Sorting out your pension plans early

Starting a pension plan as early as possible is extremely beneficial, and you will certainly thank yourself later in life. You are never too young to start thinking about your long term money plans. As you leave education and begin working, your employer will talk to you about a pension scheme, and will discuss with you about how much you wish to contribute. Pension contributions are done in percentages and you can begin with the minimum amount or start at a higher contribution and reassess how you are managing with current finances. Your pension contribution amount can be changed at any time, but it is always to keep your percentage as high as you can manage, as this will benefit you once you retire. Many young people put their pension...

Should I hire an accountant?

  Should I hire an accountant? This is a popular question for new business owners, and there is no simple yes or no answer. Sorting out and managing your incomings and outgoings in one thing but calculating your taxations can prove a little too difficult, that when an accountant comes in handy. Hiring an accountant could save you money in the long run, as they can calculate an accurate tax summary. They will be able to optimise the declaration of any expensive, which could give you a nicer end of year tax figure. Accountants are able to professionally submit your businesses annual tax statement without the risk of getting it wrong, which can often be the case when attempting it alone. An accountant may also be able to offer you...

Expensive Purchases: Credit Card vs Bank Loan

When it comes to the almost age old question of whether you need a credit card or bank loan to pay for expensive purchase, there really is no straightforward answer. It really comes down to a few key factors that effect the choice of whether to go either with a bank loan or credit card. One of those is cost. There are a number of fees –application fees and annual fees- and upfront costs to be considered to get the best-valued deal. For such large purchases, a bank loan is suitable as credit cards act as revolving credit whereby you are given a certain spending limit to work with. However, if you are looking to have continued access to credit; credit cards will work best for your needs. How you...

Create a saving plan with your bank

If you are struggling to save money, you may want to seek advice from your local bank’s customer advisor. Book in to have a meeting regarding creating and managing a personal saving plan. Banks can offer valuable advice regarding the type of saving account to open that best suits your needs and requirements. They can also offer money saving plans and ways on spending less and saving more. You can create automatic money transfers from your current account to your savings account, on or after your payday. That way you will be contributing towards your savings account before you end up spending it during the month from your current account. If saving is currently unfeasible, your bank can offer you an arranged overdraft, that you can use if you become...

Are you considering a payday loan?

If money is a little tight this month, you may have considered a payday loan. Payday loans are a quick and easy way to get money, however they tend to have a large interest rate and require payment back within 30 days. If you are unable to pay the amount loaned plus the interest rate by the deadline you will certainly see a large bill building up. If you decide you need the cash, and will definitely have the money to pay the loan company back on your next payday, you shouldn’t have any issues. An alternative to a payday loan is an instalment loan, allowing you to borrow money and set a time frame to pay it back by. Time frames can be between 6 months-years, depending on the...