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Category Archive: Money Saving Tips

  1. Taking Steps When Dealing with Debt Problems

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    Taking Steps When Dealing with Debt Problems

    When it comes to debt, it’s normal for us to want to bury our head in the sand and hope the problem will go away. However, the likelihood is that the problem will continue to snowball, often leaving us in a position worse than before. While debt can be seen as something of a stigma, it is actually something a number of us suffer from. In fact, back in 2013, a study showed that over 57% of families were struggling with debt in Ireland.

     

    Why We Fall into Financial Hardship

    When we fall into financial hardship, it’s easy to blame ourselves. Of course, there can be instances where we can change a few things to make budgeting a little easier, but debt is something that can creep up on any of us unexpectedly. One of the main causes can be a change in income. Some of us may have been made redundant, or lost a source of income. As such, out financial commitments can suffer.

    The Kind of Debt We Can Incur

    For some people, they could be behind in rent or mortgage payments, whereas others may be struggling with loans and credit cards. When trying to meet several different commitments, you will often find yourself in a vicious circle with no resolution in sight. Many assume that they have to suffer in silence, unaware that there is help available to those struggling due to debt.

     

    Dealing with Debt 

    One of the most difficult steps to take when dealing with debt is the first one. When we first start tackling our debt issues, it’s normal for us to feel a little overwhelmed with the number of things we have to do. If we’re not experienced in dealing with debt, we can find that we hit a series of brick walls when trying to deal with the debt. As such, many can be deterred from ever dealing with the problem.

    However, many may be surprised at what free debt advice is available, which in turn can offer those in debt several solutions. For example, personal insolvency is something that comes up a lot when dealing with debt, but not everyone is sure of what it entails and what ramifications there are.

    Bright Day Finance was set up to help those in debt and can arrange a free appointment with a trained Independent Debt Advisor who will advise just what options are available to those in debt. Although debt can be crippling for many, seeking out debt advice in Ireland from Independent debt advice professionals will ensure that you’re fully aware of your next steps, regardless of whether you’re considering insolvency, or just looking for some advice in relation to credit card debt.

     

    Moving Forward

    It’s completely normal to feel anxious when we start to deal with our debt problems, but having access to the right kind of advice will ensure that you’re on the right path when it comes to dealing with financial commitments, while ensuring a solid plan is in place moving forward.

    If you’re currently looking for some free debt advice to ensure that you’re moving in the right direction financially, then why not contact Bright Day Finance today to see what options are available.

    Rory McGonnell

    Founder of Bright Day Finance

    Personal finance expert and blogger who has an interest in money saving ideas.

    Agnes K. from Galway

    “Rory McGonnell and his team have been our rock since we started with Bright Day Finance! I don’t know what we would have done without him to sort out our finances it’s been a weight off our shoulders and we have been able to sleep better and not be so stressed knowing he’s taking care of our debts.

    He always contacts to make sure we are happy with everything and that if we need any more help with friends or family he is always there to listen and advice”

    Maurice C. from Ballinasloe

    “To begin with I was lost in the recession being in the construction game, rising debts and pressures mounting I contacted Bright Day Finance for some guidance and after the first consultation I felt easier in my day to day as they (the banks and credit companies) let up on the letters that get under your skin. Bright Day is a friendly service, helpful and I honestly would have been lost without them this past year, I couldn’t speak more highly of them.”

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  2. Great Ways to Make Extra Cash

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    Great Ways to Make Extra Cash

    It can be difficult to survive just on your wages as everything seems to be getting more expensive.

    You might just need extra cash to pay the bills every month or you might be trying to pay off your credit cards or loans. It maybe the case that you have not had a holiday for a good few years and these ideas might help you save up for that long awaited break away!

    Most people don’t receive a pay rise every year and when you factor in inflation, the value of your money could even be getting less. So to help make a little extra cash, I’ve put together a few of my favourite ways below.

    Here are my top 5 ways to make extra money in your spare time that I’ve tried myself.

    Rent out your spare room, lots of people are now using Airbnb to roughly make an extra €400 – €500 a month.  You will need to pay income tax on any income earned on Airbnb or you could go for the tax free option and look for a long term lodger/tenant. (Revenue now allows you to earn up to €14,000 a year in rental income tax free) Our neighbours now rent out their whole house at weekends and make about €200 a night. They stay at their parents while they have bookings, if you have friends or relatives that don’t mind you staying with them most weekends this could be a good way to make extra cash. ww.airbnb.ie

     

    Become an extra on your favourite TV show or a blockbuster movie. This company website www.movieextras.ie says it may be possible to get paid €50 – €150 a day and some TV adverts pay up to €2000. I spent an exciting week as an extra on Garfield the Movie 2 a few years ago and got paid really well while having a week off work. I played a lawyer and spent most of the week out in the sun meeting lots of great people while I did funny scenes with animals and drove a car. I remember the food on location was delicious and free too!

     

    Have a car boot sale, get up early on a Saturday morning and sell everything you don’t need. Some people can make up to €200 a day and you could even ask your relatives or neighbours if they want you to take away anything they don’t need anymore. We did a car boot sale last year and made about €300 from lots of items we no longer needed and they were just taking up lots of space in the house. You will need to get up early, probably at about 5am to get a good spot for the day. It’s a good idea to spend the night before pricing your items as we didn’t do this and when we opened the back of the car we were literally jumped on by professional buyers, (they buy and sell items every week and make a good profit as they know what price to buy and sell at) It was fine for us as we just wanted to sell everything we had.

     

    Warning!! Don’t buy anything while you are at the car boot sale as you will just come back home with a car full of items you don’t need.

     

    Dog minding/walking, if you love dogs and have time at the weekends you could look after a furry friend for someone who wants to go on holiday but doesn’t like putting their dog in kennels. You could an earn €10 – €30 a night. Our dog stays with the same girl every time we work away or if have a weekend break and he loves it there, it’s like his second family. She also walks about 10 dogs every day and has made a business out of walking dogs before she picks up the kids from school. If you set up your own dog walking/minding business make sure you take out Pet Business insurance cover as it’s good to have an insurance policy in place to cover any accidents and also owners will take you serious if you have insurance.

     

    Rent out your car parking space, you could earn up to €300 a year if you live near the city centre, airport or a train station. www.justpark.com will advertise your space for you and usually charge you a fee of 20% to use their service. We live 5 minutes away from a football stadium and have been renting out our driveway to one of the supporters for the last 4 years. He pays €350 a year and knows his car will be in a safe place every time he goes to a match or visits the city. It’s an easy way to make extra money every year and we just need to make sure we move our car or leave enough space for him to park on the driveway when he’s visiting.

     

    I really hope some of these ideas can help you make some extra money this year and every year going forward.

     

    Have a great week everyone.

    Rory McGonnell

    Founder of Bright Day Finance

    Personal finance expert and blogger who has an interest in money saving ideas.

    Agnes K. from Galway

    “Rory McGonnell and his team have been our rock since we started with Bright Day Finance! I don’t know what we would have done without him to sort out our finances it’s been a weight off our shoulders and we have been able to sleep better and not be so stressed knowing he’s taking care of our debts.

    He always contacts to make sure we are happy with everything and that if we need any more help with friends or family he is always there to listen and advice”

    Maurice C. from Ballinasloe

    “To begin with I was lost in the recession being in the construction game, rising debts and pressures mounting I contacted Bright Day Finance for some guidance and after the first consultation I felt easier in my day to day as they (the banks and credit companies) let up on the letters that get under your skin. Bright Day is a friendly service, helpful and I honestly would have been lost without them this past year, I couldn’t speak more highly of them.”

    See If You Qualify For 70% Debt Write Off



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  3. 12 Ways to Save Money This Year

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    12 Ways to Save Money This Year

    Here are some money saving tips that could cut those households bills and save you money in other areas too.

    Winter is here and it’s starting to get colder and our heating bills are higher this time of year so it’s a good time to see where you can save money on those household bills and your other outgoings.

    1. Budget, sit down and work out how much money you have left after all your bills are paid and then try and stick to a weekly budget for food etc.

    2. Save money by changing your electricity/gas supplier. Every year I check to see where I can get the best deal and then I move to them. You could save up to €400 a year by switching both your gas and electric.

    3. See if you can get Free banking, some banks give you free banking if you lodge €2500 into your account every month. Free banking could save you up to €160 a year.

     

    4. Take your credit cards out of your wallet and leave them at home. If you have them with you, you might be tempted to use them.

     

    5. Shop around every year to get the best price on your insurances, TV package, broadband and mobile. Lots of websites are now available to help you find the best deal and switch. You could save up to €800 a year by switching your home insurance, car insurance and TV package, broadband and landline/mobile.

     

    6. Don’t go food shopping on an empty stomach as you will buy more than you need. Make a list of what you need and try to stick to it. Plan your meals for the week then you will know what you need to buy and hopefully you won’t overspend.

     

    7. Make your own lunch, stop eating out as much, I know it takes more time but you will save a lot of money over the year by taking a packed lunch to work.

     

    8. Forget the expensive coffee, buy yourself a stainless steel mug and bring your own coffee to work. You will be surprised how much you will save over the year.

     

    9. Don’t leave the TV or other appliances on standby as they are using small amounts of electricity.

     

    10. Turn off lights; many households leave the lights on even when they are not in a room. Get into the habit of turning them off so you can cut down your electric bill.

     

    11. Wash your clothes at the lowest appropriate temperature for the fabric type and always try to fill the washing machine. Also stop using the tumble dryer. It’s very heavy on electricity and I would only use it for emergencies.

     

    12. If you are struggling to pay mortgage, loans or credit card then speak to an Independent Debt Advisor today because with the right solution you could reduce your monthly payments, stop all your interest and have up to 70% of your debt written off if you are eligible for a debt settlement solution.

     

    Here is more information on the debt settlement solutions now available, you maybe be eligible for one of these solutions below if you are struggling with unmanageable debt.

     

    Debt Settlement Arrangement

    Formal agreement where a percentage of the debt is paid and the creditors agree to write off any debt outstanding. A Debt Settlement Arrangement is an agreed settlement of your unsecured debts with affordable payments over a period of 5 years. If you owe more than €20,000 and have unsecured debt such as credit cards, loans and overdrafts and are insolvent then a Debt Settlement Arrangement could be the right solution to help your clear your debts.

     

    Personal Insolvency Arrangement

    Formal agreement that includes secured and unsecured debts where a percentage of the debt is paid and creditors agree to write off any outstanding debt. This debt solution was brought in by the Government to help people deal with unaffordable secured debt (mortgage and secured loans) and unsecured debt (credit card, loans and overdrafts)

     

    Debt Relief Notice

    Formal agreement that gives debt relief to people who have little or no disposable income or assets which they could use to repay what they owe. This is a debt settlement solution to clear less than €35,000 of debt. It enables eligible insolvent debtors to write off their debts where they can prove they are not in a position to repay their debt and it is unlikely their financial situation will improve in the next 3 years.

     

    Bankruptcy

    A high court process to clear all your debts if you have little or no money available to repay your creditors. Before you consider applying for bankruptcy you must have explored the alternative solutions to bankruptcy which includes a Debt Settlement Arrangement, Personal Insolvency Arrangement and Debt Relief Notice. Unsecured and secured debt such as mortgages for family homes or buy to let properties, business loans and credit card loans can be included in bankruptcy.

     

    It’s great to see that there are now lots of solutions available to help anyone struggling to pay their debts and that people who were burdened with debt are now finally getting the help that they need and can now see a light at the end of the tunnel.

     

    If you are finding it difficult to make the repayments to your loans, credit card debt or mortgage then you should speak to a trained Debt Advisor or Personal Insolvency Practitioner today.

     

    If you would like Free Debt Advice then let us arrange a FREE appointment for you with a Debt Advisor or Personal Insolvency Practitioner who will be happy to see if you are eligible to have your debts written off.

    Rory McGonnell

    Founder of Bright Day Finance

    Personal finance expert and blogger who has an interest in money saving ideas.

    Paul O. from Cork

    “I couldn’t recommend Rory and all the staff at Brightday Finance highly enough. They sorted out all our credit card woes into one affordable monthly payment and lifted a massive burden from our shoulders.

    We no longer have the stress of trying to find the cash to pay these cards as Rory negotiated excellent terms from all our card providers and now there is a light at the end of the tunnel,
    Thanks you to all at Brightday”

    Frank W. from Westmeath

    “I cannot thank Rory and his staff enough for all the help they gave me with my debt problems. I was burying my head in the sand letting my debts escalate until I rang Bright Day Finance and spoke to Rory.

    After my first chat with him I could see a light at the end of the tunnel, now I’m paying my debts at a rate I can afford and Rory handles my creditors which I can honestly say is a weight off my mind, that’s why I would have no hesitation in recommending Bright Day Finance to anyone”

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  4. Avoid Getting Into Debt This Christmas

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    Avoid Getting Into Debt This Christmas

    Christmas is a time of celebration and goodwill but too many people overspend at this time of year.

     

    Some people put the cost of Christmas on their credit cards, this is not a good idea as you will have a large credit card bill hitting the door mat in January and will also have to pay interest back on the money you borrowed.

     

    Don’t suffer with a financial hangover in January due to overspending at Christmas.  January is a long enough month without adding that extra stress of worrying about debt.

     

    The best way to get ready for Christmas is to budget it for it and start putting away some money the January before.

     

    I have heard of someone putting off priority payments like their rent or mortgage until January, this is crazy and can lead to many more problems in January.

     

    Other people use moneylenders that call to their door to pay for Christmas and the problem with this is then the following year you will have to pay the money back with very high interest payments of up to 500%!  Avoid high interest money lenders at all costs.

     

    The temptation to take advantage of borrowing to meet the needs and wants of your children this Christmas can be intense but it’s not worth it as you could have a lot of added stress and worry the following year due to this debt.

     

    The best thing is not to borrow money to pay for Christmas instead try and follow these tips to manage your Christmas spending:

     

    Sit down and write out a budget of your household income and outgoings to see how much you can afford to spend this Christmas. Don’t overspend try to stick to this budget.

     

    Ask your kids to choose what they want from Santa Claus early.

     

    Talk to your family about Secret Santa, if you have a large family this can save you all a lot of money. I did this last year and it worked really well, all the adults were included in Secret Santa and the children still received presents as normal.

     

    Make a list of the people you intend to buy gifts for and if possible get creative and make the presents if you can. Get the kids involved too. Hampers are a great idea, buy the contents of the hamper yourself and buy a nice box to put it in, This could save you a lot of money and a lot of thought will go into the present also. Remember good friends don’t need expensive gifts. Set a limit with family and friends on what each will spend on the other.

     

    Leave your credit card at home, pay with cash. Paying by credit card doesn’t feel real and handing over cash will hopefully make you stick to your budget.

     

    Give yourself time to shop around for the best bargains, even buy the January before if you can as there are great deals to be had in the January sales.

     

    Set aside the money for bills expected in January. This will give you peace of mind as you know you will have the money available to pay the bills in January.

     

    When you go to the supermarket be realistically, don’t buy way too much food and drink, people shop like they are never going to get to the shops again, the shops will open again the day or two after Christmas.

     

    Christmas is a wonderful time of year and should be about having a great time with your family.  Don’t get caught up in all the overspending.  Have a lovely Christmas and I hope these tips help you deal with the expense of Christmas.

     

    If you are struggling with debt from last Christmas or struggling to pay your mortgage or credit cards, loans please give us a call on 01 4434125 as we can arrange a Free appointment with a Debt Advisor or Personal Insolvency Practitioner who will offer you Free Debt Advice.

     

    R.McGonnell 7th November 2016

     

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