When it comes to financing and money saving as an individual or a business owner, you need first to create a budget. It seems easy, but experts in the field say it is easier said than done. They state that when you create a budget for monitoring your expenses, it is hard in the beginning to stick to it. You need to develop a plan that is practical and simple for you to follow. This post is a step-by-step guide to help you kick-start a budget and save on your finances!
6 Real and Simple Ways to Save Money!
Saving money might seem challenging; however, it is not impossible. The following are 6 simple and real ways for you to save money and keep your finances in control-
- Keep a detailed record of all you spend- This is your first step to save money. You just have to keep track of the items you buy and where you spend. Simple things like a cup of coffee, mortgage, groceries and more should be listed and written. Once you have your list in order the next step is to group them under various categories like groceries, gas, mortgage, etc. Once you have placed all the items in the category, make a total of the items and write them down. Compare them with your bank statements and credit card bills. In case, you do not have the time nor the inclination to create categories; you can use free online budgetary tools to help you.
- Create a workable budget- When you have completed your list, you now have your income and expenditure in front of you. This is the sum you save and spend in one month. Now, it is time for you to organize these costs into a budget that works for you. The budget should give you a correct idea of how to spend your income wisely so that expenses are in control and you get a sum to save every month. This helps you to stop overspending as well. In addition to the high costs, there are some non-recurring expenses like car maintenance and servicing that does not take place every month. So, here make a provision for miscellaneous expenses that are not regular but might crop up in a month. Examine the list and proceed to the next step.
- Plan on saving every month- With your budget for the month in place, the next step for you is to create a savings category for every month. Experts in the field of financial management and debt control say you should try to save at least 10 to 15 percent of the amount you earn every month. In case, you tend to overspend and cannot even save; it is high time for you to cut back on your expenditure. You need to control expenses like entertainment and dining at restaurants. You can cook your own food and save on the money every month. You should consider placing your savings amount in a bank account created only for saving under the expenses list so that you will have your savings in place.
- Set a goal for savings- Esteemed company in the field of debt relief, Nationaldebtrelief says that you should have a goal to save money for. This helps you in a great way to save money and also create an emergency fund for the future. For instance, you can set both short-term and long-term goals like going for a vacation or even creating a financial cushion for your retirement plan. You have to check how much money you need for the goal and start saving on it. However, if you are planning to save for your child’s education or retirement, make sure you put all the money into an account for investment like 529 Plan or an IRA account.
- Check on your financial priorities- After monthly expenses and income, your financial goals highly impact the way you allocate savings every month. Here, you need to plan for both short-term and long-term goals. Remember, saving for a long-term goal does not mean that your financial goals for the short-term take a back seat. This is where you must learn how to prioritize the goals for saving so that you are aware of precisely where you are saving every month.
- Choose the right savings tool- You need to choose the right tools for savings. Make sure that you save money in a savings account or a certificate of deposit that is also called a CD. This locks your money for a long period of time at a rate that is more than a bank savings account. If you wish to choose tools for long term goals, you may choose IRA accounts for retirement as they give you a lot of tax benefits. There are financial securities like mutual funds and stocks that help you save in the short run and long term as well. However, note that the bank does not monitor these financial instruments and so you must ensure that you are aware of their terms and conditions. They are always subject to risks, and if you do not exercise discretion, you might face the loss of the principal amount as well. Financial experts suggest that you should just pick a single account, you should consider the available options and choose the one that suits you. Make sure you check rates of interests, fees and the need to keep minimum balances so that you are not penalized. In case, you are not sure about a financial instrument, make sure you talk to experienced and skilled professionals in the field to clear doubts and suggest whether the said financial instrument is ideal for you or not!
Therefore, if you really wish to get rid of your financial woes, make sure you follow the above money saving tips for your finances. With the right budget and discretion, you can take control of your finances and say goodbye to tensions and debts with success!
4 Things to Look at When Doing an Insurance Price Comparison
In the insurance world, we are in fierce competition as there is a lot more going on with our insurance policy than what we realize. While we are making efforts to make a price comparison, you must know the points that can help you make a difference. In our life, we across some people who have all the same qualities as you, the same type of vehicle, that same home paying a different price than yours. If all things are the same, it might make you wonder that what makes one insurance company more expensive than another?
Lowering the Price of Insurance with Discounts
When you sign up for an insurance policy, you may think you will get all the possible discounts if you apply for the policy properly. However, sometimes you are eligible for some discounts that you won’t get if you don’t ask your insurer about.
Discount Rules Vary with Each Insurance Company:
In a big city like London, each Insurance company has different discounts. Where a company might give a 10% discount if you make no claims while the other may give 30% for the same reason. Or, on the other hand, where one company give you no claim bonus discount after 3 years for auto insurance, another may wait for 5 years to pass. There is no other way to get the discount you would be able for unless you ask.
Looking at the other example, where an insurance company might offer you a discount for installing safety devices that is a good tool to get the discounts while the other may just add an allowance for it in the rates. However, if you forget to mention, the discount would be skipped from the insurance policy for the reason you just did not mention.
Another thing to remember is that every year when actuaries review the insurance premiums and losses, your policy needs may change. If you stick with the same company year after year, your policy may renew with the same discounts that were written before.
Missing Information/Mistakes in Your Insurance Application Can Raise Your Costs:
If you are not updating your information with the coming years, the insurance company may cost you money as there are new situations that raised, and you would be qualified for the new discounts too. When you go in search of another Insurance Company London to get a new quote, they ask you about the current information, however with the company you have been for many years may have missed something.
Human Errors Can Cost You Money on Insurance:
It has been observed in a number of cases that there is a big difference between one insurance company’s price, and another could be how well the representative has filled the information – mostly in the case of online insurance quotes.
Be sure and review the information used to get the quote whenever you get a quote from an insurance company. Sometimes you see missed information that caused a problem and can make you eligible for preferred rates.
Insurance with Credit Scoring
Some insurance companies offer you a discount to use the credit score to reduce the price of insurance. Insurance companies are offering this because the statistics prove that people with good credit score make few claims. When people make fewer claims, they have to pay less money for their insurance.
If you are having a good credit score with good insurance history, you can get from Insurance Company London would offer you an Insurance quote at a lesser price.
Insurance Policy Price Comparison
Usually, insurance companies have a wide range of covers to offer their clients. Putting questions about the policy options may help you explain why one policy might be more expensive than another.
Make sure you ask about these coverages and limits;
- Basis of Claims Settlement
- Special Limits of Insurance
- What risks are covered
- How much liability insurance you have?
Also, some insurance companies offer various perks or advantages. An insurance premium of such companies may be higher but the benefits you get from them may be worth it.
Does Your Insurance Policy Have Perks Include?
Some insurance companies may include perks such as;
- Roadside assistance
- Identity theft protection
- Coverage for Pets
- Legal Assistance
Be sure that the coverage you get with your policy must be explained to you so that you can decide if you will continue the perks onward or would rather take a policy without them.
Comparing Your Price by Bundling Insurance Policies
We usually listen about bundling more than one policy i.e. auto, home and life under one insurance company can help you save money. Else of getting a discount, you can get other advantages by bundling the policies.
When an insurance company insures multiple policies for you or for several of your family members there is a greater chance that your premium price would be reduced.
Relationships Can Lead to Negotiating Better Prices
Often, we think the price of insurance is as simple as the quoted price we get via online, or it can be. However, if you have a relationship with your insurance agent or insurance broker, they can look at the big picture, such as:
- how long you have been with the same insurer
- how many policies you have with them?
- how many people you have referred?
They just might be able to go to bat for you to get an even lower price on your insurance.
Another advantage of combining insurance policies is that if you do run into trouble or have a difficult situation like your vehicle gets stolen or you may come across an accident making a couple of claims all of a sudden, then if you have a stronger relationship with the insurance company you can get more advantages when the agent or broker negotiates for less expensive insurance on your behalf.
How to Get the Best Insurance Price Comparison?
Finding the cheapest price on your insurance can be tricky. If you are insured with an agent who only represents one insurance company, then shopping around may be the only way to find out if you are paying a fair price on your insurance.
For more information, you can visit Cubit Insurance to know more about the best deal.
With These APPS, You Can Save Both Time And Money
It seems almost impossible, and if I didn’t know any better, I’d agree that it is in fact, save time and money with the aid of apps. Many apps, in fact, help you spend your time and money instead of saving them!
However, you are addicted to the use of your old mobile phone and as anyone who has an addiction would tell you, you need a new addiction to liberate you from the old one! So here I am, discussing a new addiction with you: the use of money making apps.
While you’d still spend lots of time on your phone, with the aid of these apps, you would actually be making your bank account very happy because you’ll be making money from the use of the apps. Used to filling online polls or surveys without any payment for time spent? You needn’t grumble about it anymore- with apps like iPoll and Curious Cat, you can make lots of money from simply filling online surveys. With special apps like CashPirate, you can try out new apps and watch videos to get paid; while there are also apps designed to help your shopping addiction/experience.
No longer does your life has to be boring or guilt-ridden because you’re spending so much time on your phone: when this time spent leads to both productivity and more money being made, you’d have a renewed sense of achievement. Ready to start making really cool cash?
Infographic- With These APPS, You Can Save Both Time And Money
Why Recruitment Agencies better option in the Age of Online Hiring?
It is quite interesting to ask why some people still prefer to look for jobs manually in this digital age when social media and the internet has brought so many opportunities under our fingertips. Why would you want to spend time resources and energy when you can go online and search for millions of job opportunities via millions of online recruitment agencies in India? It is no more a regular debate in the boardrooms on whether companies should recruit talents manually when recruitment agencies that take over the role of manpower consulting and take off a whole lot of stress and costs on them.
This post will give you insights into why companies should make recruitments via manpower consulting agencies.
No matter how successful an establishment can be, one thing is key- manpower! Getting the right talent is a daunting job especially in the area of recruitment. And this gives business leaders a lot of concern because the trajectory of a business depends majorly on the kind of manpower in the organization. The process of recruitment is cumbersome, time-consuming and requires all the best from the recruitment personnel.
The recruitment process has taken a drastic turn since the advent of the internet. With the advance in technology, agencies help companies in search of fresh talents make job ads posts online along with the requirements. This post will be made to reach millions of online job seekers which they can submit their resumes all in a matter of a few minutes.
Instead of making these online talent job search yourself and getting loads of irrelevant resumes and emails, the following are the reasons why you need a recruitment agency;
Adequate market knowledge
A reputable recruitment agency has vast and needed knowledge of the demands like skills shortage, and specialization demanded by organizations to guide the process of talent recruitment. The recruitment agencies carry out extensive research on the candidate’s skillset, profile, proficiency, salary expectations, and other criteria before sending a shortlisted number of candidates to your organization for a final selection.
Fast recruitment process
Organizations don’t need to waste precious time holding preliminary interviews, or reviewing an endless pile of resumes. Instead, they can concentrate their effort on interviewing qualified candidates for a final phase of selection from which the best applicants can be selected for the vacant positions.
Selecting the best pool of talents
Recruitment agencies have the needed technology and techniques in getting companies the much needed rare talents they intend to add to their productive workforce.
Filtered potential candidates
Recruitment agencies don’t send you a list of proxy job seekers, but a selection of well-scrutinized and sieved candidates with the most needed qualifications for your establishment.
It is better, productive and resourceful to get a recruitment agency onboard to carry out the recruitment process instead of laboring hard.
Learn How To Save Big Bucks On Business Insurance
Individuals going into the realm of business are deeply concerned with the potential profits that they barely wonder about the possible losses.
This risk factor is embedded into any business initiative: one has to be careful on all fronts for this reason. Beginning entrepreneurs can manage and minimize probable business hazards with the help of a low-cost business insurance policy.
It is necessary to note that every insurance provider is unique since each provides varying coverage and prices: this often leaves business enterprises in a dilemma with regards to how to handle their budget.
Listed below are the top five tips for saving money on business insurance that are the tricks of the trade that an upcoming business or an established one should now and follow:
1- Keep Individual Business Requirements in Mind:
All businesses have particular insurance requirements based on their risk factors and other concerns. What is fit for one enterprise may be exactly the opposite for another organization, irrespective of the size or area of operation.
It is for this reason that prior research is essential so that low-cost business insurance can be selected and paid – for instance, in most areas establishments with a proper workforce have legal requirements for provisions such as employee compensation and even disability insurance.
2- Shop Around for Insurance:
Since insurance costs vary from provider to provider, shopping for low-cost business insurance can be one of the greatest hacks for saving insurance money.
Contacting the multiple brokers and/or companies specializing in the type of business helps one not only contrast prices but also gauge an estimate regarding the kind of services offered by these providers.
Additionally, it is also crucial to select a financially healthy insurance company – this can be checked through rating companies.
3- Close Contact with Broker/Agent:
Unforeseen business perils can be easily avoided with the help of the valuable guidance of the insurance policy professional.
If the businessperson keeps him/her constantly in the loop regarding any and every significant business decision: this is inclusive of serious expansions, purchases, or transitions in a manner of operation.
The counsel of the insurance agent becomes especially vital in the case of disaster planning, such as measures to ensure risk reduction in work-centric accidents and even in the possibility of a great business catastrophe.
The correct coverage and a detailed disaster plan (such as business insurance Anaheim) save not only money, but they also save the business.
4- Evaluation of Protection:
It is important to carefully read through the insurance policy to ensure that one has not signed up for unnecessary coverage.
For example, if there is no vehicle involved in the business, there is no need for auto insurance, or if there are no employees in the business, employment liability insurance is also not needed.
Get risk assessment done to know the challenges your business is more likely to face. Avoid insuring for risks that the business does not face – this will consequently end up saving a lot of money as it is akin to opting for low-cost business insurance.
5- Maximize the Deductible:
Most policyholders are ignorant of the fact that the link between deductibles and premiums is inversely proportional. Yes, indeed: the lesser the deductible, the more the premium.
Naturally, the best way of minimizing premiums is by maximizing deductibles. However, there is still the disadvantage of having to pay that particular deductible before getting any aid on a claim, so it is always wise to fix it at an amount which can be easily raised.
Ultimately, there is also the advantage that the increased deductible detracts businesses from filing for lesser claims.
Diverse Variety Of Money Lending Helps Consumers Meet Every Need
There are different types and forms of money lending available on the market that helps the consumers to meet with their diverse financial needs. All these different forms of loan contracts come in varied terms as well. Typically, when you research on the types of loans and credit you will come across a few orthodox ones along with others. It may include complex loan such as:
- Auto loans
- Student loans
- Home loans and
- Payday loan.
It also consists of simpler loans such as simple promissory notes between family members or friends.
The sources of such loans are also as varied as the types of loans available and include:
- The traditional banks as you know
- Different credit unions
- Other private money lenders and
- Different online sources such as libertylending and others.
In addition to that, select groups of people can also borrow money from the Department of Veterans Affairs as well.
These sources not only offer personal loans to individuals but also provide small and large businesses with their necessary fund for business expansion, purchase of raw material and machinery and operation.
Governing the loans
All these loans offered are typically governed by the guidelines formulated by the state and federal departments irrespective of its type, size, conditions for repayment and terms. These guidelines are designed to protect the consumers from the common and unsavory practices of the money lenders to charge excessive interest rates from them.
According to the guidelines, all money lenders should make everything clear to the consumers regarding every aspect and clauses of money lending. The loan contract should specific everything in details including:
- The loan amount
- Its length or time period and
- The terms in case there is a default by the borrower.
All these are designed with an intention to avoid any confusion that may give rise to potential legal action.
When it comes to default, the money lender should include the collection terms and fees charged on the outstanding debt so that both the lender as well as the borrower may have a clear idea about the collection costs involved. This also applies to the parties of promissory notes.
The kinds of loans
When you need money to buy an essential item or simply to make your finance and life more manageable, it is a good idea to be familiarized with the kinds of credit and loans available on the market along with the types of terms it comes with. This will help you to choose the right type of loan for your needs and also help you to know what you can expect under different circumstances.
Open and closed-end credit options:
These are the two primary categories of consumer credit. As for the openend or revolving credit, its features include:
- It can use repeatedly to make purchases and can be paid back monthly
- You do not need to repay the full amount due every month
- The most common form of such credit is the home equity loans and the (Home Equity Lines Of Credit or HELOC
- Credit cards are also a type that may carry an interest within the range of 15% to 30% apart from 0% introductory ones.
Closed-end credits, also known as installment loans are those types that finance a specific need for a specific time period. The regular monthly payment schedule includes interest charges that vary according to the credit score of the borrower until the principal is repaid. Few types of closed-end credit include:
- Car loans
- Appliance loans and
- Payday loans.
The lender can seize the property of the borrower if it is attached as collateral in case of defaults on the loan.
Other common types of loans
Apart from the above types of credit, there are a few common types of loans that are offered by money lenders.
1- Debt Consolidation Loans:
These are loans that simplify your debts by rolling multiple debts into one single and larger loan. Used extensively to consolidate credit card debts, these loans offered as second mortgages or personal loans come at a lower rate of interest and for longer period of time thereby reducing the number of loans and the monthly amount paid but certainly not the outstanding debt amounts.
2- Student Loans:
Not requiring much explanation there are two basic types of such loans that will allow you to cover the costs of higher education. These are private student loans and federal student loans. Typically the federal student loans are better for its low-interest rates as well as more borrower-friendly payment terms.
These loans will allow you to buy your homes which you cannot pay for upfront and carries the lowest rate of interest as compared to all types of loans. However, your home will be the collateral for your loan meaning that you risk losing it as foreclosure if you fall behind on your debt payments schedule.
4- Auto Loans:
Similar to mortgages, these loans help you to buy a car that is attached to your loan. These are offered by banks but a car dealer may also make an offer but ideally at a higher rate of interest thereby costing you more in the final outcome.
5- Personal Loans:
These are unsecured loans given on the basis of your credit. You can use it for any purpose, no questions asked.
6- Loans for veterans:
Known as VA loans these are offered by the Department of Veterans Affairs. Meant for the veterans and their families these loans do not come directly from the department. Instead, they act a co-signer that allows you to get a loan of higher amounts at a lower rate of interest.
Small Business Administration loans are offered to entrepreneurs to start or expand their business. The SBA is the best source for small business funding that offers a diverse variety of loans to suit the unique needs of each business.
You may also choose a payday loan at high interest and pay it back on your next payday, cash advance on your credit card and borrow from your retirement accounts or against your life insurance plans.
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