Emergencies That Feel Like an Emergency, but Aren’t

The worst mistake that quite a lot of people make these days is to confuse a situation as an emergency, when it actually isn’t one. What follows is that people tend to use their set-aside emergency funds for such so called “emergencies”. It is extremely important to realise if a situation actually classifies as an emergency to make the right use of funds you set aside for it. Following are a few majorly false financial emergencies you are likely to get confused about.

Home Renovations

Although you might have guests coming over from abroad, and you want to make sure your place looks spic and span, it is not enough of a reason to tap into your investments. This is a common mistake people make, leaving them barehanded when an actual emergency strikes. If you want to renovate your place, cut back on some routine expenses and use the savings from them for this purpose.

Travelling

You should always be able to distinguish between an opportunity and an emergency. A good deal on a resort in Hawaii or a cheap ticket to Tahiti Islands is surely a good travel-opportunity, but not by any means, an emergency. While you may surely make the most of this opportunity, using your emergency funds for it is far from an option.

Expensive Gifts

Giving a gift to someone is a nice gesture, but you must not get carried away with it. Instead of gifting an expensive gadget that requires you to withdraw money from the funds, you should opt for something that is a little more in-budget for you.

When Should I Use My Emergency Funds?

The key purpose of setting up an emergency fund is to use it when an unexpected financial emergency knocks on your door. According to a research, the major financial emergencies include paying unexpected medical bills, major life events, releasing a debt-mountain, job-loss, legal costs, and funeral costs etc. Using your invested funds is a wise idea if your expenses are along the same lines. Several other experts also allow the usage of your emergency fund money to pay insurance premiums, car payments, childcare costs, or home-repairs in case of a natural disaster.

How to Deal with Non-Emergency Situations?

The best way to deal with such situations is to first estimate the amount of money a particular non-emergency irregular expense cost you the previous year. Then divide that annual amount into monthly costs and set a percentage of your monthly income to cater to those costs. This will allow you to address both types of expenses in a more manageable manner, and consequently cushion your financial needs throughout the year. To distinguish between the different emergencies, classify them in four sections:
  • Urgent–Important: You should tap into your emergency funds for them.
  • Not urgent–Important: Set emergency funds to cater to these.
  • Urgent–Not important: Use you non-emergency funds for them.
  • Not urgent–Not important: It is better to avoid such expenses.
Following these guidelines will help you live a happier and financially stable life.…

Is It Possible to Secure a Payday Loan?

Payday Loans have become one of the most popular forms of financial assistance in the UK. These loans are short-term consumer loans that allow people to borrow money up to £500 and repay it within a few days.

Payday loans, also known as short term or small money loans are typically obtained when a person is going through financial stress that requires immediate resolve. Many people consider payday loans as an ideal financial solution for short term needs. However, it is worth noting that while payday loans can be helpful, they are not always the best financial instrument in some cases. Payday loans are generally repaid in a short period of time, or until the borrower’s next pay check. One thing that many people forget to consider when looking for payday loans is the associated costs and fee with this lending instrument. Here we will discuss whether or not payday loans are ideal financial solutions and what the reasons for which they should be obtained are.

Qualification Required

In order to qualify for a payday loan, you need to provide lenders with your current home address, have bank account under your name, and be 18 or older to meet the legal qualification of obtaining a payload. Make sure your bank account allows the direct debits option. Doing so allows the lender to take money out of your account to make loan repayments.

Credit Score is Important

Your credit score does play an important role in the approval of the payday loan. Generally, people have average to good credit score will be able to quickly acquire payday loans. Lenders will ask for details that may include:
  • Identity
  • Copy of current and past pay check
  • Bank statement
  • Credit score
By providing a copy of your current pay check you allow the lender to know that you can afford to repay the loan and will match the amount you want to borrow. However if your current pay check does not match the funds that you want to borrow then you will have to settle with an inferior amount along with higher interest rates.

Estimate the Amount of Money you Need

You need to understand how much money you need to borrow first. To figure out the amount, refer to your income and current expenses. Add the interest rates to the amount to see how much you will need to repay the lender. Enter the amount you need to borrow, fill out your personal details, and provide your address and employment information. Accept the lender’s terms and conditions and submit your application.  

If you want to borrow money for a short-term use, use payday loans. If you need a loan for long-term use, take out a loan from your bank.

The Top Mortgage Deals that First Time Buyers Need to Consider

Mortgages are special loans that are issued by a bank or other financial institutions in order to finance the purchase of a property. The lender takes the title of the debtor’s property and this title is transferred back to the borrower once the debt is paid back in full. This is not a loan that people often taken. It is usually a lifetime decision for most people. It is therefore important for people who are buying a property for the first time to look for the best mortgage deals. It is often difficult for a first time buyer to get a good mortgage deal because they have a limited credit history. Here, we aim to look into the top mortgage deals that are out there in the country especially for first time buyers. We aim to present some important elements of the mortgages to help people decide a winner.

New Castle BS

The New Castle BS is a two year fixed mortgage deal that is excellent for first time buyers. It is especially suited for people who have a good amount of saving, but are just short of some money. It suits people with good income who want to quickly pay off their debts. It has an interest rate of 3.59% and requires a processing fee of £199.

Saffron BS

Saffron BS has an excellent mortgage deal for first time buyers. It provides a 3-year mortgage that’s suited for self employed people. It has a current interest rate of 3.97% and asks for no processing fee. It has many other deals available on its building society website. It has excellent property advisors and it also offers customised deals to people who approach it for mortgage needs.

Tesco Bank

Tesco Bank offers both fixed and tracker mortgage loans. It is a retail service bank with a focus entirely on producing retail products, such as mortgage loans. It has an excellent five-year deal for first time buyers. This mortgage is available with an interest rate of around 4.49%. The bank also charges a small fee of £195 for the initial processing of the loan.

TSB

TSB offers an excellent mortgage deal of 10 years to first time home buyers. It offers an interest rate of 5.34% and charges a processing fee of £265. It usually works on a 25% initial deposit and has fixed monthly instalments. TSB also allows mortgage switching as well where you can switch from one lender to TSB for its specific services.

Help to Buy Scheme

Help to Buy is a government initiative in the UK to help people buy their home with as little as only 5% deposit at the start of mortgage. It is a wonderful scheme and offers a mortgage loan as well as equity funding. Government can fund the money of the deposit in these schemes and they are available in England, Scotland, and Wales. You need to look carefully into these mortgage deals if you are a first time buyer because they are excellently designed for you. You can select one of them for your mortgage needs.…

Why Is Meditation Considered to Be the Best form of Recreation?

Meditation

Meditation is that practice where a person trains his mind and induces some mode of consciousness to let the mind acknowledge the content without any identification with its content. The very technique of meditation encompasses wide variety of practices to relax the body and the mind. It helps in building life force, internal energy and thus it is the popular form of recreation. Meditation offers a lot many mental and physical benefits. It is not about concentration but it is the process of de-concentrating. Benefits may manifest in the form of calm mind, great concentration and focus, rejuvenation and relaxation of body and the mind, improvement in communication and far better clarity of thoughts. Let us check out the reasons for choosing it over other recreational activities.

Meditation Considered

When you meditate, your physiology undergoes a great change and in fact the body gets filled with energy or ‘prana’. This results to more peace, enthusiasm, joy as energy in the body increases. When it comes to physical level, meditation lowers the blood pressure, blood lactate to restrict anxiety attacks. You will not have tension headache, muscular or joint pain or insomnia. To improve your mood and behavior, the activity improves serotonin production. By increasing the energy level, it also strengthens your immunity system.

uc-15-0450-271 pilates

The recreational activity brings your brain wave pattern into alpha state in order to promote natural healing. Your mind is sure to become beautiful and feel fresh or rejuvenated.

It will nourish and cleanse you both inside and out. So, you will stay nourished even when you have moments to feel unstable, overwhelmed.If you do meditate on a regular basis.

you will reduce the anxiety level, gain emotional stability, improve creativity, promote happiness, develop intuition and gain a complete peace of mind. Your mind will gain focus and become sharp.

You will gain balance between expanded consciousness and sharp mind to bring about perfection. It will make you aware that it is the inner attitude which guides your happiness.

Irrespective of religion or religious beliefs, you can practice meditation. It is an effortless transition where you tend to merge with the infinite or cosmos zone. You will become an inseparable element of cosmos. Meditation lets one experience calmness, joy, vastness and those can be emitted to this environment. You get to explore your inner self and identify yourself with the potentialities.

Regular practice of meditation will give more benefits. Once you get into the habit, you will understand its benefits in true sense. Even if meditation is done for a few minutes, people experience a lot of benefits. You become more confident and learn how to control yourself. One enjoys better health, become more focused and attains mental and physical strength. Thus, there is greater dynamism.

Meditation is one of the ways to stay relaxed and attain peace of mind. It is great for managing anxiety, stress, tension, depression, phobias, diseases, old age, pregnancy and illnesses. You should consider enrolling your name in some meditation center to learn the practices.