Michael Welter

What will you do when your debt spirals out of control? Perhaps you no longer know where to turn next. A lot of us spend far beyond our means and cannot save adequately for future’s needs/emergencies. And more often than not, it spells disaster! What if you suddenly lost your job, or any other source of income? And you are in a mortgage, had a medical problem? What would you do now? Before you get trapped in this situation, or worse, bankruptcy. Observe these warning signals and steps so that you can take the right decision: KNOW HOW MUCH YOU OWE. - Some people doesn’t even have any idea how much they actually owe compared to how much they earn. Spending may seem be a satisfying and great outlet to relax, but NEVER forget to think about first on how these purchases are going to be paid. Are there any available funds to take care of them? Think about late payment fees and other surcharges that may be incurred. This can lead late payment fees and incur elevated interest rates.

You can no longer concentrate and sleep properly thinking about your financial problems  .Many people fall into financial trap that leads to  DEPRESSION. One may admit it or not, most often than not, financial  problems or issues play a sensitive part in one’s daily life. Once the  Creditors start calling you randomly even during unholy hours, sending  notification letter/s, or worse, collection agencies will deal with you  personally. When you are really pressed for options, tendencies would be to borrow  AGAIN from another creditor/s or loan sharks! If you give in to another  financial trap, you will never get out of debt in your lifetime, and  that’s a guaranty. You may owe some amounts from Creditors/Banks, but when you are in trouble  paying them off, the best option is to seek debt relief. You can arrange  for a certain period of time to settle your financial obligations with  your Creditor/s, while looking for ways to have additional earnings, such  as: Tak

Credit card debts can leave you with sleepless nights. This may also hinder from attaining your financial goals. But, it is not saying that credit card usage is a disadvantage. In fact, can be an excellent part of your lifestyle! It allows you to take advantage of free travels/perks. It also gives you purchasing power on things that you want/need to buy. With the proper attitude and planning on your credit card usage, you are likely to be successful in managing your card purchases. Here are few steps in using credit cards without falling into the debt pit: > Stop creating a debt pit – Prior your credit card usage as part of your financial plan, you need to make sure that you are not creating deeper pit of debt. Realize that debt is a symptom of the problem. You need to have your spending under control so that you are not exceeding on your planned budget. If you feel that you are sinking deeper on debt, STOP credit card usage at once! Try to go at least few months wit

We think negatively when we hear the work “budget” – basically, it is just a simple plan to have a better picture of your incoming and outgoing funds. It is a way of steering and taking control of your money. Who should budget? Anyone will benefit from a budget, it is not just i8mited to people who are having financial problems. One will be able to distinguish and realize the difference between feeling in control and being able to plan ahead. If you are spending less than what is coming in, you can use a budget to work out how much you can “save” each payday. We call it “paying yourself first”. If you are spending more than what is coming in, you can use a budget to see where that extra fund is being spent with. And you can also check on where to cut down when it comes to additional expenses. Building your budget In creating your budget, we simply add up how much fund is coming in and out of the household coffer, then work on the difference. The result w

If not sure whether you should save or invest, the answer is probably both. It all depends on goals and your financial situation. This guide will help to plan out your finances for short term savings and long term investment. - Difference between saving and investing : Saving - putting money aside - a lump sum. Usually save for a particular goal, like for a holiday, deposit on               a house, or emergencies that might crop up. Often saving means putting your money into cash products,          like bank and building society deposit accounts. Investing - taking some of your money and with the aim of making it grow, by buying things that                 might      increase in value, like stocks, property or shares in a fund. - Who should save? Everyone who could spare extra money from their expenses should save. Rule of thumb is to have three     months’ essential outgoings in an instant access savings account. This is called an emergency fund.     Importan

Here are great tip that will help you choose the best investment tailor-made for your needs: > Review your needs and goals – It is well worth taking the time to think about what you want from your investments. Your needs and goals and your appetite for risk is a good start, so start by filling in a money fact find. > Consider how long you can invest – Consider time frame as to when your funds are needed.                 - If you’re saving for a solid investment in the next couple of years, consider investing in shares or funds is not feasible. Stick to cash savings accounts like Cash ISAs.                 - If saving for pension/retirement funds, ignore short-term investment and focus on the long-term, it will       tend to provide a better chance of beating inflation and reaching your pension goal. > Make an investment plan - Once you’re clear on your needs and goals, draw up an investment plan – this will help you identify the types of products that sui