A Small Market In Need Of Regulation


A Small Market In Need Of Regulation

Taking out a loan need not always be necessary if your finances are in good shape in the first place. Saving for emergencies can help you meet unexpected bills when you may have otherwise had to take out a logbook loan.

Let’s take the scenario of your car needing lots of expensive work in order to pass it’s MOT. This can come as a nasty surprise to many people and completely unexpected. If you had put aside £50 a month over the course of a year you would have saved £600. This might cover, or go some way to covering the costs of the repairs and stop you from needing to apply for the loan.Budgeting pounds

If you were to take out the loan, not only would you be paying for the repairs but you would also have to pay the interest rates on the loan. The longer you have the loan for, the more it will cost. If you keep it for a long period of time you may end up paying the same amount as you borrowed, or even more in interest payments.

Of course, saving £50 is impossible for many people, you might just not have anything left at the end of the month. If you find yourself in this situation, analyse what you spend each month. Set up a spreadsheet on Google Docs or use Microsoft Excel to write down every one of your expenses. This includes rent or mortgage, all household bills, TV subscriptions, mobile phones and expenses for entertainment. This is a very good budget planner, with tips on how to do it in an efficient way.


Analyse all these monthly expenses and be brutal. What is not essential? What can you cut back on? You might be surprised that when you really need to cut back you will be able to find a way.

If you want to have a more comfortable existence when it comes to money, sometimes you need to be a bit hard on yourself so you can save up some kind of an emergency fund. This will avoid you needing to use expensive loans and getting into debt problems.

Loan companies will tempt you with great rates and deals and sometimes a loan is a good idea, but this should only be when you have exhausted all the possibilities of saving money for yourself. Read more

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