Do you ever catch yourself wondering what you’d be doing, or how you’d be living if you had that little bit of extra cash? Perhaps you’d choose to travel the world, or spend away your cash on your favourite hobbies. Maybe your lifelong dream is to own a fancy yacht, or you’re a chef and you’d love your own restaurant or bakery. Have you always fantasised about buying a run down property that needed a complete renovation?
Fear not. There are plenty of options available to find the money you need to fulfil your dreams.
Credit Card:
Some credit cards also allow you to spread the cost of spending interest-free. These 0% credit cards can offer interest-free deals for two years or more, giving you plenty of time to clear your debt without the interest racking up.
Personal Loan:
Credit cards tend to have a limit on how much you can borrow. For larger amounts, a personal loan might be a more preferable option. Personal loans tend to have lower interest rates than credit cards, not including any 0% introductory period. So if your planned repayment time is longer than the amount of time you’d get with an interest-free credit card, opting for a loan might be more cost-effective.
Property Investment:
Getting on the property ladder is a dream for many. Having your money go to owning something, rather than renting (and paying someone else’s mortgage), could be just what you need. I think of when we bought our home almost eight years ago. In that time, through house prices rising, as well as being able to add value through an extension, we have added plenty of value to our home, and found this calculator that gave us an idea about the kind of value that we’ve added. So when it comes to selling it, we’ve made a large profit on it, to invest again, or even elsewhere. So being able to afford property, and then going
Downsizing:
If you own your own home, there are still significant costs in owning more space than you need. From taxes and utilities to insurance, repairs, and maintenance reducing these ongoing costs could go a long way towards improving your retirement. Not all retirees have great pensions, so a little spending money really goes along way and enhances quality of life.
Whether you are looking to renovate your old bathroom or go on the holiday of a lifetime; Credit Cards, Loans, Equity Release and Downsizing can certainly help. It’s important to remember that these are significant financial decisions to make, and it is wise to take the time to consider your options and make the decision best for you and your circumstances.
