There are lots of classes available, such as yoga and salsa at no cost – or only a small fee, so get signed up and you will soon find lots of ways to get some exercise and meet new people at the same time.

 

Fundraising

There are lots of activities you can do as part of fundraising events – and many which involve exercise. You will be doing your bit for the community, as well as getting exercise. An opportunity to feel good in more ways than one!

 

Housework

This one is not much fun I’m sure you’ll agree, but it is a great work out and you’ll feel so much better of your home is in good shape. If you do a full clear out and create a clutter free zone, you’ll feel more productive and you’ll feel the efforts of your hard work in your body. You never know, you might find some hidden gems as you do your housework, so you can make money – rather than spending it.


Why Online Selling Can Hold The Key To Financial Freedom

 

 

Why online selling can hold the key to financial freedom

If you are struggling for cash, you may be thinking that you have no options for making more money. You pick up the same pay cheque every month and you don’t feel that you have any skills for anything else. Sound familiar? This is a common misconception but in fact, there are options for making money all around us – you just need to know where to go. Buying and selling is one of the most lucrative ways of making some extra cash, so if you want greater financial freedom, this is the best way to start. These are some ways to get your online selling off the ground.

 

Discover best sellers

There is no point in buying products which won’t be of interest to anyone, so you need to do some research before you get started. You can use selling platforms such as EBay to check on the most popular items. Facebook groups are a good place to sell too and you can get a good idea of what consumers are interested in by taking a look at some of the posts and where the interest lies. When you have a good idea of the most popular items, you can then go on the hunt for these.

 

Places to buy

There are all sorts of places where you can find items to put up for sale online. You may want to start by raiding your home for unwanted items and visiting charity shops is a good way to get a bargain. If you decide to sell clothes online, you might want to look at your favourite shops and see if they have any sales on. You can easily pick up items for as little as a few pounds, which can be sold online for a lot more. As one season ends and another begins, most retailers are keen to get rid of their old stock, so this is the best time to pick up a bargain. Police auctions are another good place to find some bargains. These are perfectly legal and are the place where police sell stolen items which have not been claimed. Some people choose to buy from wholesalers, where they get a good deal on bulk items and sell them on individually for a profit.

 

Where to sell

There are all sorts of places where you can sell your items online, although you may need to pay a fee if the item sells. EBay, Amazon and Gumtree are just a few popular suggestions. There are also loads of buying and selling groups on Facebook and these can be good for selling locally, so you don’t need to pay postage on the items. Another option is to set up your own groups on Facebook or a profile on Twitter, so you can sell your items via social media.

 

Build your rating

People who buy online want to be sure that you are a trusted seller and that they will receive their items quickly and in good condition. It takes time to build up a strong reputation, so it is a good idea to start selling small items first, improve your rating and then move onto bigger items. As your rating increases, you will find that you will drive more interest to your items, which means greater profits for you.

 

Promote your products

There are so many items up for sale online, that you can quite easily get lost in the crowd. This is why it is important to put a strategy in place for marketing your items. For example, you may want to share your items via social media or ask your friends and family to share. There is also the option for setting up a business page on your Facebook page, where you can share all your items and encourage others to join the page. As you grow your online business, you may even want to consider investing in a website, where you can place all your items up for sale. A strong marketing strategy will encourage buyers to visit your website or page, which means people will start to find out about you and you will increase your customer base – making it much easier to sell.