Monday, March 02, 2015

Mortgage Calculation

I have been looking at how much I still owe on my mortgage and how close I am to being able to pay it off. At the moment I am outstanding £94,497.03. I borrowed £100,000 back in 2001 and have put some money in the associated savings account which is why the balance has come down. As it is an interest only mortgage, I have not been paying money off regularly, especially with interest rates so low now, but have been saving money elsewhere.

At the moment I have the money that I have saved up in premium bonds. I have tried putting money in shares in the past and lost quite a bit so that scared me and I did not want to gamble with my mortgage money. Therefore, I have put the money into Premium Bonds, split between two accounts in my and my husbands names. At the moment we have £35,325 in one account and £30,500 in the other. This means that we still have £33,976.24 left to find before we have enough to put by to pay off the mortgage.

We save £750 a month which means that we will have enough to pay the mortgage off in under four years. This is great news, but I am concerned that rates may start to rise sooner than that and that we should try our best to get it paid off more quickly if we can. My husband has been promised a bonus in May and October, which could help, but it depends on whether he decides to treat himself to something instead. I have also got quite a large outstanding water bill (due to them not billing me as I have a leak) and I will need to pay that off once the leak is fixed so that will take a chunk of money. I had saved it up, but as it looks like the leak may not be fixed for a long time (complicated story!) I spent the money I saved on a holiday, knowing that I will be able to pay the bill from money from the Premium Bonds if I do not have it anywhere else.

My short term goals are to get my earning up so that I can contribute more to the income and therefore we can save more towards the mortgage and in the long term hopefully pay it off before rates rise to a significant level.

February Earnings

Writing - £83.57

Article Writing - £83.57

Other - £36.20

Quidco - £4.14

sponsored posts - £12.60

waterproof memo board - £19.11

Search Lotto - £0.35

Making a Grand Total of £119.77

Thursday, February 19, 2015

Top 5 Benefits of LED Lighting in a Commercial Space

Many companies are now turning to LED lighting, even small companies, but what are the reasons that they are doing it and are these benefits worth it for you?

1. The top benefit is the cost saving. The LED lights are cheaper on electricity than standard lighting and over the years this can add up to a big saving. It may be expensive to swap over the lights to start with but those savings will keep adding up and energy prices keep going up so savings here could really add up. You could always make a slow change over doing a few at a time so that you do not have to pay out for the whole exchange in one go.If you are looking for cost effective lighting for your business, why not have a look at commercial LED lights?.

2. Environmental benefits are also great. Although this will have no immediate impact on your business it can give you several benefits. You will feel better knowing that you are doing your bit to help the environment. It will also make your employees feel better, that they are working for a company that cares. There are many green LED light suppliers out there to choose from.

3. The look of the lights can also be a benefit to you. The more modern look will help your office to keep up with the times. You may not worry too much about that but your employees want an atmosphere to work in where they feel comfortable and if they are happy then their productivity should go up and that means more profit for you at the end of the day.

4. The LED bulbs should last a lot longer than standard ones. This means that you will not have to get maintenance in to repair them so often and also employees will not have to put up with working under  dim light while waiting for the repair to take place.

5. LED bulbs are less easy to break. This means that when you store your spare bulbs, they should remain in better condition and you are less likely to take one out of the box to find that it has broken.

As you can see, there are many advantages of buying LED lights for your business premises. It is therefore worth taking a look at different suppliers to see what would fit in to yours.

Monday, February 02, 2015

January Earnings

Writing - £184.05

Article Writing - £184.05

Book Sales - £130.45

Amazon - £69.49

Smashwords - £60.96

Other - £82.62

Quidco - £20.08

sponsored links - £42.55

waterproof memo board - £19.99

Making a Grand Total of £397.12

Thursday, January 22, 2015

January Spending

I know that some people are really struggling financially this month. January is a tough time for many people. Obviously the Christmas spending is the big problem but also being paid early in December and getting in to the habit of buying this may not help either.

It is therefore probably best to be very careful with spending in January. I would recommend reading a lot of reviews of items before you buy them such as these Scarlett 18i20 reviews as it will not only delay your spending but also ensure that it is the best way to spend your money. It is also good to set a budget so that you make sure that you are not spending more than you can afford It is worth remembering that after this month things will be easier and so it could be wise to put off some spending until next month.

Recent Earnings

My earnings have been down for a while, but I was surprised that in January they picked up. I was actually thinking that I may have to think of something else to in order to earn money because things were not turning out too well. Then suddenly a selection of old customers asked me to do more work for them. Some of them have already given me the work and others will be giving it to me soon. This makes it look like I will still be able to earn some money with my writing work and so at the moment I plan to continue with it.

Monday, January 12, 2015

SOS: How can I rescue my credit score? - Guest Posting

When we were dancing the night away at university and planning our world trips, we weren’t thinking about the cost. We just wanted to have a good time. But these actions in your teen years bring on problems for your future - ‘maƱana’.

We would simply fill out a loan application and hey, if we didn’t get accepted, we would just try again. There’s no harm in that, right? Wrong! Just as our love of student takeaways has finally caught up with our waistlines, so too has our reckless spending. And what makes it worse, there is a record of every financial decision you have ever made, both good and bad, in black and white. May I present to you … your credit score!

But who is affected?

A bad credit rating affects people of all ages, whether you are looking to obtain a mortgage or secured loan, car finance or simply a mobile phone contract. It can even affect anyone who is trying to fix their debt problems by trying to get a debt consolidation loan.

What causes the damage?

Defaulting on direct debits, loan or credit card repayments, CCJs and bankruptcy are some of the factors that will affect a credit score. Being turned down for a loan will also leave a harmful ‘footprint’ on your file, especially if these failed applications start to mount up.

Does it really matter?

A poor credit score can drastically limit your chances of obtaining any type of credit in the future. The credit that is available to those with poor credit scores is from a ‘sub-prime’ market. This, apart from being limited in the current economic climate, comes with high interest rates to balance the high risk that you would present to the lender.

How do I check my credit score?

You can find a copy of your credit rating from different credit reference agencies, e.g. Equifax or Experian. These agencies use information found on the electoral role, from CCJs and from previous agreements to create a picture of your financial history. This information gives you an indication of how well you have previously managed your debt. Your potential lender will contact these agencies to assess your suitability for the loan, and to determine what rate to award. The banks or lenders make their decision based on the information provided by the credit reference agency, but ultimately grant the loan based on their individual criteria.

How can I rescue my low credit score?     

As a student or young adult we don’t have any history. We first need to build one. But don't worry, there are some basic steps that can be used to help restore and build up your credit status.

1.       Spread out your applications
Frequent requests for credit over a short space of time, especially if are turned down, indicates that you are desperate for the money. This gives banks and lenders the impression that you cannot handle your finances very well.

2.       Look at your history
Make sure that any old agreements that you no longer use are closed down. If you have applied for a shared credit in the past and are no longer together, make sure you have written to the lender informing them of the change, as their bad credit history could affect your credit score.

3.       Check for mistakes
Mistakes happen, just make sure that it’s not at your expense! Review your full credit history to ensure that you don't have anybody else’s debt on your file in error.

4.       Check your address
Lenders favour applicants who have lived at the same address for a considerable amount of time, preferably at a property that you own rather than you rent. Make sure that you are on the electoral register at your current address, and that all your debts are registered to the correct place.

5.       Keep up to date with repayments
By repaying your debts on time, you prove that you can manage your money and so present a lower risk to a potential lender. If you are struggling with any of your repayments, don’t ignore the problem! Contact your lender straight away to discuss your situation and organise a revised payment plan.

6.       Demonstrate that you are a responsible borrower
This can be done by taking out credit and paying it back in full and on time. For example, you could take out a credit card, spend a little on it each month and pay it back in full the following month so that no interest is incurred. Do this for 6 months and you will do wonders for your credit score.

7.       Be realistic
Use a footprint free tool to search for rates that are individually tailored to your circumstances before making a formal application and remember – never attempt borrow more than you can afford to repay!

8.       Shout about your long term achievements
Lenders love to hear that you have a lengthy employment history with the same company, or that you have a long-term relationship with your bank. They even like to hear that you have a landline installed rather than just a mobile, so make sure you use these positives when applying, and make sure they are written correctly on your credit reference!

9.       Ask for help
Consider asking somebody with a good history to co-sign a loan with you. As long as the agreement is repaid on time, this can really help to boost your score.

10.   No credit history is bad history!
Lenders prefer to see a credit score with proven management of credit, which means that those without any credit agreements would be less favourable than those who have history managing debt. A good way to fix this would be to take out a credit card, spending just a little each month and repaying the balance IN FULL the following month.

Rebuilding your credit score can take time, but stay committed - it can be rescued!

Always get professional advice before making any financial decisions!

Friday, January 02, 2015

December Earnings

Writing - £56.83

Article Writing - £47.52

blog posts - £9.31

Book Sales - £42.85

Amazon - £42.85

Other - £149.42

Waterproof Memo Board Sales - £141.05

Quidco - £1.97

Clixsense - £6.40

Making a Grand Total of £249.10

Wednesday, December 10, 2014

Christmas Gifts

My husband was remarking to me last night about how shocked he was the first Christmas he spent with me as to how many gifts we had piled around on Christmas morning. He was brought up in a religious household that thought that going to church was more important than gifts and not many were bought. In my household spoiling children with lots of gifts was the norm. We now have a compromise where we tend to give the children a nice pile of gifts but do not buy much for each other, if anything at all. There might be a P.R.S. that we are after that we save for Christmas but normally we buy what we need through the year and so do not need things at Christmas. We still all get very exciting, have a fantastic meal and enjoy visiting our family but do not overspend.

Home Made Decorations

Although I have a lot of decorations that I use for Christmas year after year, I decided to make some as well this year. My son made an impressive snowflake in school and so I decided to have a go and have made several for the house as well as some paper chains. I think it is great fun to make decorations and really gets you into the Christmas spirit.There are lots of websites and blogs with instructions on how to make things like this and it can be a great way to decorate your home frugally but have a lot of fun doing it. I was even tempted to make some paper chains from newspaper but need all the paper I have for lighting my log burning stove as we do not buy them very often!