Do you find you are waiting for the payday every month? Are your wages not lasting the whole month?

When pay day feels far away

When your salary just doesn’t quite stretch until the payday, it can feel like a trap with no way out. This situation is affecting more and more families across the country. It may feel like there is nothing that can be done but that’s not so.

Here are some ways to improve your finances.

Don’t live beyond your means

The living beyond your means is a simple but often ignored sentiment. The number one way to give your income a much-needed boost is to make sure you are not spending more money than you have coming in.

Something as simple as completing a budget sheet can help you compare your income against your outgoings. Once you know what you have coming in and out, you can then have a better overall picture of your finances.

The best budget sheets include details of all money going in and out. Once you have completed a budget sheet, you will be able to cut out waste and improve your cash flow.

Stop unnecessary shopping

Although it may seem like you do at the time, do you need the latest game or that dress in the shop window? Stop. Think.

A lot of our income gets wasted buying things that we want rather than need. These expenses are not always such a bad thing; however if you consistently find yourself in a situation where you struggle then, all these unnecessary purchases could be detrimental to your finances.

Once you have your finances under control, then you can allow yourself the occasional treat.

Sync your pay and bill dates

If you find that your bills come out at different times of the month, and so some bills are constantly going unpaid as a result, then it may be the time to coordinate your bills.

However you find it easier, paying everything off at once or spreading the payments over a short period, most companies will be willing to adjust their paydays if you contact them and explain your situation.

Limit the number of credit cards you have

A credit card can be a lifeline for many people; they improve your credit ratings, and they can be a life saver in financial emergencies. However, if you are struggling to repay multiple credit card bills, then it may be time to start limiting yourself to one or two cards.

As brilliant as credit cards are, it is incredibly easy to fall into debt after missing a few payments. Credit cards work best when you pay off as much of your bill as you can afford each month.

Do not let financial stress affect your family

In times of stress, we tend to take out our frustrations on those we love rather than deal directly with the source of our frustrations. This stress can be extremely damaging, not only to ourselves but also to our relationships.

You may feel that by keeping your financial struggles to yourself, you are protecting them. However if the weight of your financial problems is causing you to lash out then, they will still be affected.

Rather than working without your family consent, become a team and work together.

The post Always Waiting For Pay Day appeared first on My Money Platform.

When merging two families into one, there are always plenty of things to consider to ensure that everything goes smoothly. Like a lot of these things, there may be no single ‘right’ answer to the question of how to manage your finances when blending families. Different people will have their situations, needs, and concerns. The important thing is to figure out what’s going to work for you.

Where is square one?

Pretty obviously, the main thing is to keep everyone on the same page. Talking things through openly and honestly before making any decisions is vital to avoid issues down the line.
It’s also essential to both be candid about your finances – income, expected spending, investments, debts – as well as what your financial priorities are. Knowing what you’re working with and what each of you feels you need to consider allows you to make informed joint decisions.

Who else is in the picture?

Outside of your ‘new’ blended family, there may still be the other parents to consider, as well as grandparents and other relatives. Considering how they will affect your decisions before making your mind up over how you plan to manage your finances together can save a lot of hassle.

Altogether, or separate?

The question of whether to pool resources or each be responsible for ‘your’ half of the kids is one of the first things to solve. Simply pooling everything and working from a single joint set of finances may be the easiest solution for some people. It can also avoid the issue of having two halves of the family, potentially operating on very different budgets.
For others, though, it may be more appealing to each keep a separate ‘childcare’ account for dealing with your kid(s), with another for ‘family-wide’ spending. Reasons for this vary, but commonly include concerns from a previous partner regarding where their childcare contribution is going or merging existing accounts and savings being complicated and overall detrimental.

Straight down the middle?

When merging finances, the fairest approach to any pooled resource can appear to be an equal contribution system. You both put in a set amount per paycheck; fair’s fair. However, if you have noticeably different salaries, one of you can end up getting the raw end of the deal – so think about whether you might in the long term have fewer money-related misgivings if you go for a proportion set contribution instead.

How will this affect our tax?

As with all financial decisions, make sure to look at how it’s’ going to affect your tax. Depending on your situation, you may be better off filing tax returns separately or jointly. You’ll also need to figure out whether you can file all, some or none of the children as dependents.

What about inheritance?

It may not be what you want to think about when planning your new life together as one family, but it’s worth putting some thought into what happens in the long run. Making wills and other plans to ensure that it’s crystal clear how you want the estate divided up and what happens if one of you outlives the other can prevent arguments later on and leave you reassured you’ve made the best plans you can for your loved ones.

The post Key Money Questions To Ask For Blended Families appeared first on My Money Platform.

Searching for a credit card can be an overwhelming and confusing experience.

A quick search on various credit card lenders and a comparison website will bring up an endless selection of credit cards all claiming to offer you the best. It’s important that you understand what you’re applying for before you sign up for a credit card.

Here are some things you should know before applying for a credit card.

What are the benefits of a credit card?

When one uses their credit card responsibly, it can be a valuable and rewarding way to make purchases.

Credit cards offer a quick and handy way to make large, and small, purchases. A lot of credit cards also have additional bonuses for example–
• Consumer protection
• Cashback
• Spread the cost of large purchases
• Loyalty points

What protection do credit cards offer when making purchases?

In the UK under the Consumer Credit Cards Act 1974, consumers have extra protection when they purchase an individual item worth between £100 and £30,000.

However, in the Republic of Ireland, this is not the case. The level of protection for credit cards is the same as debit cards. Purchases made with credit or debit cards are protected by ‘chargeback’.

Through chargeback, you will be able to claim a refund through your card provider for purchases that don’t arrive or are damaged/ not as described. This protection applies regardless of whether the retailer is still trading or not.

Although offering chargeback is not a law, it is still worked into the procedures of most credit and debit cards. Both Visa and MasterCard’s have added chargeback to all of their cards.

Chargeback is also available in the UK.

What exactly is APRC (or APR)?

APRC stands for Annual Percentage Rate of Change (or Annual Percentage Rate as it’s also known as). Mortgages, loans, and credit cards include APRC and APR.

With the help of APRC/ APR, one can understand what percentage of interest you pay throughout the year.

What about interest-free?

The majority of credit cards have an initial interest free period. This term, essentially, means that you can borrow money without incurring any interest charges; this however only applies as long as you pay off your card in full each month.

It is best to check the exact details of your interest-free card, for instance, it’ll be good to know –
• Length of interest-free period
• Charges for cash withdrawals
• Any other additional fees or charges
• The rate which you will begin with post the end of the interest-free period

What are the downsides of a credit card?

As with all things in life, there are downsides to credit cards. The biggest issue people face with credit cards is debt. If you fail to pay your full bill each month, then you will find that interest will quickly build up.

The best course of action is to pay as much of your bill as you can afford each month.

There are also other additional charges for missed payments, late payments, or exceeding your credit limit. There are also substantial charges applied for cash withdrawals; these may still be applicable during interest-free periods.

The post Important Things You Should Know About Credit Cards appeared first on My Money Platform.

It’s a typical situation. You wrote out a to-do list, set out to tick everything off…and somehow despite your attempts at organization; you didn’t manage to get everything done. Maybe you didn’t even manage any of it. Sometimes it’s because something major came up, but most of the time it boils down to not knowing how to maximize your productivity within the day.

The early bird gets the worm

Even if you’re by nature a night owl and can’t function in the morning without consuming a concerning volume of coffee, your productivity is still likely to peak in the morning. Studies suggest that within half an hour of getting out of bed – even if you had to drag yourself out rather than springing joyfully into the new day – your energy levels are starting to climb. By the afternoon, they’ll start to tail off. The power cycle is part of the circadian rhythm, or ‘body clock’, which affects your productivity throughout the day.
So the best time of day to get on with that checklist of things that need to get done is ‘first thing’. Naturally, sometimes this may not be possible – if you want to tackle odd jobs around the house but have to go to work, you may have just to get things done when you get home. Even then, doing them as soon as you get home is likely to be better than waiting until just before you go to bed.

Every so often

If this is the case then maybe it’s worth actually having a few separate to-do lists: things you need to do in the morning before you go to work, things that can get done on your lunch break, and things that need to get on with when you get home. You’ll avoid that crushing ‘i didn’t get everything done’ feeling and break things down into manageable time slots.

Prioritise the time

Even when you know when you’re most productive, realistically you still can’t get everything done in that window of opportunity. Instead, prioritize your to-do list. Urgent tasks first, and those that require more mental involvement.
Urgent emails may be best done the first thing so that they hit your recipient’s inbox at the start of the day and write them when your brain is getting into gear. Necessary but routine tasks such as filing or shredding old documents can wait until the afternoon when your productivity is naturally tailing off.

Plan ahead

The first step to tackling your to do’s isn’t actually to decide when to tick things off the list – it’s making the list in the first place. Setting aside time at the end of the day to write out what you need to do the next day means that when you get up to get those odd jobs done or sit down at your desk at work, you don’t have to think about what needs doing. You can dive right in and get started when you’re at your most productive.

The post The Best Time of Day To Tackle Your To Do’s appeared first on My Money Platform.

Small changes or actions can make a big difference. It’s applicable to several walks of life, and holds true when it comes to your personal finances as well. What seems like a small action now can have big benefits to you down the line.

Look after the pennies and the pounds will look after themselves

Like it or not, the first step in making any changes to your finances is to make sure you know what’s going on now. Most people already do, but there’s no harm in digging out your latest statements and double checking that you’ve got an up to date spreadsheet of your bank balance(s) and investments.

Not only does keeping an eye on these things regularly make sure you know what money you’ve got, where it is, and what you’re spending, it also means you’re more likely to spot any fraud that’s slipped through. Banks are getting better and better at picking up suspicious payments, but it’s worth keeping your own eye on things as well.

Make a budget

If you don’t already, from having checked your accounts to budgeting is an obvious step. Having a guideline budget based on expected income and spending means you can gauge how much of a cushion you have, and from there whether it’s sensible to either add to existing investments or investigate new ones.

For rainy days

Many people find it helpful to set up an ‘emergency fund’ when they can. This is a savings account that you can easily access in times of real need, but that you’ll aim to forget about except for making deposits and checking the statements. After any initial minimum payment for setting up an account, making small but regular transfers will eventually add up – a self-generated fund for rainy days.

Online saver accounts tend to have higher interest rates than regular accounts. As you usually can’t get a card and can only access the money by transferring it into another account, they’re a great way to strike a balance between investments and making sure if something unexpected and urgent comes up you’ve got some funds to dip into.

Plan ahead

Not just in the general sense of ‘I should save up’: think about times ahead when you expect to need extra funds for a specific purpose – when in your life would you expect to be buying a new car? Or paying a deposit on a flat? – and look at possible investments to cater for those.

For example, fixed term ISAs aren’t going to give massive returns, but over 3-5 years, the interest does start to add up. Taking advantage of any windfalls or current profits to set aside an investment for something you know you’re going to need saves a lot of stress later on.
Planning ahead also means reviewing options and thinking critically about the pros and cons of different investments. Even the options you discard now may become useful later on, and if nothing else you’ll have picked up a little more knowledge about the system – which will help inform later decisions.

The post Sweet Financial Advice | It’s The Small Things That Add Up… appeared first on My Money Platform.

Everyone has a dream that they wish can come true, maybe you want to travel or start your own business. Have you ever considered that these dreams could come true?

What exactly is a financial plan?

In simple terms, a financial plan is an assessment of an individuals (or business) financial situation. The overall goal of a financial plan is to ensure that an individual’s finances are in order and any long term or short term goals are achievable.

Do I really need one?

Whilst a financial plan is not compulsory, it is an extremely useful tool. A financial plan can help you to keep your finances in order or save up for a home. A financial plan can also help you plan for a retirement or unexpected circumstances such as accidents or illness.

Some people are able to create financial plans without actually creating a financial plan. These people are just naturally organised and financially savvy. However, most of us find it helpful to have something in front of us in black and white.

What are the benefits of financial planning?

These are just a few of the benefits-

• Peace of mind – the physical and mental benefits of having your finances under control are invaluable, financial stress is a growing problem due to the rise of low incomes and high prices
• Helping your children – the future is a huge concern for parents, it’s only natural that you will worry about how your children will afford university or a house
• Tipping the balance – most people find that their income isn’t enough to cover their outgoings, by creating and following a financial plan you can tip that balance in your favour
• Enjoy your money – once the bills have been paid, you have money put aside, and your families’ future security is taken care of. You can finally start enjoying your hard earned money
• Live the dream – you can finally go on that cruise or go to college and get your dream job

How do I go about making a financial plan?

There are numerous resources and companies offering financial planning, some for free and some for a cost.

MyMoneyPlatform offers a free tool which makes planning your finances quick and simple. Making a financial plan doesn’t have to be difficult; all you need to do input your details into the software. Once you have done that then all your need to do is sit back and relax.

Stop dreaming and start living

Whilst some dreams may really be unattainable, not all dreams are. A financial plan can help you sort your finances and allow you to start setting realistic goals.

You may not be able to save up for a 10 bedroom mansion with a private cinema and a swimming pool. You could however afford to save up for a home with enough room for your family to live comfortably.

Finances do not need to be boring, or scary, or difficult. Finances can be used to improve your circumstances and assist you in getting the most out of life.

The post Do You Even Plan, Bro? appeared first on My Money Platform.

It can be tempting to just trust that things are going to work out. Sometimes they do…and sometimes they don’t. When it comes to your finances, you really want to avoid the second scenario.

Unfortunately, that means that ‘it’ll be grand’ might not be the sentiment to follow. Instead, double checking every promise and making sure the fine detail tallies up, while more time consuming and cynically minded, is probably more likely to lead to things working out.

“Ah, it’ll be grand”

As a life philosophy, this happy-go-lucky attitude may be a great way to stay upbeat. Sadly, in the world of your finances, it can too easily become blind optimism. And that leaves you wide open to hitting the stumbling blocks in the financial world: the hidden fees, the catch in the too good to be true deal, the actual pattern in the investment value rather than the positive spin spiel.

The proof in the pudding

We don’t have to look far for times when this ‘it’s all going to work out just fine’ mindset backfired. Constant optimism, both on the parts of consumers and financial professionals, lead to the feeling that house prices were always going to go the way we wanted, that those loans weren’t going to come back to bite…

And then we had a financial crash that very thoroughly disillusioned pretty much everyone, and let it be known quite clearly that things weren’t just grand after all.
It’s an easy trap to fall into. The glowing promises of low interest loans, of a world where your investments just keep growing, are appealing. However, just trusting that things will work out plays right into the hands of people who gain from making those promises and hiding the downsides in the paperwork, at your expense.

Think critically

Despite how it can sometimes feel, there are plenty of bankers and other financial professionals who really do want to help you. Unfortunately, you only need a relative minority to be far more focussed on their own benefit to tar everyone with the same brush.

There’s also the problem of working within a system – even if the person you speak to on the phone really wants to help, they still have to work within the rules and systems set up by the industry around them.

So not taking things at face value and not falling into the appealing trap of just trusting it’ll work out is essential. Keeping your eyes peeled for the loopholes, hidden fees, and other hazards in the fine print can make all the difference when it comes to your finances.

Not that a little optimism and faith that it might work out is always bad in finance. At some point, investments are always going to become a little risky – and if you’ve made an informed decision, there will be a point where you have to hit the button and just hope it pays off in the end. The key is to make sure that up until then, you’ve taken all the steps to make it as likely as possible that it will all be grand in the end.

The post Ah, It’ll Be Grand. Well…Maybe It Won’t! appeared first on My Money Platform.

We are all contributing to the economy one way or another, either through taxes or shopping. We all have our part to play in keeping things going.

The financial industry relies on us

If we stopped banking, spending money, going to work, or any other activity which involves money being circulated then the whole economy as we know it would collapse.

This would cause unknown chaos and it’s something which governments and financial experts have been trying to prevent. This is evident by the countless bailouts, tax increases, benefit reforms, and economic stimulation done by the government

Our contribution starts with the bank

The banks are the financial industries main point of contact with the general public. The bank is where we get paid, where we place or savings, where we get our loans/ credit cards/ mortgage/ insurance. There are very few people who have never had any dealings with a bank.

The banks generate income from charging interest and fees; as long as we keep paying them then the banks continue to turn a profit.

Banks keep money circulating, whether that is through deposits, lending, or allowing people to make purchases. As long as money is exchanging hands then the economy keeps flowing.

We work and pay taxes

If you earn enough of an income then you will be required to pay some level of tax. These taxes are then used to pay for things such as education, emergency services, council services, etc.

As much as we all begrudge paying them, they do play an important role in our society.

The unemployed will still pay some level of tax, even if it’s only VAT on purchases. They may also need to pay other types of tax depending on other sources of income. However, if their only source of income is via welfare benefits then this is unlikely to be the case.

How important is shopping?

It doesn’t matter if we are shopping for leisure or for necessity, shopping is a huge part of our lives. It is also probably the most direct way the general public pumps money into the economy.

The way we shop is changing, we are more likely to shop online and seek out bargains. This has had a major impact on the retail industry and they have had to adapt. Those that didn’t adapt or adapted too late have paid the price.

The economy and me

There are of course other ways you may contribute to the economy, you could be a business owner or a landlord. These are only a few ways in which the majority of the population. Whatever your contribution, it doesn’t change how important a growing economy is.

This is why the economy has been such a hot topic recently. The financial crash has bought the economy into the limelight and people are suddenly taking notice. The media is continuing to report whether we are in recovery or not.

One thing is certain, that money is the foundation as to which our society is built on.

The post It’s Your Money That Makes The World Go Round appeared first on My Money Platform.

We have all been there, we have our hearts set on a holiday somewhere sunny and or that new sports car everyone else seems to be driving. You can picture yourself now, sunbathing or driving, happy and carefree. The only thing between you and your holiday/ car is your bank balance.

If you don’t try, you’ll never get

When you are faced with a bank balance that makes you feel like crying, especially if pay day isn’t for weeks, it’s so easy to give up and resign yourself to eating nothing but beans on toast. Whilst there are plenty of scams out there which you should watch out for, there are still plenty of legal ways to gets some extra money fairly quickly.

Get rid of old, broken, useless, or unwanted things

Let’s face it; most homes are full of junk no one needs/ wants. Usually these items are hidden in a draw or box somewhere that rarely ever gets opened. You would probably be surprised what items people are actually willing to pay money for.

These are just a few things people are willing to buy/ trade but with websites like EBay and the recent trend for recycling old/ broken/ unwanted stuff you’ll probably find your home to be full of earning potential-

• Clothes
• Mobile Phones
• Books
• Cameras
• Games
• Photos
• Ink Cartridges
• Hair

Search the internet, fill in surveys, or complete various tasks

There are lots of websites out there which are offering money in exchange for things you probably already do for free. If you have strong opinions about current affairs, spend hours searching the internet, or love watching videos then you could do all these and more whilst getting paid for them.

Most of these websites offer low pay for tasks or only offer points in exchange for vouchers. It can, however, be a fun way to spend some free time.

Mystery Shopping, Website Testing, Freelancing, Writing Reviews

These are slightly more time consuming ways of earning money, you will also need to double check as your earnings may count as taxable income. However, by regularly reviewing songs or testing websites you can top up your current income. Mystery shopping has the added bonus of being paid to shop or eat at a restaurant.

The post How To Get That New Car Sooner Than You Thought. appeared first on My Money Platform.

Procrastination, everyone at some point will fall victim to it. It could be deciding to continue watching cat videos rather than tidy your house or waiting until after the wedding to start regularly saving again.

When dreams never become reality

Creating the dreams is often the fun bit, it can be quite addictive to sit there creating a whole dream world where you are the CEO of a major worldwide business and you spend your days sipping cocktails on your private yacht.

However, the path you’d need to take to become a CEO in the first place so that you stand any chance of actually owning a yacht isn’t fun, or easy. Quite often, making our dreams become reality is extremely hard work. It’s easier to talk yourself out of it before you’ve even started.

So, why is it so hard?

It’s not difficult to sit on Facebook all day and you can portray your life any way you wish. It’s easy to be perfect when you’re selective about what you show the world.

However, taking a night class is scary, especially if it’s been a long time since you were last in a classroom. Also, what if you have had to take a cut in income in order to be able to study? Failure would be embarrassing, especially if you have loads of well meaning people questioning your decision.

The truth is sometimes you have to take risks in order to get somewhere, yes you may fail but what if you succeed? If there is a chance of failure then surely there must be a chance of success!

How will I know what is achievable?

You can do anything but not everything may be worth the risk. These are a few questions you can ask yourself in order to assess the risk-

• Can I afford it? – this is probably the most crucial question, the last thing you want to do is bring financial hardship on yourself
• Have you done your research? – becoming a Police Officer may seem amazing but you have to assess if you will be able to realistically reach the entry requirements
• Do I have a plan? – In order to achieve something, you need to plan. There is no point deciding you want to start a business if you have no idea where to start and how to proceed
• Do you have a backup plan? – very few things go exactly to plan, it’s a good idea to have a few contingency plans in case things go off course/ wrong
• How much do I really want this? – sometimes all the apparent obstacles do not matter, sometimes all you need is determination to succeed

Is failure really a bad thing?

Failure can hurt and be disheartening but through failure you learn. Learning how to not only fail, but move on from your failures and learn from them is such a powerful skill to have.

Winning all the time is boring and sometimes failing shows you where you can improve.

The post Is Procrastination Stopping You From Progressing? appeared first on My Money Platform.