Spending Money

Is it good to Borrow Money to Refurbish Your Home?

From time to time we all like to have work done on our home to improve it. This could be fixes to keep the house maintained and working well or it could be cosmetic changes to keep it looking nice. No one wants to live in a dirty, tired home that is falling apart and so all home owners will need to do refurbishment work at one time or another. It can be a costly process and some people will borrow money to do it. But is this a good idea?

There are different types of work that we do on our homes. Some are vital repairs which will stop the home being further damaged. This can include things like leaking roofs, subsidence cracks, damp problems and other structural problems. Left untreated these problems can get worse and worse meaning that you could end up paying a lot more for the repairs than you would if you left them. This means that if you do not have the money it could be wise to borrow it and get the work done rather than delaying until you have saved up and then having a much more expensive job to pay for. It can be worth getting some quotes for the work and speaking to the workmen about the consequences of delaying the work or whether it needs to be sorted out quickly. In some cases it would be fairly obvious as you would not want to delay repairing a leaking roof as it could cause all sorts of damage to the inside of the property.

If you are having cosmetic work done, such as a new kitchen, bathroom or decorating, because you want a change and to freshen up the property, then saving up the money for the work could be the more sensible option. The work does not need to be rushed as there will not be a problem with it causing more problems in the future. There is a risk that it will be more expensive in the future, because of inflation meaning prices will rise, but it is still likely to be cheaper if you wait to save up rather than paying the cost of borrowing money.

This is all seems very straight forward, but unfortunately the decision on whether to borrow money or not does not tend to always be that easy. It is necessary to add in the emotional factor as well. The house may be looking really bad and you may feel that you will have a better quality of life once it is refurbished and think that that will be well worth the cost of the loan in order to do this. It may even make you feel unhappy because it is not done and be effecting your mood.

It is worth thinking about the borrowing as well as what you are borrowing for. You should think about the amount of money that you need to borrow and look at your borrowing options. See which types of loan would be suitable for your borrowing and whether you would be able to manage the repayments. Consider what an impact those repayments would have on your lifestyle, would it be difficult to make the repayments or not? If you are not sure consider how easy you find it to manage each month and you could even actually look at how much money you have coming in and how much your bills are going out and see what the difference is to calculate whether you can afford the repayments. It sounds complicated, but if you use your bank statement you should be able to do it without too much stress.

It is always worth thinking about what might happen in the future. No one can predict the future but if you just plan what might happen. Think about whether you job is secure and therefore whether you will be able to pay the repayments in the future. The longer the term of the loan, the more risk you are taking with it. If there are two or more earners in the household then there is less of a risk. If you have some savings behind you, then you are also taking less of a risk. However, it may be wise to use your savings to pay for the work, rather than borrowing as it will be cheaper.

Payday Loans

When is the Right time for a Payday Loan?

Payday loans can be controversial. There are some people who really dislike them and there have been calls for them to be banned. They have been regulated now in order to stop them being too expensive but they can still be dear. However, there are a lot of people that use them and are thankful for them being in existence although there are also people who have used them and found them to be a struggle. So it can be difficult to know whether they are something that you should take out and whether it is the right time for you to have one.

It is important to understand how these loans work before considering taking one out. Some of the people that struggle with them do not fully understand how they work and this can lead them into trouble. They are a bit different to regular loans in that you have to pay back the whole amount that you borrowed plus the interest in one lump sum. The date of repayment is agreed between you and the lender and will tend to fall on the day that you are paid, so that there is the money available to pay for it. As long as you make sure that there is enough money in the account when the payment goes out, then you will be able to pay it back in full and all will be fine. If you cannot pay it all back, as there is not enough money in the account to cover the payment, you will have additional charges added on which means that the debt will grow and will continue to do so until you do pay it back in full.

Therefore, you need to make sure that you are confident that there will be enough money in the account when the repayment is due. To do this you need to check a few things. You need to know how much you will be paid after tax and how many other bills you have coming out that day or before you next get paid. You will then be able to calculate how much money you should have and therefore know whether there will be enough to pay it off. If you are sure that there will be enough money, then this could be a good time for the payday loan, but if you will not have enough money, then you should not take the loan or you should borrow a smaller amount. It is important to think about what might happen if there are more unexpected expenses that come along before you are de to repay the loan and how you will manage them. If this is likely to happen then you may not then have enough money to pay the loan back.

Like all loans, you should only take a payday loan out when you need money in an emergency. Loans cost money and so they may help in the short term, but in the long term we will end up paying out even more money, so you need to be sure that you will be able to afford to do that and that you are happy with paying that extra. Think about whether you really need the money before you borrow. Consider whether you can wait until you get paid, whether you have any savings you can use or whether there are any other ways of making money, such as selling some things or getting an advance on your salary. Think about the cost of the loan and whether you think that it will be worth paying that extra money. Normally people who have an emergency and really need the money will think that it is worth it, but if what you are using it for is not an emergency, then it could be wise to avoid borrowing the money.

So thinking about whether it is the right time for a payday loan is important. Make sure that you really need the money and that there are no other ways to get it. Also think about other types of lending and compare rates, both between different loans as well as different payday loan providers to make sure that you have got the best deal. It is most important to make sure that you will have the money available to repay the loan as well. If you are not sure that ou will, then it will a big risk taking out a loan like this.

Hobbies

Great Ways to Fund your Hobby

Hobbies are really good for us. They help us in many ways, perhaps by giving us an activity to do where we can relax, a way to socialise, an opportunity to learn new skills or something else. Hobbies vary so much and what you gain from them will depend on your specific choice of hobby. Even people who say they have no hobbies probably do things like watch television, read books, gardening, using social media etc which could all be considered to be hobbies. Most hobbies will cost money and it can be good to think of ways that you can fund your hobby so that you can keep doing it without worrying about the potential cost of it. Sometimes we do not spend as much time as we would like or buy the resources that we would really like because we do not have the money to spend on our hobbies. So it can be a really good idea to think of ways that you can raise some money to pay towards it.

One way to fund your hobby is to find a way of making money directly from it. If you make things, then you could sell them and make money that way. You could run classes and teach other people how to do what you do and make money that way. You could run a website with lots of information about your hobby and sell advertising on the website to make money.

Selling the things that you make could be done in several ways. You could sell them at local craft fairs, paying to hire a table and spending a day seeing if you will get buyers. If you have the time and can carry on with making things while waiting for customers, this could be a great way to make some money back. However, not all hobbies produce things that can be sold.

Teaching other people about your hobby can be a lot of fun. Whether you are doing demonstrations or giving informative talks, you could charge people to come to you for help. You would need to be knowledgeable in the area to be able to do this so it would be best to only choose to do this if you have a hobby which you have been doing for a long time and feel that you have enough knowledge to be able to pass that on.

Running a website can be hard work, but it can also be a lot of fun. If you are really keen on your hobby then you should know enough about it to put together a website. You may have to do some extra research but you will learn things about the hobby that you are interested in while you do it, which can be even more fun. You will need to think about how you will attract visitors to the site though. Without visitors you will not be able to attract advertisers, so you will have to spend some time doing promotion which will take you away from your hobby. However, if you can get some well paid advertising out of it, then it will be worth the effort.

Although all of these ideas will take time out of doing the hobby itself, they can be a great way to make some extra moneys o that you can have even more fun with your hobby. Some hobbies can be really expensive, take foreign travel or learning to fly a helicopter as examples, and so you will need to have plenty of money to be able to do them. If you can incorporate earning money while you do something related to your hobby it may not feel much like work and you could find that you will make enough money to take your hobby to a whole new level. You may even make new friends with a common interest and learn new things along the way. So why not give it some thought and decide whether having some extra money would help you to enjoy your hobby more and if so, think about what you could do in order to earn that extra bit of money so that you can have more fun.