Online Diary of AlRitch: Saving Tips

Showing posts with label Saving Tips. Show all posts

November 16, 2022

6 Ways to Stretch Your Budget When Money is Tight

The last few years have taken their toll on everyone financially. With the global inflation rate averaging at 8.8% this year, it is no wonder that even households with regular incomes are now struggling to keep both ends meet.

Of course, we cannot stop spending even when money is tight. We need to pay the bills even while working with a limited budget. So today, I am sharing these tips to help you stretch your budget:

Cancel some subscriptions

To help you cut your monthly bills, you may want to consider canceling a couple of subscriptions. Apart from water, electricity, and internet subscription, you can probably let go of some of your streaming network subscriptions to cut up some expenses on bills. You may also try to go for family packages, which are much more economical than individual ones.

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Make a grocery list

A lot of additional expenses monthly go to the grocery lists, with several items you shouldn't have been buying in the first place. Make sure to create a list when doing your groceries and stick to this list. Of course, you can always reward yourself and deviate from the list occasionally, but make sure not go over the budget. A menu plan will also make your grocery list even more effective by letting you purchase only food items for food preparation and not end up in the waste bin.

Contemplate online loans

Sometimes there is no choice but to consider borrowing or loaning to stretch your monthly budget. When you do, make sure to borrow online from reputable providers only to prevent being victimized by scammers posing as borrowing apps that would only end up getting your personal information and scamming your contacts. Check online reviews and posts on borrowing apps and providers to know how people's borrowing experiences went.

Put a curb on credit card spending

Swiping your card for any purchase is way too easy and convenient. But be mindful of additional fees and interest rates. Using a credit card can sometimes trick you into thinking you are spending wisely. But, in the end, you may spend much more than you purchased. Take advantage of zero-percent interest or free annual membership promos. But on any other occasion, it is still wise to pay for your purchases in cash.

Look for side hustles

Because times are hard, it is not enough that you only have one job. If you can, look for side hustles or other opportunities. That way, you can augment your regular income and add more to your budget. If you are passionate about writing, check for article writing gigs online. If you are into online shopping, look for dropshipping or reselling opportunities that allows you to put up your own business with minimum to no investment. You can also offer other services, like tutoring or teaching to play musical instruments, to your friends and colleagues.

Help for hire

In this day and age, time equates to money. Work smart to juggle several duties and responsibilities as a working mama or a family breadwinner. If you need to hire house help to concentrate more on your job or business, then do so. It might mean additional expenditures. But in the long run, you will earn more by focusing on your work or income opportunities while letting someone else worry about the household chores. If a house help is way over your budget, consider investing in household appliances that will help you maximize your time, like an automatic washing machine, a vacuum/steam cleaner, or a dishwasher.

July 12, 2018

Why You Should Get A Credit Card Before It’s Too Late

by AlRitch, in Saving Tips

Although the idea of having a credit card might scare you, it is important to consider the benefits that this sort of loan can have on your life. Parents often steer their children away from lending money from banks but in the end, as an adult, you will need to have some sort of credit history to be able to get loans in the future. In this article, we are going to look at some of the reasons why you should get a credit card when you’re young so keep reading if you’d like to find out more.

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Budgeting

One of the great things about credit cards is that you can set a limit on how much you can spend on it. You will also receive a monthly statement which will show you exactly how much you have spent each month and from this, you can understand where your money in your bank account is going. This is a great way of teaching yourself how to budget as you get to grips with spending money on your credit card and learning that you need to pay it back when you can.

Building Credit

When you have a credit card that you are able to pay back, you build credit and your credit score will benefit from this. The great thing about this is that when you get a credit card early on in your life, you can start building credit sooner and you’ll be able to make the big steps when you need to. It is not uncommon for landlords or mortgage providers to use your credit score as an indicator of how much you can be trusted with money. If you can build some credit using a reputable bank like BB&T who have numerous options for checking accounts which you can set up, you’ll find that you are more likely to get these loans and your credit score will be ready when you are to make the move.

Emergencies

When you are a young adult, you might find that you don’t always want to rely on your parents or have them know exactly how much you are spending each month. This is when a credit card can be useful in giving you that opportunity to have some extra money when you need it. If you are able to budget yourself correctly, you can afford to spend some money when your car breaks down or you can’t quite make rent this month. Having this peace of mind can be very useful and when you pay it back, you’ll be able to improve your credit score.

Final Thoughts

If you are thinking about getting yourself a credit card, then you should always make sure that you will be able to pay it back. There is no point in getting a credit card to build credit, only to spend all the money and have no way of paying it back on time. Think carefully about which bank you choose and soon you’ll see the advantages of getting a credit card early.

June 21, 2018

Stop Wasting Money The Simple Way

by AlRitch, in Saving Tips

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You need to be more frugal. You’ve got to be. Statistically speaking anyway. Why? Because in a recent report by some hotshot survey team (Bankrate rings a bell), almost 1 in 4 Americans now has more credit card debt than they have savings. That’s not a good place to be. In fact, it’s a terrible place to be. It’s that sort of milestone you never want to hit. And yet, here we are, having to hold up our collective hands and say, “we’re not so good with money”.

Part of the problem is the education system. It’s completely geared toward getting you the best job you can, from start right through to finish, and yet not one school has a module on money management. It’s nuts. Nonetheless, you can’t use that as an excuse when the internet offers you a free education on this subject.

Thankfully, all you need to do to become a little more frugal and money smart is make a few teeny-tiny tweaks in your day to day life. Don’t believe us, just read on. You’ll be pleasantly surprised.

1. Don’t Pay Full Price

Absolutely everything that gets slapped with a price tag will be slapped with a discount tag at some point or another. Clothes, food, plane tickets, hotel rooms, everything. So instead of shooting yourself in the wallet, stop buying things at full price.

2. Get Rid Of Cable

This is a hard one to swallow. We know that. But what’s the point in paying $99 a month for 3,567 channels you don’t watch when you can get Netflix and Hulu for a combined total of $15 a month? Trust us: no one that has made the leap has ever gone back to cable. No one.

3. Don’t Shop Hungry

One of the worst things you can do is go grocery shopping when your belly is rumbling. You’ll just end up buying loads of stuff you don’t want or need (and probably see it go to waste too). It’s a much better idea to go shopping after a meal and with a list of things you need. Don’t deviate from the list.

4. Get Some Help

Like we said, there is no lesson on how to be better with your money, so hire someone in the know instead. If you’ve been caught in a car accident, go to https://www.hugheylawfirm.com/auto-accidents/ and hire a lawyer that will be able to get you the most compensation instead of winging it. If you want to invest some of your money, hire a portfolio manager who knows what the best stocks and shares are. If you want to up your pension, go and chat to a financial manager. Simple.

5. Only Carry Cash

Tapping a card on a machine doesn’t feel like you’re spending money. It just doesn’t. What does, however, is getting your weekly spending budget out in cash and only using this to make purchases. Trust us, you won’t be making any willy-nilly, needless transactions if you see your money physically leaving your wallet.

May 26, 2018

Streamline Your Business, Save Money

by AlRitch, in Saving Tips

Every company can encounter frictions and obstacles that need to be smooth out on the path to success. The secret of business growth is, ultimately, in the ability to constantly improve the effectiveness of the internal structure and process. Frictions can cost a lot of time and money, where a streamlined structure is both cost-cutting and time-saving. However, streamlining your business is a complex project that can’t be tackled without a strategy. It’s not only a matter of where you start, but also of what needs to be done and which areas can be significantly improved within the budget restrictions. If you’re new to the entrepreneur’s world, here are four questions to guide you through your streamline strategy.

Maximize an activity-based interior

Is this the office you’re looking for?

Who says business, says offices. But could it be that your workplace is slowing your business down? Indeed, every year companies have to leave a workplace that doesn’t suit their needs, and that has incurred high maintenance costs. In order to avoid further costly frictions, it’s essential that you consider all the options available. If you decide to gather your workforce within a physical location, you need to plan for space, aka for growth when hiring or buying your premises. Similarly, signing an office lease can be an expensive decision if you fail to pay attention to the fine print.

Should the knowledge only flow from managers to employees?

Get rid of your boss issues

Most companies don’t realize how much time they are wasting every day in skipping iteration processes. Indeed, too many companies assume that knowledge comes from the managerial position and goes down to the sub-level roles where the tasks can be assigned. As a consequence, the lack of iterative processes – you can find out more about this by following these lean online courses – means that there is no room for improvement in the cycle of operations. Obstructive and costly factors can’t be identified and removed.

Can employees work as a team?

It doesn’t matter how much you value teamwork and cross-team cooperative. If your business structure doesn’t facilitate teamwork, you’re wasting a lot of money in team building workshops and team culture. Indeed, workplaces that don’t focus on activities but roles in their design can experience significant difficulties in creating an effective collaborative strategy. Consequently, an activity-based design is not just an interior trend for the office; it can help employees to share knowledge, skills and ideas productively. The bottom line is that employees should be mobile within the workplace so that they can get together with their project partners as they need. A variety of projects needs a variety of spaces.

How easy is it for customers to buy?

Every business that has a website needs to answer a simple question: Can customers easily buy or order from the website? An easy purchase is not a matter of offering a variety of solutions for customers to perform their transactions as quickly as possible. If the transaction form requests too much info, users are likely to drop out. If there are no straightforward payment options – you need at least online banking, Paypal, Bitcoin and card payments – users will buy from a competitor.

Bitcoin Payment

The bottom line is that a streamlined business is a business that reduces the risk of frictions and obstacles in its processes, whether it’s about picking the right office space or facilitating purchases. There’s no secret formula: Fewer frictions = more money.

May 23, 2018

Saving Money When Moving House

by AlRitch, in Saving Tips

Moving house is expensive and stressful, did you know the average person can move home up to 8 times in their life (some even more for specific jobs)? It’s crazy to think about how much money and energy we burn on each one of those moves.

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Luckily there is a lot you can do to manage cost. All you need is a little bit of forward planning and some savvy saving tips.

Firstly, get rid of all your rubbish. Have a look around your house and think about all the things that you don’t use, books on the bookshelves, old desks used to pile things up, furniture that has been handed down that you haven’t had the heart to get rid of (until now).

Instead of letting all of these unwanted items take-up precious space in your moving van and then your new home – get rid of it. If you can sell it on eBay or another online marketplace to make some cash, then do so. Anything else that you cannot sell put on freecycle websites, into charity shops, or just throw it away.

When you’re planning on moving and using a moving company also, it would be wise to do so during the week. Likewise, if you intend to hire a self-drive van for a few days. It will also cost more on bank holidays. Try to pick a time that doesn’t coincide with rush-hour traffic, or you’re likely to pay more in gas and waiting times. It is also worthwhile to choose a trustworthy company which you can find more here.

Once the deal is done and you have your new address start making swaps. Let banks and utility companies know in advance and you’re unlikely to be bitten by unwelcome bills in a few months time. Most companies will let you change your address details online, meaning that you won’t incur any costs from calling those premium numbers and being on hold for ages.

Head to your local supermarkets and hardware stores and ask them to save cardboard boxes for you. They’ve usually been used for substantial goods or significant deliveries and tend to be pretty sturdy and large. You can also ask for used newspapers or bubble wrap for your breakables.

Something that is really common when people move, is that they forget where the essentials are. By packing things you’re going to need immediately in the same box and labeling it well, you’re less likely you have to go to the store pick up items to replace them, of course only to find them within an hour or two of replacing them. Think toilet paper, towels, tea and coffee.

The final top tip when you’re moving house is to plan your meals in advance and order an online shop to be delivered on the same day as you arrive. This will remove the need to last minute shop or survive on takeaway pizza for the next few days. You will also find that you have a lot of food in fridges and freezers that will need to be moved too, incorporate these into your meal plan to save money.

May 04, 2018

Super Simple Ways To Take Control Of Your Finances

by AlRitch, in Saving Tips

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Do you feel out of control when it comes to your finances? You’re not alone. Many people feel like they have absolutely no control when it comes to their money and what they’re doing with it. They buy things they don’t need, spend on impulse, and end up feeling really bad about their decisions when they realize they haven’t got enough money for something important. If this sounds like you, you need to decide to take control of your finances once and for all. The super simple tips laid out in this guide will help you to do just this:

Download Budgeting Apps

You need to have an accurate picture of what you have coming in, what’s going out, and any other relevant information to do with your finances. Budgeting apps are a wonderful way to do this. Many of them can link with your bank accounts in real time, so you can see exactly how much money you have. They’ll also make you graphs of where your money is going so you can see for yourself where you need to cut back. Some apps will also help you to set savings goals so you can stay focused.

Set Savings Goals For Yourself

We have just briefly touched on savings goals, so think about what your savings goals should be. Everybody should have some money saved, otherwise you’re just living paycheck to paycheck. This is quite anxiety inducing and not healthy at all! Even if you set small savings goals for yourself, it’s better than not saving any money at all. Here are some ideas of savings goals you could use:

Save 10% of your income each month.
Save up three months worth of expenses as a cash cushion and leave it alone.
Set up a direct debit so you don’t even have to think about saving money.

With some budgeting and banking apps, you can even set out specific savings goals and then add money into the pots. Say, for instance, you want to go to Spain, you can create a tab titled ‘Spain’ and add money to it until you reach your savings goal.

Come Up With A Plan

Can you create a savings plan to help you to meet your savings goals? For example; set up a direct debit so you don’t have to think about it, cut back on expensive items you don’t need, etc. See if you can create a simple plan that appeals to you. If you're unsure, you could always go to speak to a financial advisor.

Figure Out Where You’re Wasting Money

Take a good look at your finances and see where you could be wasting money. Chances are, you can cut back in a few areas at least. Perhaps you’re spending more money than you need to on your car insurance - you can compare cheap car insurance online. Maybe you’re buying expensive coffees a few times a week. Maybe you’re making multiple trips to the supermarket when it would be easier to make one and take advantage of vouchers you can use when you spend a certain amount of money. Maybe you’re going there hungry, or with your kids, and spending way more than you need to. Look at your habits under the magnifying glass!

Make Yourself Wait Before Buying Anything

When you get the urge to spend on impulse, force yourself to wait. You know you don’t need this item right now, so make yourself wait at least a couple of weeks. If you still really want the item after a couple of weeks, you know that you can buy it and it won’t be a novelty. If you forget about the item, then you would have spent your money for nothing. This is a really good habit to get into. You can use browser add ons like ‘Thinkover’ to save items you’re thinking about buying so you can look at them again later on and make your decision.

Get Out Of And Stay Out Of Debt

Being in debt is a horrible feeling, so make sure you aim to get out of debt and stay out of debt. There's a solution for everyone, but if you’re unsure, ask a financial advisor. Before saving money you’ll want to pay off your debts, as they’ll be charging your interest.

Deciding to take control of your finances when you feel out of control is a bold move, but you know it needs to be done. How are you going to take control? Leave a comment!

October 26, 2017

Small Car Repair You Can Do to Save Money

by AlRitch, in Saving Tips

Car repair is one of the monthly expenses that many of us don’t take seriously. We only consider repairing the car after a major damage has occurred. This is because sometimes the cost of car repair can be high regardless of how small they may look. Did you know that you can cut your car repair expenses by almost 50%? You don’t have to abandon your car in the garage to achieve this. It all involves handling the repairs by yourself. After years of having a car, you might have realized that some issues don't have to be handled by professional mechanics. Here are small car repairs that you can do to save money.

1. Change your brake pads

Mechanics and other car technicians will charge you some good amount of money just to change your brake pads. Did you know that you can do this without spending a dime? Replacing brake pads is quite an easy process and requires little technical knowledge about the working of a car. You only need pliers, basic wheel wrenches, and a wheel lug wrench. After removing the wheel, go ahead and fix the pads. The process may take less than an hour, and you won’t have to pay for the cost of labor.

It surprises us to see the number of people who visit auto shops to change their car batteries. This is one of the simplest car repair procedures that you can do at your home without involving a technician.

A typical battery will last for a period of between 3 to 4 years. By the end of this time frame, you should be fully aware of when to change the car battery. Waiting till you get a technician is one big lie. One secret of knowing the state of your battery is by checking its expiry date.

2. Change oil

A typical oil change that is done by a mechanic will cost you $20 to $30. Doing it yourself can help you reach your savings goals. After all, you would already have catered for the cost of oil and filter. Why should you pay more for the technician to do it?

Doing it yourself also minimizes losses that are associated with the process. Some technicians may use fake oil or those that are not compatible with your car engine. In doing so, your vehicle may start developing mechanical issues which will eventually affect your overall expenses of maintaining the car.

3. Change your spark plugs

Attar buying a car, one of the first lessons that you need to learn is how to change spark plugs. It is an easy care repair service that will save you from incurring some big expenses. These plugs have a lifetime, and in the latest models of vehicles, spark plugs expire after approximately 100,000 miles. The procedure is also less complicated as you only need a spark plug wrench.

4. Replacing headlight

Smart car owners walk around the car on a daily basis to check out the condition of the car's lighting system. It would be a suicidal move to drive a vehicle whose headlights are damaged (https://www.dmv.org/how-to-guides/headlight.php) or not in a perfect condition. First, you will be putting yourself and other road users at risk. Secondly, faulty tail lights can mislead vehicles that are behind you.

You don’t have to hire someone to tackle your taillights. After buying a replacement, follow the procedure outlined in the manual. While replacing, be careful on how you handle the bulb. Do not touch the old one with your bare hands. Also, ensure that your hands are not greasy when handling the bulbs.

5. Fixing a chipped windshield

Setting a chipped windshield isn’t a complex process as many people tend to assume. In fact, it is one of the small car repairs that you can do to save money. To accomplish this task, you need to have a windshield kit repair kits which are sold at affordable prices. After that, get rid of loose glass using the pin that came with the kit.

Once the glass attains satisfactory cleanliness level, stick a small device next to the windshield until a seal is formed around the rock chip. Use vacuum contraception method to apply some resin into the crack. This is a small operation that can last less than an hour. It also seals the crack on the windshield from spreading hence saving you from incurring massive damages.

6. Windshield wiper

Rubbers that are found on the windshield can get worn out, making their effectiveness go down. You can efficiently deal with this issue by replacing the old strips of rubber with new ones. Alternatively, you can get unused wipers and remove their rubber strips. All you need is a screwdriver to complete the exercise.

7. Dangling exhaust pipe

Never assume any unnecessary noise coming from the back of your car. There could be something serious affecting your vehicle and needs to be handled as soon as possible. Probably the exhaust pipe holders have been damaged. Check under the car for any broken holder and repair it before the problem escalates to another level.

8. Replacing broken fuse

One of the reasons that may be preventing your headlight from turning on is broken fuses. They inhibit the transfer of electrical energy to their destination. Replacing a blown fuse is not a big deal. You only need to find the exact location of the fuse then read the appropriate manual on how to install it.

9. Replace gauge sender

Does your car keep running out of fuel? The problem may not be your bad driving habits. Probably the fuel gauge tank needs to be replaced. Try to find the location of a fuel gauge tank at home then look for the user’s manual and initiate the process if you can.

Conclusion

If you thought that buying a car is an expensive affair, wait till you start paying maintenance costs. Sometimes of these expenses are too high that they can end up draining your savings. With these tips, you will be able to save enough money that you can use for other ventures.

Bio

Tim Fox is a co-founder and writer for theeliteproduct.com. He and his friends share latest information about cars and motorcycle on their blog.

September 29, 2017

Planning Ahead: Be Financially Savvy For Your Family

by AlRitch, in Saving Tips

When you’re young and have a busy family life; it can be a challenge to think too far into the future and plan ahead. However, the more you put in place now for a comfortable and secure future for you and your family, the better the results will be. Nobody enjoys working out their family finances, but, unfortunately, it’s one of those tasks you can’t escape if you want to ensure a fruitful life.

Therefore, it’s worth taking some time out of your weekend or during the evening to work out your situation and make sure that you’re doing all you can for every eventuality. The following are some tips and advice for those who are concerned with the maintenance of their income and want to feel protected and happy for the years to come with their loved ones.

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Money For Your Future

It might be difficult to think about what your situation will be when you become a pensioner and start living through your golden years. But, surely, you want to ensure they’re enjoyable and as comfortable as possible? Therefore, planning your pension and making sure that you’re putting money away every month, regardless of your income, is crucial to a happy and financially healthy future. Savings accounts, pension schemes, and financial advisors are all routes to putting your money away and creating the ideal nest egg, so don’t put it off and you’ll thank yourself in the long run.

Enough Protection

Whatever your job role; whether it’s in the private or public sector, you’re going to need to insure all that you hold dear. Make sure that all your insurance plans are up-to-date, and you’re paying the best rate possible for your cover. You can check out Cornmarket's insurance options and discover how best to get your home, car, travel, and an array of other insurance, to protect you should the worst happen. Make sure that every vacation, new item of jewellery, and even your pets are insured. If you don’t invest in the cover of your health and most valuable assets; it could end up costing you in the future, so it’s best to sort them out now before it’s too late.

A Contingency Fund

As well as adequate savings plans and insurance cover for you and your family; it’s always a great idea to squirrel away money here and there when possible, and build up a contingency fund. Having that bit of extra cash somewhere will allow you to enjoy a treat for the family, or perhaps invest in furthering your education, or your kid’s future education. You may want to stay in the home you’re living in; however, if it gets too small as your family grows, or becomes outdated, you’ll want to utilise those extra funds for extensions, renovations, and interior decorating to give yourself the dream home. When it comes to those things in life that you want, but don’t vitally need’ you’ll appreciate having the spare income to spend on home and lifestyle improvements.

September 20, 2017

These Tools Will Help You Build Wealth (Especially Number 2)

by AlRitch, in Saving Tips

The technological revolution over the last couple of decades hasn’t just affected the way we entertain ourselves: it also had a profound impact on the way we approach building our wealth says wiley.com.

Whereas in the past, building wealth was a difficult task, requiring a great deal of knowledge of the technicalities of finance, tech has made the whole process a lot simpler. Thanks to the proliferation of digital technology into every facet of our lives, managing our finances is easier and more straightforward than ever before. Here are some tools you should be using right now.

Tip #1: Robo Advisors

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Financial advisors were often used by the rich and powerful to advise them on how to save and invest their massive fortunes. In short, it was a service for the wealthy, and not for everybody else. But technology has been a democratizing force: practically every service once offered by a financial advisor is no available for free with robo advisors. These advisors can do things like automatically rebalance one’s portfolio, allowing people to build wealth over the long haul.

The great thing about these robots is that they don't care how much money you actually have in the bank. They’ll work just as hard looking after your $100 portfolio as they will your $1,000,000 portfolio. Granted, high-quality robot services will charge feeds, but compared to what you would have paid in the past for the same level of human assistance, it’s still small.

Tip #2: Loan Comparison Sites

Choosing a loan in the past meant spending a couple of days walking around to visit local bank managers and negotiating rates. The vast majority of people didn’t want to spend the time doing that, so they just chose the first loan that came along, breaking the so-called “buying cycle.”

But thanks to sites like mortgageloans.co, that’s all come to an end. Now obtaining a loan is similar to shopping for products on Google. All the prices from the various vendors are displayed on the screen, and it's up to the buyer to select the combination of price and quality which best suits their needs. When sellers have to compete directly with each other, buyers end up with the best prices.

Tip #3: Personal Financial Software

When it comes to managing one’s finances, there are all sorts of tools out there. Mint, Moneydance, YNAB - all of them are viable options.

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These software tools allow you to keep track of both your income and expenses and enable you to plan effectively for the future. Though it wasn't always the case, these apps are now surprisingly user-friendly. Mint is known for its excellent user interface. YNAB is known for its ability to instill financial discipline by forcing users to ascribe every dollar in their account a purpose.

Tip #4: Wealth Calculators

Have you ever wondered whether savings or investments are your best option? Well, thanks to Wealth Calculator, you can get a quantifiable answer. The calculator tells you how much money you stand to make by putting your savings in a savings account versus investing them in assets.

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September 20, 2017

Three Reasons Why It's Time To Get Serious About Your Financial Future!

by AlRitch, in Saving Tips

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One of the things that sets the current generation apart from ones that have come before it is that the vast majority of young adults in the modern era are living hand to mouth. Rather than being able to put money aside and save it the way that their parent's generation did, most millennials are stuck in a position where their money is going into their bank account and out again almost immediately. Of course, that's not the way things have to be. Sure, maintaining some kind of financial stability is harder than it once was but you still have some control over it. Here are a few reasons why you need to get serious about your financial future.

If you don't things could get worse

One of the biggest mistakes that a lot of people make is that they tend to look at their finances very much in the short term. Their main concern is getting through each day with enough money in the bank. However, one of the main issues with doing this is that, if you don't focus on your finances in the future, you could end up getting stuck in a pretty nasty situation. Things like credit card debt might not seem like a big deal when you're buying things on finance, but in a few years time, that debt is going to start adding up. If you're dealing with debt, it's better to sort it out now than to leave it until later. One of the best things that you can do is to go to a site like consolidate.loan and take out a single loan that covers all of your debt. That way you reduce the number of creditors that you owe money too as well as reducing the amount that you have to pay back each month.

It's not just your future

Of course, one very important thing to remember is that your financial situation doesn't just affect you further down the road. If you decide to have some kind of relationship and start a family, then you need to be aware of how your financial situation affects them. Financial insecurity can make it harder to buy a house, finance a family car, and do plenty of the other things that most people need when they reach a certain stage in their lives. Not only that but finances are one of the most common causes of tension and arguments among couples, something that can have a serious impact on your relationship and your children. Making sure that you're taking care of your financial future means that, whatever you decide to do further down the line, you're in a position to take whichever path you want.

You never know what’s coming

Even if you’re in a comfortable financial position right now, there’s always a chance that something could go wrong in the future. Whether it’s a disaster at home, a sudden period of unemployment, or the need to replace your car, if you don’t take care of your finances now, you’re not going to be in a position to deal with these problems when they happen. Having money set aside allows you to give yourself a safety net that prevents you from having to take a blow to your finances when the need to spend a lot of money inevitably crops up.

It's easy to assume that you don't really have to worry about your future because it's such a long way off. However, most people find that their future catches up with them much more quickly than they expect. If you're not preparing for it now, you could end up in a pretty unpleasant financial situation.

September 19, 2017

Practical Guidelines For Securing Your Child's Financial Future

by AlRitch, in Saving Tips

Ask any American parent about the most important thing in their life, and they will all give you the same reply - their kids. However, ask the same people about the steps they are taking to give their children a stable financial future, and the chances are that only a minority will be taking action. It’s a sad state of affairs, to be honest, but one that is easily solved. If you want your children to grow up with no concerns about finances, read on - these practical tips will help you secure their future.

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Teach them about finances

First of all, the best thing you can give your kids is a sound education in personal finances. Sadly, they won’t learn about this stuff in school, so your children are wholly reliant on you and your partner to teach them everything you know. According to yourmoney.com, there are many different ways of teaching your offspring about finances, and you can start at a surprisingly early age. Everyday experiences such as your weekly shopping trip, or putting away a small percentage of their pocket money can help you get started.

Provide the best education possible

Let’s not beat around the bush - college fees are expensive. And unless your kids are lucky enough to win scholarships, you are going to have to foot that bill if you want them to be university educated. So, consider setting up a college fund, which you contribute towards every month for their entire lives. By the time they hit their college years, you will be able to give them money to cover tuition, coursebooks, and even a little contribution to rent and living expenses.

Cover yourself

Don’t forget that you, as the parents, have a big responsibility to provide for your children. But it’s not just in the short-term. As wholelifeinsurance.co state, you just don’t know what will happen to you or your partner in the future, and if the worst happens, how secure will your kids be? None of us is here forever, and even those that live to a ripe old age could be restricted by accidents, injuries, or long-term illness. Unless you have life and disability insurance, emergency savings, and a solid will, you could be leaving your children with uncertainty rather than financial security.

Pay off your debts

Another thing to think about is that if you pass away, it’s not just savings and inheritance that are passed down to your children - it’s also your debts. According to cnbc.com, if you want to maximize your kid's money when you aren’t here anymore it’s vital that you are clear off any debt - or at the very least, have paid off significant amounts of it. Otherwise, all that owed money will result in your kids losing out.

Savings accounts

Finally, once you have everything else in place, you can start thinking about setting up funds for your kids. The more you put in, the more they can get out. There is an enormous array of products out there that can help you give your child a solid start to their adult lives, so make sure you discuss your options with an independent financial advisor.

September 14, 2017

Top 5 Reasons For Having Emergency Savings

by AlRitch, in Saving Tips

Almost everyone plans correctly for the worst, but there are those out there that don’t squirrel cash away every month for the sole purpose of saving money. This isn’t usually due to ignorance about emergencies, but purely because there just isn’t enough surplus cash every month to warrant getting any put away in the bank.

Having an emergency savings account when you are a family is an absolute must. An emergency fund is best referred to as a stash to cover those horrible moments that life throws at you. Expecting the unexpected is a must in the world we live in now, with the financial markets being unstable and job losses at an all-time high! Stress is something you have to cope with when the unexpected happens, but if you can avoid the stress altogether, you would, wouldn’t you? We’ve put together five of the best reasons for having an emergency savings account, so take note all you out there who as yet have no money put aside for the worst!

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Job Loss. There’s nothing more stressful than losing a job when it’s the sole source of income that you rely on. It’s recommended that you have between three and six months of expenses tucked away in the event that the company that you work for goes bust. This can give you a cushion for your expenses while you search for more work. Without it? You’ll likely have to take the first job that comes along.

Car Repairs. Cars are expensive to own, even beyond the initial outlay of buying. You have to consider that at any moment, you could be taking your car for repairs if something goes bang. Looking up how much it should cost with www.autoco.com.au/scratch-repairs-canberra/ can help you effectively plan your car fund. It’s not nice to have your method of freedom taken away, so make sure you can fix things fast.

Pregnancy. Sometimes, the unexpected is an addition to your family rather than something that takes away from it in the way that job loss does. Having an emergency fund for a new baby is smart, as you won’t have to worry about affording a crib!

Illness. No one can really plan for having an illness. You can’t time cancer, or an ailment that keeps you bedridden. Instead, you can plan your emergency fund to have enough cash to cover you for a year or more if possible – just in case you have to leave your job due to it.

Divorce. No one wants to think about separating from their partner, but it happens. No one wants to think about what they would do if they are left alone, but it happens. So, making sure you have back up money to rent a new home if the worst should happen is smart. That doesn’t mean you’re planning to split up, it just means you’re ready in case that happens.

An emergency fund can keep you safe – and isn’t your safety and security worth something?

September 12, 2017

Being Smart With Your Funds

by AlRitch, in Saving Tips

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Many people experience money troubles at some point during their lives. Perhaps you’ve been a little careless with your spending in the past or perhaps the bills have started to pile up and you’re struggling to keep on top of them. Some jobs do pay better than others, but if you’re smart with your spending and saving then there’s always a way to stretch your funds to ensure that you have a high quality standard of living. Here are some tips and pieces of advice which might just help you towards being smarter with your funds today and into the future.

Plan out your spending

The first step towards being smarter with your spending is to make a plan of action. You need to learn how to budget if you want to become better at managing your many monthly bills and payments. Things such as rent payments, the food shop, refueling your car, and electricity are all necessities. There are ways to save money in these areas, as we’ll discuss later, but they’re things you need to survive or, at least, live well in this modern world. You need to learn to keep track of them and see how you’re doing in terms of money afterwards.

The reason you need to become better at budgeting and knowing how much you spend on necessities each month is so that you know how much of your income remains for luxuries, treats, and other non-essentials. You need to know your limits in terms of disposable income so that you don’t spend beyond your means and end up having to borrow money; that’s the path to debt if you’re not careful.

Of course, once you do know how much disposable income you have each month then you can start to plan the ways in which you might spend it on luxuries. You can calculate how much it would cost to go out for a fancy meal or even set aside a fixed amount of money to place some bets on your favorite sports; you could head to this website to do a little more research into that. The point is that you need to know how to plan your spending so that you can have fun with your funds without worrying about the consequences.

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Find ways to save money at home

The other aspect of being smart with your funds concerns not how you spend your money but how you save it. You need to be thinking about the future and that means setting aside more of your money on a frequent basis for your emergency fund or for your children’s future at college (or whatever they want to do to get started in their adult lives). You also need to think about ways in which you can increase the amount of disposable income you have if you’re struggling to get some hefty savings going. Cut down your energy bills at home, for starters. You can do this by turning off appliances at the power source and insulating your home to trap the heat you produce.

All of these things will add up, and you’ll find that you have far more savings for the future if you think about how you’re spending money in the present.

September 08, 2017

Adding Ease To Your Finances

by AlRitch, in Saving Tips

Money has been a part of society for a very long time. Since the earliest civilizations, finance has been a very important part of life for a lot of people. Of course, nowadays, this resource is more important than ever, and most people can’t live without it. When it comes to managing money, though, things like school and work always get in the way. This makes it hard to focus your time on it, while also balancing the rest of your life. To help you with this, this post will be going through some of the different ways you can start working towards adding ease to your money.

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When you have money in loads of different places, it can be hard to manage everything you have. Instead of operating this way, it’s much better to have a maximum of two accessible accounts. One of these will be your normal current account, and the other will be a savings option. Of course, though, it’s not just where you store your money; you also have to think about debt. A lot of people end up with several loans when they are having money troubles. This can make it impossible to save or invest, while also making it hard to manage your debt. It’s best to consolidate debt until it can all be found in one place. This makes it easier to keep track of, cheaper to pay, and will also help you to understand exactly how much you owe.

Once you have your money in one place, you can start to think about the methods you’ll use to monitor it. A large part of this work will be handled once you create a good budget which enables you to save a good amount of your income. To help you with this, you can find loads of helpful guides around the internet. Once you have a budget in place, you just have to make sure that you’re following it. Keeping a spreadsheet with a record of your finances is one of the best ways to do this. This sort of work will keep your money fresh in your mind, while also helping you to avoid overspending.

There isn’t much of a reason for you to be handling your money. Other areas of your life, like medicine and repairs to your house or car, are all handled by professionals. So, it makes sense that your finances should get the same treatment. The services of a financial manager will cost a little bit. But, with the benefits it can provide, it will be well worth it. They will help you to establish a budget, while also helping you to make sure that you aren’t heading to bankruptcy or debt. Along with this, they can even help you to save up for big purchases, making life a whole lot easier.

Hopefully, this post will inspire you to start working to make your money easier to manage. With the array of modern tools which you have access to, this sort of work should be nice and easy. But, of course, like all things related to money, it’s important to do your own research before you start making big choices.

September 07, 2017

Enjoy Life While Managing Your Finances

by AlRitch, in Saving Tips

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One big misconception is that you can't do the things you want to do when managing your finances responsibly, because, well, you're being responsible. But this isn't the case at all - quite the opposite in fact. The more responsible you are with your finances, the more money you'll have to go out and do whatever you like with. Girls night out? Fancy meal? New shoes? Vacation? - You got it!

Here's how you can have all that while keeping your head above water.

Don't get yourself in debt

One of the most common money problems is getting yourself stuck in debt. You take out a harmless loan to cover the costs of something you deem important, only to end up moneyless and unable to pay off your outstanding credits. The best tip is to avoid getting sucked into this cycle altogether. But if it's too later, sites like debtconsolidate.company can help you fix the issue by consolidating your debt.

Budget your budget

If you're clever enough to already have a budget - well done you. But if you want to be on top of your game, you should budget that budget. This means prioritizing the most important things, just like you would when creating a normal budget, but this almost works as a process of elimination to focus on the absolute most important areas. Once you know what's left - that should be your main concern. So for example, if it's your bills, you should make sure you always pay on time when you're supposed to. If this means putting that money to one side before hand so you know it's to be untouched - so be it.

Get a second job

Yes really. The more you work, the more money you make, meaning the more freedom you have to do whatever you want. So if you feel up to it, have a look a taking a second job, ideally with flexible hours so you can work in the evenings or on the weekends. The point to this is not spending any of your earnings that you make from the second job. Instead, put them all away into a savings account before you even get a chance to look at the payslip. - Then forget about it! By no means should you touch this money - there's no reason to. Then when you're ready for a change of scenery, stop, and look at all that money you've made.

Now you have the tools, make that money, manage it properly, and then live the life you want to live. There comes a time when you become financially stable, (and not everyone is,) so when that time comes, it gives you a new sense of life and adventure, because you're able to enjoy everything around you without thinking "I can't afford it" or "I really shouldn't". That's really no fun.

So the bottom line is, if you're able to control what you're spending, and at times be disciplined - you can have and do whatever you wish.

July 13, 2017

The Reasons Your Budget Isn't Working

by AlRitch, in Saving Tips

Do you make a budget on a regular basis? Have you got good intentions to get your finances in order, but still find that you’re way off every time you approach the end of the month? Budgeting is really beneficial for those who want to take control of their money, but it doesn’t work unless it’s done properly. If your budget isn’t panning out quite as you planned, and you find that your figures aren’t adding up, here are some reasons why.

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You’re not using accurate information

Be honest. When you’re budgeting, do you input accurate information or do you use estimates? Even if you’re only slightly out, if you’re not on point with every single payment, this can make a massive difference when it comes to calculating how much you’re bringing in versus how much you’re spending. If you’ve underestimated, even by a couple of dollars on each entry, this can put you out by a considerable margin when it comes to totting up the total. Use a paystub maker to keep track of exactly how much you earn each month and itemize your outgoings. In most cases, you receive bills for your phone, TV package, and electricity a month in advance, so you can use the exact figure for your budget the following month. If you estimate that you spend $60 a month on gas at home and a bill comes for $100 because it’s winter and you’ve had the heating on, going on average payments isn’t going to work.

You’re not updating your budget

We all know that things can happen that can blow a budget out of the water, but even minor changes can make a difference. Update your budget as you go. If you’ve ended up spending more on a trip than you intended to, note down the revised figure. If you’re up to date, you’ll have a much better idea of how much you’ve got left to spend. Using a spreadsheet or an app will make it really easy to adjust your budget throughout the month.

You’re being unrealistic

When you put a budget together, it’s essential to be realistic. If you’re expecting to survive on a total expenditure $50 a week, you’re not going to be able to do this. It’s good to be frugal if you’re trying to save, but that shouldn’t come at a price. Use past budgets to determine how much you would normally spend, and base your new budget on that figure. If you usually spend $500 a month on groceries, it’s not going to be possible to reduce this to $200, but there may be savings you can make. Set the new budget at $400 and see how you get on.

If you’ve been trying to budget without success, there may be some good reasons why. Budgeting can be incredibly beneficial, but you have to go about it in the right way to reap the rewards. Be realistic, use accurate, up to date information, and don’t forget to record any changes.

June 30, 2017

Saving for a Small Business Emergency Fund

by AlRitch, in Saving Tips

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It makes smart business sense to start up and add to a small business emergency fund that you can tap into when times are tough. Companies that have no safety net in place can find themselves in a very tough spot when these unexpected expenses crop up as they do from time to time. Luckily, all it takes is a little knowledge and a lot of shrewdness on your part to build a small business emergency fund. Here’s what you need to do:

Save When Times are Good

The easiest way to start building up a small business emergency fund is by saving the excess when you turn over a bigger profit than expected. Sure, you might want to use some of it to invest in a new website or marketing campaign, but be sure to set aside a decent percentage for your rainy-day fund too.

Use Teleconferencing Software

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Instead of spending money on American Airlines flights and accommodation for those long-distance meetings, why not invest in teleconferencing software instead? That way, you’ll save a bundle on the cost of traveling, and you can squirrel more away to use on a rainy day.

Set Up a Separate Account

If you keep your emergency fund money in your general business account, chances are you’ll end up dipping into it when you don’t really need to. Cut this temptation by opening a separate emergency fund account, and it’ll be easier to build up a tidy sum over time.

Minimize Debt

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Minimizing debt, either by refinancing it by taking out a lower interest loan from Swift Financial Partners, or paying much more than the minimum each month, will put you in a better financial situation, and you will be able to redirect your debt repayments to your emergency fund, making it less likely you’ll need more small loans in the future.

Make it Part of Your Plan

If you make saving in your emergency fund part of your actual business plan, then it will encourage you to actually redirect some of your funds to your emergency account. Doing this is also smart from a purely business perspective because businesses who have extra funds available as and when needed are much less likely to get into trouble in the future.

Review Your Expenses

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Reviewing your outgoings at least once every quarter is a smart move because it will enable you to see where you could be making savings by switching to another supplier or using a freelancer instead of a standard contractor, and it will also help you to see where cash can be diverted into your emergency fund.

Only Spend It on Emergencies!

The clue is in the name! If you want to build a strong emergency fund to support your small business, you absolutely must only spend your savings on bona fide emergencies like paying suppliers and settling a debt before the collectors move in.

As you can see, if you’re determined to create an emergency fund for your small business, it is pretty easy to do so, you just have to set your resolve and keep at it!