UK Lending News – A Guide to Short Term Lending

6 Blunders You Did Not Know You Are Doing to Repaying Debt

Wish to pay off your debt quickly to end up saving more? Well, it is wise to do so! However, beware of blunders that you usually make inadvertently to end up with a delay. Here are five such blunders to get rid of!

Not Budgeting Regularly

Okay, you may have been like a hardcore person to stick to a budget and record each penny spent in your expense tracking sheet. However, for how long could you stick to it? Is it so that you followed it for a few months and left it as you felt more relaxed? If yes, then this could be a big blow to debt repayment.

It is wise to stick to the budgeting style each month until you repay the debt. If you are tired of using one style or tool, look for another but do not stop.

Letting a Budgeting Mess to Give Up

To err is human but to give up is not! You may have found a new budgeting style or tool to avoid boredom. However, one day, you suddenly broke your phone and thought of a new one, which did not fit into your budget. This could have frustrated you due to which you ended up giving up the willingness to stick to the budget for a month.

Well, how about cutting down the extra spending on food and entertainment, and get yourself a new phone without budging the budget? So, instead of giving up, find out a solution and go ahead.

Not Staying Motivated

Well, this blunder can be the biggest culprit in procrastinating the repayments. Your goal is to get rid of the debt but then you need to find out ‘why’. Most people do not do this small but important activity to stay motivated.

Just think about what you want to do in life or what you wish to become 5 to 10 years down the line and how is it possible to do so. You can visualise starting a small shop, becoming a coach, traveling around the world and so on. If not so far, you can just visualise living each day peacefully.

With this visualization, you will realise that becoming free of debt is essential for fulfilling these wishes. Recalling this daily will keep you motivated and push you more quickly towards a debt-free status. You will also now stop spending lavishly.

Now Knowing the Terms and Conditions

Do you have more than two debts to clear? Okay, so have you ever tried to understand the terms and conditions of each of them? If no, then it is neither blunder you are committing.

If you have multiple debts, chances are high that each one will have distinct loan terms, especially if they’re payday loans without credit checks. This is especially true if each one is from a different lender. They are likely to have different interest rates as well as tenure.

One has to be repaid in 5 years, while the other in 12 years. Apart from these details, you also need to know how the interest is computed, as it may be so that you are paying a different amount each year.

Just comprehend all the loan terms to get the push for repaying them quickly. In short, find out everything to know about your loans.

Not Paying Maximum Debt Amount

Apparently, it seems logically right to pay the amount mentioned in a loan bill that comes to you. It is just like paying a power or food bill for which we do not pay anything beyond the specified amount. So, why pay more on a loan bill?

However, if you pay more if you can, you will end up paying the loan more quickly and, maybe, with a reduced interest rate for the pending amount.

Conclusion

So, are you making these mistakes? If yes, stop them now!

7 Ways To Spend Less On Restaurant Bills For Foodies

It is not surprising that many of us love to eat outside, especially at a restaurant. At times, this habit is so addictive that you will end up eating in a restaurant almost every alternate day. The real reason is the firm belief that the restaurant food is more delicious than the healthy food cooked at home.

It is also the reason why you do not realise the high price tags. Yes, you save cooking and cleaning time but at the cost of spending unnecessarily. So, isn’t it better to save here? If yes, then below are the top ways to save smartly on restaurant bills:

Stop Impulsive Eating

Okay, you might know what is this all about! Very few foodies realise that the biggest restaurant budget drainer is a quick purchase that occurs without thinking at all. Some examples of these purchases are instant pizza orders, quick appetizer orders to get rid of work boredom and the ‘don’t want to cook’ attitude.

It is okay to show one of these traits once in a while but not every week. The solution? Well, how about stocking some nutritional snacks in your desk or pantry?

Prefer Lunch; Avoid Dinner!

Have you ever realized that a lunch meal is far more affordable than a dinner treat? On top of that, you can enjoy some freebies such as a salad or a soup for less than the main course’s price for dinner. Still, if you wish to enjoy dinner, consider choosing more affordable and light options.

Omit the Appetizers

Yes, you may be a foodie who loves different dips, chips, platters and beverages including sodas. However, you need food, not extravagances every time. Next time when you eat at a restaurant, ask for water instead and spend those bucks of appetizers for the main course. No matter where you go, water is free.

If you still wish to have appetizers, look for a restaurant offering free chips and salsa or breads to feel satisfied without spending much. Here, you still enjoy appetizers and save money for the main entrée.

Choose Early Weekdays

After a crowded weekend, for most restaurants, the initial three days of a week are quite sluggish for restaurants. Thus, to attract more customers, they declare special offers such as pizzas under $10, buy 1 get 1 free and cheaper main course deals. In other words, you enjoy a Sunday night treat as Monday lunch at a more competitive price.

Avoid Going Out for Eating on a Major Holiday

Anybody would agree that spending on restaurant food on a major holiday is identical to splurging. On a regular day, the same meal that you had in a nearby restaurant on a holiday will cost you almost half. So, to enjoy the delicacies without spending more, try going to a restaurant either a day before or after a major holiday.

Look for Children Menu

It is wise to look for a restaurant that offers not only a dedicated menu for kids but also charges nothing for what your kids eat. It is time to stop paying the full price when your small one picks just one portion. Luckily, many restaurants provide free meals for the small ones below 12 on some weekdays.

At the same time, you, too, can go for a kids’ menu if you wish to eat light. This can save you tremendously without wasting food or money.

Eat during Happy Hours

Many restaurants have happy hours during which you can grab your lunch or dinner early than the normal time range and have appetizers or other dishes at half prices. You just need to find out the happy hours, as it varies from one restaurant to another.

Conclusion

So, now enjoy your favorite dishes without spending more!

4 Popular Types of Life Insurance Policies that You Need to Know

Many of us are seriously unaware of the fact that there are different types of life insurance policies. Those who know about the types feel it confusing to choose the right policy. For both of them, this post introduces the different types of insurance policies along with their ideal use.

Whole Life Insurance

This is among the most popular policies in the category of permanent insurance deals. A whole life insurance policy comes with a premium and the coverage amount, which remain fixed throughout its tenure. You lock the premium amount until the duration for which you want the policy.

You pay a monthly premium and a part of it contributes to the cash value that increases over the whole policy life. The longer the policy duration, the more is the cash value. As you keep paying a premium for your full life, you end up more for less insurance.

You are also required to adhere to medical underwriting, meaning the insurer will ask about your health and lifestyle to set the pricing. Even a medical exam is highly possible. This kind of policy is ideal for those who seek lifetime coverage for paying premiums on time. The cash value could be a bonus for your retired life.

Universal Life Insurance

Consider this option if you want permanent coverage but with flexible premiums to be paid each year. Yes, this is similar to a whole life policy with cash value growing over time. However, you can use some cash value to tweak the yearly payment.

However, you will have to pay a minimum premium amount each month. Nevertheless, you may be able to get rid of premium payment as per the cash value gathered or allow cash value to grow over time.

Essentially, a portion of your monthly premium is contributed to savings and the other part makes up the death benefit. The underlying notion is to boost the investment with time such that it can offset premiums. Just keep an eye on financial changes due to the concept of flexible premiums.

This kind of policy is ideal for those who are looking for flexibility and a more affordable option than a whole life policy.

Term Life Insurance

This is perhaps the most affordable and the easiest type of life insurance policy to purchase. It pays a fixed amount to those whom you select as the beneficiaries. It gives reliable coverage that lasts for a specific term such as 10 or 20 years. Once this term is over, you may renew it but with a greater price this time.

This type of policy is a popular choice of many, as it provides coverage to your loved ones proactively at a reasonable price. As per the coverage amount and tenure, the policy may provide life insurance protection until the spouse is retired or the debt is repaid.

You pay monthly premiums here too. If you pass away during the policy’s term, the insurance company will pay the insured sum, also known as the death benefit to the beneficiaries. It is recommended to buy a term life insurance policy that is at least 10 times more than the annual income.

Guaranteed Issue Life Insurance (Finance Expense)

This is a type of permanent life insurance policy that assures approval on coverage irrespective of health or age. It is also known as a final expense policy, as it helps in paying for your funeral and other costs related to your natural death.

This no-exam life insurance policy is confined to a maximum death benefit, which is usually less for the long-term requirements of your financial dependents. They receive the full benefit only if some years have gone by. This clause prevents buying this policy when the insured knows about short life expectancy.

It is a good policy if health matters stop you from choosing a medically underwritten policy.