What You Need To Know About Pay Day Loans – The Pros & Cons

When people are short on money, some will often turn to a payday loan to try and make up for it. In many cases, this is something that can help increase your credit score, and help you manage your money better in future if you’re good with repayments. However, at other times this approach can be more of a hindrance than a help.

What is a payday loan?

A payday loan is a small loan (commonly £100-£1500) that is lent at high interest rates with the agreement that it will be paid back on your next pay day.

Supporters of payday loans believe that they’re beneficial for those on a low-income or with bad credit. It allows people to have access to money that they wouldn’t be able to get through more traditional channels such as the bank.

In contrast, critics of payday loans believe that these loans are predatory, and target those with a low-income knowing that the high interest rates are likely to put them in long-term debt.

I’m a big critic of payday loans, and I believe that everyone should avoid them, but circumstances that are out of our control can lead you down that path.

I’ve put together the main pros and cons of payday loans so you can decide what you think for yourselves. And if you do decide to take out a payday loan, you know exactly what you need to.

Learn how to manage your money with the Time Is Money book


1. Timing

Most payday loan applications don’t take long to complete, and most lenders approve payday loans instantly once you’ve provided the information required.

Conventional loans mean lengthy applications, and a longer processing time. This is the same with credit cards. Most payday loan lenders aim to provide a quick service in order to stay competitive. Many lenders transfer the funds the same day, or the next working day.

2. Convenience

The process of applying for a payday loan can all be done online. In the new world of technology, this makes it much easier to get access to a loan.

A payday loan allows you to have the money in cash which allows you to do more with your money. Whereas with a credit card, you can only pay for goods and services, and you are charged for taking cash out of an ATM.

Want to create a new stream of income? Find out more about freelancing here

3. Few Requirements

To get access to a payday loan, you don’t need to provide all the information needed for a conventional loan. The main requirement is that you have a stable source of income, which highlights your ability to pay the loan back.

For a traditional loan, you may require a guarantor that agrees to pay the loan in the likelihood that you’re unable to repay it yourself. Once you’ve proven that your income is consistent and this can be verified, you’re good to go for a payday loan.


1. High Interest Rates

With any loan comes interest, but with a payday loan, the interest rates are very high. This makes it very expensive to repay, and can often put people in further debt.

Interest rates for credit card can range from 50% to over 300%. Over a year, the average annual percentage interest rate of charge could be up to 1,500% compared to 22.8% for your average credit card (Money Advice Services 2019).

The good thing is that payday loans have been capped by law, under rules by the Financial Conduct Authority (FCA).

2. Payday Loans Are Predatory

Payday loans target those with a low income or with bad credit. They make it easy for people to borrow money, because in many cases, they know that these people will struggle to repay the loan, and therefore have to pay back more than they borrowed.

Not only can this lower your credit score even further, but it can lead to mental and physical health issues due to the financial pressure. Health is the most precious wealth. Sometimes it may seem impossible to deal with all your financial commitments, but try to cut back on certain purchases to free up more funds. Pay off small debts in full when you can so from following month, you have that available to put towards other things. Develop a saving plan that makes use of your small change. Try various alternatives before turning to a payday loan.

Shop my money management book here – Time is Money

3. Recurring Payments

Before a lender agrees to accept your payday loan application, they will ask you to to set up a recurring payment. This is also known as a continuous payment authority (CPA).

This allows lenders to take the repayments directly from your bank account via debit card, whether you have the money or you don’t. This could lead to bank charges, or not enough money to cover your remaining bills.

You can cancel your CPA at anytime, but you will still have to pay back what you borrowed in another way.


The best way to avoid the disadvantages of a payday loan is to avoid them all together. They should be a last resort in the case of an emergency, and before applying, create a personal repayment plan that you can commit to.

New templates are coming soon to my website.

T K Williams-Nelson

Follow Me:

Instagram: @timeismoneymedia

Facebook: T K Williams-Nelson

Twitter: @TKWN_World

The Essential Do’s and Don’ts Of Travelling Solo

Travelling solo is one of the most thrilling experiences that you’ll have in a lifetime. From going to the airport, to landing in your destination, there’s something about travelling alone that fuels the feeling of independence.

I’ve travelled solo to Europe, and to America. Each time was a great journey of self-development and reflection, but I learnt a few things along the way.

1. DO – Always let someone know where you’re going

When you’re travelling alone, you may meet people on the plane or your accommodation that you can connect with. It’s important to always let someone know where you’re heading, even if it’s local. If something were to happen to you, someone has the location of where you were last.

When I travel alone, I always let my hotel reception know that I’m going out shopping or sightseeing. If they don’t see me return in the evening, then they have an emergency contact number they can use to get in touch with my family.

It may seem like something small, but you have to be mindful that you’re in another country where things aren’t familiar. The aim is to enjoy yourself, but to also be as safe as possible.

My New Book How To Become A Freelancer Is Available Here

2. DO – Stay in public places

Make yourself seen. The more people you’re around, the safer you are. Connect with the locals around you so you get to know more about the places surrounding your location so you know the best places to be and when.

3. DON’T – Don’t be anti-social

Not because you’re travelling alone does that mean you shouldn’t interact with others on your travels. Socialise with people from your hotel or while shopping. Make friends so that you can do things together, and really make the most of your trip.

4. DON’T – Avoid leaving drinks unattended

This is something you shouldn’t do at home or abroad. Leaving your drinks unattended can lead to so many problems. Systems are very much different and the help you might need may not be readily available. Always keep drinks and any personal belongings within eye sight.

5. DO – Make sure you have travel insurance

Accidents happen, and if one happens to you, it’s best to be prepared for it. Buying travel insurance may seem like something insignificant, but if you ever need medical help in your destination for whatever reason, it’s crucial. You may not be able to get the assistance you need without it.

6. DON’T – Don’t get swindled by travel reps

Solo travellers are the perfect target for people abroad that try to sell excursions, and other products or services. It’s important to always be firm and know when to say no. If you would like to do more exploring, then shop around before committing to anything. Different vendors have different prices. Be sure to get the best one!

Make More Money For Your Travels With Time Is Money Available Here

Follow me and let’s connect:

Instagram: @uniqueboutiqueldn

Facebook: T K Williams-Nelson

Twitter: @TKWN_World

How To Turn Your Small Change Into Real Money

Saving is something that each and every one of us aspire to do, but circumstances can make it difficult. Over the years I’ve studied my money habits and have found a couple ways that allow me to save for the short-term. They have allowed me to travel, and to reach goals that I wouldn’t have achieved if I didn’t have the funds. Here’s how you can turn your small change into real money, and actually put it to some good use.

1. The Rule of 10

The Rule of 10 is a saving plan that I developed once I observed my behaviour with money. I found out that when I would break a note to buy something and I had loose change remaining, I was more likely to buy something else I didn’t really want or need, because I had that money on my person.

I was wasting money that I could have been saving, and that’s where the Rule of 10 came in. I decided that for a period of three months, I was going to save 30% of every physical £10 note that I used to buy something.

For example, if I spent £40 in a week, then I would put £12 in my saving box.

If I spent £80 in a week, then I would put £24 in my saving box.

This saving technique worked for me because it allowed me to still have money, but I was making sure that I was saving at the same time. Doing this over a period of three months meant that it was a very flexible approach to saving, but it took discipline.

For every £10 note that I spent, I would automatically take out my £3 before I had the chance to spend it. Whatever I was left with is what I had left to spend.

How much I spent would vary every week, but the rule stayed the same. After a period of three months, I had saved over £180 by saving £3 a few times a week. If I did this for 12 months, I would have saved £720. It may not seem like much, but it adds up.

It can be difficult to focus on saving when we all have other financial commitments that often take priority, however the flexibility of this technique allows you to save at your own pace. You can adapt the Rule of 10 to what best suits you.

Shop The Time Is Money Book For My Money Management Tips

For example, someone may choose to set a time frame of 12 months, and save £1 for every £10 they spend. If they spend £30 a week, then that’s £3 over 52 weeks.

3 × 52 = £156

This person will have saved £156 in a year just by saving £1 three times a week.

Someone may choose to set a time frame of six months, and save £5 for every £10 they spend. If they spend £80 a week, then that’s £40 over 26 weeks.

40 × 26 = £1040

It’s important to be realistic about what you can afford to save, and still have money for your commitments. Many people pay their bills and other priorities via direct debit or card payment, so this technique is to manage the money that you’re physically spending. The more money that you’re earning, the more money you’re likely to spend physically.

Think about your money habits and draw up a plan that works for you.

2. The Every Day Save Plan

Another money management technique that I use to save is the Every Day Save Plan. This is a short-term saving plan that I developed when I was saving towards a particular trip. I had four months to save £250 after covering all my travel costs. I always like to have more money than less when travelling, so I had to save for it.

Freelancing Pays! Find Out How Here

I bought a money box, and every day I made it a priority to put money into that box. Sometimes it was £5, and other times it was as little as 50p, but every day I was saving some of my small change to reach my big goal. Each pay day I would put in what I like to call a bulk payment. This would be between £20-£30.

Once I came up to my four month deadline, I had saved £311. I didn’t save anything less than 50p per day, so that’s what I would recommend as a starting point, but again, this technique is adaptable.

For example, if someone saves 50p per day for a period of 12 months, they will have saved £182.50 without breaking a sweat.

If some saves £2.50 per day for a period of six months, they will have saved £450 in 180 days. £2.50 is the price of your average daily coffee. £450 can treat you to a well deserved city break.

Read More Business & Money Management Tips Here

With the Rule of 10 and the Every Day Save Plan, I think it’s significant to physically save. As the weeks go by, you feel your money box getting heavier and heavier. This fuels the motivation for you to keep going until you reach your goal. Banks take bagged or rolled coins which makes it easy to change your money into notes.

Find out business and money managemit tips in my books below, and get in touch with any questions via my socials.

Instagram: @timeismoneymedia

Facebook: T K Williams-Nelson

Twitter: TKWN_world

Books: Time Is Money & How To Become A Freelancer

The Ultimate University Survival Guide That Tells You What They Don’t

The new academic year is here and many of us are either starting university or continuing existing studies. After three years of focusing on my fashion business and launching my creative platform, Time is Money Media, I’ll be back in the classroom studying my Masters in Criminology & Forensic Psychology in October.

My undergraduate experience at university went pretty smoothly. I enjoyed what I was studying so it was easier to revise and get the work done. People don’t always know that university can be difficult in regards to studying, managing finances and balancing your lifestyle.

Here’s my guide to making the most of your university experience without burning out.

1. Learn How To Budget

When I was studying Criminology in 2016 I was entitled to a maintenance loan which had to be repaid, and a grant that didn’t need to be repaid. Since then, the grant has been replaced by a larger maintenance loan.

Learning how to budget your finances will help your loan stretch for the academic year. It’s important to make sure that you can cover your living costs, your social activities and the costs of what you will require for university.

For students living at home whilst studying, you have a better advantage when it comes to finances. With less commitments such as accommodation, you have more flexibility with funds. That doesn’t mean you should take advantage. You still have to make sure that your maintenance loan can support your needs, especially if you’re not working while studying.

Manage Your Finances Better & Maximise Income With My Book Time Is Money

2. Learn How To Cook On A Budget

As a student, the struggle is real! You need to be able to cook, and to cook on a budget so you don’t break the bank. The best recommendations for shopping if you’re in student accommodation is Aldi and Lidl. Not only do these supermarkets sell great foods for affordable prices, but they also sell affordable resources such as study materials and cooking utensils.

Top Tip: Invest in a mini fridge for your room to avoid house mates taking your food.

3. Find FREE Study Resources

Most universities have free resources you can use to aid your studies. Whether it’s online e-textbooks or library resources, make use of all the free help you can get.

Top Tip: Never buy all the books on your course reading list. Only buy the books that are for essential reading. To save even more money, purchase second hand books, as long at they are the correct edition and in good condition.

If you do buy new books for your course, avoid making notes or highlighting text in them. You can sell these on when you no longer need them.

4. Manage Your Workload

If you thought your A-Levels was a lot of work, then prepare yourself for even more. Staying on top of your workload is crucial if you want to do well. With various modules to focus on, in addition to your life outside of university, it’s essential that you create a routine for yourself.

Have a diary or calendar to make note of important dates. Prioritise your workload before your social life. University is meant to be a great experience, but if you neglect your studies, what was all of it for?

5. Look Out For Friends

Doesn’t seem all that important when you initially think about it, but in university, many students are fighting personal battles that no one knows about. Mental health in students needs to be taken just as seriously as physical health.

A 2018 online survey covering 38,000 UK students found that more than half (50.3%) reported having thoughts of self-harm.

One in three students (33.9%) had experienced a serious psychological issue which they felt they needed professional help and more than four out of 10 (44.7%) admitted to using alcohol or drugs to cope with their problems.

Take a time out when you need to. Prioritise self-care alongside your studies, and if you do need help, don’t be afraid to ask.

Learn More About Mental Health And Pacing Yourself In My Book Time Is Money

6. Keep In Touch With Family & Friends

Yes you may be trying to get away from your old life once starting this new chapter, but keeping in contact with friends and family back home is always a good decision. University can get lonely, and sometimes it helps to talk to someone that you’re familiar with.

7. Back Up Your Work

One of the worst things that can happen at university is losing your work. You’ve put in all that effort into your essay and it’s just gone. Always back up your work. You can do this in various ways. Buy a USB stick and save a copy of your work on it. With Gmail, you have the option to save your work on Google Drive which saves your work on their cloud, or you can email copies of your work to yourself.

Choose a method that is suitable for you, but make sure you get it done to avoid any losses.

8. Take Advantage Of Student Discounts

Being a student has it’s perks. There are so many discounts out there that you should be taking advantage of. From fashion to events, there’s definitey something for you. Check out my recommendations:

– Pizza Express offer 30% off food and drink Monday-Friday and Saturday via Unidays.

– Pizza Hut offer 20% off in branch Sunday-Thursday with any valid photographic student ID card.

– Students save 50% on Spotify Premium (£4.99 per month).

– ASOS offer 10% off via Unidays.

– Topshop & Topman offer 20% off via Unidays.

– Miss Selfridges offer 20% off via Unidays.

– National Express offer 20% off with a valid NUS Extra card.

– Missguided offer 10% off with a valid NUS Extra card.

– Boohoo offer 10% off with a valid NUS Extra card.

– Adobe offer 65% off with proof of being a student.

– Ministry of Sound offer £5 off for students via their website.

– Boots offer 10% off with a valid student ID.

– Superdrug offer 10% off with an NUS card in store only.

– The Body Shop offer 20% off via Unidays.

– Thorpe Park offer £35 off a 1-day ticket with a valid student ID card or via Unidays.

– The Co-op offer 10% off with an NUS Extra card.

– Ryman offer 12.5% off with an NUS Extra card.

– Waterstones offer 10% off via Unidays.

– Hobbycraft offer 10% off via Unidays.

– Byron Burger offer 30% off via Unidays.

– Chiquito offer 25% off with an NUS card.

The fact that you have taken the step to go to university is already an achievement in itself, and with this guide, your journey will be a much smoother one.

Get in touch if you have any questions about my experience at university or if you want to share your own experiences with me.

My books, Time is Money & How To Become A Freelancer are available to purchase here on my website.

Instagram: @timeismoneymedia

Facebook: T K Williams-Nelson

Twitter: TKWN_World

Top 4 Autumn/Winter City Break Destinations That Won’t Break The Bank

The Autumn/Winter seasons are approaching and I’ll be sad to see the UK sun leave. The fun doesn’t need to stop there. Here’s a list of 4 great city break destinations where you can relax, explore and so much more.


The beautiful city of Reykjavik has everything you need to make the most of year after summer has passed. If you visit between September and April, then you have a chance of catching sight of the mesmerising Northern Lights. If that’s not enough then you can experience the relaxing mud pools, beautiful glaciers and stunning waterfalls.

The Northern Lights – Credit: Whatson.is

For those that are interested in the outdoors, you can go on a hiking trail or test your limits with some mountain biking. There’s so much to see and so much to do that will make the colder seasons memorable. Take a dip in the fabulous blue lagoon before relaxing in one of the many beautiful accommodation options in the heart of Iceland.

Blue Lagoon – Credit: aviewoutside.com


Sightseeing in the Hungarian capital of Budapest is a sensational experience for winter travellers. You can take a relaxing river cruise on the Danube, or if you want to explore more architecture, then the Hungarian Parliament Building and the beautiful Hungarian State Opera House are brilliant choices.

The Hungarian Parliament Building – Credit: visitbudapest.travel

Are you ready to soak all your winter worries away? The tranquil thermal baths in Budapest range from 26° for a cooling bath to 40° for a hot bath. You can cleanse yourself from head to toe in the luxurious steam rooms and on-site massage services.

Thermal Baths – Credit: holidaytravel.cc


If you’re seeking an adventure filled with culture then Amsterdam should definitely be on you autumn/winter bucket list. Take in the scenes as you stroll along the infamous canals or take the weight off your feet in one of their many welcoming coffee houses. Amsterdam is filled with so much to do and so much to see that you won’t be disappointed.

Coffee Shop – Credit: Wikipedia

As temperatures fall in the autumn/winter months, Amsterdam focus on indoor events such as Da Bounce Urban Film Festival and Amsterdam Art Weekend. There’s an array of museums and galleries to feed your minds with all the substance you seek, and exploring the dazzling flower markets will be a great experience for any winter traveller.

Flower Market – Credit: amsterdam-travel-guide.net


The festive season is always a great time to travel. Vienna offers some of the most spectacular Christmas markets which open from mid November to give travellers enough time to shop. The stunning architecture is a sight to see, with the Vienna State Opera House and the Gothic St Stephens Cathedral being among favourite places to visit.

Christmas Markets – Credit: gq-magazine.co.uk

So where will you end up this year? I’ll be heading out to Amsterdam and will be writing up a full blog of things to do and places to see.

Follow me:

Instagram: @timeismoneymedia

Facebook: T K Williams-Nelson

Twitter: @TKWN_World

The Power Of An Action Plan Is Real…

September is around the corner. People are starting new jobs, moving on to further study and getting ready for the winter blues.

What are your goals for September?

What do you want to achieve that you previously couldn’t make time for?

I’ve been using action plans for as long as I can remember. It’s normal to feel overwhelmed at some points in life, but it’s important to acknowledge when you’re feeling this way, and take control of it. Creating an action plan can help.

What is an action plan?

An action plan isn’t just about setting goals for yourself. It’s about creating a strategy that allows you to meet those goals.

It can be detailed or summarised. It’s always good to get creative with it; using different colour pens for different areas, and a layout you can familiarise yourself with easily. That may be in the form of a table or a spider diagram.

It’s a tool that is tailored to you, and can be done at your own convenience. My latest book covers how I made an action plan to create a new income for myself. Find out how I did this by baking cupcakes with no experience via link below:

How To Become A Freelancer: Start Making Money On Your Own Terms

Here’s a simple step process to creating your action plan:

1. Set your goal

It’s important to be realistic when setting your goal. For example, if you’re trying to lose weight, give yourself a reasonable time frame to achieve your goal.

Example: I want to lose 1 stone in 3 months

2. Choose your action steps

Your action steps must be attainable and concrete. They must be steps that you can actually achieve so that you reach your goal. If you set action steps that aren’t attainable, then you risk not completing them at all.


Attend the gym 1-2 times a week

Limit junk food to one day a week

Replace a sugary drink with a fresh smoothie once a day

3. Stay consistent

Staying consistent with the steps in your action plan is what will get you to your final goal. The whole point of the plan is to break down the journey towards that goal, and make what needs to be done clear to you. Set action steps that you know that you’ll be able to follow.

4. Keep your action plan time specific

Keeping your action plan time specific makes it measurable. After completing your action plan, you’ll be able to see what you were able to achieve in your specified time frame. You’ll be able to analyse what you’ve done and see how you can improve if you’d like to do a new plan.

To summarise, using action plans to stay organised and reach your desired goals is simple. You can apply your action plan to whatever goal you want. Whether you’re trying to lose weight or trying to be more productive, there are action steps for every goal.

Your action steps should be realistic in order to be attainable. Don’t be too hard on yourself. Create steps that you’re able to follow that doesn’t disrupt your priorities.

Find out more about what could help you manage your business better in my books, Time is Money and How To Become A Freelancer below:

Time is Money and How To Become A Freelancer

I’m working on some new templates for those that may need some extra help. Comment any ideas or things you’d like to see in the templates.


Instagram: @timeismoneymedia

Facebook: T K Williams-Nelson

Twitter: @TKWN_World

How To Improve Your Credit Score

Your credit report is the first point of call for lenders if you decide to apply for a credit card, a loan or any other form of credit. It doesn’t take much to send your credit score into decline, but there’s many ways to improve your credit score and become more attractive to lenders.

I’ve put together some simple tips to help you on your way to improving your credit score and getting a little more love out of life.

1. Pay Your Bills On Time

When lenders review your credit report, they’re interested in how reliably you pay your bills. Staying on top of payments consistently can improve your credit score over time.

2. Pay Attention To Your Credit Utilisation Ratio (CUR)

Your Credit Utilisation Ratio is calculated by adding all your credit card balances at any given time and dividing that amount by your total credit limit. This gives you a clear idea of the amount of credit you’re using.

To work out your average Credit Utilisation Ratio, look at all your credit card statements from the last 12 months. Add the statement balances for each month across all cards and divide the figure by 12.

For example, if your statement balances for the year add up to £5000 and you divide this by 12, your average monthly credit use is £416.

Lenders typically like to see low ratios of 30% or less.

Check out my book, Time is Money for more finance and business advice

3. Don’t Cancel Unused Cards

Cancelling unused credit cards can negatively impact your overall Credit Utilisation Ratio. Instead, use them to improve your credit score with my next tip!

4. Use Your Credit Card Little & Often

Instead of cancelling your credit cards. Try to use them to make small purchases often. Keeping your credit card active in this way makes you more attractive to lenders when you’re paying off your bill each month. This can also increase your credit score over time.

5. Avoid Making Muliple Applications In A Short Time Frame

When you make an application for credit, a ‘hard search’ is carried out on your account and a mark is left on your credit report. Making too many applications in a short space of time can negatively impact your credit score, because it appears to lenders that you are desperate for credit. Resist the temptation to apply again if you’ve recently been rejected, and focus on improving your score before trying again.

Start Making Money On Your Own Terms With My New Book Available Here

6. Use An Eligibility Checker

When you used an eligibility checker, a ‘soft search’ is carried out on your account to see if you’re eligible for the product you want to apply for before actually applying. Lenders are able to view some of your information, and the search doesn’t impact your credit score.

This lets you know whether you’ll be accepted or rejected for the product or service you want to apply for without damaging your credit score in the process.

7. Check Your Credit Score Regularly

Checking your credit score regularly allows you to make sure all information is correct and up to date. Mistakes can lower your credit score more than it should be, so it’s important to double check all your information.

8. Get On The Electoral Roll

Being registered to vote means that credit agencies are able to verify who you are. This makes you appear more stable to lenders.

Improving your credit score is essential for various reasons. If you aspire to get a mortgage or to secure a personal loan, then lenders take your credit report as a sign as to whether you will be able maintain your payments or if they’re not the right credit agency for you.

Find out more about money and business in my latest books:

Time Is Money

How To Become A Freelancer & Start Making Money On Your Own Terms

Connect with me:

Twitter: @TKWN_World

Facebook: T K Williams-Nelson

Instagram: @timeismoneymedia

How Organised Are You? Check Out These Time Management Tips.

If you utilise your time effectively, you’d be surprised how much you can get done in one day. If you’re freelancing or self-employed, it can be difficult to maintain a schedule that you can follow consistently.

I’ve put together some tips from my latest book that can help you on your way:

How To Become A Freelancer & Start Making Money On Your Own Terms

1. Make A Schedule

Make sure you allocate time to the things that need to be done, but you also have to make time for flexibility. Things may come up that you’re not expecting, or opportunities may come up that are more important than others. Another thing you need to make time for is your personal life. Have good time for rest and good time for social networking. This allows you to maintain a balance between work and personal.

How To Become A Freelancer & Start Making Money On Your Own Terms

2. Pace Yourself

You can’t run your business if you’re burned out. Pace your moves. Make sure your moves have a purpose. It’s easy to get lost in your passion. You’re doing everything to make it work and you forget about yourself. Make yourself a priority too. Health is the best wealth!

How To Become A Freelancer & Start Making Money On Your Own Terms

3. Remember, you’re the Boss!

Yes, you’re the boss. You decide what’s worth you’re time and what isn’t. There’s no point committing to a job that you don’t have the time or resources for. It’s okay to turn down an opportunity if you know it’s not right for you.

How To Become A Freelancer & Start Making Money On Your Own Terms

4. Time Management Tools

In my latest book, How To Become A Freelancer & Make Money On Your Own Terms, I list various time management tools that can help you manage your time effectively. Make more time to do what you love alongside your main income:

How To Become A Freelancer – Time Management Tools

T K Williams-Nelson

Freelancers Deserve To Be Paid What They’re Owed!

One of the biggest problems in the freelancer world is that of late and non-payments. Work is commonly carried out before payment is taken and freelancers are left fighting for their fees.

Late payments cost the UK economy £2.5 billion each year, according to the National Federation of Self-Employed and Small Businesses. Freelancers and the self-employed don’t seem to be taken seriously in many cases, and this can not only be distressing, but it can ruin someone’s business in the process.

Internationally, steps are being taken to provide more support for freelancers in regards to getting paid. New York became the first US city to enact a law giving freelancers the right to a written contract, timely and full payment and protection from retaliation. Due to the success of the act, more US cities are considering similar policies.

How To Become A Freelancer & Start Making Money On Your Own Terms

In the UK, freelancers are entitled to claim interest on late payments under the Late Payments Act which came into force in 1998. The issue with this act is that the only way to enforce the fee is through the courts. The freelancer must be able to prove a contract was in place and that the work was delivered. This process can lead to the freelancer paying excessive legal fees in order to get payment. In some cases, these legal fees can amount to more than the claim itself.

There are a few ways you can minimise your losses when it comes to your work.

– Keep up to date with the law. It’s constantly changing.

– Start taking deposits for work. Clients that are happy to comply with this are more likely to pay the remaining balance.

– Always draw up a contract between the parties involved. You will need this if you want to take further action.

– Don’t give up. Developments are taking place globally and one day we’ll get there.

Find out more about freelancing and the useful resources available in my book:

How To Become A Freelancer & Start Making Money On Your Own Terms

T K Williams-Nelson

How Doing Your Own Bookkeeping Can Save You Money On An Accountant

For all those that are self-employed or run a business, you already know that accounting costs can add up as your business takes off. My accounts were one of the main things I struggled with when I first set up Unique Boutique London. It was difficult to get my head around all the numbers and I knew that having an accountant was essential if I was to comply with UK tax laws.

The first time I hired an accountant, I had them do everything from beginning to end, and of course it wasn’t cheap. That was when I looked into how I could make the process cheaper for myself in future. I found various online platforms that allowed me to do my own bookkeeping. This meant going over all my records and receipts, and inputting them into an online system that clearly lays out what my financial year has been like. Keep in mind that you need to be very strict with your records and receipts in order to create a true picture of how your business is doing financially. Ryman has a great selection of filing cabinets that can keep you organised when it comes to your bookkeeping and accounts in general.

The process can be time consuming depending on the size of your business and the extent of your incomings and outgoings, however compared to how much an accountant would charge you for the same service, you’re saving a serious amount of money. You’re essentially saving your accountant the time of crunching all your numbers for you. Theyre doing less of the work involved in getting your accounts submitted and therefore the process is more affordable for YOU!

In my books, Time is Money and How To Become A Freelancer, I talk about money management in different forms. There is always money to be saved if you know what you’re looking for, and the knowledge I discover gets passed on to those who need it. My books are available via the link below if you’d like to discover more about getting the most out of your time and money:

Get Time is Money & How To Become A Freelancer here!

Here are my three recommended bookkeeping platforms that will save you money on your next accounting period:

1. Pandle

My favourite one of them all is Pandle. Simply because it’s free, easy to use and can have you up and running with little to no experience. You’re able to generate various documents including a balance sheets, which you can then forward onto your accountant for final review and submission.

2. Quick Books

One of the most popular accounting platforms is Quick Books. Plans start from as little as £10 a month and it has all the essential tools for both small businesses and the self-employed. It’s easy to connect to other apps that you may use for business, including Shopify stores.

3. Clear Books

Clear Books is HMRC recognised and tested, ensuring that it’s a reliable tool when it comes to your bookkeeping. The basic service is free and all paid plans come with extra features tailored to the size of your business.

In business you have to invest money to make money, but at the same time you can also save money along the way if you have the time and resources to do so. Using these bookkeeping platforms can be a great way to make sure your accounts are in order without breaking the bank.

We are striving for financial freedom…

Find Out More About Managing Your Finances Here!

T K Williams-Nelson

Instagram: @timeismoneymedia

Twitter: @TKWN_World