Tag Archives: credit

5 ways of making your project affordable

If you’re planning an upcoming home renovation project such as a bathroom or kitchen, you’ll quickly realise that funds disappear when not managed properly. Budgeting your project down to the last “nut & bolt” can be a menial task, but this attention to detail can save you headaches in the long term.

In addition, sourcing financial support from a number of widely available options can help spread the cost of your project, allowing you concentrate on the finish rather than the finance. Here are 5 top ways of making your project more affordable:

A Home Improvement Loan

Many people turn to a home improvement loan when it comes to financing a renovation, with many banks offering competitive products that are quick and easy to apply for. They work in the same way a personal loan would, with different banks offering different deals depending on your circumstances. As with anything, shop around for the best possible interest rates as they can vary from 5% – 8% depending on your credit rating.  Providing you tick all the boxes, you’ll get the money straight away so your project can be finished quickly and efficiently.

Retailer finance

With an abundance of suppliers in the marketplace, competition has never been stronger. Many retailers now offer their own versions of finance deals to help make your dream kitchen or bathroom become a reality quicker than you’d expect. The interest rates are often very low making retailer finance an affordable option for anyone, with some of the larger retailers offering 0% finance on complete supply & fit options.

Credit cards

Many of us would instantly turn our noses up at credit cards, branded with the image of high interest rates and unrealistic minimum payment options. However, credit card companies have changed their methods in a fast track way to attract new customers, offering 0% interest on purchases for those with strong credit ratings. Be sure to pay off your amount within the grace period (or switch it to another card) as you may face interest rates of up to 25%.

Using your mortgage

The previously mentioned options are all quick and easy ways of getting your project started, but some people now are utilising low interest rates as a way of paying for large projects. By re-mortgaging your home to suit a better finance deal, you’ll often find yourself with a larger source of funds to work with. This isn’t a quick option however as the entire process can take time, not to mention potential fees which can be upwards of £500.00.

Plan & Save

At the risk of not confiding with the ways of modern society, you could always plan your project well in advance, using good old fashioned saving to gather the necessary funds. It’s the way it’s been done for many years before the dawn of credit! Put away a little each month for a set period of time to pay for your renovation, leaving no trail of credit repayments when you settle down to your first hot soak in your new bathroom. There is no better feeling!

How did you plan for your project? Let us know on Twitter @divapor or visit our newly renovated Facebook page!

 

 

Superior Supermarket Control

Taking control of your spending whilst carrying our your weekly or even monthly food shop can be daunting task for many. Endless offers for the latest product, multi purchase discount and clearance items for next to nothing prices are just some of the causes for filling your shopping trolley with items that rack up your final bill.

Here’s a quick but effective list of ways you can make sure you leave the shop with things you actually went in for and nothing more – courtesy of the Healthy Hideout:

  • Choose a basket – Although you may not enjoy using them as they require a lot more effort, go for a basket instead of a shallow trolley. With less space, you’ll be heading to the checkouts when your baskets full rather than trying to fill your trolley with extras you simply don’t need.
  • Make a shopping list – It’s almost a given to make a list before you go shopping, but many of us still choose not to make one. Make yourself a list of the items you need and stick to it. There’s a reason why the milk and bread are often far apart or on the other side of the store at your local supermarket – You’ll have to pass many different aisles to get there buying items you don’t need.
  • BOGOF’s (buy one get one free) are not your friend – Realistically, ask yourself how many biscuits you can eat in a week or how many apples you’ll consume in the same time. Supermarkets often provide offers on stock they need to clear quickly. This normally means means the consumer ends up with a years supply of Pringles they didn’t actually want simply because it was a “good deal” at the time. Buy loose fruit and veg as it often works out cheaper!
  • Carry cash – By taking a set cash amount to the supermarket with you, you’ll be bound to stick within the allowance you have to spend on shopping. Taking cards tempts you to spend more than you actually need to on items you don’t really need.
  • Get rid of the vouchers – Many of us find ourselves surrounded by vouchers offering savings for our weekly shopping bills. Stop and ask yourself if you would have bought that product or item if you didn’t have the voucher? Vouchers tempt us to buy items we wouldn’t normally buy!
  • From top to bottom – When browsing the shelves at your local supermarket be sure to look from top to bottom at the products available. You’ll often find that supermarkets will place the most profitable products at eye level, causing the consumer the buy what the supermarket wants them to buy.

8 factors that affect your car insurance

Car insurance can be an annual headache for many of us, shopping around for the best quote or battling over the phone to stay with your current cover for a cheaper price. Insurance companies will create an insurance premium that judges how much of a risk you pose to them as a customer. If you are lower risk, you’re likely to have a lower premium.

car insurance factors

Make sure you're covered with a good premium!

Take a look at the Healthy Hideout’s top 8 factors that will affect your car insurance bill:

  • Profession – Some insurance companies will treat certain professions with more caution, so if your travelling long distances, working anti-social hours or carrying passengers your premium is bound to be higher than normal.
  • Job title – Without  pre-judgement about your work environment heirachy, it’s important to note that certain job titles will equate to a higher premium. People who are more inclined to stay indoors with less travelling are bound to have lower price tags.
  • Driving History – One of the most important factors – If you’ve been involved in many accidents or convicted for a serious motor offence you’ll almost certainly have to pay a much higher price for your cover. No-claims bonuses can really play importance with situations such as this.
  • Drive time – The more time you spend driving your vehicle, the more chance you’ll be involved in an accident. If you can commit lower mileage on your policy, your premium will of course be lower.
  • Car type – Many people don’t seem to realise that the type of car they drive actually effects the price of your policy. Brand new, popular or even classic cars can usually cost more to insure as they are considered more vulnerable to theft or repair.  Engine size and power also affects your policy negatively.
  • Where you keep your car – If your car is secure over night, your insurance cost will be greatly improved. If you keep your car locked in a garage, you’ll pay less than someone who parks their car on the street.
  • How you pay – If you choose to pay your annual insurance policy in one lump sum rather than monthly installments, it will cost significantly less. Insurance providers will charge you interest for the privilege of spreading payments.
  • Credit rating – Your credit rating will almost certainly come into play when purchasing an insurance premium. If you are in any way a liability for the provider to take on board your business, it’s more than likely that you’ll charged for the luxury.