Budget

Equity release, as in any other type of loan, comes with a risk. You are borrowing an amount of money tied to the value of your property. When you die, and someone buys the property, the people you leave behind will only get a small amount of the property’s value, depending on how much you borrowed when you were alive. Therefore, you need to think twice before you decide to take out this loan.

On a positive note, even if you opt for equity release, you can stay in your property until you die. You also don’t need to pay rent.

Some people would caution you on how to spend the amount you borrowed. However, it is your property, and you worked hard for it. You can use the money in whatever way you think would be beneficial for you.

Home improvement

It is one of the most famous reasons for borrowing money through equity release. It is a smart move because home improvement increases the value of your property. Therefore, when the time comes that the property is up for sale, you can expect your estate to get the right amount of money from it. Even if the company where you borrowed the cash from deducts their share from the sale, the amount will still be high. Besides, you are staying in your property until you die. You will still enjoy whatever changes you decided to make.

Go on a holiday

Some people think it is unwise to borrow money to go on a holiday. However, at your age, you need to enjoy whatever you worked hard for in the past. You might also be suffering from illnesses, and you only have a few years to enjoy your money. Once you hit a certain age, and your illness worsens, you might be unable to travel anymore. While you can, you need to enjoy your life.

Pay Debts

Although equity release is technically a loan, you need not pay the amount immediately. You can even opt not to pay anything back until you die. The only downside is that it could increase the interest due, and the sale of the property will go almost exclusively to the equity release company. Despite that, you are not leaving behind a tremendous amount of debt for your family to pay. You don’t want them to have to think about how to pay off loans when you are dead. It is a smart move to choose equity release to pay off all other loans that you have. You can even clear the outstanding mortgage you have using this loan.

Consult an expert

A lot of people have benefitted from equity release. It comes with a risk, but you can get the amount you need if you take this loan. To help you out, consult an expert. Ask for advice on how to apply, and how much you can borrow. Once you are ready, check out http://www.55plusequityrelease.com for more information on equity release. They are experts in this type of loan, and they will help you make up your mind.

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If you’re looking for simple ways to slash your monthly expenditure in half, simply continue reading to discover 6 effective money saving tips to use on a daily basis.

6 Money Saving Tips to Incorporate Into Your Life:

1. Wait to purchase all of your clothes until your favorite stores offer sizeable sales

If you’d love to be able to dress in your favorite brands without having to pay a small fortune it’s well worth putting off purchasing new clothes until your favorite stores hold an annual sale. As an example, most stores offer great sales on Black Friday and Memorial Day.

If you know that a massive sale is due to take place within the next few weeks, it’s well worth trying on any items which you’re interested in purchasing, so that when your chosen store begins their annual sale, you’ll be able to purchase items which you’re interested in straight away. As sizes may sell out fast.

Better yet, if you’ve tried on items which have caught your eye in advance of a sale, you should be able to purchase the items which you liked online.

2. Sign up to receive email notifications from your favorite online stores

In order to stay up to date with your favorite store’s sales, it’s well worth signing up for emails from your favorite brands as you’ll normally be notified of upcoming sales before they start.

Better yet, you may even find that your favorite stores may begin sending you exclusive coupons, which you’ll be able to use to make your online shopping hauls a little cheaper!

3. Consider sharing a meal, with a friend or loved one when you dine out

It’s well worth dining out at cafes and restaurants which serve generous portions for a reasonable price as that way you’ll be able to save money by sharing a meal with a friend or family member when you dine out.

4. Order off the children’s menu, if you’re not feeling particularly hungry

Another way to save money when you choose to dine out is to order an inexpensive menu off the children’s menu at a cafe or restaurant when you’re not feeling particularly hungry. As children’s meals offer great value for money and are usually a lot larger than you’d expect.

5. Find cost-free ways of socializing with your loved ones

If you normally spend a small fortune, on alcohol, food, and movies, when you arrange to catch up with your family members and friends, it’s well worth searching for cost-free activities and attractions to bond over instead of meeting at a bar or cafe. As examples, you may want to go for walks with a friend who lives locally or to visit an art gallery or museum with a friend.

In the warm summer months, you should also have no trouble finding free festivals, outdoor movies, and concerts to attend with your friends and family members.

6. Sign up for as many loyalty programs as you can

If you want to be able to receive free goods, by shopping at your favorite stores, it’s well worth taking the effort to sign up for as many loyalty programs as you can. In order to reap a wide variety of rewards.

So if you’re looking to increase your savings, it’s well worth following all 6 of the effective money saving tips listed above.