Car Loan Vs Car Lease: Which Is Better?

Posted on by rosie

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Car loan and car lease are two popular funding options for those that don’t have the money to buy a car outright. But just which is the better solution?

This post aims to clear up some of the differences between a car loan and a car lease, so that you can determine which is the better choice for you.

Why choose a car loan?

A car loan involves borrowing money to buy a vehicle. You then pay the total amount of the vehicle back in installments. Most car loans come with interest fees that can vary depending on the lender you choose. You can shop for specific car loans, or you can take out a general personal loan to buy a car. Car dealerships can also connect you with lenders to help set up car finance plans. The benefits of a car loan include:

Ownership

While there are some exceptions like PCP finance, most car loans grant you full ownership of the car as soon as you buy it. Just be wary that your car may be used as collateral if you fail to keep up with payments. 

Freedom to modify

Full ownership of your car means that you can modify it however you want. Lease cars typically cannot be modified in any permanent way because you do not own them. 

Freedom to sell

Full ownership also allows you to sell the vehicle at any point. You will usually still have to pay off any remaining amount of your loan, however you may be able to pay some of this off using any money you make from selling your vehicle. Leased cars cannot be sold because you don’t own them. 

No mileage restrictions

PCP finance aside, there are no mileage restrictions when you buy a car with a loan, allowing you to travel as far and wide as you wish. With a leased car, you may have to pay a penalty if you exceed the annual mileage limit. 

Why choose a car lease?

A car lease involves renting a car for an agreed period (usually three years). You pay monthly installments like a car loan, but do not own the vehicle. At the end of three years, you have the choice to buy the vehicle, return it or sign up to a new lease. The benefits of a car lease include:

Lower monthly payments

Leasing a vehicle costs less per month than your average car loan lasting the same period. This is because you are not paying off the entire value of the vehicle.

Warranty coverage

A warranty covers many car leases for the entire length of the lease – which can help pay for certain repairs and maintenance. While a car dealership may provide a warranty when buying a car with a car loan, such warranties rarely last more than 6 months. 

Tax deductible

If you’re leasing a car for business purposes, your monthly lease payments are eligible for tax deductions. Car loan payments may not be eligible for such deductions (only loan interest). 

End of lease options

You have multiple options once your lease ends, providing you have kept up with payments. You can return the car and not have to pay anything else. You can set up a new lease and drive a new vehicle (or a newer model of the same vehicle). Or you may have the option to buy the car if you want to keep it and own it (but, of course, this may require taking out a loan if you don’t have the funds to buy it outright).

Which should you choose?

If you want full ownership of the vehicle and don’t want to deal with modification restrictions and mileage restrictions, it’s better to take out a loan. Just be sure that you can pay the higher monthly repayments.

If you’re looking for an affordable option and you don’t mind returning the car after three years, consider a lease. But be prepared to deal with the restrictions that come with leasing.

Passive Income Streams To Support Your Pension

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Many people retire and discover that their pension isn’t enough to comfortably live off. Finding another source of income could allow you to live a better quality life. Passive income streams are sources of income that you don’t have to actively work for. You may have to invest some time and money upfront, but once they’re set up they should generate money themselves. It’s a great way to make some extra money without having to continue working. Below are a few examples of passive income streams.

Rent out property

One option could be to consider renting out a property. This could include renting out a residential property to tenants or it could include alternative property investments like renting out a commercial property to businesses or renting out a holiday home to guests. You’ll need the funds to buy a property and you’ll need to be willing to keep the property maintained and find tenants/guests. A lot of landlords find it easier to outsource a property manager to help look after maintenance. Rental agencies can meanwhile help you find tenants. 

Invest in stocks

You could also generate a passive income by investing in the right stocks. This can be a more profitable alternative to putting your money in a savings account – you could make a return of 10% each year by investing in the right stocks. There are stock trading apps that can allow you to get involved in stocks yourself, or you can hire a company to put your money into stocks for you.

Invest in bonds

It’s also possible to invest your money into bonds. Premium bonds provided by NS&I are a popular option – these work similar to a savings account in that they collect interest, however the interest amount works on a randomly allocated lottery system. Each month random accounts are chosen with cash prizes ranging anywhere from £25 to £1 million. The more money you invest and the longer you leave it, the more chance you have of winning something. 

Create an online course

Online courses can be a great way to make money by teaching a skill or knowledge. The great thing about online courses is that you don’t have to teach lessons in person – you can simply use documents and videos to teach people. You will need to spend some time creating your course and you will need to advertise it. However, you then don’t have to do any work and can make money every time someone signs up to your course.

Write an ebook

You could also consider writing an ebook. Every time someone pays to download your book, you’ll make some extra income. You do have to spend time writing your book and the book has to be marketed well enough that people will download it. But you don’t have to spend ages creating a literary masterpiece – the benefit of an ebook is that it doesn’t have to be any specific length (the average ebook is between 50 and 100 pages) and you don’t have to go through a publisher. It could be anything from a collection of short stories to a recipe book. 

Start a blog/vlog

Finally, you could consider starting a blog or a video blog (AKA a ‘vlog’). Blogs and vlogs can be turned into sources of income if you get enough readers – you can display adverts and make money through ad revenue. It’s also possible to make money through sponsored content. There are many platforms you can use to start a blog, while YouTube and TikTok are the most popular platforms for vlogging. 

 

Brand Loyalty: Why I Stick With My Favourites

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In the marketplace with seemingly similar offerings from different brands, I am drawn to certain favorites with unwavering allegiance. You might ask why someone would stick with one brand loyalty over another given the variety available. Allow me to take you through my thought process as I reveal all of the quirky reasons for which I remain loyal to certain ones.

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The Comfort of Consistency

Life can be unpredictable enough without risking new products when my tried-and-tested options are right there waiting for me. From morning tea to my nightly face cream application, the comfort of knowing exactly what to expect every time is invaluable. I know Yorkshire Gold will deliver deliciously smooth cups of tea and my skin will thank me for choosing its reliable moisturiser. These brands have become like old friends – always there when needed.

Nostalgia 

My relationship to certain brands runs deep: As a child, my family held dear a certain chocolate brand as a treat on birthdays and other celebrations. Now as an adult I honor this tradition partly out of sentimentality but mostly because no other chocolate can compare in my view. Plus it reminds me of simpler childhood days filled with laughter and happiness, how quickly a simple taste or scent can transport us back there.

The Thrill of Choosing My Dream Car

Walking though car dealerships or browsing online listings offers me great pleasure as I explore the vast world of available cars for sale. Decision-making can be both taxing and exciting given all the brands offering distinctive experiences. Which will I choose, the sleek lines of a luxury sedan or the rugged charm of an off-road SUV? BMWs provide that perfect blend of performance and refinement I admire, while Toyotas provide assurances of dependability and efficiency. Each brand represents an aspect of my personality and lifestyle, making the choice feel deeply personal. While browsing car sites and specs lists, I get the sense that purchasing one of the cars for sale represents investing in an experience.

Superior Customer Experience

Nothing earns my loyalty like exceptional customer service. Over the years, I’ve experienced polite staff and pleasant online shopping experiences that left a positive impression on me. Like when my favourite clothing brand quickly resolved an issue with my order promptly and offered their sincerest apology, earning their continued patronage while solidifying my allegiance as an advocate of their commitment to providing superior service.

Experience Exclusive Perks 

Who doesn’t enjoy a good loyalty program? Since budgets can be tight, I have come to appreciate brands that reward my purchase history with special discounts, early access to new products or birthday bonuses, making me feel valued and special. These little acknowledgements deepened my connection to them and encouraged repeat business as well.

Conclusion

My brand loyalty is defined by various factors, ranging from practical to sentimental. In an increasingly big market, I find comfort in returning to brands that never falter in delivering quality, consistency and familiarity. Through exceptional customer service, attractive perks or innovation they have become integral parts of my life rather than mere purchases.

7 Simple Tricks For Financial Success

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When it comes to finance, we’re only ever as organized as our intentions. When we want to save more money, make more money, or reach our goals in life, we often need to ensure that our finances are in the right place. However, that isn’t always easy to do unless you know where to start. It’s safe to say that we all long for financial success, but it’s all about putting in the work to make that happen. This all begins by having more visibility over our finances and driving them in the right direction!

 

Whether you have ever found yourself in a less-than-perfect financial situation before or you’ve just decided that you want to be able to build your wealth, you have to start somewhere. That all begins when you set the right intention and look to grow from there. So if you’re interested in seeing more success in your financial life, you’ve come to the right place. In this blog post, we’re going to walk through the seven steps that will help you to do just that!

1. Set Financial Goals

First of all, you’ll want to begin by setting a financial goal. This helps you to know what you want to focus on and from there, you can then go on to work out what steps you need to take to get there. It could be that you want to pay off debt, save more money, purchase a property, or even look to grow your income overall. When you have decided what it is you’d like to do, you can then start to work towards it.

2. Budget Everything

From here, the next thing that you’ll want to look to do is create a budget. Now, many people feel as if a budget is something that you need when you’re struggling. However, it’s a smart financial tool. It’s something that will help you to get a lot more clarity on your current financial situation and make the right decisions going forward. You’ll want to allocate different amounts of money to the various areas in your life to make this happen.

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3. Track Everything

Alongside that, the next thing that you need to do is make sure that you’re tracking everything. By tracking your income and expenditure, you’re able to get a clearer picture of where you’re at with your finances. From there, you’re able to not only get more organized but make the right financial decisions. If you have a business, you can also do the same there and it might help you to maximize your profits too!

4. Use the Right Software

Another thing that can help your financial success is technology. In this day and age, we have so many tech options available to us to help with our finances. Whether you want to get more organized with your personal or business finances, you’ll find that the right cloud based software will help. That way, you can carry out all of the actions that you need efficiently and effectively. Anything that makes your processes easier and more organized will always be a winner!

5. Diversify

When it comes to growing your money, a smart approach will always be to diversify where you keep it all. If you save all of your money in one place, it will put you more at risk. However, if you’re able to spread things out, you’re more protected. Not only that, but it will also allow you to have different rates of return too.

6. Be Smart with Interest

Regardless of your goals, just remember to be smart with your interest. Not only does this apply to the interest you earn and looking to get the best return possible, but also any debts that you have. You’ll want to avoid paying too much interest that could be costing you a lot of money in the long term.

7. Explore Additional Income Options

Finally, you may also want to explore what other income options you might have. Sure, you’ll always want to think about how you can climb the ranks with your career, get a promotion, and earn more – but that’s not your only option. Instead, you’ll find that you can consider the idea of having a side hustle! There are so many ways to earn more money, it’s just about finding the one that feels right for you. Then, with diverse income streams, you will be able to build your wealth and not worry if one of them dries up!

How I Steer Away From Building Bad Habits In Life

Posted on by rosie

You don’t have to be an inconsiderate, foolish person to build bad habits in life. They can sometimes sneak up on us without us even realizing. They usually start small – maybe laying into sleep after snoozing one too many times, or grabbing fast food because cooking feels like too much effort, to the point where you’ve spent hundreds on working lunches instead of sandwiches you could have made yourself. Little creeping habits often come through convenience or short-term relief, like smoking.

Before we know it, these little choices become our default behaviours that take time to get away from. I’ve learned this the hard way, through years of promising myself ‘I’ll start tomorrow’ while watching my productivity slip and stress levels rise. It’s not a nice feeling to feel your habits getting away from you. I can relate. 

That’s why, from an entirely human-to-human point of view, I think some helpful advice could be given. If you need further help be sure to speak to a professional of course, but from someone with years of experience starting, stopping, supplanting, substituting, and feeling seriously annoyed with bad habits, I think there’s some insight below:

I Understand My Triggers

Most bad habits start as responses to specific situations, and triggers are often developed that way. So for instance, stress might lead to mindless scrolling through social media, boredom could trigger unnecessary spending just so you feel a little engaged and stimulated, or loneliness might drive excessive television watching or perhaps eating too much.

If you know what the feeling is like before you engage, you can prevent “the ritual” of engaging in the bad habit before it begins. So for instance, if you feel a little lonely, you could go to the local cafe and enjoy a green tea with a friend, write a letter to someone you appreciate, or perhaps write a journal entry to get your thoughts out. This way, you address the trigger, but direct it to engage with a new behavior.

Replace Rather Than Remove

Trying to simply stop a bad habit rarely works, because as I’ve found, behaviors tend to work because of momentum. Our brains resist that space where the habit used to be if you just stop cold turkey. I noticed an issue with late-night snacking, but it was mostly because I’d trained myself to get up at night instead of being disciplined and trying to drop off, so I’d turn my computer back on, sit there, and snack. What broke this was reaching for a book and reading it after my late-night bathroom trip. That means I felt tired and could more easily soothe into a sleepy mindset.

Watch Other People

Sometimes, learning from other people is worthwhile. Perhaps you have an acquaintance or know someone in your larger network of relatives who have struggled with gambling in the past. For that reason, you know that when looking for casino reviews, you’ll look for trusted brands, only set what you can afford to lose, and feel happy for the entertainment you enjoyed with a friend. That way, a bug that bites some people doesn’t have to limit you – the same way as limiting your drinking days can help you avoid developing an issue. I avoided smoking this way, by listening to my friends who continually struggled with quitting. If you don’t feed a problem before it begins, you save yourself plenty of trouble!

With this advice, we hope you can more easily steer away from building bad habits in life!