Categories
Debt Consolidation Business Consolidation Loans Debt Management Financial Planning Short Term Loans

Coronavirus: Financial Security in a Pandemic

Financial security and pandemic. The two don’t really go hand-in-hand, do they? As if facing a global health crisis wasn’t terrifying enough, the world’s economic nosedive is hitting Australian families and individuals hard. Really hard. But as with most things in life, rest assured there will be light at the end of the tunnel. As cheesy as it sounds, we really are all in this together. Out of this strange and unwelcome period will come a brighter future for Australia and the rest of the world. So while we work on our self-isolation best practices, what are the steps we can take to achieve a sense of financial security in a pandemic?

Find out what government support applies to you

The Australian Government is currently providing financial assistance to Australians during this uncertain time. The assistance includes income support, household support and temporary early releases of superannuation. All the important details can be found here.

Be sure to also look at your state government and find out what packages and recovery efforts apply to you.

South Australia: The SA government has unveiled a $1 billion jobs stimulus package. Keep an eye on media releases and updates here.

Tasmania: The Tasmanian Liberal Government has prepared a $420 million stimulus package to support Tasmania. Keep an eye on media releases and updates here.

ACT: The ACT Government has prepared an economic support package of $137 million. Keep an eye on media releases and updates here.

Northern Territory: The Territory Labor Government’s $65 million Jobs Rescue & Recovery Plan has been introduced to keep shops open, cash flowing and Territorians working. Keep an eye on media releases and updates here.

Western Australia: The WA State Government announced a $607 million stimulus package to support WA households, pensioners and small businesses in the wake of COVID-19. Keep an eye on updates here.

Queensland: The Queensland Government has announced a $4 billion COVID-19 package to support Queenslanders’ health, jobs and businesses. Keep an eye on updates here.

Victoria: The Victorian Government has announced a $1.7 billion economic survival and jobs package to support small and medium sized businesses in Victoria. Keep an eye on updates here.

Write up a budget plan

If ever there were a time to start being conservative with your funds, now would be it. You’ll feel an alleviating sense of financial security in a pandemic if you can stick to a well-curated budget. Remember, the ever-changing economic climate brings all kinds of financial stress, so you’ll want to keep updated on what’s happening and budget around that.

Accept the current state of affairs and do what you can to work around it. Try to avoid spending as if everything is normal in the world. Evolve and adapt your spending to suit the current climate. That being said, please don’t panic buy.

Panic buying goes against the idea of budgeting for a pandemic. You might find yourself buying excess of what is necessary, being left with little funds to support other areas in need. Excessive stockpiling can also lead to price gouging, which is when the prices of certain supermarket items double or triple in price. None of us want to pay $20 for toilet roll.

Pay attention to budgetary changes

Now that you are in self-isolation, you will notice certain expenses disappearing and others rising. As you won’t be leaving the house, you will no longer be paying for petrol or for drinks or a night out. You will, however, be using electricity and water at home a lot more. Consider these variables and tailor your spending habits around them. You will need to pay close attention to what money goes where as it will be different to your routine money management system.

Carefully consider a loan

Australian Lending Centre is a leading provider of bad credit loans and consolidation loans Australia-wide. We strive to assist people who have multiple credit cards and personal loans. With the introduction of the coronavirus, we understand finances are tighter than ever. ALC can lend a helping hand. We offer a wide range of financial services and can provide a product to match your individual needs. From debt consolidation and debt management, to credit repair and low doc loans, ALC can help. Get started on your loan application here.

Look after your mental health and well-being

It may be the last on our list, but it is indisputably the most important. A healthy mental state is vital to feeling a sense of financial security in a pandemic. If you feel mentally on top of things, the finances will follow.

Avoid Fake News and Sensationalised Media

One of our top tips would be to avoid fear-inducing media if you find yourself inclined to anxiety. Although we have addressed keeping up to date with the latest pandemic news, this doesn’t mean delving deep into conspiracy theories and reading about all the tragedies. Have an understanding and be aware. Just don’t spend all your time consumed by COVID-19 news.

Stay Busy and Engaged

Try to keep yourself occupied with hobbies. Read a book. Go for a jog. Clean the house or learn a new recipe. Being homebound doesn’t have to mean being bored out of your brain. It certainly doesn’t mean sink into the couch and rotate through Netflix series’ all day.

Seek Support

Finally, seek support if you’re feeling helpless. Beyond Blue has a dedicated page on its forums to help those who are experiencing mental health depreciation due to the current global crisis. You can contact the Australian Government Department of Health on their national helpline (1800 020 080) for information on the pandemic. There will always be people you can speak to and people who can help.

Categories
Debt Consolidation Debt Management Financial Fitness Financial Planning

How To Save Money When Online Shopping

Online shopping has become a convenient and easy way to buy what you want when you want..  Crazy bargains, heavy discounts, fast delivery, and convenience are only some of the reasons why people are shopping online. With all these ‘crazy’ bargains we are seeing an influx of people overspending. Consumers are buying anything and everything. Now – this is not necessarily bad; but if you find yourself turning into an online shopaholic, it may be time to start thinking about how you can save money when online shopping.

Here are some of the ways to save money when online shopping

Be quick or have patience

Have you hopped on to an online retailer to see the entire page full of Sales? You quickly find a nice pair of shoes. They are reduced by 15%, oh and they only have one more in stock. Luckily it’s your size. You cannot miss out? Can you? You add the shoes to your cart and away we go.

Finding a bargain can well and truly save you money, but sometimes, you’re really just falling for digital psychology – yes this is a thing!  Rather than buying with your emotion, stop, take your time and assess whether you need the item or not. If you really do need them and they are cheaper than competitors then go ahead. If however, you wait, you may see a further discount online. This discount may come later on through an email notification so don’t forget to register for their email notifications and then wait.

Search for coupons and use them prudently

The majority of people now are aware of registering to receive the seller’s email promotions. In saying so there are still a variety of online coupon providers such as Groupon that can help you save that extra cash. Search online for online coupons and use them at your disposal. Sometimes you may even be able to combine multiple discount codes. Win-Win.

Find the right days

Most companies have conducted their research into when shoppers are most likely to purchase. It is on those days that they will offer brains to draw customers in. For example, research suggests that the best time to buy clothing online is a Monday. Shoppers may save anywhere up to 50% on pants. Using that to your own advantage can be helpful. Buying your stuff on the right day will help you save. All it takes is a little research and patience.

Showcase your loyalty

Register for loyalty reward programs if you are a frequent shopper of a particular site. Your reward points on discounts and gifts will accumulate as you purchase your products. However, avoid going overboard when purchasing products to accumulate the points. The last thing that you want to do is buy something only for the sake of accumulating points. Save them and use them when you really need to.

Utilise social media

For the quickest and easiest way to catch a bargain, make sure you follow your preferred online shopping sites on social media platforms. Press the like icon on their Facebook page, start following influencers on Instagram and get on board their Twitter page. This is the easiest and greatest way to find out when products are on special. There are always giveaways and discount codes that get are available online.

Avoid overpaying on shipping

Thousands of companies allow you to jump the shipping fee if you buy goods worth a certain amount. Rather than making single purchases, consider creating a list of stuff that you need and order then all at once. When shopping online, look for websites that offer free shipping and whatever you do stay away from express shipping – unless you really need to.

Try to outwit dynamic pricing

A smart way to save money when online shopping is to take advantage of dynamic pricing. Dynamic prices can be defined as a fluctuating price that is shown to consumers depending on various factors.  These factors can include location, spending habits, current demand, and browsing history.

For example, if you’re shopping for an airline ticket, you may notice the price will change. You may have paid $500 for your first flight but when you check back on a different browser or your friend’s phone, the price has increased or decreased. There are two ways in which you can outwit the dynamic pricing.

  • Clear browsing history and cookies. This will make you appear like a new client on the site
  • Sign out all your account and use incognito mode to browse anonymously

Final word on online shopping

Use these tips to save some cash on all online purchases you make.  That can be via discounts, cash-back sites, smart tactics, shopping vouchers, and coupons. Above all avoid using buy now pay later services such as Afterpay. These services can lead you to a pit of debt.

Categories
Debt Consolidation Credit Card Consolidation Personal Loans

Saving Money On a Lower Income

There is a range of strategies you can employ to make saving money o. One of the major areas that can save you a lot in the long term is debt consolidation. There are also some other lifestyle choices you can make to improve your financial situation.

Many people think it is all too hard, but everything you do will help, even small changes can make a huge difference. We can all employ a range of measures that will prevent budget blowouts without sacrificing all the things you like doing.

If you are finding yourself on the roller coaster of no savings, bad debt management, poor (or no) budgeting and everything is a bit chaotic, Australian Lending Centre has some tips and tricks to get you out of bad debt employing activities such as debt consolidation, saving and feeling in control again.

First things first – Where Does Your Money Currently Go?

If you don’t yet have a budget, keep a financial diary for your pay period and track how you are spending your money. The Money Smart website offers a great money tracking app to make this easier. This will give you valuable insight into your habits and areas you can save.

  • What are you spending your money on?
  • How much is left over at the end of the pay period?
  • What money needs to go out on payments and bills?
  • Are there any areas of waste or unnecessary spending?
  • Are there areas where you are going backwards and getting into arrears?

Planning and Budgeting  – Where Will Your Money Go?

Once you have a record of what your current spending entails, get online to the Money Smart website and complete the budget tool. Be sure to include all your debts, payments, bills, and income. Mark payments and amounts in your calendar. Most bank online apps have the ability to schedule payments, so they come out when they are due, but if these are also in your calendar you won’t get any unexpected payments coming out. These regular payments can including things like:

  • Mortgage or rent
  • Car payments, car registration and insurance
  • Household/health insurance
  • Credit card payments
  • Loan repayments
  • Store card payments
  • Afterpay/ZipPay (remember that defaulting on these can effect your credit score)
  • Utilities such as gas and electricity (you may want to discuss bill smoothing with your provider – this is a regular payment over time rather than a massive and shocking bill each quarter)
  • Internet and phone

Bad Debts? Talk to the Credit Provider

The bottom line is that companies want to be paid. They are always receptive if you explain your situation, especially if you have, or are, experiencing financial hardship. You may be able to negotiate with them to reduce or put a hold on payments until you get back on top of things. Of course, you still have the pay the money back, but a hiatus on payments can help in the short term. Some credit providers will allow you to reduce the final figure if you can pay the debt outright. If they offer this, it may be time for debt consolidation. If you are too overwhelmed by the phone calls and letters, then talk to us about negotiating on your behalf.

Next Steps – Take Control With Debt Consolidation

When loans and credit cards get beyond what you can cope with in terms of interest and late payments, it might be time to call in help from the experts. Companies like Australian Lending Centre can offer a solution for a bad credit debt consolidation loan. This is where you negotiate with lenders for a reduced payout figure and then apply for a single loan that will cover all your bills in one payment with a lower interest than general credit cards and late payment fees. Having one simple debt consolidation loan payment to go out eat pay period is going to be a lot easier than trying to remember everything. The sooner you simplify your payments, the sooner you will be in an easier financial situation.

Money-Saving Tips

Turn off the TV

Are services like Netflix, Foxtel, Stan, Hayu and the iTunes store getting beyond ridiculous? Try cutting out all but the most popular one, to cut back. Turning off the TV will also help cut back on power and expose you to less spend-inducing ads. You might also have app subscriptions that you don’t need. Although these are small they can add up in a month.

Stop Hoarding and Start Selling

If you have closets full of unwanted clothes, try selling them online. A good clean out also helps you to see what your wearable wardrobe looks like so you can plan your clothes shopping to maximise your shopping budget. Also if you buy anything make sure it goes with the other items in your wardrobe. Take advantage of sales, why pay retail when most clothes will go on sale towards the middle of the season.

Look for those habits that add up

You can cut back on your habits, such as drinking alcohol during the week, smoking (probably goes without saying but your health and budget will thank you), buying coffees, can all save a surprising amount as well as having general health benefits. Limiting your drinking to the weekend can save hundreds a month, depending on your drink of choice. That bottle of wine after work at $15 a night can really add up over the week. Similarly, a $4 coffee each day is $20 a week. Make coffee at home in a keep cup and save money and the environment.

Stop using your credit card

By switching to using your debit card or cash for purchases, you will be more aware of your spending habits. It will also prevent the slide into bad credit debt.

Be frugal at the supermarket

Most of the time, buying in bulk or larger sizes are cheaper over time, so check on the prices for the larger sizes. Don’t shop with kids. Pester power is a thing and can increase your spend at the checkout. Never shop when you are hungry. Buy less meat, which is expensive, and opt for more meat-free alternatives, such as tofu, beans, and pulses.

Eat Smarter

With a busy life, planning meals can be a real chore, but while using services like Uber Eats seems like a good alternative, you are actually paying $5 on top of takeaway prices and it really can add up at the end of the pay period. By shopping in bulk, cooking healthy meals and taking the leftovers to work for lunch, you can save quite a lot each day.

Are You Missing Out On Government Payments You Are Entitled To?

Lastly, make sure you check all your entitlements with regards to government payments. As a low-income earner, you may be eligible for some form of financial support if you aren’t already receiving a government benefit. When every dollar counts it’s worthwhile claiming all you can. To check on payments and entitlements, check out the Department of Human Services. Even a small additional payment may ease your financial burden. Living on a low income is hard, but these payments are designed to help.

Small Changes with Big Returns

Once you have a clearer picture about where your money goes, you make changes to your lifestyle and start on the path to greater financial control, the happier, healthier and less stressed overall you will be.If you need help with debt consolidation, please get in touch. We’d love to hear from you.

Note: This information is general, and doesn’t take into account your specific personal and financial circumstances.

Categories
No Credit Check Loans Business Consolidation Loans Business Loans Financial Fitness Financial Planning

Developing Budgeting Techniques for your No Credit Check Loans

The aim of this article is to give you all the tools and techniques to improve and develop your budgeting techniques so you can fully enjoy the benefits of no credit check loans.

Do you have any concrete plan for your loan the moment you acquire it?

A financial plan will allow you to do the following:

  • Build your brand without fear of not being able to support the marketing campaigns
  • Boost your sales and income
  • Reach your target market
  • Get referrals from satisfied customers

Here is a step by step guide on how to create a budget for your no credit check loans:

Understand the real meaning of budget

A budget is a piece of paper, document or app that records the following:

  • actual income
  • projected income
  • expenditures over a period of time

When budgeting for no credit check loans, you should consider the following before making a decision about spending.

What is important to me?

Are you willing to trade off a comfortable retirement for a holiday in the Caribbean? Do you want to eat at nice restaurants and charge them on credit cards, copping interest in the process? Would you prefer to pay for your children’s education instead of purchasing an extravagant model of car?

Each of us has our own priorities. Someone else’s priorities may seem to be trivial to you. A simple event can be other person’s bucket list experience. Your choices depend upon what is significant for you. Sadly, a lot of people get into debt for things that do not really matter to them in the grand scheme of things.

How do I want to live?

Nobody wants to live below the poverty line and not everyone is comfortable with debt. But, when a crisis occurs, such as family breakdown, health issues or unexpected changes, you may be forced to go into debt — which may be too great for you to handle. Thinking about creating a debt management strategy, could help you handle debts and free up a little income to meet your daily expenditure.

How can I accomplish my financial goals?

Visualise your future

Imagine what it would be like to build your brand with the income that you have and the revenue that you can get if you manage your business well. The challenge is to bridge the gap between your present situation and your vision.

You can ask yourself, ‘If I want to be that person, what can I do right now to get there?” The answer may be uncomfortable for you at first, but when you see that you are getting through with it with flying colours, you will be encouraged to continue until you succeed.

Set realistic and achievable financial goals

What are your long-term and short-term goals?

Do you wish to save $50,000 for a down payment to your dream house? Do you want to be totally free from debt in 5 years’ time? Or, do you want to save $500,000 to put up a new business outlet? Your goals should be specific. Put a deadline for each of them and review or adjust those goals until you accomplish them. For example, if you want to have a comfortable retirement, define ‘comfortable’. When do you want to retire? How much money do you want to receive each month? Where do you want to live?

Set short-term goals or those that you can accomplish in less than a year. Perhaps you want to pay off your $100 credit card debt in 6 months or save $2000 for a nice pair of shoes for Christmas.

Make a plan on how to accomplish your goals

Here are three factors to consider when creating a strategy:

  • Income: How much does your business make? Look into your net profit to have an idea of how much you can afford to save on a daily basis.
  • Consider your fixed and variable expenses, and your cash flow projections. The problem arises when there is nothing left for you to save.
  • Does your business maintain an emergency fund to cover unexpected expenses? If not, you may have to resort to financing to access quick cash and avoid possible business disruptions. If you have goals, it is important to start filling up your savings account as soon as you can.

Allocate the proceeds of your no credit check loans to meet your financial goals

If you have long-term goals, you can use the proceeds of your loan to boost your capital and eventually increase sales and income. It can also help you meet short-term goals, such as paying suppliers, buying new equipment and other urgent expenses. Budgeting for no credit check loans is crucial.

Sometimes, you have to make tough decisions to ensure that your projected income would exceed your projected expenses. You can either get a loan to raise your capital and eventually increase your income, or you can use it to consolidate your other debts and eventually save money in interests and fees.

Categories
Business Loans

Plan Your Business Loan With A Business Loan Calculator

Are you looking to take out a business loan? Do you want to have a ballpark of our debt service coverage? If so, using a business loan calculator can you help plan for the future of your business.

Business loans can be used to expand your trade to a new location, upgrade your facilities, or invest in other assets to increase the overall returns of your business. That’s why it is important to know the benefits and risks of taking out your loans. Would it be good for your business or are the risks not worth it?

Business loan calculator can help you if you want answers to the following questions:

  1. Which of my loan options is more suitable for my financial needs?
  2. How much will I pay for my business loan? It is important to understand the financial commitment of borrowing money before you sign the loan contract. Otherwise, you may be taking out an amount you can afford to pay for.
  3. What are my options? A loan calculator can help you compare your business loan options. If you can’t afford the payment terms, then you can think of other ways to make ends meet.
  4. Is my loan decision correct? It can educate you about the basics of a business loan, from monthly repayments to the total interest payable.

Australian Lending Centre has 4 types of loan calculators:

  • Loan comparison calculator: You can use the loan comparison calculator to compute the repayments you may have to make between two different types of loans. You can see how much you will be able to save if you choose one over the other.
  • Loan repayment calculator: How much will you repay every month?
  • Budget planner calculator: It helps you work on your budget.
  • Extra repayment calculator: It can show you how much you can save by making extra payments to your loans.

Second, while the calculation may not be accurate having a ballpark of your future financial obligations can help you plan your repayment and assess your capacity to do so.

For example, the budget calculator can help you come up with a workable budget to save more money, pay off more debts and invest more on assets to increase your returns on investments.

Businesses, even with the same size may not get the same amount of loan. One of the reasons for the discrepancy of the amount of loan is credit score. Lenders are not so excited to work with people who show signs of financial struggle because of the risk of not being paid back.

Third, it can help you decide if you need such lending product to build your business. If the interest rates and the lending structure do not match your capacity to pay; and other terms would be putting burden on your business, than liberate it, you can move on to another option.

Australian Lending Centre offers quick and easy-approval business loans to help you fund your business. Use our business loan calculators to help you make then right decision.

Call us and we will do our best to assist you!

Categories
Financial Planning

Top money saving tips with a financial planning strategy

If you are trying to save money, then you won’t be short of advice on how to go about it.

The Internet and various conventional publications are overflowing with well-intentioned wisdoms.  Many of those ideas are perfectly credible and even laudable but unless you’re either very experienced in financial management or psychic, you may struggle to make sense if at all.

That’s because some elements of that advice are going to be in conflict with each other and it’s also fair to say that great chunks of it may not be particularly pertinent to your individual circumstances.

However, don’t give up!  The answer is what’s called a financial planning strategy and here are some top tips about how to go about putting one together.