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Get Fit on a Budget – Getting in Shape for Less

You’ve made a promise to yourself to really work on getting fit this coming year – preferably before it’s time for your bigger summer holidays – but your wallet can’t quite cope with the extra strain that an expensive gym membership or sessions with a pricey personal trainer will put on it. Does that mean your efforts and good intentions are doomed to failure before you ever get started? Not at all!

Despite all you might read in those glossy lifestyle and fitness magazines getting fit does not have to involve going to the gym and it does not have to involve buying the latest ab trainer/thigh trainer/waist whittler machine on the market. All you really need is a bit of time, the desire to get fit this year and a look through some of these suggestions for getting fit on a budget:

Don’t Get Stuck in the Trend Trap

Fitness trends change all the time. One month all everyone can rave about is hot yoga and the next everyone is Zumba’ing all over the place. The one thing all of these fitness trends have in common is that none of them are usually inexpensive to participate in. If you have the spare cash and it sounds like fun, sure go ahead. But don’t feel pressured by all the media hype (or nudges from your friends); old-fashioned things like circuit training, running and even plain old walking still work just fine.

Train for Something

Every year there are all kinds of charity walks and races held all over the country and maybe training for one of those will give you some of the motivation you are going to need to stick to your plan to get fit. In addition, to train successfully for such things you will need to do lots of very basic things; running, walking, jogging, stretching, stamina training, all of which are pretty much free.

 

Download an App

The one thing that many of us seem to find it hard to live without these days is a smartphone. And most of those smartphones are connected to an app market, which are all home to more than a few great workout and fitness apps, many of which are also free to download.

The advantage of some of these apps is that many of them do offer little extras; a great workout track, a virtual personal trainer, a timed workout or in some cases even instructional videos. Best of all perhaps is that if you find that one app and its offerings do not suit you, you can always delete it and try another at very little cost.

Create a Budget Home Gym

You don’t need a big expensive treadmill or stair stepper to get fit (a walk in the park and the stairs are perfectly good substitutes) but small pieces of equipment like lightweight dumbbells, medicine balls and resistance can be very helpful to have on hand at home. Fortunately, none of these are particularly expensive. And there are even cheap stand-ins you can make use. For example, if you have no weights bottles filled with water – or even tins of baked beans – can make great alternatives.

You’re doing OK, but your finances are looking very unhealthy this month? Learn more about short term loans from LoanPig here.  

 

 

 

The post Get Fit on a Budget – Getting in Shape for Less appeared first on LoanPig.

source https://www.loanpig.co.uk/get-fit-on-a-budget-getting-in-shape-for-less/

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Help! Why Don’t I Have a Credit Score?

You want to apply for a credit card, or a store card. Or you are thinking about taking out a small loan. You know that a credit score will be important, so you check yours. And lo and behold, you don’t actually have one!

Finding out you don’t have a credit score can be frustrating. And it will certainly mess up any immediate plans you have to gain most forms or credit or loans. But don’t worry too much – you have what many people don’t; a great opportunity to build a great credit score from scratch.

But, if you pay bills, and have a job, you may still not quite understand why all of that hasn’t built you some kind of credit score. Doesn’t your bank account count? Or the fact that you always pay your electric bill and your rent on time?

Understanding the two biggest reasons why you might not have a credit score will help you understand your financial situation better. Once you do, you can begin building a really good one.

Understanding your credit score

So, let’s start at the beginning with a basic credit score facts refresher:

Anyone’s credit score is a three-digit number based on information from your credit report, and this score can, and does, vary slightly from one credit reference agency to the others. And in most cases the higher this number is the more attractive you are as a borrower to banks and other lenders.

A high credit score isn’t a guarantee you’ll be accepted for credit though. Many lenders do take the information on your credit report into consideration, but also consider all of the other information on your application form and any past dealings, you may have had with them. Some also have their own credit scoring criteria that are something of a ‘secret sauce’.

Why You Don’t Have a Credit Score

If you don’t have a credit score, it’s usually because of one of two reasons

1. You don’t have any credit history

2. Your credit history is too old

You don’t have any credit history

It may sound like a bit of a no-brainer, but in order to have a credit score, you must have a credit report. And to have a credit report, you must have a credit history.

Your credit history begins when a credit provider reports information about you to one of the UK’s three credit reference agencies – Experian, Equifax and CallCredit. If you’ve never used credit in the UK, you won’t have a history. No credit history means no credit score.

If you don’t have a credit history, some of the following might apply to you

1. You’re new to the UK

You had a fab credit rating back home, so what gives? Sadly, it doesn’t matter how great your credit was before, credit reports and credit scores cannot be transferred from one country to another. If you are a new resident of the UK it may be up to six months (or more) before the credit agencies even acknowledge you exist.

2. You’ve never had a credit account in your name

You may have never used credit before. This could be because you’re young, or just haven’t needed to. Maybe you use a joint credit account but your name isn’t on it as an official account holder. This is something that will need to change in order for you to get a credit score.

3. You’re under 18

Credit reference agencies don’t usually disclose your credit report and score if you’re under 18. In any case, it’s unlikely you’d be allowed to take out credit if you’re underage, because lenders can’t sue you if you don’t pay.

So What is a Credit Account?

Sorry to say, paying your rent and your utility bills on time is admirable and a habit not to be broken, but it’s probably not going to help your credit score. You need to have positive credit accounts reporting to the agencies to do that. So what are those? Any of the following count:

• Current accounts (but only if they have an overdraft facility)
  Credit cards
  Personal loans
  Mortgages
  Some installment contracts (like your mobile contract if you are paying for a phone as well as service or your entertainment bundles (TV, phone and internet packages)

Your Credit History is Too Old

The second reason you might not have a credit score is the opposite of the first. You’ve had UK credit accounts in the past. But that was a long time ago and all of that information no longer counts.

When you close a credit account, it remains visible on your credit report for six years. However, after six years it disappears. So, if you close all your credit accounts and don’t open any new ones, you may eventually not have a credit score anymore.

So How Am I Going to Get a Credit Score?

No doubt you are now wondering how you are going to get credit accounts to build your credit score if you don’t have a credit score (phew) Here are just a few suggestions to get you started:

Apply for a secured credit card. You’ll need to make a cash deposit and your credit limit will be low, but if you use this kind of credit card responsibly it can help build a credit score quickly.

Take out a small short-term loan. There are short-term loan lenders – like Loan Pig and our partners – who are willing to work with people with no credit score if they can meet other income and ID verification standards. Taking out a small short-term loan and paying it back on time according to the loan agreement will help get you on the road to having a credit score too.

The post Help! Why Don’t I Have a Credit Score? appeared first on LoanPig.

source https://www.loanpig.co.uk/help-why-dont-i-have-a-credit-score/

How are Credit Limits Computed for Individual Cardholders?

Have you ever wondered just how your lending institution computed your credit card limit? Or what you can do to convince them to raise it? The answers are a little more complicated than you might think.

The fact is that most consumers have, at one time or another, wondered just how their credit card company decided what their individual credit limit should be set at. It can also be puzzling if you discover that your limit is different to that of someone who makes the same kind of money as you do and carries very similar debts.

The fact is that there are no “standard” credit limits that apply to everyone. Instead, banks and other lending institutions examine each individual application for a credit card and base their credit limit decision after looking at several different factors.

What do Credit Card Companies Look at When Setting Individual Credit Limits?

There are three things that credit companies primarily look at to determine an individual’s credit limit:

Personal income

When you apply for credit cards how much you earn is one of the factors that determines what your eventual credit limit, but not the only one. However, in theory at least, the amount you bring home every paycheque should be a good indicator of how much you can realistically afford to repay on your credit cards every month. Usually, the higher your income, the higher your credit limit will be set.

Credit History

The information contained in your personal credit file will not only help determine what the limit on your credit card will be set at but also whether you are actually approved for one at all. The more delinquencies credit card companies see the less likely they are to grant higher credit limits, even if they do decide to a take a risk and issue you a credit card.

Types of credit cards

Credit card companies usually offer several different types of credit cards, each with a different maximum credit limit. However, this really only applies to higher limit credit cards designed for those with larger incomes.

Your Credit Limit is Determined by You

Although the issuer makes the final decision, in many ways you determine how high or low the limits on your credit cards are set. You are the only person who can increase your earning potential and the only person responsible for the payment history documented in your credit file.

You are also the person who decides which credit card you want to apply for. Checking all of the requirements, including the minimum income requirements, and making sure you meet them can mean you avoid the disappointment of being turned down for a credit card you never had a chance of qualifying for in the first place.

Persuading Your Credit Card Company to Raise Your Credit Limit

You have had your credit card for a while and have been keeping up with the payments every month. Isn’t it time your credit limit was increased? Some issuers will do this ‘automatically, but most don’t; it is often up to you to get them to consider doing so.

The same factors that were taken into consideration when you first got your card will once again come into play when you are requesting a credit limit increase. This time though the payment history you have demonstrated since you have had the card will be important as well. For example, if you’ve paid on time every month, but only paid the minimum balance due every time then your chances of getting a significant limit raise may be slim.

Occasionally, in order to secure a higher credit limit, you will have to “upgrade” the type of credit card you hold. It may be that you have reached the highest credit limit that is available on the standard credit card you have and are now eligible for an upgrade to a gold card or another similar type of higher limit credit card.

Should You Even Ask for a Credit Line Raise?

Before you even ask for a credit line raise stop and ask yourself, do I really need it? Your credit card, if you are using it wisely, is building up your credit score and access to a higher limit is a big temptation to overspend for even very responsible folks.

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source https://www.loanpig.co.uk/how-are-credit-limits-computed-for-individual-cardholders/

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The 50/20/30 Rule – The Less Painful Way to Stick to a Sensible Budget

Budgets are terrifying.

There. We said it.

If you are like most people, whenever it’s suggested you make – and stick – to a budget your mind immediately begins to panic “Don’t worry beer money. I won’t let them get you. Nandos, don’t look at them and maybe they’ll go away!”

The fact is that when a budget is suggested to many of us we immediately focus on the negative and the idea that having a grown-up budget means you have to be accountable for – and ‘sensible’ with every pound you earn is suffocating.

But it doesn’t have to be that way. Not if you work with a budget plan that doesn’t put a stranglehold on your fun money.

And here’s the big reveal: it turns out there is a budget out there that does just that. It’s called the 50/20/30 budget plan, and it’s perfect for people who freak out at the thought of budgeting. Seriously, you can even keep your morning Starbucks run.

How to Use the 50/20/30 Budget Plan

The idea of the 50/20/30 budget plan was popularized in America, by the U.S. politician Senator Elizabeth Warren, a bankruptcy expert, and her daughter, business executive Amelia Warren Tyagi, in their joint book “All Your Worth: The Ultimate Lifetime Money Plan.” The goal is to break down your monthly take-home income and focus your spending in three broad categories.

Essential Living: 50%

This category is for the essential bills. Let us emphasize that word: essential.

Rent or mortgage: You know, that place where you live.

Utilities: So you can cook and watch TV

Food: Because you do have to pay for the food you cook

Car insurance and/or car payments or Train/Bus Fare – You do need to get around… right?

Phone and internet: Let’s face it, they’re essentials these days and there is no getting around that argument.

Credit card and loan minimum payments: Make no mistake: Making your minimum payments on your debts is essential. You can’t afford to deal with the late fees and credit risks of not meeting that basic requirement.

Financial Goals: 20%

This second category puts the focus on helping you improve your overall financial health. It turns out that being less poor is more fun than being poor. #lifegoals

Investments: This includes your 401(k) and all other investments. Don’t have any yet? It’s never too late – or too early – to start investing.

Savings: One of the biggest steps to financial health is having emergency savings so you don’t step backward every time an unexpected expense pops up.

Debt-reduction payments: This is for payments on your credit cards, student loans and any other debts that are above the minimum payment.

Yes, that £400 you borrowed from your cousin for that week in Benidorm fits here. Even though it’s interest-free, you may want to pay them back first, for the sake of family peace. As long as you owe money, it’s hard to get ahead.

Personal Spending: 30%

This is the category that makes this budget work for the budget-squeamish. It’s all of the stuff you like to spend money on but don’t really need to. You know, goofin’ off money. Did you notice the percentage? It’s a decent amount.

Dining out: Because eating at a restaurant means no washing up!
Holidays: You could make a case for holidays being a necessity, but for this budget, they’re not. Save up for one and then enjoy whatever you save enough for without the guilt — or your credit card.
Going out: Seriously, socializing is important. Very important. Your morning latte? Those Friday night pints? Go for it. Budget responsibly for it, and it’s all good.

Tips for Budgeting Success With the 50/20/30 Rule

Let’s start with the biggest chunk. That 50% number you should put toward necessities is a maximum.

If your monthly bills are higher than 50% of your monthly income, you need to make some adjustments. Ideally, your housing shouldn’t cost more than 30% of your take-home pay. If it does, you may need to consider downsizing. It’s not fun, but it could be a key step to getting ahead financially.

Find other ways to cut your monthly expenses by making your home more energy efficient and shopping smarter at the supermarket. How much space do you have outside? Maybe it’s time to start a garden to keep those costs down. Come on, get a little dirty — you might even love it.

Next, take a good look at your personal spending. Again, that 30% is a hard line. If you go over your past year’s bank statements, you’ll probably find that you are fudging a bit high in this category. That needs to change.

How often do you eat out at restaurants? Be honest with yourself and think about lunch during the workday, too. Can you trim that? You can probably cut that in half without suffering a bit.

Take a closer look at your TV, phone and internet bills. Do you need all of those premium services? Cut back a little and see how you do.

Then there is shopping. We all love it, even if we claim we don’t. It may be clothes. It might be books. Whatever your favourite indulgence is, set a budget for yourself. Have old stuff you don’t want anymore? Sell it and add that money to this part of the budget!

Finally, realize that the 20% is where this simple budgeting system helps you the most. That 20% is not a set in stone figure. If you can find a way to save more, pay off more on your debts or boost your investments, do it.

The goal of budgeting is to get out of debt, and increase your savings and investments. Of course, you want to get to a point where you can buy your dream home and have the income you need to take amazing holidays and live the life you dream of living. To do that, you need to zero in on eliminating that debt and growing your personal wealth.

Is it fun? No, but with the 50/20/30 rule, it’s not torture, either.

The post The 50/20/30 Rule – The Less Painful Way to Stick to a Sensible Budget appeared first on LoanPig.

source https://www.loanpig.co.uk/the-50-20-30-rule-the-less-painful-way-to-stick-to-a-sensible-budget/