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May 2017

HOW TO PAD YOUR WALLET WITH SOME EXTRA INCOME

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We could all use a little extra money at the end of the month, whether we’re saving for something big or not. Sometimes it feels like the only thing standing between us and our dream bank balance is the bills we have to pay each month. Fortunately, in this day and age there are many ways we can generate a little extra income so our wallets aren’t too thin at the end of the month. You’re only limited by your free time, your credit history, and your creativity. Keep reading to find out how you could have extra money at the end of the month.

 

 

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Make Money Online

Thanks to the internet, there are many legit ways to make money online, either full time, or whenever you have a few minutes to spare. It’s easy to find something that fits into your schedule, and it’s possible to make enough to supplement your income.  

 

Online surveys

Doing surveys online is becoming increasingly popular with students and other busy people because very little effort is required. Dedicated survey takers can rake in around £200 a year. Signing up is easy, but you should know that you won’t be making a lot of money right away. Still, this is good way to save up for your Christmas expenses. Be careful, not all survey sites are created equal. Some are legit and pay a decent amount of money for your time, but others either take longer to pay the same amount, or they’re scams.

Freelance writer

If you have a great writing style, you can structure an article and try to pitch it to an online magazine or your local paper. You might only earn a small amount at first, but once you’ve built up a reputation you can start charging more for your articles. Alternatively, you can apply for a part-time position with a content writing company and write as many articles as you can in your spare time. All you need to make this possible is a laptop and a good internet connection. Do some research and find out if there are any freelance websites looking for writers.

 

Make money from your website

The easiest way to turn a part-time hobby into a money-making scheme is by making money from your website. Even if you’re not one of the lucky few able to make enough to quit their day job, you might still generate enough income to pay your domain expenses. The quickest way to make money from your website is through affiliate marketing – which is where you endorse products you like to your subscribers. If your audience is interested in the product, they click on an affiliate link, and you get a split of the sale price if they purchase the product. Do some research and find other ways you can make money from your website.

 

Vlogging

YouTube is an excellent site for earning money. When you upload your videos you can enable adverts and get paid each time somebody watches them. Over a billion people visiting YouTube every single month so finding viewers for your videos isn’t difficult. You can offer language lessons, tips on how to play an instrument, or a review of a movie you’ve recently seen.

 

Sell your things online

The next time you’re trying to purge your belongings, check if you your old clothes and electronic devices are still in good condition. If so, you might want to hold off donating them and try and make a little extra money. You no longer need to organize a yard sale or carry boxes of books to a second-hand store. Simply create a profile and sell your things on eBay or Amazon. If they don’t sell after a month, take them off your profile and donate them to charity. Even one sale is money in the bank. If you’re particularly crafty, you could also make money from your hand-knitted scarves by selling them on Etsy.

 

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Loans

When you need to make money fast, a loan is usually what comes to mind. However, loans come with a lot of stipulations, and they may end up costing you more than you can afford. Not all loans are bad, however, but it’s good to be informed of all the different types of loans before you sign any documents.

 

Personal loans

If you need money to cover personal costs, such as a wedding, then a personal loan is the best option. Unlike mortgages, small business loans, or car loans, personal loans don’t have a designated purpose. You can borrow as much as you need, although if you ask for more than £25,000 the lender might ask you to put up an asset. You’ll get a fixed interest rate and you can pay it back over a number of years. However, if you do have a specific need for this loan, you should enquire if there is a type of loan for it.

Logbook loans

A logbook loan is a type of secured loan which relies on an asset as collateral, in this case, your car. If you own a vehicle that is less than ten years old, and you have a full MOT, then you’re pretty much guaranteed to qualify for a logbook loan, thus avoiding the need to jump through any hoops like you would with a bank loan. The amount you get will depend on how much your car is worth. However, you should know that if you default on your loan, the lender will take possession of your car to cover the interest. It’s risky, so it’s worth thinking about before you apply.

Payday loans

Payday loans are designed to be short term loans to help you get from one payday to the next. However, people tend to accumulate debt on this kind of loan if they aren’t able to pay it off within a 28 day period, thus increasing the cost due to high interest rates. However, if you’re reasonably certain that you’re only experiencing a temporary setback, then a payday loan might not be a bad solution. If you only needed to borrow a fairly small amount, a Payday Loans Net loan could be quickly paid off within the repayment period. As a quick and temporary solution, a payday loan is not a bad idea. People tend to get into the most trouble when they borrow large amounts for a longer period of time.

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In Your Spare Time

Even if you don’t have the time (or the energy) for a second job, there are still many ways you can boost your income in your spare time. Some of the following options barely require any effort on your part.

Tutor

Do you know how to play an instrument, speak a second language, or just happen to be really good at math? There are plenty of people out there who could use your skills. As a tutor, you could choose your own hours to fit around your family and other commitments, and you could charge what you feel is a fair price. Before you start advertising, however, be sure this is something you’d like to commit to, because you could be doing this for months at a time. It’s very inconvenient to your students if you suddenly decide to cancel all your classes. If you decide to go through with it, you can advertise for free on your own website.

Rent out your spare room

Sure, you could use your spare room as an office or home gym, but you could also use it to make a bit of extra money. If you’re open to the idea of having more people living in your house, then why not rent out your empty bedrooms to a lodger. It could be a student from a local college, an exchange student, or someone who’s moved for work but hasn’t been able to sort accommodation yet. Each of these options means you’ll have a temporary tenant, so you can try it out for a few weeks to see if you like the arrangement. At the very least, you’ll be getting help paying the bills, and maybe some help around the house if your tenant is considerate about the mess they make.

If all your rooms are currently occupied, then you might consider renting out your parking space or your garage. Startup bands are always looking for relatively cheap places to rehearse, and your parking space will be in high demand if you live near a tourist spot, airport, or sports stadium.

Help with odd jobs

Remember when you used to get paid to mow the lawn? Websites like TaskRabbit allow people in certain cities to list tasks they need help with like picking up a parcel or moving home that they are willing to pay for. This is perfect if you have a bit of free time on your hands. You will have to go through a quick verification to become a helper, but otherwise you’re free to pick and choose your jobs.

 

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5 WAYS TO MAKE MONEY FROM YOUR COMPUTER

It’s easy to earn money nowadays – if you know how. Looking further afield and utilising the internet for all that it’s worth has its advantages. Don’t stick to just what you know; think about what you like, what you enjoy and consider what you could be good at. Then put yourself in the perspective of whether you could do it from home, sat at your computer. It sounds promising, right? You’re not far wrong…

 

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Take Up Offers

 

This isn’t so much earning money as it is making it. There are some sites that offer tips on matched betting, playing games online for money and even all you need to know about Foxy Bingo. It’s all about taking advantage of the sign-up offers that each one is setting out for new customers, and only going as far as your know that your money will allow. If you have won, quit while you are ahead. This is something that a lot of people do in order to generate some tax-free revenue for themselves – quickly.  

 

Sell Your Hobbies

 

If you are into crafting, such as knitting and crocheting, consider selling what you have made on a site like Etsy or eBay. There will always be somebody out there who will be willing to buy what you have made. It could be right up their street. Others may not even know that what you have created was exactly what they were looking for. It doesn’t just have to be crafting in that sense. If you are into woodwork, plumbing, electrical work or anything else that you do more as a hobby than a job, you can get away with charging good rates for something that you enjoy doing.

 

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Start A Business

 

It’s becoming increasingly easier to set up your own ecommerce shop within a website that you have built. Buying items wholesale from places like China can be quite a lucrative business when you list them all online to sell. Knowing what’s hot and what’s not can be a tricky game to play, so it’s best to do your research before you dive straight in.

 

Get Creative

 

If you’re good at art or know how to twist your words around to suit other people, try looking for content writing, copywriting and graphic design jobs. There are thousands of companies and businesses out there who are looking for people just like you to get their websites up and running to where they need to be. If there isn’t anything engaging on there, people won’t interact with their business – and that’s where the creatives step in.

 

Take Surveys

 

Although this takes a lot of time to build up an amount of money worth collecting from them, taking surveys and completing quizzes for market research companies can be a fun way to pass the time as well as seeing which freebies you’re eligible for. Set up a separate email address (just in case spam starts to make its way over to you) and simply start answering questions!

 

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TIPS TO HELP YOU AVOID ONLINE SCAMS

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The internet is wonderful, it’s a great place where you can make money such as completing surveys or getting cashback.  Unfortunately, it’s also a place where people try to trick us out of parting with our cash.  There are people out there that are determined to defraud us and will use the internet to do it.  There are a lot of scams but below I’m sharing some tips on Email scams and fake websites.

 

Below I’ve pulled together some tips to help you spot a scam.  Remember, if you spot it you can stop it!

 

Email scams

 

Some fake emails can be difficult to spot, a lot of them are so realistic.  Email scams are also known as phishing where they try and get personal information from you and sometimes the email also contains a virus.

 

  • Always check the ‘from’ section of the email. This way you can check who it is really from.  Be wary of names which have spelling mistakes or variations of a reputable company.  If you are still in doubt, check the company website to see how their general email address.  You can also email them just to double check.
  • A lot of scam emails contain a lot of spelling mistakes and the ones from further afield use grammar that doesn’t make sense. Read the email carefully.
  • Links – if you are unsure about the email and the links contained within them – open another tab and go to the website directly – i.e. your bank or PayPal.
  • Report – if you suspect a phishing email report it to your email provider.

 

 

Fake Websites

 

Unfortunately, this happened to me recently.  I purchased some items from a website and in the end had to go to my credit card company to get a refund for goods that never arrived and never existed!  Below are some tips I am now using to ensure this doesn’t happen again:

 

  • Look at the contact us section of the website, try phoning them or emailing and wait for a reply.
  • Check for online reviews and see what has been reported.
  • Check with companies’ house, you can do a search for free if you have the company name.

 

 

Useful information

 

If you believe you have been the victim of a scam you can do the following:

 

  • Contact your local police.
  • Contact your bank / credit card company to let them know what has happened, they will talk you through the procedure to get your money back.
  • Report it through ActionFraud which is a great website providing hints and tips to prevent identity fraud.

 

 

Have you any tips you’d like to share?  I’d love to hear from you.

 

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UK COAST TO COAST: SAVING MONEY HOLIDAYING AT HOME

There’s a good chance that anyone reading this would say they have a desire to explore the world. That’s the benefit of a holiday for many of us – the chance to walk among different cultures, see different things, observe how life is lived in far-flung climes.

 

It’s a wonderful way to go about life but it’s also… there’s no getting around it: it’s expensive. It’s more expensive to pack for, it’s more expensive while there, and as for the cost of flights? Ouch.

 

So you find yourself wondering if maybe the UK could be the place to spend your summer holiday – and then you immediately think how terrible that would be.

 

It’s strange that most Brits have the idea that holidaying in our own country is so awful. It’s seen as being intrinsically cheap, nothing more than a way of saving money – despite the fact it’d be cheaper to stay in the Costa Del Sol for a week than it would spend a week in Edinburgh. Why would anyone even want to holiday in the UK, it’s tempting to wonder.  What has it got to offer? Surely it’s the last resort, the thing people do when they can’t go abroad – it’d never be anyone’s first choice, right?

 

Actually: maybe it should be. So while a holiday at home can save you money, that doesn’t mean it’s going to deprive you of sights, sounds, and experiences that you would otherwise travel thousands of miles to see.

 

One of the best ways to experience the UK is to look to one of its most unique geological features: it’s an island. The coast of these four nations can be absolutely stunning, and here’s the convincer you have been waiting for…

 

Wales: The Gower Peninsula

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Located on the southern coast of Wales, the Gower Peninsula is officially designated as an Area of Outstanding Natural Beauty. Not a bad way to begin, is it?

 

The coastline itself is beautiful, with numerous beaches to explore.. It’s easy enough to find places to stay in Gower that you can then use as a base to explore the rest of the region. The Brecon Beacons – one of the UK’s most stunning National Parks – are within day-trip distance, for example.

 

England: The Jurassic Coast

 

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The Dorset Jurassic Coast is a National Park, and take a walking tour along the famed route and it’s easy to see why. So named because of the ancient rock formations, there’s also plenty of beaches to discover along the way.

 

This area will also be familiar to viewers of the ITV drama Broadchurch, which took advantage of the scenery to base its storyline in the area.

 

Scotland: Oban & Surrounding Islands

Scotland Iona

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Not only is Oban itself beautiful – a quaint little town with an old-world charm – but there’s also plenty of options for exploration. Take a sea tour through the islands in the Firth of Lorn, such as Mull and Iona. Not only can you enjoy the scenery, but there’s plenty of chances to spot seals in their natural habitat.

 

Northern Ireland: Giant’s Causeway

Giants Causeway

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Last but not least, the amazing rock formation of the Giant’s Causeway makes for a unique and exciting daytrip. You can stay in metropolitan Belfast if you just want to visit for the day, or base yourself in nearby Bushmills if you want to take your time exploring in depth.

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BRINGING MORE MONEY IN TO THE FAMILY HOME

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Ask any modern family, and they will tell you that money is one of the most frequently revisiting problems they experience. For many of us, money can prove to be a real nuisance, and this is going to remain the case as long as you are not aware of how to improve it. As it happens, there are countless ways that pretty much any family can hope to bring in more money or to save what they already have. Knowing this, and doing everything you can to make the most of the situation, can mean that you live a much happier and healthier life with your family.

 

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Plan Meals

 

One of the most basic ways to save a surprising amount of money is to plan your meals well in advance. When you do this, you will find that it is much easier to save money on your weekly grocery shopping. And for most families, this does tend to be one of the major expenses, so reducing this is likely to make a considerable difference to your life overall. Planning meals is a lot simpler than you might think. Make sure that you vary your meals accordingly, and that you remember to actually plan for all meals (in other words, don’t forget breakfast and lunch!) Do this right, and your finances will thank you.

 

Live Greener

 

We have all heard plenty about living as green as possible. No matter who you are, you should agree that living a green life will help you to save a considerable amount of money. Not only that, but you will be helping the environment as well, so everybody really does win here. If you want to be a bit more green, there are plenty of things you can do, from the minor to the major. On a larger scale, you might want to visit the Nicholls website and see if ground source heat pumps are suitable for your home. This is a kind of heating which can save you a lot of money, and is more environmentally friendly as well. On a smaller, everyday scale, you could simply endeavor to use less water or to ensure your home is insulated properly. All the little changes you can make will add up to make a huge difference.

 

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Online Earning

 

If you actually feel in need of bringing in more money to your home, then you might be pleased to know that you can do that pretty easily these days. Thanks in large part to the Internet, you can now make extra money online incredibly quickly and easily. No matter what kind of time you might have to spare, no matter how little, you will be able to make some extra money if you know where to look. You have a lot of options here, but just make sure that you go for something that actually interests you above all. You don’t want to spend your time doing something soulless, but you can easily make a lot of money if you are happy, say, carrying out online surveys or installing a google add-on which pays you for clicks.

 

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EXPENSIVE TRAVEL MISTAKES TO AVOID AT ALL COSTS

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If you are scrimping and saving, and watching the pennies, all so you can afford a week or to join the glorious sunshine come August, you will already know that holidays can be expensive. But what you might not know it that you can make some pretty costly mistakes that can not only ruin your time away but also break the bank. Read on to find out what they are, and how you can do your best to avoid them.

 

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Booking with a disreputable provider

 

This is a big no-no. Any break away that you book, whether in this country or abroad should be done through a reputable ABTA protected provider. This is because if the provider goes out of business before you get to go away, you will be covered for reimbursement.

 

In a similar vein, it’s also a good idea to get the best holiday insurance that you can afford. Then if your flights are delayed, your accommodation isn’t as you expect it, or you have an accident,  you will be covered and not end up out of pocket as well as being put out.

 

Visiting a country in political turmoil

 

Some folks are all about the adventure when they book a trip, and there is nothing wrong with that. After all getting away from it all can be exciting and fun with so many different places to visit. But something that can often backfire is booking a trip to an area that is currently experiencing political upheaval such as Tibet, Egypt, and Iraq.

 

Not only do these areas provide a greater risk to personal safety in some cases, but are often much more difficult to get to and gain access to. This means delays and hassle are almost inevitable. Which can mean increased costs as you have to pay for accommodation, while all of these things get sorted out. If, in fact, they do get sorted out.

 

Not checking your documents before you travel.

 

passport

 

A massive mistake that far too many people make that can cost a lot of money is not checking their documents before they travel. If you don’t have the right documentation, you can be refused entry into a country.

 

Remember too that it’s not often a case of a simple no, but a delay after a long flight and an immigration by border official to discern whether you will be granted access or not.

 

There are many countries that require a visa or is waivers such as Europe, Australia, and Canada, which you can read more about at official-canada-eta.com. That means without them you are not getting in, no matter how much you have spent on flights and accommodation. Which can result in a massive waste of money and a huge disappointment.

 

Buying excursion from your tour operator

 

Lastly, another way that you can end up paying out much more than you need to when on holiday is by booking all of your excursions with your travel operator. Yes, it can be convenient to do so. Although you do have to watch that 2-hour presentation and waste your first morning.

 

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But you will probably find that similar excursions are on offer elsewhere for a lower price and that you can even probably book them online before you go, saving you money and time.

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3 REASONS YOU SHOULD EXPLORE THE WORLD

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There are so many reasons as to why you should really get out there and venture out of the country that you have lived the majority of your life in. The world has so much to offer, but in more ways that you may think. There are different cultures, cuisines, views and scents for you to take in; animals you may never have seen before, people that hold the same views and beliefs but can only tell you in another language. The ability for us to travel so easily nowadays is one that we should take advantage of and utilise to our heart’s desire – it may see you actually more in pocket in the long run…

 

explore

 

It’ll Help You Improve Life Skills

 

There’s a lot that you have to prepare before you go travelling. Looking up visa or ESTA information and organising what you have to do in order to travel to certain countries is one life skill that quite a lot of experienced people still don’t have. If you get immersed in the different cultures, you can pick up on care tips, cooking know-how and generally how to get yourself from A to B without much fuss. It’s also worth noting that a good handful of people have developed their personality skills whilst travelling; not only do different countries have a whole host of different etiquettes and rules that their people have developed over time, but you may find that they’re not as personable as you would like. Learning how to talk (and more importantly when to talk) in these situations could see you in good stead for future jobs where you are involved with those from other cultures.

 

You’ll Make Connections

 

Make a good impression and it’ll be one that’ll last a lifetime. Make a bad impression and it’ll last even further. Always try and stick with the former – be kind, be open-minded and be polite. You don’t know where it will eventually get you. There may be a chance for you to stay out travelling and be able to stay with those you have made friends with for free, or a lot cheaper than you had initially anticipated. Jobs can be found for you, or even recommended to you as they know that you will fit the bill and are happy to pass on your details.

 

 

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Bring Back What You’ve Learned

 

Know that something is big business in a country that you’ve visited and may think that it will work back at home? You’ve got an idea you can expand on. Seen a certain way of cooking a dish that you know that your friends and family will love? You’ve got a recipe you can sell. Got stories to tell, pictures to paint a thousand words and folklore to spread? You’ve got a book in your head, waiting to burst out. There are so many money-making opportunities with travelling that it’s often easy to overlook them and just put them to one side as a “nice experience”. Make the most of them and milk your experiences for all that they’ve got – you could be sitting on a small fortune!

 

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A GUIDE TO SURVIVING LIFE AT UNIVERSITY

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Heading off to university is both exciting and terrifying at the same time. On the one hand, the world is at your feet, giving you a sense of freedom and your first taste of the adult world. On the other hand, you are losing the comforts of your family home and entering an unfamiliar world with people you have never met before, in a place you may never have been to before.

 

university

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Chances are, you will enjoy your time at university. You will take courses that will lead you to an exciting career. You will make lifelong friends, and possibly even a lasting romantic relationship.


Whether your nerves are in shreds or you are a firecracker of adrenaline excited to make the move, here is a handy guide to surviving the first few weeks of uni life.


Before you get there

As soon as those dreaded exam results are in, your chosen university will be in touch with you to confirm your place. The information you are likely to receive will include a map of the campus, accommodation details and a guide to registration. Read the information you receive carefully, and make sure you understand what is being asked for you. They may include forms for you to send back to them, so do it promptly to cancel out any administration issues.

Check out the university website and find out any other useful information you need from there. Also, there is likely to be a dedicated Facebook page set up, so join in and meet other students before you even set foot in the halls.

Consider your finances

Whether you have signed up for student finance, borrowing from the bank of mum and dad, or you have saved up your hard-earned cash, you are going to need to spend wisely.

Firstly, consider the course fees as they need to be covered first. Then there are the other essential items such as textbooks and computer equipment. If your accommodation is part of your university fees, Cashfloat has useful information for new students. When buying equipment, remember you do not have to buy everything brand new.

 

Check online for any discounted items on Amazon, or head to the university website where other students may have items for sale.

Unless you an accountancy student, the idea of budgeting could be a nightmare. However, there are money management apps you can download onto your smartphone which will help you manage your money.

You don’t want to get halfway through the term and discover you have run out of cash, so useful budgeting will help you plan for essentials, and let you know what you have left over for the fun stuff!

You will be entitled to discounts as a student, so using your ID, you can expect to find bargains on items such as clothing and computers, as well as getting cheaper rides on public transport.


Some students prefer to get a job on a weekend. It may cut down on your partying time, but it is safer than taking out a credit card or another loan. Check the notice boards at uni for available jobs.

Arriving

univeresity

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On arrival, try and meet as many people as you can. These friendships may not last, but they will see you through the early days.

There will be many people floating around who are all in the same boat as you, so they will be eager to buddy up with you as well. There is nothing worse than making no contact and finding yourself alone.

It is likely you will encounter those feelings of fight or flight when you arrive, and your instinct may very well be the latter. Again, you aren’t alone, so if you encounter any issue, your family may only be a phone call or Skype conversation away to give you same parental advice and comfort.

There will also be a student support team in place, so when you have a problem speak to somebody who will be able to identify with the feelings you are going through.

 

Freshers Week

This is your first week at university. You will be overwhelmed, and you will probably get lost a lot as you explore your new surroundings. This is perfectly normal, as this week is all about your orientation in a new place.

Enjoy the experience, and find out all the answers to those important questions, such as ‘where is the cheapest bar’ and ‘how do I find my way home afterward.’

Head to the fresher fair where you will be able to see what clubs and societies are available. Find something that suits you, be it chess club or outdoor pursuits.

Expect quirkier choices too, and join as many as you realistically can to enhance your prospects of meeting new people.  You will also be able to pick up plenty of freebies. You can never have enough pens, right?

 

Good living

Don’t lock yourself away in your accommodation and become a wallflower. Get to know your new flatmates and introduce yourself. You may be introverted by nature, but push yourself at the beginning, and hopefully, you will make a new friend.

Ensure you take part in all the important things such as getting involved in household chores. It is a good idea to make a rota, so everybody does their share of cleaning and cooking.

Be respectful of other’s people’s living space by not playing your music too loud, or coming home late at night. Be respectful of them and hopefully they will be respectful of you.

You may now have the freedom to eat what you want, but you should still consider your health, as you are going to need a lot of brainpower for the studying ahead. Eat a balanced diet, especially plenty of fruit and those vegetables you always fed to the dog.

Above all, have a good time and be responsible. These are some of the most exciting years of your life, so make the most of the opportunity.

 

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3 CLEAR SIGNS OF GOOD INSURANCE

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These days, you can pretty much take out an insurance policy on anything you like – chances are, there will be a company somewhere willing to sell you such a policy. Of course, this is not to say that it is always necessary. But when you do want to take out insurance on something, either because it is a legal duty or because you just want to, then you want to know that you are going for a policy which you can trust, and a company which you feel you can rely on. It can be hard to know that is is the case, but as long as you keep your eye out for a few key signs, you should be able to spot good insurance policies when you see them. Let’s take a look at a few of those signs, so that you can be in a better position to find policies that suit you and which you can trust.

 

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Trustworthy Broker

 

These days, the majority of insurance companies work through brokers. If you are unsure what that is, it is actually quite simple. Essentially, the broker is the person or organisation who deals with the customer-facing aspects of the business. While the insurance company themselves actually deals with the policy and so on, the broker communicates with you directly, and is often the one who decide on whether a claim is successful or not. As your main point of contact, you probably want to be able to feel that you can trust them – and this is a good sign of an insurance company you might want to go for. If you can’t trust them, then it might eventually result in you taking out professional broker claims against them or worse – and you can believe that they don’t want that!

 

Fair Premium

 

It goes without saying that you will expect to pay some kind of a premium. After all, they have to make their money somehow. But you should be savvy when shopping around, and treat it like any other purchase which you might make. Be sure to go for a premium which you feel is fair for the policy you are getting. This can be hard to determine, especially if you are not experienced, so make sure to ask a financial advisor if you feel you need to. As long as the premium is fair, you will probably feel that you are happy with your choice, so this is a major sign to look out for.

 

Clear Terms

 

There are few things more frustrating than when an insurance company fails to be clear in their communications with you. When this happens, it can result in you losing out on a lot of money in the worst case scenario, and that is why you want to go for a company which is absolutely clear in its terms at all times. Be sure to read through the terms of the policy when you take it out – and if there is anything dodgy, then don’t go for it, but go elsewhere instead.

 

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HOW TO BE SMART WITH YOUR INHERITANCE

 

 

We were talking to a great friend the other day about inheritance. His grandfather passed away and left him a sizeable chunk of money that he wasn’t expecting.

 

What became clear right off the bat, though, was how immensely bittersweet the topic of inheritance is, and how much respect it demands. Not only that, but it is also clear that this topic has one foot firmly placed within the realm of taboo.

 

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Not talking about it, though, can be dangerous. They were his words, not ours. You suddenly have this money, which kind of translates as freedom, this chance to better your situation and use it as a way to remember a loved one, but that needs real consideration. That’s when we began discussing how to best invest an inheritance package with, you know, real long-term growth.

 

This is not an uncommon thought, apparently. That’s something we found out when doing a little bit of research, speaking to beneficiaries, probate solicitors, tax experts, and accountants. As such, we have come up with a list of things to consider when looking to invest an unexpected inheritance package.

 

  1. Look At The Bigger Picture

One of the first things you need to do is look at your careful and decide how this cash fits into the picture. It could be that you have debts with high-interest rates or credit cards to pay off, in which case it makes sense to invest some of your inheritance in paying this off.

 

However, if it is a mortgage or a student loan that you are considering paying off then we suggest you stop. Why? Because these are debts with low-interest rates and tax deductions, and that means your inherited cash could be better used elsewhere.

 

  1. How Much Of A Cushion Do You Have

This is always worth going through with a comb of any size because it could play a biggish factor in how much you rip from the wad and put to one side. For example, if you don’t have a cash cushion of any kind at the moment, then we suggest you put a sizeable chunk of your inheritance in a savings account you can easily access.

 

This may sound a little too sensible, but sensible is good when you’re talking money. If you want some guidance on how much you need to tuck away, the unwritten rule is a minimum of three months worth of expenditure. This is essentially a ‘just in case things go belly up’ account.

 

  1. What Vehicle To Drive

It is pretty much always worth speaking to an accountant. Period. This is because choosing which investment vehicle is primed to suit you – and your very bespoke situation – can be a tricky thing to get your inexperienced head around. They will be able to tell you about how you can use your inheritance to bump up your 401(k) retirement plan and hit the maximum contribution.

 

They may suggest you set up a Roth IRA and go through the best way to do this. Perhaps they will suggest high-interest saving account with your children named as beneficiaries on the account to avoid this inheritance going into probate should anything happen to you. There are a lot of options, which is why calling in the professional is never a bad shout.

 

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