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personal finance

Are you a beginner when it comes to managing your personal finances? Fear not! In our article, we will be listing some basic and simple tips that can serve as your guide to having enough money to spend or save, no matter the situation.

Let’s get started! Here are our best personal finances basics to guide you towards financial freedom.

Best personal finance habits

One of the biggest factors to consider in managing your finances is to pay attention to your credit card usage. According to experts, the basic rule is still to maintain expenses lower than your income.

But there are many cases where this won’t be possible. This can result into excessive credit card usage and thus, credit card debt. Here’s a useful tip to guide you towards credit card debt elimination:

Create good habits for your personal finances

First, create a good personal finance habit. Start out small by controlling your credit cards.

You should know how to use your credit cards only in extreme cases. Keep in mind that while they are great tools when it comes to spending, but that they can also be a threat to your financial standing and push you away from the path of becoming debt-free.

As much as possible, you should limit using your credit cards. This is because your spending can easily get out of control and lead you to even bigger problems with debt.

Curb spending by creating a personal budget

Another one of the best money management habits to be followed is monitoring your consumer spending. You should always have a budget plan so that you can identify any unnecessary expenses and quickly curb them.

By doing so, you can ensure that your financial future will not be disrupted because of lack of sufficient money for unforeseen events.

In addition, you can also develop your personal budget planning skills and thus, achieve financial stability and good consumer spending habits.

personal finance

Always try to save for a good credit score

On the other hand, if you do have a good credit score but poor spending habits, you can still follow the second tip by exhibiting better control over your money. In this case, you should start setting aside a portion of your income as savings.

This will give you an opportunity to avoid interest payments, especially if you tend to accumulate a lot of debt during your working years.

Want to save more? Read our strategies on minimizing expenses and maximizing savings.

Plan for the future

In taking care of your money, you should always have a picture of your long-term goals. You should have a clear idea on what you want to achieve in your future because it can motivate you to continue remaining debt-free.

If you tend to save money for the long-term, you will be able to control better your spending through a personal budget and saving habits. You can start by saving money for your children’s education, retirement, home and health care.

Start managing your personal finances now

Lastly, it is important that you do not spend money that you have saved or that are left over. In fact, saving money is the key to having a comfortable financial future. Therefore, start saving money now and get ready for the best financial future you can ever imagine.

There are many benefits that come with using credit cards. However, they can also be a source of financial crisis if you are not careful. If you are a card holder, you should be aware that there are certain obligations and terms that you have to comply with. Some of these include paying off your bills on time, paying your monthly dues on time, and not using your credit cards for extravagant purchases.

This is why it’s important to know the basics of personal finance to avoid getting yourself into trouble with credit cards. For a more detailed read, here are 50 personal finance tips from The Muse.

If you want to know more about credit card troubles, check out our posts about credit card balance transfers and secured personal loans.

credit card balance transfers explained

Credit card balance transfers (explained)

Credit card balance transfers are often used by consumers who want to transfer the amount they owe to a credit card with a significantly lower promotional interest rate and better benefits, such as a rewards program for cash back or points for daily spending.

What is a credit card with balance transfer? Many credit card companies forgo balance transfer fees to attract cardholders.

Often, they can also offer a promotional or introductory period of six to about 18 months in which no interest is charged on the transferred amount.

Potential problems for the cardholder

The challenge of transferring a balance means carrying a monthly balance, and carrying a monthly balance involves making timely payments of at least the minimum due on the transfer for any new purchases. Otherwise, you could end up losing the introductory credit card APR on your transferred balances along with the grace period, and incur surprise interest charges on new purchases.

With care, smart consumers can take advantage of these incentives and avoid high interest rates while paying off their debts.

Also, a history of late payments, a low credit score, or a bankruptcy declaration by the cardholder can result in a decrease in the transfer.

Where to look for a credit card with balance transfer promo

If you’re looking at a credit card comparison website, be aware that these sites genecredit card debtrally get referral fees from credit card companies when a customer applies for a card through the website and is approved. Additionally, some credit card companies have influenced the information that websites post.

How to make a credit card balance transfer with 0 interest?

After getting approved for a card with a 0% interest balance transfer offer, find out if the 0% rate is automatic or dependent on a credit check. The next step is to determine which balances to transfer. Then calculate the transfer fee. Is there a quantity limit on the fee? If not, that may make transferring larger balances worthwhile.

Requesting a balance transfer

Although it is called a balance transfer, one credit card actually pays another. Mechanics include:

  • Balance Transfer Checks – The new card issuer provides checks to the cardholder. The cardholder makes the check to the card company he wishes to pay. Some credit card companies will allow the cardholder to write the check for them.
  • Online or phone transfers – The cardholder provides the account information and the amount to the credit card company to which they are transferring the balance and that company arranges the transfer of funds to pay the account.

Transfers to existing cards

However, this can be tricky if the existing card already has a balance and the transfer will only add to it.

Also consider what will add a large sum to a card’s credit utilization rate, that is, the percentage of available credit that has been used, which is a key component of your credit score.

Comparison with personal loans for credit card debt

Some financial advisers consider credit card balance transfers to make sense only if the cardholder can pay all or most of the debt during the promotional rate period. After that period ends, a cardholder will likely face another high interest rate on their balance, much like the interest rates of payday loans.


Transferring credit card debt should be a tool to eliminate debt quickly and spend less money on interest without incurring fees or hurting your credit rating. Once you clearly understand the terms, calculate well before transferring, and create a realistic payment plan, taking advantage of 0% interest on a new card could be a smart move. As long as you do your research, you shouldn’t have a problem finding the right balance transfer card for you.

cut living expenses and increase savings

Making a difference in your wallet

Cut Living Expenses And Increase SavingsIs the secret to saving up for your own home deposit as simple as abandoning smashed avocado toast for breakfast? Well not really, however spending less really does make a difference to cut living expenses and increase your savings.

On top of creating a financial budget, a fiscal savings plan and procedures like for example a high-interest savings account, a good way to save can be to trim or eliminate frivolous expenses .

Cut living expenses by knowing them

It truly is not difficult to lose track of exactly how you are spending cash, more than ever as a result of cashless transactions not to mention cards that will easily screw up anyone’s best intentions.

Lots of internet banking programs include resources in categorising debits and creating a budget – make full use of them. Or download an app that can help you to create a record of your living expenses on the run, for example Australian Securities and Investment Commission (ASIC’s) TrackMySPEND.

Increase savings by redefining what exactly are your “necessities”

A certain amount of costs cannot be prevented, but you can definitely cut living expenses by starting out with reducing some inessential expenses. Case in point you could:

• Decide to move back home with your Mum and Dad, or maybe relocate in to a cheaper property or share house. A little pain and discomfort is going to pay off handsomely ultimately. Winners are often Grinners.

• Put into practice strategies that include healthy meal planning, preparing grocery lists and buying in bulk to save cash on food items. Schedule a budget for any take-away food and stay with it.

• Research the internet to cut living expenses – you can get far better value if you should switch, or communicate to existing service providers you mean to we are debt freeswitch. Try to get discount rates for getting a range of insurance policies with the one insurance carrier.

You needn’t be scared, if you do not ask you won’t get. It will take a shrewd person to generate cash and an even smarter one to hold on to it

• Make use of your motor vehicle a lot less: take trains and buses; car-pool with colleagues; or maybe try walking or even cycling and grab two for one because of the extra health benefits. You’ll be surprised at how rapidly it all leads to extra savings.

Make sure that you’re paying back financial debt or charge cards wholly each and every month or as much as possible, to circumvent the extra cost of coughing up interest charges.

Reduce overspending and create a budget

cut living expenses and increase savingsIf you happen to spend excessively on things like buying apparel, going out or pricey hobbies, it could be unrealistic to trim down the expense wholly. Set in place a weekly or monthly limit and decrease that limit down the road to increase savings.

A recent study in excess of 1,000 Aussies established that 73 percent battle with overspending. For example, men and women are inclined to get carried away as soon as the holiday season arrives.

To scale back gift expenditures, copy Santa: compose a list and create a budget. Buy only planned things that are part of your given monetary budget – then you should stop! Make sure you ask all your family for support; it’s less difficult to put a limit on Christmas present values if everyone else truly does also.

Another prevalent way Aussies spend over their limits can be on holidays. Commonwealth Bank studies have revealed that a third of holiday makers went and forked out more on their escape than planned. Do your homework and make a day-to-day spending budget to reduce overspending and avoid debt.

Unnecessary fees that can be done away with

Watch out for opportunities to wipe out fees. Call off seldom used goods and services. Update your web-based or smart phone systems if you are constantly spending on excess data.

Ask these questions: are you gonna be genuinely generating use of that gym account? Are you presently getting value through your subscriptions? Do not forget, each and every burned dollar is dough you could be ploughing back into your own place.

secured personal finance

secured personal finance loanAt present, everything is evolving radically in today’s personal finance world. In fact, it is not really an outcome of any sort of opportunity, it’s really a consequence of the natural progress of the prosperity that is showing out in today’s market.

Who qualifies for secured personal finance

That money may be put to good usage if the men and women who have it put it to use in the right manner and one best method to work with it would be to get that cash as a secured bank loan.

A secured personal finance loan is really a bank loan which is given to people of varied background, it could be a small business owner, a normal individual or of any other personal profile. They offer the opportunity to people to face their difficulties and most often help out with finding a remedy for that.

Secured finance is usually utilized for the following top reasons including:

• For the purpose of home renovation
• For credit card debt settlement
• For wedding event purposes
• For work reasons and for
• Education purposes

The list could also differ with the profile plus the need of the hour for that individual who borrows the money.

Secured personal loans are usually the better choice

Due to its characteristics, secured personal loans are often regarded as a better choice when compared to any other lending products in that particular group. Secured finance give such superb characteristics that it becomes tough for almost any prospective customer to miss its viability and also their uses. A few selected highlights of secured personal finance loans are:

• Like the name implies, they can be obtained any time a customer provides a security to the lender, this produces a level of reliability for each party.

• They are actually cheaper than almost every other lending options.

• They also offer other features at the same time i.e. minimal repayments plus a extended repayment period.

• They are certainly more flexible than almost every other financial loan.

• They are also offered to prospects who have a record of poor credit. Using these loans, it can be an easily available alternative that enables them to attain their targets.

Checking out these attributes, it’s not that difficult to imagine reasons why more and more of the common public around Australia are looking towards secured finance as a potential answer with regards to financial necessities.

Secured finance can make life easier

Another thing that gets into favor of secured finance is definitely the ease that one could apply to acquire the financing.

All that’s needed to be accomplished is just determine your requirement and then apply for the financing through the source that would be most comfortable to you personally.

Secured Personal Finance loans are actually one critical discovery for individuals, as they quite simply have proven their unique mettle in today’s world plus they assist many people having difficulties. Therefore, those unfortunates who are in these circumstances may take out these financing options for their advantage as well.

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cash advance loans

Cash advance loans are fast and simple

dark green letters spelling payday loans on white scrabble tokens on a yellow back ground

Fast cash advance loans are the best simply because the loan application is simple and cash is released fast. This means both ease and convenience for the borrower.

In both the Internet and local firms that offer these cash advance loans, they observe swifter procedures of application and approval, which may take only a couple of minutes for your benefit.

Lenders for there types of loans are widely available even online, and you’ve got the capacity to make an application for many different forms of cash loans because of the wide array of selections accessible.

Most people are making the most of the ease and convenience of cash advances. Many of them are received by the following day whilst others are provided in a few minutes! You will not need to deal with much additional expense when you are employed and are on-time in paying back the cash loans.

Loan providers and connected charges

The minimal finance fee of numerous cash advance loans is $25. The optimum amount of charges you will pay for a payday loan is $100.

You might think that amount of money is high but in the end, it will be well worth its value upon remembering that the loan will assist you to resolve your financial emergencies or in buying a limited edition item.

Money advance loan providers aren’t tight or that strict in comparison with other lenders in regards to applicants with bad credit scores. The standing of your credit score would not affect your eligibility for cash advance loans. In many firms, people could make an application for cash loans without even having to show their credit record.

Commonly, candidates will only have to provide their pay check stub, ID, and bank account to borrow money with no credit check anymore.

Describing payday advance loans

A payday loan is a short-term, personal loan offered by a licensed loan company. You can acquire these kinds of loans even with no collateral or security deposit.

Here are several cases where you need a payday advance loan:

1. You may need bucks to take your car to a repair center however, there are still a few weeks to wait for the next paycheck.

2. You’re in need of funds to acquire a limited edition product or a rare item that you have always wanted.

3. You or your family member is experiencing a health emergency and you need to pay for an expensive medical procedure.

Every reason is justified, but be sure that you could pay for the loan instantly.

Do not avail yourself of this type of loan just because it is simple to obtain. Your debt may become greater if your re-payment is untimely and exceeds the due date.

Factors to consider in applying for a personal loan

The waiting time for personal loans vary from a few moments up to a day. In many cases, you will pay $25 (minimum amount) for each $100 borrowed when availing yourself of them.

Your credit status for cash advances will only be approved if you are qualified credit wise to apply or otherwise not. Usually, it will only need your photo ID, banking account and pay stub.

Based on the mentioned above points, these financing options are extremely helpful. Nevertheless, you need to ensure to settle the loan promptly and on time to avoid ending up in a debt pit.

For more guidelines and readings about payday loans, check out our posts about the do’s and don’ts of payday loans or the things you need to know in understanding the terms and conditions of payday lenders.

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terms and conditions of payday loans

The Terms And Conditions Of Payday Loans

If you have a hard time making ends meet every month, it is possible that you had already taken a payday loan or are considering this option.

For wondering loan applicants who want to apply for this loan but don’t know what they are, let’s make it short. A payday loan can be taken at a loan store or online lender, however, they are not a bank and cash advance loansthey require post-dated checks or direct debit agreements as collateral in most cases.

Payday loans are usually less than $500 but you will end up paying more than that since these type of loans are known for their high interest rates.

It is important to understand the terms and conditions of payday loans before you sign the contract. These establishments have earned a bad reputation because they make it almost impossible for the borrowers to pay them back.

This creates a cycle, the stores keep getting money and the person has a debt that keeps getting bigger.


Go through every detail carefully; know how much you are getting, for how long and at what interest rate. Evaluate if it is really convenient, you may want to visit a different store before making a decision.

Also prepare a plan so you can pay the loan back as fast as possible.


These loans are known for their high interest rates, it could go as high as 400% interest, which can makes it virtuallydark green letters spelling high interest rate on white scrabble tokens on a red back ground impossible to pay back in a month.

By law. the interest should be 30%—40% but most places do not follow this rule and offer flat rates. You can get $20 per $100 for 7 days, it does not sound bad but if you are not able to repay on time, those $20’s start to multiply.

After 21 days, you end up paying $160 instead of $120. Keep those numbers in mind before you get a payday loan.


Time is key when it comes to short term cash loans, in theory you are borrowing money until your next pay day. The timetable could go from 7 days to 14 on average, this is the time you will need to get your pay from work.

Know exactly when you must payback and make a plan so you can meet your commitment. Otherwise, you will be increasing the amount you will have to pay back.


Scales of justiceIn Australia, the Federal Government are looking at creating federal laws to regulate loan stores, they are trying to prevent usury and the predatory lending policy.

The high fees make the lending process very profitable, which is why so many loan stores are still in business. People that take a cash loan for the first time find it hard to quit after only one loan.

chances are that this person will take cash advance loans for years and their debt will continue to increase dramatically over all that time.

Federal laws are trying to protect impoverished people, they are the main target of this type of loan. People usually take multiple loans in different stores, and this way, they are never able to truly break the cycle of debt.

Before taking one of these loans, consider your options, organize your monthly budget or even think about other types of loans that are safer and more secure. Reducing your expenses, getting a part time job on the weekends or selling things that you do not use, could be a better option than taking a high-risk payday loan.

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