Better For Some, Worse For Others

Best Home For Your Savings

As Personal Debt Shrinks for Some, Others Face Crisis The way people spend money reveals a great deal about their financial attitudes. And if the recent uptick in consumer spending is any indication, UK shoppers are feeling pretty good about the economic recovery. But economic trends send mixed signals, so it makes sense to consider the big picture before jumping to conclusions. And though positive economic activity is good, by most measures, spending driven by debt is unsustainable. As many borrowers found out in 2008, taking-on too much debt leads to catastrophic outcomes. And though stop gap measures have been fortified within the mortgage industry, a new wave of debt is showing up, … [Read more...]

Living On A Knife Edge

Living on a knife edge

Are you living on a knife edge ? Am I living on a knife edge ? A recent Yougov survey in the UK which sampled 7,500 families revealed that 44% of families only have enough savings to pay for one months rent or mortgage if they were to lose their jobs. 29% of families would not be able to pay their immediate months rent or mortgage if they were to lose their jobs. Thats Scary ! Examining my own position, I would just about be able to manage as my wife earns a decent income, but if we were both to lose our jobs then we would be in serious doo doo At the beginning of my process of paying off my debts and climbing out of a financial hole I saved up £1,000 to act as an … [Read more...]

Payday Mugging

Payday Mugging

Payday Mugging No one wants to be the victim of a mugging. We’re all shocked when something like this happens in our neighbourhood. There is outrage on the news, and column inches written in the press. My last post about how taking out a short term payday loan can have a long term negative impact on your credit rating made me realise that payday loans are nothing but a legalised financial payday mugging. So rather than being a payday mug – I think it’s right that this post should be about the alternatives to taking out a payday loan. Reading about students using payday loans to buy concert tickets, without realising the damage they are doing to their long term financial prospects, … [Read more...]

Breaking The Chains

Breaking The Chains

Its been a good week. I think I've made tremendous progress in breaking the chains that have been tying my mind up in knots over the last few weeks. Breaking the chains of procrastination hasn't been easy, and going through a period of navel gazing , identifying your own personality flaws isn't an enjoyable process. The good news is that I liked myself a couple of weeks ago, and I still like myself today even though I know realise that I'm not as perfect as I once thought I was. The first thing I did after last weeks angst ridden post,  was to finish the Julie Morgenstern book about time management - and realised way before reaching the end of the book, that time management was … [Read more...]

November Spending Plan and To Do List

November Spending Plan

Lets start off with the plans I set for last month before I get on to November spending plan. I'm not really happy with my progress, like I've said in a previous post, "Old Habits Dies Hard" and this has proved to be the case in November. I've not really achieved what I set out to at the start of the month and to be honest am a little disappointed with myself. October has been a month of distraction - my in laws moved in with us at the start of the month, and to say its caused a domestic upheaval is something of an understatement. Anyway - after a month of seemingly endless Atlantic storms blowing across - the sun is shining this morning and I feel as though I'm going to have a much … [Read more...]

Networking For New Business

Networking For New Business

A couple of posts ago, I mentioned that I’ve cut my expenses to the bone, so that I can live off a monthly budget of £2,000. Any excess earnings over this £2,000 are to go towards reducing my debts. My income is derived solely from my business – which offers business financial support and employee benefits packages on a consultancy basis. The majority of my clients pay me a small monthly retainer which covers my costs of business – and whenever I’m called in to talk to directors or employees I charge on an hourly/package value rate. To be brutally honest – when I’m working – I do a cracking job and offer my clients real value. The main problem being that I don’t have enough clients to … [Read more...]