The following post is a guest post.
Everyone would like to have nice things, to live in a nice house, have regular holidays and only buy the best quality. Ironically that does not always mean shopping in the well-known retail outlets; at times their success is as much based on their marketing ability, their success in establishing a brand, as to the superior quality of what they are selling. There have been several ‘scandals’ in recent years relating to inferior goods being sold to the consumer from supermarket shelves. In some cases ingredients in processed foods have been disguised, in other cases descriptions could almost be interpreted as downright lies.
The result is that the brand suffers and the organisation has a task to restore its reputation. It would be wrong to suggest that quality brands do not stand out and the fit of a quality suit, tailor-made shirts and hand-made shoes does look altogether different from a cheap wardrobe. A nice wardrobe at a competitive price is the answer but even that is beyond the means of someone in financial trouble who is unable to pay monthly bills.
Take Action: Do a Budget
Financial stability involves a number of elements; regular income, using that income wisely and cutting out waste. Recent years have been difficult with the recession hitting consumer confidence and employment prospects for those that had lost their jobs poor indeed. The recession has faded and the future is brighter. That is good news but is only of value if those in trouble yet back in work take other action to improve their situation. The action may be slow in improving things but with persistence the day may well come when those quality shops are back in reach once more.
The process begins by identifying income and expenditure, leaving nothing out. The aim is to produce a realistic budget which will provide the financial guidelines to follow in the coming months. Those in regular employment should be able to write down the income side of the equation fairly quickly. When it comes to expenditure some items will be easy but others may require estimates. What is important is remembering levels of casual expenditure. The major items are likely to include mortgage where applicable, otherwise rent, utility bills and interest payable on credit cards or loan repayments. These last two items are often the ones that need examination. Certainly anyone that has balances on credit cards will be paying a high rate of interest without really bringing down the size of the balance if they are paying the minimum required.
Loans Can Help
Loans have become increasingly difficult to obtain from traditional financial institutions especially for those people who have had difficulty meeting their liabilities; that is reflected in a credit report that those institutions will refer to when they receive an application for finance.
On a positive note those people who appear to be taking action to improve their financial circumstances are likely to find a sympathetic ear from online lenders that place more reliance on an applicant’s current income and future prospects than their previous history. The logic of these lenders is that many people got into financial trouble because of the national, indeed worldwide, economic situation. They were powerless but if they appear to be keen to get back on a solid footing they deserve support.
It is a fairly easy exercise to go online and find such lenders. They market themselves online and the good ones will ensure that their websites are comprehensive, describing what they have to offer and the costs involved. An instalment loan, especially one that repays any credit card balances will save money. The interest rates on offer for loans, even for those with a poor credit history, are far lower than credit card companies are charging.
It is surely worth logging on to find out more. After all if the monthly expenditure can be reduced them the budget will look more promising. Anyone who can successfully stick to a budget that creates a surplus each month is on the right lines towards financial stability. It may still be a while before the quality shops are in reach but with patience and perseverance the time will come.
Collaborative post
Leave a Reply