Time is Money Media

How To Improve Business By Making Your Clients Come To You

There’s different ways to engage with clients or customers when you offer a service or product. You can actively seek out your audience via engagement on social media or attending networking events.

Live. Work. Create. – the world needs it!

You can also improve your business by making your clients come to you. In my latest book, How To Become A Freelancer, I dedicate a whole chapter to this topic, so here are a few tips that people have found most helpful.

How To Become A Successful Freelancer

Being a freelancer is like running a business, but with more flexibility. As a freelancer, you need to think of yourself as an actual business. You need to engage with others like a business would, and you need to have goals that you want to achieve.

In my book, How To Become A Freelancer & Start Making Money On Your Own Terms, I talk about what makes a successful freelancer in depth. I want to share my top tips from my book that helped me stay organised and make money as a freelancer for over five years.

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

– Money management is crucial. The flexibility you have as a freelancer means that if you’re not careful, you could end up spending endless amounts of money and getting nowhere. Set a limit for what you want to invest in yourself.

– Your network is your net worth. The more people you get to know and connect with means that those people now know about what you do. You have a list of people you can market your services to instantly, and can potentially get bigger opportunities because of who you know.

There was once a time when I didn’t like networking at events. You spend most of the time talking about yourself which made me feel slightly boastful. In order to become a successful freelancer, that’s exactly what you need to do. Promote yourself relentlessly. Don’t ever feel guilty about networking with others, and letting them know what you have to offer.

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

– Work smarter not harder is easier said than done, but once mastered, being a freelancer is more rewarding. Don’t take on more than you can do just because the work is available. Not only could you burn out, but you start to compromise the quality of your work. The quality of your work is your selling point. Everything you do should have real meaning and shouldn’t be rushed.

– Know your financial limits to avoid losing more than you make. It’s easy to get carried away with money as a freelancer. It’s important to be mindful, and realistic about your. Make sure you have work coming in coinsistently before heavily investing in what you do. For example, if you’re a freelance photographer, you would need to invest in a camera, but not necessarily a studio space.

Budgeting whilst freelancing is essential, especially if it’s your only source of income.

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

In my book, How To Become A Freelancer, I talk about my top tips in depth. I talk about the different ways you can avoid the challenges that come with freelancing, and provide useful links to help with websites, funding, and more. The book is on sale for £3.99 including shipping.

Available here:

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

T K Williams-Nelson

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Twitter: @TKWN_World

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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

Pros

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.

Cons

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.

Summary

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

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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.

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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

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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.

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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.

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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.

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

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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

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.

Examples:

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.

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How To Improve Your Credit Score With These Easy Steps

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

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