There are many things that we pay for and some items are necessary, such as paying out rent, but other things are luxuries and we may wonder whether it is worth it. It can be a good idea to question whether it is worth paying for different things and seeing whether you think that they will provide you with good value for money as well as making sure if you can afford it.
Is it good value?
So, you will need to start by thinking about whether you feel the thing you are considering buying will offer you good value for money. If you are considering a cleaner then you will know what they will be doing for you. They will obviously be cleaning and tidying your home. You need to think about the fact that you could do this for free yourself and whether you want to do that or whether you think that it will be worth paying someone. Find out how much you will need to pay and how many hours you will employ them for. Bear in mind that they may take more or less time to do the work than you and so you may have to pay them for more hours than you would take to do the job but you may pay them less if they are quick. You may also want them to do extra work like ironing, changing beds, cleaning windows that some cleaners may not do and others may do. You will also find that if you go through an agency you have some advantages like insurance cover for accidents but an individual will be cheaper but they may not have insurance so if they break anything they may not be able to pay for it.
Can I afford it?
It is a good idea to make sure that you will be able to afford to pay for them. You should have worked out how much they will cost already and so that is a great first step. Then you will need to think about whether this is something that you can afford. You will need to take a close look at your finances to find out. It is good to not just guess here. You might think that it seems like a reasonable amount and you are sure you will manage but this is just a guess and you need to check. It might be that you will have to give up other things in order to pay for the cleaner. It depends on what you are prepared to do. You may feel it worth, for example, giving up a meal out on a Saturday night because you will have more time to cook as you will not have to be cleaning, for example. Give careful thought to what you may have to give up and whether you feel that it will be worth it. Even if you do have the money, it will be money that you would otherwise have perhaps put in a savings account, so think about the consequences of not being able to do that.
So, there is not really a simple answer to this question. You need to think about whether you feel that the cleaner will be worth while for you. Think about the time that it free up for you and how much better you will feel if you have one. Also think about the cost and what you will have to go without in order to pay one and whether you feel that this will be worthwhile. Take some time to decide and make the best decision for you.
There are many people that are not happy with the amount that they are being paid for the work that they do. This means that they could feel that they will be better off looking for something that pays a higher wage. There are advantages and disadvantages of doing this though.
The main advantage will be that you will have a higher salary as a result. This can be useful as it can mean hat you will be able to buy more things. It could also mean that you will be able to get a bigger mortgage or borrow money for other means if you need to. These can be advantageous if you are getting a first home or hoping to move to a bigger house. Having more money could also mean that you will be more able to buy things that you need, make ends meet or save some money. It can feel really good to have some extra money and know that you are being more valued for your work as well as having some extra to spend.
There are a few things to be aware of though. If you have a pay rise you will have to pay more tax. Although it is likely that you will still be getting more money, even if you move into a new tax bracket, you will still get more money in your pay packet than before. However, if you are doing a job that is better paid, it can mean that you will have to work a lot harder. You may need to work extra hours, learn new information and it could be that the job is more stressful as well. You may feel that this is worth it because you want the extra money but you will need to evaluate and decide whether this will work for you. Some people relish learning new things and they can cope with stress but there are some that will rather not have to do this and will be happier with less money.
Of course, there is always a consideration that you might find that you cannot find a better paid job that you are qualified to do or that is in your local area. It will very much depend on what sort of job you do and what the job vacancies are like at the present time. You will also need to think about what you want to do and whether you want to continue with the same sort of role you are doing or whether you are happy to have a chance or in fact want a change. There is also the fact that you might like the company that you work for and may only be prepared to change jobs if it is within that company.
There is a lot to think about. If you can get more money for the job you are doing with no expectations that you will have to do any extra, then this is great, but not all employers will offer this. It can be worth finding out though, as you could find that there will be an opportunity to apply for a pay rise, but there may be a specific way to do so which you may not know about. So, talk to colleagues about it to find out about it and you may be able to gain some extra money just for what you are doing. However, it is often easier to get a more significant pay rise if you change employers than if you stay with your current one. This is because competitive salaries tend to be offered to new recruits to tempt them in but current employers tend not to be offered so much. You could threaten to leave but this is risky as the employer may just let you go and find someone else to do the job that is happy with the salary.
If you want to do up your garden, which is something many people consider in the springtime when the weather starts to improve, you may wonder how to pay for it. Even if you paint a fence, plant a few shrubs and put down some gravel, the cost can really add up. If you want to do a total overhaul then it could get so expensive that you might start to wonder how you will be able to afford it. You may consider whether you should borrow money. This can be a good idea but it is worth considering a few things first.
Do I have enough money without borrowing?
It is wise to start by thinking about whether you have enough money to pay for the loan without borrowing money. It might be that you have some money saved up that you can use. It is not always easy to part with savings though and borrowing could seem like an easier option. However, it is a good idea to think about whether you want to pay the extra money for a loan or use your savings and just lose the interest you are getting on them which is likely to be a lot less. You may have worked hard to save the money or be saving it for something specific but it is worth thinking about whether it will be better to use them rather than pay the loan costs.
Is it a good reason to borrow?
Think about whether the work that you are thinking of doing in the garden is really worth the money. It is a good idea to think about how much you will get out of it. You might be able to do a few things and still get a lot of pleasure form the garden without paying out lots of money. Or you may be able to do jobs a bit at a time to spread the cost.
How much will a loan cost?
The next is to find out how much the loan will cost you. Work out how much you will want to borrow and you will then be able to find out form potential lenders how much the loan will actually cost you. You will find that it will vary between lenders but if you can get a rough idea then you will be able to think about whether this will offer you good value for money or not. You might also considering looking at loan options where a guarantor is not required.
Can I afford the Repayments?
It is most important to find out how much the repayments will be on the loan. You will need to calculate whether you will be able to afford these repayments or whether they will be too expensive for you. If they are too expensive, you will risk missing repayments and this will mean you will be charged more money and the loan will be even dearer. No one wants this to happen and so you need to do your best to protect against it.
So, there is not really a simple answer to this question. You will need to think hard about whether you feel it will be worth it for you. This will depend on how much you think you will use the garden and how pleasure it will give you. It will also depend on your financial situation and whether you can afford to repay the loan and whether you are happy to pay the loan costs. It will take research and some thought, but it is worth taking the time so that you do not end up making a decision that you later regret.
There are different ways that we can all make money. Most people will do it the traditional way and go to work for an employer and get paid a wage or salary for it. However, there are other people that will make money in less traditional ways. This includes people who are self-employed or own businesses. However, there are also people that make money from their homes. This may sound a little odd but it can be a really good way to make some extra money that you may not have thought of before.
Ways You Can Make Money
There are quite a few different ways that you can make money from your home. The most obvious might be that you can take on a lodger. If you have a spare room and are happy to have someone else living in your home then you can charge them rent. Some people would rather just have guests for a short period so they might decide to use the room for bed and breakfast and provide a bit more of a service for guests and then collect more money. This could be particularly good if they live in an area that attracts tourists.
There are other things you can do as well. If you have spare storage space, perhaps an attic or garage, then you could rent that out. People often pay for self storage but this can be expensive, especially if there is a lot more space in the area they rent than they need. You could charge less money to store their items. You might also be able to rent out your driveway. Many people these days will drive to work but there is not always enough parking or they have to pay for it. You might be able to rent out your driveway for them to park on and as long as you charge less than local car parks you are likely to find someone who wants to do it.
Things to Be Aware Of
You do need to be careful though. Firstly, you will need to own your house to do these things. If you have a mortgage you may still be able to do it but you will need to ask your mortgage providers permission. You will also need to check with your insurer even if you own the house to check if they are happy and they may put up your premium. You may also have to check with regards to whether you are allowed to use your home for this purpose on the deeds. If it states you cannot then you may need to check with your local planning office. You will also need to think about the fact that once you rent something out you are committed to doing so. This means that you cannot just evict a lodger if you get fed up but you will have them notice as per your rental agreement. The same with anyone renting a driveway, attic etc so you will need to have agreements with them as well. The driveway could potentially be the most irritating as if you use it evenings and weekends, then take some time off, you will still to move your car so that they can park and you may then have the hassle of finding a space or paying for a days parking elsewhere. It could still be worth it but you will need to decide if you feel it is or not. Lastly, you will need to declare any income you make as you may have to pay tax on it.
There are many different lenders that offer mortgages and we can often hear that we should consider switching to a different one. However, you may just think that it is a big hassle to do that and you would rather stick where you are. You may even find that swapping will cost you money and so wonder whether it is not worth it even if you go to a cheaper lender. It is worth getting a good understanding of what to consider and then this should help you to decide whether switching will be the right decision for you.
The interest rate is one of the ways that you are charged for your mortgage. Some might have other fees as well but these tend to one off fees rather than monthly which is why they have separate category. If you compare the rates between different lenders you will be likely to see some differences and you could even find that you will come across lenders that are charging significantly less than you are paying.
It is good to notice that there is a difference between lenders in that some charge a fixed rate and some charge a variable rate. This will make a difference in the rates that they are offering. A fixed rate will stay the same for a stated period of time. This is often a number of years. The advantage of having a fixed rate is that you will know how much you are paying each month. The lender will not be able to put the rate up so you will not need to worry about this happening and the risk that you might not be able to afford the repayments. However, they can have a higher interest rate than those on a variable rate so you will need to consider whether it is worth it.
With a variable rate, the interest rates could come down if the base rate falls or the lender decides to lower it. This means that you could take advantage especially if rates fall a lot. However, there is also a risk that rates might go up. You might be able to guess whether they will rise or fall based on what level the rates are at, but it isn’t always that easy.
You will find that mortgage lenders also charge for different things with fixed fees. If you set up a mortgage there is likely to be an arrangement fee and so if swap lenders you may have to pay this to your new lender and so it is worth checking if there one and how much it is. You may also find that there is an early redemption fee. This means that if you repay your mortgage early you get charged. This can apply when you swap lenders as well because you will be effectively repaying the mortgage with your original lender using the mortgage from the new lender. This amount can be quite significant in some cases. Some of them just have a fee if you swap from them to a new lender. Either way, it is important to make sure that investigate these costs as they could be high and it may not worth swapping to get a small reduction in interest if these fees are really high.
There may also be other factors that you might consider as well. When you swap you may have a different repayment amount or schedule and you need to make sure that you can still afford it and that you are happy with it. You also need to think about whether you are happy with the lender themselves as some people like to use one that has a good record or reputation or that they have used before.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.