If you were to have your way, which would you choose to be – a saver or a debtor? Going into the future, the ideal way is naturally to become a saver. This status we can always achieve no matter how difficult life is for many of us and even though we still face many debts in our lives.

Just think about this latest news from the U.K. saying that Britons were able to increase their savings amid the global recession. In 2009, average levels went up by 40 pounds to 2,205 pounds per household. The survey done by ING Direct covering 1,300 people revealed that many households succeeded in cutting their unsecured debts and paid off bigger amounts on their mortgage.

The survey’s positive findings reflect only that during tough economic times when unemployment is on the rise, people can actually get themselves to save. And the Britons acted well by managing their finances well and saving money. Financial experts also confirm that it’s during a financial crisis that people start to veer away from using their credit cards which is actually a good sign.

Those who haven’t started on their saving journey should act now and not later. In fact, what the survey also revealed was that people serious in achieving a sound financial state did not mind at all whether their rates of return will be very minimal or none at all. To them, what counts is that they are able to set aside some money for future use.

One of the best ways to save is to open a savings bank account. Depending on the bank and the availability of your cash, you can open an account for as low as one pound to as high as 500 pounds. You can then have an option to deposit a set amount every month or change your monthly contributions according to what suits you.

If you’re still one of those thinking about using your credit cards or even getting an additional one, well don’t even think about it. One good reason that should prevent you from using them is the fact that their interest rates have gone up and are now at their highest level in two years. And this is despite the recent cuts in rates. So using the plastic card at this time will only lead you to add on to your debt.

In the instance that you have an emergency need for cash, never even attempt to use your card. A better alternative is to seek out the short term lenders that provide payday and cash advance loans. You shouldn’t worry about approaching them so long as you’re employed because you can always take out a loan amount based on your present and immediate requirement. It doesn’t have to be thousands of pounds but just enough to meet your needs when payday is still a week or so away.

With payday and cash advance loans, you can easily pay them back as soon as your funds become available. The repayment terms can be arranged to suit your preferred schedule.

It’s a known fact that being a single parent is never an easy role. A person acts as both the mother and father which means that one also needs to find a job as much as possible to support his or her child. This especially applies to the mums who are just based at home often looking after the kids and their house.

While many single parents have learned to survive in these tough times, there are also those not fortunate enough to achieve a stable financial situation. Most often, it’s the mothers that suffer so much financially after separating from their husbands. And when they are not working, they fall into a difficult situation just depending on their spouse’s alimony.

In the U.K., a new research has found that parents raising their child or children alone are struggling to get out of poverty. This is despite having landed a job for three years. The survey showed that 59 percent of single mums had experienced being in poverty at one point during the first three years after getting employed. This is actually a high rate compared to those who remain married and even the single fathers.

Compared to the single mums, lone fathers are more likely to get over poverty. Perhaps the main reason here is that most fathers are breadwinners and so even after divorce, they can still retain their work and therefore, continue earning going into the future. Additionally, the survey found that parents with full time jobs have a higher chance of improving their lives compared to those having only part time work.

Financial advisors foresee these single parents eventually quitting their job and then just availing of the government benefits meant for them. But they added that although the benefits have improved, making this decision to quit work is not very ideal.

Mums should not lose hope when they’re in a difficult situation. As long as you do your work and be the best parent that you can, you will always have a chance of getting out of the dark. In case you face an emergency that require fast cash, why not turn to the short term loans such as the payday and cash advance loans? These unsecured personal loans are available to employed people whatever their status in life is.

There’s no use being desperate about finances because help is at hand. All you need is to be cautious and gather as much information as you can about the short term lenders you have shortlisted. By being in the know, you can avoid fraud and very high interest rates.

You have to know as well that you can choose the repayment schedule that suits your situation and most often, you will not be charged for late payments. So if you were to think deep about it, taking out a payday loan is more affordable compared to using credit cards.

Remember that being a working mum is a rewarding role. It’s best to not give up than leave your fate to the benefits. Trust yourself and find ways and means to raise your child no matter the financial hardships involved. You will be rewarded in the end.

It’s a brand new year and if you’re still have any outstanding debt regardless of the amount, resolve to settle them at the earliest time possible. Taking concrete steps towards gradually eliminating debt in your life is a positive sign but must also be consistently done.

If you can start making a positive change in your life with regards to your finances and loans, then you can contribute to lowering the country’s debt. Come to think of it, in 2009 alone, nearly 2 billion pounds were paid by the British people for their unsecured loans. The figure was a new record set for a lower amount paid to such loans on an annual basis.

According to statistics from the Bank of England, households were able to lower their credit card debts and personal loans by 376 million pounds in November. In December, an additional 500 million pounds were paid off based on data provided by Capital Economics. For the entire year of 2009, a reduction of 1.9 billion pounds in debt was reported.

Financial experts confirm this reduction in debt signals that consumers have been made aware of the cost of borrowing money. They have also awaken from their spending habits which often went beyond their means. In fact, families were able to save 8.6p of every pound of their salaries in the third quarter last year. Similarly, this figure set a new record for being the highest level of savings achieved since the year 1998, according to information from the Office of National Statistics.

So in order to get your debt cutting efforts in full speed, start taking steps as early as now. Budget planning is still a highly recommended action. List down the income you’re earning and divide it into two so you can estimate how much you will spend every two weeks. List down your bills and grocery needs as well to keep track of your expenditures every month.

It might also be worth freezing the use of your credit cards. The less you use it, the more savings you will gain because the truth is, these plastic cards entail a high cost. Sometimes, there are hidden charges not many owners know about. And if possible, avoid taking out a cash advance through your credit card because the interest can be very high for you.

When shopping, it would be helpful to compare prices first to find out which provide real value for your money. Sometimes, it doesn’t matter if you’re getting the lesser known brands as long as they’re of quality. Practicality counts most these days and not big spending on popular brands.

Seek out a debt adviser if you’re finding difficulty towards settling your financial obligations. There are agencies that provide free advice so it’s just a matter of calling them and scheduling an appointment.

Finally, if you have settled your major debts but may be in dire need of fast cash at times, you may want to approach the short term lenders instead. But this should be on a temporary basis only just to make both ends meet during emergency situations.

I was out the other night for a drink or two with some friends, and the talk got around to scams and con jobs.  We talked about fake products like bags, watches, and shoes; then the subject of loans came up – inevitable perhaps.  One friend was saying that there are so many loan providers these days, many of them not affiliated with high street banks, and that they are merely out there to scam the unsuspecting individual.Naturally, I had to say my piece.  While I realise and acknowledge that there are some lenders who may be out to scam people, I also know for a fact that not all of these lenders are that unscrupulous.  Hard as it may be for some to believe, there are lenders who mean well.  I had to point this out, and picked payday loan providers as an example.  Of course, I couldn’t deny the fact that they may be some lenders who may not operate in a totally “clean” way.That conversation got me thinking about this blog post.  Given the fact that they may be some payday loan lenders which are not exactly legit, how can you protect yourself from being scammed?  Here are some things to look out for.I think the best thing that you can do, when looking at payday loan lenders, is to check with the authorities if they are licensed to operate.  We have offices such as the Office of Fair Trading and Trading Standards – you can check with them and see if the particular payday loan lender you are looking at raises any red flags.  Alternatively, you can ask people who have used payday loan providers before.  They can give you information and additional insight on the legitimacy of the payday loan provider that they have used.Another thing that you can do to avoid being scammed is to make sure that the payday loan lender handles their customers well.  At the beginning, you will be making inquiries as to their product/s.  While they have a FAQ page, it is also a good idea to get in touch with the lender directly either by e-mail or by phone.  If you are not getting any response either way, then the chances are that you will not be taken care of as a customer.  If this happens, I suggest trashing the idea of taking out a payday loan from that provider.  You will probably have bigger problems later on if you decide to go with them.A warning sign that a payday loan lender may not be legit is if they ask you to shell out money before they give you a loan.  It is common sense – why would anyone want you to pay outright for a loan when you are already in need of money?  If you come across a payday loan lender like this, you probably should get out of there QUICK.  One thing is for sure: a legit payday loan lender will never ask for fees outright.

These past few months, I noticed that a good number of my friends at work have been turning in their resignation letters.  I suppose that for them, it is time to hit the road and pursue what they have always wanted to do.  They are starting over with the career that they have always dreamed of.It hit me – I should really be doing the same thing.  It’s not that I do not love my job.  It’s just that when I got out of uni, I didn’t see myself as doing what I am doing now. I saw myself in a much different light.  Well, as everyone will know, 5-10 years can make a world of difference!That’s when I decided to take time off of work and go back to school for a short course that will, hopefully, get me back on track.  Naturally, this involves money – not too much but enough that I am worrying about how I will be able to survive the next month without a salary.  I could borrow some money from my sister, but I know she probably doesn’t have it anyway.  She has a kid – I don’t!That brings me to another solution – in the form of a payday loan.  A payday loan falls under the short term loan category, and it seems to me that this is the most efficient way of financing my leave from work.  I will not be working for a month, so I will not have income BUT after that, I will receive the regular amount.This works out just fine because I can take out a payday loan to cover my expenses for the month that I will not be working, and then use the money that I will be paid when I go back to work for paying the loan off.  Naturally, I have to make sure of one important thing when I take out this payday loan: that the day of the first payment should be after the day that I get my “first” pay cheque.  Otherwise, I will not have the money to pay the loan back.  This is quite possible, as different payday loan lenders have different terms and conditions.  I just need to find a payday loan lender that does not demand for the payment immediately.  The good news is that a lot of the payday loan lenders operating in the United Kingdom today have this kind of set up.  They know that people take loans out because of temporary financial glitches and that it will take several weeks before they can start paying the loan off.Is it just me or is a payday loan perfect for this kind of situation?  Let me tell you, I am beside myself with excitement right now.  I know it is not going to be a smooth ride- taking time off work and no money and all that; but I also do know that I will not regret going for the thing that I have always wanted to do.  So what are you waiting for?  Go do your thing!