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Managing Money

How To Avoid Going Broke In Uni

Insolvency, also known as bankruptcy, is the state of one being unable to pay money owed by a company or person in time. The two states of bankruptcy are the balance sheet and cash flow insolvency. Insolvency is determined based on various factors such as liabilities, date of measurement, assets, and the taxpayer. To avoid bankruptcy, one should keep track of their expenses based on their income or returns in the case of a company.

This article highlights ways you can avoid going bankrupt while in Uni. Please read on!

1. Start Budgeting

Creating a budget is one of the significant steps in avoiding insolvency. To create a budget, you first have to determine the amount of money you receive, savings, and expenses. After determining your cash flow, you need to review and then implement your budget plan. The written budget helps you identify the strength and weaknesses of a business and defines a definite scale of preferences.

Estimating your income or returns will depend on whether it is regular or irregular. For steady income, one can easily define the expected revenue or profits after a particular duration of time, and budgeting for expenses becomes more tranquil. In case your cash flow is irregular, a good savings plan will be essential during high-income periods to cover up for expenses during low-income periods, thus avoiding insolvency.

Creating a budget involves taking into account project expenses. Expenses may be periodic or regular status. Regular costs are easy to manage, whereas periodic payments fluctuate with time, necessitating a reasonable budgeting plan to avoid drawdowns when the expenses are too high than expected. Record keeping of expenditure on various resources helps to project the costs and come up with a definite plan in budgeting.

2. Limit your credit card use

Limit credit card use

Restricting yourself not to use credit cards is also a way to solve business insolvency. Although credit cards tend to have many advantages such as building credit and protecting purchases, inappropriate use tends to increase the level of expenses in relation to the amount a business or an individual can comfortably sustain. The temptation to raise expenditure is high since credit cards allow the making of these purchases leading the company or an individual into insolvency state. To avoid getting into such scenarios, limit the use of credit cards as much as possible.

Avoiding or reducing the use of credit cards is possible in various ways. Examples include using the credit cards only when making emergency purchases, create a budget, paying credit balances on time, limiting the number of credit cards, and also keeping a record of all purchases made. For individuals, leaving the credit cards at home reduces the temptation of using the card as it is already out of reach. To avoid insolvency, one requires a proper account and control of expenditures, and limiting the use of credit cards serves as a significant factor.

3. Negotiate for lower Interest rates

Settling for lower interest rates on your credit cards, for example, can help avoid insolvency. Negotiating for lower interest rates is a process that should be made by the cardholder with the card issuer. Patience and persistence are crucial in this negotiating process. Having lower rates may increase your credit scores by making you pay off the debt sooner.

Good credit habits are essential after lowering the interest rates to ensure that the card issuer deems you creditworthy. Limiting the use of credit cards is one of the good credit habits. Proper budgeting and establishment of emergency savings account act as securities making it easy to maintain good credit habits.

Maintain your perspective

Maintaining perspective

Maintaining your perspective involves having a scale of preferences and not letting any external factors affect how you manage your finances. Proper planning, budgeting, and accounting for all expenses and monitoring cash inflow are some ways in which an individual or business can maintain its perspective. To avoid insolvency, all these require proper record keeping to aid in the tracking of the business progress. An adequate business progress record gives an alert of any business debts hence proper handling of debts.

Avoiding insolvency is the key to success for any business where corporate or individually owned. Priority on a proper strategy on how to manage finances and avoid bad debts will help keep a business even when under significant financial crisis.

Finance Apps Uni

10 Best Budgeting Apps for University Students

College expenses can be overwhelming. As a student, you have to divide your student loan to cover rent, food, clothes, transport, and books, to mention a few. Even if you work a part-time job, the dilemma is the same. If you are not careful, you can easily run out of money. You might even have to cut back greatly to compensate for overspending.

Consequently, learning to keep track of your money is one of the first and most crucial lessons you learn in college. The best way to do this is to have a budget. A budget helps you reconcile your income with your expenditure.

In this age of technological advancement, there are apps for everything. Including those that allow you to create a budget. This is great because an application on your phone is more practical than a budget book you might forget to update or even check. Most of these apps are suited to students in that they are free and easy to use.

Although these apps may differ in some ways, their fundamental purpose is to help you achieve financial freedom. Here are ten of the best budgeting apps for university students:

1. Mint

Mint is probably the most popular free personal finance app. It is developed by Intuit. You can access Mint as an online app or as a mobile app on iPhone, Android, and Windows phones. To sign up for Mint, you have to connect all your financial accounts to the app.

Mint allows you to set goals and tie them to your accounts. The app automatically updates your budget every time you complete a transaction. The tracker reminds you of pending bills and sends you warnings when your balance is too low.

2. You Need a Budget

YNAB has been labeled the ‘Best Debt App.’ You Need a Budget accounts for every dollar of your funds. It prevents you from using the money you do not have.

YNAB uses your actual funds to help you get out of debt. It also gives you suggestions on adjustments you should try so as to balance your expenditure.

3. Wally

Wally is a free budgeting app that allows you to link all your credit cards and bank accounts. The most notable Wally feature is it lets you take photos of your receipts. This helps keep track of your spending without having to backlog all your receipts. The wally interface is clean and has no ads hence allowing uninterrupted access.

4. Slice

Slice is a purchasing app that accesses and organizes all your e-receipts through email. It notifies you on price adjustments and keeps track of everything you buy. The interface allows real-time updates on shipments and deliveries. It organizes all your purchasing history in one place, so it is easy to transfer it to a budget.

5. PocketGuard

The most popular feature on PocketGuard is the “in my pocket” feature. It checks your income, saving goals, bills, and current spending and shows you your balance.

You can use PocketGuard to create a personalized budget after linking all your accounts. The app shows you opportunities for cutbacks and savings in each category

6. Check

Check is a bill tracking app that keeps a record of your pending bills and gives you reminders when they are due. It also warns you in case your expenditure is too high to balance with your bills. You can use Check to pay bills directly

7. CheckPlease Lite

CheckPlease Lite is more of a billing app. Say you have lunch with your friends and have to split the bill, CheckPlease does that for you. It also calculates the amount of tip you should leave.

The app shows you where in your bill you can get refunds or discounts. It has a very clean interface.

8. PocketBudget

PocketBudget has a simple interface. It uses built-in categories to show your budget in the form of a pie chart while showing your transactions on a different screen.

PocketBudget allows you to customize categories and add entries, either daily, weekly, or monthly.

9. LearnVest

LearnVest links all your financial accounts on the app. It creates categories for your expenditure and separate budgets for each. You can also create your own categories.

After 6 years of running, in December 2019, LearnVest announced that it was selling itself to Northwestern Mutual. If you try to access LearnVest, you will be directed to the new site.

10. Dollarbird

Unlike all the above apps that use categories as a basis for budgeting, Dollarbird uses a calendar-based system. It shows you where your biggest spends will be and prevent them from springing up on you. This future-based app shows you the impact of your spending on your bank balance. It shows you how an expense will affect your already set plans.

Whichever budgeting app you opt for, you can never go wrong with keeping a budget. Additionally, since budgeting is a skill you will use throughout your adult life, starting early is also a huge plus.

Music Gigs

The Best Music Gigs for 2020 Happening in Oxford

Well, if you’re are a resident of Oxford, then you’ll love to hear that there are multiple concerts, festivals and live music gigs you can attend. This city rarely runs short of events, and regardless of the time you visit, you’ll hardly miss an exciting event. So, fast forward to 2020, here are the top 10 events for 2020 you should not miss in Oxford, UK.

1. Waterfahl, Didcot UK, 29th February 2020

The Waterfahl gig will be held at the Berror Lounge from 8:00 pm to 11:00 pm. This event showcases some of the UK’s finest talents; here you’ll enjoy cascades of beautiful surroundings gladdened with refreshing live music.

This is also the best opportunity to meet your favorite artists and immerse yourself in the vibrant music scene throughout the night.

2. The Big Moon, 3rd march 2020

The Big Moon Concert will be held at O2 Academy 2 Oxford, Oxford, UK. This concert is exciting, and the performers will showcase both old and newer songs. What’s more, they possess high-quality instruments that produce excellent sound quality. Here you’ll meet a charged crowd who dances to every tune that the band brings on the stage.

3. Oxford Philharmonic Orchestra, 7th March 2020

If you love watching the violin live playing, then I would recommend this event. It will be held at Holywell Music Room, Oxford, UK, and here you’ll watch spectacular performances from Beethoven. From his first venture into violin playing, Beethoven was of the idea of merging a violin and piano to raise to new and higher heights in technique and expression.

At this event, you’ll also experience the performance of Oxford Philharmonic’s violinists Evgenia Epshtein and Tamas Andras as they share the stage with Beethoven. Combining their instruments, they will play his favorite and most-loved song “Spring Sonata.”

4. Turin Brakes, 11th March 2020

If you never believed that two men with a guitar each could be immensely popular and successful in the world, then the story of the Turin Brakes will delight you. After they released their first album, Olly Knights, Optimist LP, and Gale Paridjanian have sold a record seven-figure sum of records globally.

They have also hit number five in the UK music chart hit with Painkiller back in 2003. It’s no surprise that their popularity is increasing each day in the UK. Currently, they perform both live and on stage, and their shows is a culmination of talent and determination that makes it incredibly vibrant and entertaining.

5. Porridge Radio, 3rd April 2020

Well, if you love Hip hop, then you should not miss the Porridge Radio, which will go live on the first Friday of April. It will be held in the Bullingdon (The Bully). The lead singer is smooth, powerful, and penetrating, and the band will surely make your day enjoyable.

What’s more, there are numerous travel options such as walking, taxi, ferry, and you’ll undoubtedly enjoy the amazing musical experience that this band offers.

6. Wilderness Festival 2020, 30th July 2020 to 2ND August 2020

The Wilderness festival will be held in Cornbury Park, Charlbury, UK. Here you will get a chance to listen to an enthralling and compelling performance from artists and bands such as Foals, Kelis, Supergrass, and Elder Island.

Foals are an indie rock band that is popularly known for the unique dance, new wave influences, and minimalist soundscapes. The group’s debut album, “Try this on your piano,” remains one of the most popular among their fans.

7. The Shires, 22ND May 2020

The Shires show will be held at New Theatre Oxford, Oxford, UK. The shires are a pure band that writes and performs good songs. When on stage, they know to harmonize their voices, and the result is a great performance that will leave you aching for more. Ben’s voice is pure magic, and Chrissie’s voice is something quality you’ll not want to miss. Overall, they are worth your time, and in their performances, they show loads of energy and vibrancy that will make your night enjoyable.

If you are visiting Oxford or you are studying at the university and other surroundings, then you’ll love knowing that entertainment is a heartbeat away from you. With thousands of events annually, Oxford is the best place to be for those who love partying and enjoying good music.