Joseph Nelson

27/05/2024

18/05/2024

Top Down vs Bottom up budgeting tactic, take notes 📝

09/05/2024

How to Manage Money Better?
Create a Budget!

03/05/2024

Save first, spend later:

Pay yourself first. Around 60% of us save money either every, or most, months, according to research. If you are struggling, try using the 50/30/20 approach to budgeting.

This means allocating 50% of your take home pay on your needs (bills, food, minimum debt payments), 30% on wants (eating out, leisure, sport, etc) and 20% towards future you (saving for emergencies, short term and long term goals).

This split may not work for you when money is tight, so simply adjust the ratios as you go.

27/03/2024

Negotiate lower interest rates for mortgages :

Mortgage rates for 15 and 30-year mortgages are at a historic low. Negotiating your mortgage interest rates depends on multiple factors, which include existing credit scores and debt-to-income ratios.
If you’re in the market for a mortgage, shop around for the lowest rates. Try and get other lenders to beat the lowest rate you found so they win you as a customer.
Be sure to ask for a rate lock, so your rates stay low for as long as possible

21/03/2024

Wise words💯🧐

01/03/2024

“Like a well-nourished body, a healthy cash flow is essential for the vitality of your financial future.”
― Linsey Mills

29/02/2024

💯

14/11/2023

Credit score utilization!

29/09/2023

Sort out late payments

If you are always late with a payment look to see what you can do. Even ask about a payment holiday to get you back on track. And look at other payment options such as Direct Debit if you tend to forget to make the payment manually.

18/08/2023

Debt Avalanche vs Debt Snowball

31/07/2023

“Once your money is in balance, you can stop worrying about it. Managing your money becomes automatic.” ― Elizabeth Warren

29/07/2023

CREDIT EDUCATION :

Avoid Expensive Purchases as much as Possible
In case you own a credit card, use the card for small purchases. For instance, paying fuel bills and utility bills. This will help you keep the credit utilisation ratio as low as possible and boost the CIBIL score accordingly.

27/07/2023

If this isn't me posting, replying to comments and then a DM pops up🥹

23/07/2023

Responsible Borrowing: Educate yourself about responsible borrowing practices.

This includes understanding the terms and conditions of credit agreements, reading and comparing offers, and borrowing only what you can afford to repay.

22/07/2023

Managing Debt: Gain knowledge about managing debt effectively.

This involves creating a budget, prioritizing debt payments, and exploring strategies to pay down debt, such as the snowball or avalanche method.

21/07/2023

Identity Theft: Learn about identity theft and how to protect yourself.

Understand the importance of safeguarding your personal information, recognizing common scams, and taking steps to prevent identity theft.

20/07/2023

Credit Monitoring: Understand the importance of monitoring your credit regularly.

Consider using free credit monitoring services or subscribing to credit monitoring agencies to stay updated on changes to your credit report and detect potential fraud.

19/07/2023

Risk Management: Financial intelligence involves assessing and managing financial risks effectively.
This includes having adequate insurance coverage, diversifying investments, and understanding how to protect assets and mitigate potential losses.

13/07/2023

When you go years, or even months, without charging anything on a credit card, don't be surprised if the issuer cancels your account. A credit card issuer has the legal right to close your account as it deems necessary, and inactivity is one of the most common reasons for closure.

12/07/2023

11/07/2023

Closing account can lower credit score!!

30/06/2023

Most people see their tax refund as a great reason to go out and grab that new iPhone they’ve been eyeing; or maybe a quick trip to some tropical all-inclusive !

While spending your money on the things you want right now is always fun, consider the other option:
you have the opportunity to kick start a new financial beginning. Your trip to Los Cabos will eventually come to an end, and bills will still need to be paid, debts will still hang over your head. It’s mere fleeting gratification vs. real change.

Consider using your tax refund as a stepping stone to financial security instead.

29/06/2023

Self employed? Not sure what you can write off on your taxes? Here are some of the big ones:
Home insurance
If you work from home, a portion of your home insurance can also be considered a business expense and can be written off on your taxes.