Once you have set your savings goals and are happily saving, the next question you need to answer is are your savings working for you? One of the default ways I like to save money is by using a savings account. There are many options for savings accounts that are available. Most of which are offered by banks. I generally find that accounts where you can easily access the money […]
As a young adult, one of the areas I struggled with was financial education. During my last year of high school, general information like career advice was readily available however, I don’t recall receiving any basic financial advice. The knowledge I had at the time was based on observations from people around me. Further education One of the major decisions I had to make in life was whether or not […]
In previous blogs we have looked at how to plan for purchasing a property and the costs to consider. In this blog we will be focusing on an important aspect of the process which is credit scores. When purchasing a property, you can either buy with cash, which is ideal. The other option is to take out a mortgage which is a secured loan. What is a Credit Score? Credit Scores are […]
In this blog I will be providing tips on the costs you should budget for when planning to buy a newly built house. In the previous blog we looked at how we conducted the initial research. How much is it actually going to cost? Do some research to find out how much it will actually cost to buy the property and the maintain it. For instance, in the UK if […]
The journey to owning a property for us was a hard and long process but rewarding in the end. It was one of our main goals because paying rent felt like we were paying someone else’s mortgage. I learnt a lot along the way and will share this in upcoming blogs. The blogs will include information on costs to expect and how to navigated the whole process. Speak to a […]
Variable Costs A Financial Health check is a review that needs to be carried out on finances. Variable costs are the last section of costs to be reviewed in the Financial Health check. We have previously looked at Income, Long-term loans, Short-term debt, and Fixed cost. Variable costs are flexible costs that vary depending on the level of output for example, money for groceries, going out and shopping. This is the […]
Fixed Costs When performing a Financial Health check, you will be reviewing important aspects of your finances. In my previous blogs we explored how to analyse Income, Long-term loans, and Short-term debt. In this blog will look at Fixed Costs. Fixed costs are the costs you have to pay without fail. Asking the following questions will help you to start making long to medium term plans. Are you getting value for […]
Short Term Debts Financial Health check should be carried out annually or once every 6 months. It is an analysis of income and expenditure which enables effective planning. In my previous blogs I have covered two vital components of an effective Financial Health check which are income (Keys to good Financial health – Income )and long-term loans (Keys to good Financial Health – Expenditure). In this blog, I will be focusing […]
Long Term loans Financial health checks are important to carry out in order to review finances and be able to plan for the future. In my previous blog (link), we explored income and various questions that need to be asked in order to ascertain the action that needs to be taken. Understanding your expenditure, how much it is costing you and how much you can save is very imperative. It […]
Open banking which recently come into effect in the UK, has been called a banking revolution by some and a potential fraudsters heaven by others. The rules were introduced in order to increase competition and innovation within the banking sector whilst allowing customers to benefit from technological advancements. What is Open Banking? Open Banking are new set of rules that allow banks to share client information with regulated 3rd parties subject […]
