The 50/30/20 method of budgeting

50 30 20 budgeting

The ‘50/30/20’ method is a budgeting tool and can assist you in managing your money more efficiently. Using this method of budgeting is a good way to increase your savings. Savings are a crucial part of money management. Recent UK saving statistics found that 34% of adults have either no savings, or less than £1000,…

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Debt Ratio: what you need to know

debt ratio written in chalk

When applying for a loan, lenders need to consider how much of a risk it is to lend money. Because of this, lenders care about how much you have already borrowed compared to how much income you have. This is what they call a ‘debt ratio’. Lenders calculate these by dividing the amount you’ve already…

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Credit Unions and Banks: What’s the Difference?

credit unions and banks pros and cons

When it comes to borrowing and saving, naturally the first place many might think to go to would be a high street bank. However, there are other institutions that offer the same products that you may not be aware of such as credit unions. Credit unions and banks both offer a variety of financial products…

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Why the Electoral Roll improves your credit score

voting in the electoral roll improves credit score

There are many factors that can positively impact your credit score. One of these factors includes being on the electoral roll. Registering on the electoral roll can boost your credit score and improve your chances of being accepted for loans, credit cards, and mortgages.   What is the electoral roll? In the UK and Northern…

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A default can stop you getting credit

credit default

A default on your credit file can prevent you from borrowing money. A default occurs when you have missed too many payments or broken the terms of your credit agreement. A lender may then decide to close your account. A default is recorded on your credit file and will impact your credit score. This will…

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