Latest news with #financialtips
CBC
5 days ago
- Business
- CBC
Why first-time investors should be weary of stock tips
Mark Ting, a CBC financial columnist and partner at Foundation Wealth, shares practical tips, common pitfalls and best practices for anyone looking to build their first stock portfolio.
Yahoo
09-07-2025
- Business
- Yahoo
Longest 0% balance transfer credit card deals of the week, 9 July
Credit cards aren't just about spending. They are also powerful tools that, when used wisely, can help you save money, manage debt and even earn rewards. Whether you're looking to cut down on interest payments, earn cashback on everyday purchases, rack up air miles for your next holiday, or avoid fees while traveling abroad, there's a credit card tailored to your needs. In this guide, we'll break down the best options on the market for balance transfers, purchases, cashback, air miles and travel spending. We'll show you how to use these cards to your advantage, ensuring you get the most value while avoiding common mistakes. If you're struggling to keep up with credit card payments, a balance transfer credit card can be a lifesaver. These cards allow you to transfer existing credit card debt onto a new card with a 0% interest rate for a set period, potentially saving you hundreds of pounds in interest. Read more: How your health can affect your pension However, there are some crucial rules to follow to make the most of these deals: Always pay the minimum monthly repayment. Missing a payment could result in losing your 0% interest deal, incurring fines, and damaging your credit score. Clear the debt within the interest-free period. To avoid paying interest after the promotional period ends, make sure you can pay off the entire balance within the 0% timeframe. Don't use the card for new purchases. The 0% deal usually applies only to transferred balances, and using the card for new spending could result in hefty interest charges. Check your credit score. The best deals are often reserved for those with a strong credit rating, so it's worth checking your score before applying. Kate Steere, a credit card expert at personal finance comparison site said: 'NatWest (NWG.L) still leads the pack this week with 34 months at 0%, but it faces tough competition from MBNA and Virgin Money, who are both offering 33 months at 0% with a much lower balance transfer fee of 2.99%. "The longest 0% deals always come with these painful, percentage-based balance transfer fees. So if you're in the market for a balance transfer and don't think you'll need such a long period to clear your card debt, then first consider the longest no-fee deals on the market (Santander [BNC.L] currently offers 15 months with no transfer fee). But if you do know you'll need longer to clear your debt, then it's worth taking a slightly shorter 0% term to get a lower balance transfer fee.' A 0% purchase card allows you to make new purchases without paying interest for a set number of months. This can save you thousands compared with using a standard credit card, assuming you pay off the balance during the interest-free period. Read more: UK house prices stagnated in June as market struggles to regain momentum These cards are perfect for planned, necessary purchases. Think of them as a tool for managing big buys such as a new TV or essential home improvements. Let's say you take out a 0% purchase card with a 10-month interest-free period and spend £2,000 on new appliances. If you repay £200 each month, you'll clear the debt before the interest kicks in. However, if you still have a balance after the 10-month period, you'll start accruing interest at the standard rate, which can be as high as 27% annually. Key points: 1. Make sure to pay at least the minimum each month to keep the 0% deal. 2. Borrow only what you can comfortably repay within the 0% period. Steere said: 'TSB currently has the longest 0% purchase deal on the market at 25 months, narrowly ahead of M&S (MKS.L) and Barclaycard (BARC.L) at 0% for 24 months. "If you're planning a large expenditure, like a summer holiday or some new garden furniture, the current range of 0% purchase cards could offer a handy way to spread the cost. None of these cards come with annual fees, but all of them revert to very standard (read 'punishing') rates after the 0% periods end. If you haven't cleared your balance at that point, look at a balance transfer deal.' A cashback credit card rewards you with a percentage of your spending, effectively giving you back some of what you spend. For example, if your card offers 1% cashback and you spend £100 on groceries, you'll earn £1 back. This cashback is typically credited to your account or added to your statement. Read more: How to start investing with an employee share scheme Things to watch out for: 1. Limits: Some cards cap the total cashback you can earn. 2. Introductory offers: Cashback rates might only apply for the first few months. 3. Restrictions: Some cashback offers are limited to specific purchases or retailers. 4. Minimum spend: Some cards require you to spend a certain amount to qualify for cashback. Steere said: "Amex (AXP) currently offers the highest introductory cashback rate: 5% (up to £125) for the first five months. After the five months, with the Everyday Amex you can earn 0.5% ongoing cashback (1% on annual spend over £10,000) or you can upgrade to the Amex Cashback Credit Card — which is currently free for the first year (£25/year thereafter) and lets you earn 5% (up to £125) for the first three months. "Afterwards, you can earn 0.75% ongoing cashback — the extra cashback covering the card fee once it kicks back in, provided you spend £10,000 on the card annually. However, if you want an instant welcome bonus, then Prime members can get a £50 Amazon welcome gift card with the Amazon (AMZN) Barclaycard.' If you travel frequently, a credit card for air miles can help reduce the cost of flights and even unlock perks like flight upgrades and hotel stays. By using these cards for everyday purchases, you can earn points that can be redeemed for flights with your favourite airline's loyalty programme. How it works: 1. Earn miles: Points are usually earned based on the amount you spend and the class of your ticket — premium tickets often earn more points. 2. Redeem points: You can use points to cover the cost of flights or upgrades, though taxes and fees may still apply. Steere said: 'For big rewards, the British Airways (IAG.L) American Express Premium Plus Card offers 30,000 Avios when you spend £6,000 in three months, while the Barclaycard Avios Plus Card gives 25,000 Avios for spending £3,000 in the same period. "Virgin Atlantic fans can earn 18,000 points with the Virgin Money Virgin Atlantic Reward Plus Credit Card by making their first purchase within 90 days. Just remember the cards with the biggest introductory reward offers are also the ones with the largest annual fees.' Planning a trip abroad? A specialist travel credit card can save you a bundle by offering near-perfect exchange rates without the usual foreign transaction fees. Most credit and debit cards charge around 3% on foreign transactions, meaning a £100 purchase abroad could cost you £103. On top of that, some cards add a flat fee for every overseas transaction. Specialist travel cards waive those fees, letting you spend abroad at the same rates your bank gets. Read more: How to use your Avios points for more than flight tickets Key points: 1. Avoid cash withdrawals, as they often come with fees and interest. 2. Use the card for spending abroad to enjoy near-perfect exchange rates. Steere said: 'If you're getting ready for the holiday season, there are great offers at the moment to help you avoid currency conversion fees overseas, and you can even earn cashback on your spending (at home or abroad). Just be sure to pay your card off in full each month to avoid paying interest (which would soon outweigh any cashback).' Disclaimer: The opinions expressed are the author's alone (unless stated otherwise) and have not been provided, approved, or otherwise endorsed by the providers listed. Yahoo does not earn any commissions from the lenders, or any other third party from the content in this series.
The Sun
05-07-2025
- Business
- The Sun
The 5 habits making you broke according to savings whizz who has £100k in the bank AND plans to retire at 40
A YOUNG woman has shared five ways you're making yourself broke every month. Mia McGrath is just 24 but already has £100k in savings and plans to retire at 40. 2 2 Thanks to her thrifty lifestyle, Mia is planning to stop working 26 years before her peers. The Londoner who works in fashion regularly shares how she achieves her saving goals, and this time, she shared the habits to give up if you want to start saving. "Trying to be cool or aesthetic is making you broke," Mia said in a TikTok video posted this week. She went on to say that buying a new outfit or a £38 Rhode phone case to look 'aesthetically pleasing' on Instagram was a waste of money. Mia admitted she used to do this before making a change. She said: "I realised I was doing it for other people, not for myself." The second mistake people make is following trends and fads that turn out to be very expensive. The savvy saver warned: "You don't need the latest trending item - a Labubu, a Coach bag. It's not essential." She added: "I guarantee if you waited 30 days to buy it, you wouldn't want it anymore." The third financial mistake Mia identified is 'not saving because you think it's pointless'. Paychecks set to change for millions of Americans as new July law starts – see if switch is happening in your state She argued that no matter how small the amount, it was always worth doing. "I guarantee, if it's £10, £50, no matter how small it is, you're probably not doing it because of that reason," she reminded viewers. Mia, who has accumulated 'almost £100,000 in savings and investments' in recent years, revealed that she also started small, even putting money aside when she was relying on a student maintenance grant. She continued: "I wouldn't have been able to do that if I had that mindset that saving £50 is pointless." Fourthly, Mia advocated for starting a side hustle, telling fellow TikTokers that they're 'not too busy' She said: "Stop using the excuse that you don't have enough time, you just don't want to enough." She insisted: "Whatever it is, creating content, creating a personal brand, making extra money - I've done all those things while at a nine to five job that I have to be in the office five days a week for." Mia added that, providing someone wants to improve their finances, they can - it just takes discipline. Finally, Mia warned that it's irresponsible to think a 'man is going to sweep in' and facilitate the 'soft life' that some people crave. Mia said: "There is so much bad advice on TikTok saying you need to appear in your "soft feminine energy" and go sit at a bar where a rich man will find you..." In a bid to do away with this myth, Mia said: 'You have to work hard and have your own money." Money saving challenges Here's some of our favourite money saving challenges. Weather saving challenge - Save the amount equal to whatever the highest temperature was that week. £1 = 1C. 1p challenge - save 1p a day for everyday of the year, but it increase the amount by 1p each day. So day one you save 1p, 2p on day two and 3p on day three. When you reach 100 days you start adding a £1 coin each day too, while this increases to a £2 coin each day plus pennies at 200 days, and £3 each day on top of pennies at day 300. 20p a day challenge - Start by putting 20p in savings, then increase the amount by 20p every day. For example, the first week will look like this: 20p, 40p, 60p, 80p, £1, £1.20, £1.40. £5 a week challenge - Like the 20p challenge, put aside £5 a week and increase it by a fiver each week. Eg £5, £10, £15, £20 Round-up challenge - Every time you buy something, round up the purchase to the nearest £1 and put the difference in a savings account. Eg. You pay £2.60, so you put 40p in savings. You can use an app such as Monzo or Starling to do this. Bingo challenge - Here you have a bingo card with different numbers on it and you tick them off when you've put that amount in your savings account. It can be ad hoc but you have to tick them all off by the end of the month. Monday to Sunday challenge - With this challenge, you simply save £1 on Monday, £2 on Tuesday and so on until the weekend where you don't save on Saturday or Sunday. 365 day challenge - Every Sunday you put aside £1, followed by £2 on Monday, £3 on Wednesday and so on. On Saturday you'll put away £7, and then the process repeats and you'll put aside £1 on Sunday as the new week begins The clip went viral on her TikTok account @ miarosemcgrath with over 62k views and 6,100 likes. One person wrote: "The waiting 30 days is such a brilliant and helpful thing to do!" Another commented: "You're really genuine and I love you for that." "Great points! It's so important to stay mindful of spending and focus on saving in the long run," penned a third. Meanwhile, a fourth said: "You're such good advice for the younger women out there." "Very wise words,' claimed a fifth Someone else added: "Couldn't agree more."
CTV News
05-07-2025
- Business
- CTV News
Christopher Liew: How do I fix a bad credit score?
Christopher Liew is a CFP®, CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at Blueprint Financial. Mistakes happen. Perhaps you've missed a few payments, maxed out a credit card, or have an account that's been sent to collections. Unfortunately, these seemingly small mistakes can be the difference between a great and a problematic credit score. The good news is that your credit score doesn't have to stay stuck. Below, I'll share some simple tips to help you fix your past mistakes, get negative items removed from your credit report, and rebuild a fresh, more positive credit profile. The effect of credit mistakes on your score Marriage and relationship counsellors often quote the 'magic' 5:1 ratio - the idea that for a relationship to be successful, each negative interaction should be balanced by at least five positive interactions. While it's not an exact ratio, the same principle largely applies to your credit profile. You can do everything right (pay your bills on time, keep your credit utilization rate low, etc.), and your score will slowly increase over time. However, the one mistake you make (a 30-day late payment, maxing out your credit card) can cause a drastic overnight drop in your score. Negative marks on your TransUnion or Equifax credit report will typically remain for six to seven years, acting like anchors that hold your score back, even if you've done everything right since your mistake. While negative marks can often be corrected or deleted, this process can often take months or years, making it imperative to avoid them as much as possible. How do I increase my credit score? You'll find no shortage of credit myths on social media designed to give you false hope or fill you with fear. That said, here are the most practical, time-tested ways to help you fix your credit. 1. Check credit report for mistakes Your credit report often isn't as infallible as you may believe. This is why it's important to check your credit reports from both Equifax and TransUnion periodically. Sometimes, lenders or creditors you work with can make mistakes resulting in misreported negative marks on your report, bringing down your score. For example, I've had friends who've made all of their payments early or on time, only to find out later that the lender misreported a late payment due to an administrative error. By law, Equifax and TransUnion are required to provide Canadians with free credit reports (updated monthly) upon request. If you want even quicker updates, both credit bureaus also offer paid credit monitoring services that will update you in real time as your credit report changes. If you find any mistakes on your credit profile, you should contact both the lender and the credit bureaus to clear the issue up and get the negative mark changed on your credit report. 2. Pay down credit card balances Even if you have no missed payments and make all of your monthly payments on time, a high credit card utilization rate can bring your score down, as it shows irresponsible use of credit. Ideally, you should try to keep your revolving credit utilization rate under 30 per cent. For example, if you have a $10,000 credit card, you should avoid carrying a balance of over $3,000 into the next billing cycle. If you have cards with a balance of more than 50 or 60 per cent of their spending power, paying these balances down can be a quick way to get your score back on track. 3. Avoid new credit inquiries New credit inquiries, especially when applied for frequently in a short period of time, can deal a sharp blow to your credit. This is why realtors caution new home buyers to avoid applying for any loans or credit cards until they've closed on their house. Whenever you apply for a new credit card, a loan, or a rental unit, you'll receive an inquiry mark on your credit report that will remain on your report for two years. Ideally, you should try to keep your inquiries to fewer than two or three in a one-year period. 4. Consider a debt consolidation loan If you are in a very difficult situation, such as facing bankruptcy or falling far behind on payments, a debt consolidation loan could be an option to explore. This is a special type of personal loan that combines multiple debts into one more manageable payment. Instead of juggling several high-interest accounts, you would make a single monthly payment, often at a lower interest rate. This simpler structure can help you stay organized and avoid missed payments. Keep in mind that applying for a debt consolidation loan can cause a temporary drop in your credit score because of the hard inquiry and the new credit account. However, if the alternative is bankruptcy, consolidating your debt is often the better choice in the long run. It can help protect your credit from more severe damage and set you up to rebuild your score over time. Debt consolidation loans are usually best suited for serious financial hardship, not minor cash flow issues. It is important to review all your options and speak with a financial professional before deciding 5. Get a secured credit card If you've shot your credit and blown your chance at being trusted with a traditional credit card, the best way to rebuild trust with creditors is to apply for a secured credit card. These work a lot like prepaid debit cards, and you start by 'reloading' them upfront. The difference is that each time you reload your secured card, you'll receive a positive credit card payment mark on your report. How long does it take to fix your credit? Repairing your credit isn't an overnight process, especially if you have accumulated multiple negative marks over a long period of time. In a best-case scenario with just a couple of negative marks on your report, you might be able to get mistakes removed or deleted within a few months. For more complicated cases, credit repair can easily take a year or longer as you go back and forth with creditors and credit bureaus. That said, the alternative is waiting six or seven years for negative marks to gradually fall off of your credit. While credit repair can be tedious, it can also fast-track the process of getting back on top of your personal finances. More from Christopher Liew:
Yahoo
04-07-2025
- Business
- Yahoo
3 Banking Tips That Can Save You Thousands Over the Rest of Your Life
Banks keep your hard-earned money safe, secure and accessible — and they even pay modest yields on your deposits. Most people won't get rich off their savings accounts, but everyday bank customers can save thousands over the course of their lives by working the system to their advantage and getting the most out of their bank's tools, features and services. Read Next: Find Out: Here are three key banking tips that will save you thousands over the rest of your life. In the long run, automatic bill pay has the potential to save you more money than nearly any other banking feature because bills on autopilot are bills that never go unpaid. According to Chase, a single missed payment can tank your score by more than 100 points and haunt your credit report for up to seven years — and payment history accounts for 35% of your credit score, the largest percentage of any factor. When you need to borrow, a hit like that could limit you to only the most expensive loans with difficult terms — if you're even approved at all. That could cost you thousands on an auto loan and tens or even hundreds of thousands on a mortgage while potentially precluding you from rental leases and employment opportunities. Nacha, formerly the National Automated Clearinghouse Association, operates the Automated Clearing House (ACH) Network, which is responsible for electronically transferring much of America's financial data and funds. It suggests taking advantage of direct deposit splits, a valuable tool used by fewer than one in four of the 88% of employees who get paid through electronic transfers. By sending portions of each paycheck to different accounts directly from their company's payroll department, workers can divert a set percentage or dollar amount straight to savings every pay period. Nacha reports that employees who split their direct deposits save $90 more per month than those who do not. That's $1,080 extra every year. Writing for Ramsey Solutions, personal finance coach and author Jade Warshaw stated that the average person finds $395 during the first month of budgeting and cuts their long-term spending by 9%. Naturally, she recommends Ramsey's EveryDollar budgeting platform, but your bank's free app might be the most powerful arrow in your financial quiver. Nearly all major banks and many smaller ones offer valuable budgeting tools that could help you save thousands of extra dollars over the years, including: Spending trackers Expense categorization Cash flow trackers Real-time updates and alerts Goal setting and progress tracking Visualized insights Spending limit setting controls More From GOBankingRates The New Retirement Problem Boomers Are Facing This article originally appeared on 3 Banking Tips That Can Save You Thousands Over the Rest of Your Life
