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How To Save Money As A Driver

February 25th, 2021 Posted in Money Tips
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Owning a vehicle of any kind, such as a car or a motorcycle, is a costly thing to do. You need to factor in costs for fuel, for insurance, for maintenance, for taxes, for parking, and sometimes for storage too. Yet for many people, it would be impossible to carry out their daily tasks – including heading to work – without a vehicle. The good news is it’s possible to save money when you’re a driver by implementing a few changes and paying attention to what you need to do. Read on to find out more.

How To Save Money As A Driver - car maintenance image
Image by Ryan McGuire from Pixabay

Maintenance 

One of the biggest costs associated with owning a vehicle is maintenance. Having your car or motorcycle tuned up at least once a year will ensure that it runs more smoothly and lasts longer, so it’s a good idea to have it done (and it might be a contractual requirement of your insurers or the company you are leasing or buying the vehicle from, so you must check this out). 

The problem is that paying out for this work to be done once a year and sometimes more depending on how many miles you drive is expensive, and when there is nothing wrong with your vehicle, it can seem like a waste even if you know that it’s potentially preventing a bigger problem in the future. 

To keep costs down when it comes to the basic maintenance of your vehicle, you can do it yourself. Even if you’ve never looked under the hood of a car and you don’t understand the workings of a motorcycle’s engine, you can learn what you need to know. You can also purchase any equipment or parts like BMW engine parts online, ensuring that you always have what you need. Of course, major repairs and more complicated jobs should be done by an expert, but the smaller stuff can be done at home for a fraction of the cost. 

Change Insurers

Another big cost for vehicle owners is insurance. It’s a legal requirement so you can’t go without (if you do you risk fines or even disqualification from driving), but it can cost a lot of money each year, even if you pay it monthly. The more claims you have made, your age, and even where you live can all have a bearing on the cost of your insurance, but did you also know that the cost is not set? In other words, you can shop around for a better deal when you need to renew your policy. 

If you choose to do this, you may well find that a different insurer will sell you a policy for much less than you’re paying right now. Remember, though, that you’ll need to ensure the level of cover is the same if you want a really good deal. 

Change Your Tires 

You might not realize it, but your tires might be costing you money. If you have uneconomical tires on your vehicle, your fuel consumption will be higher, and, simply put, that means you’ll be topping up the tank much more often. Switching your tires to more economical ones means that you’ll save a lot of money on fuel over the year compared to not changing the tires.

You might be put off from doing this because the tires you need to change to are more expensive, but the fuel savings should offset this issue, and since the tires should last for several years, will make you money in the end. 

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How To Leave The Stress Behind When Moving Home

February 10th, 2021 Posted in Property Investment
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A recent study found that on average, people will move home eight times in their lifetime. You would think that the frequency of such moves would mean that it gets a little easier (or less stressful) over time, but this simply not the case. In fact, moving home is often the cause of great stress, be that due to financial pressures or property induced woes.

However, there are several steps you can take that make moving home a little easier – meaning you can focus on the positive side of moving – not the negatives! 

How To Leave The Stress Behind When Moving Home - moving boxes image
Photo by HiveBoxx on Unsplash
  • If you are selling your current property, figure out how much your house is worth. Consult with experts to ensure that you are not selling yourself short, as you can use the extra cash towards a downpayment for your new home. 
  • Work closely with a Mortgage broker to ensure that you get the best deal on a mortgage. They have years of experience within the industry and are able to provide you with invaluable knowledge and insight that could save you hundreds. 
  • If you know you want to move, but aren’t sure where you want to move to – write down a list of everything you need from your new home. For example, do you need access to certain amenities? How long is your ideal commute? If you have children, you might also want to consider the nearby schools. 
  • Look around a variety of different properties before signing a contract. By shopping around, you’ll be able to gain a clearer picture of precisely what you are looking for – and you’ll know you are making the right decision when you find your dream home. 
  • When you decide to move, ensure that you have a clear budget in mind. Figure out how much you can spend on the move, taking into consideration some of the hidden costs of moving, such as removal fees. 
  • A large majority of the stress associated with moving is tied up in packing. Therefore, you should get started on this task early instead of leaving it till the last minute. Remember: the sooner you start packing, the sooner you finish. 
  • If you plan to redecorate your new property, see if the bulk of the decorating can be completed before the move. This means that you won’t be getting in the way of any of the decorators, and you can unpack right away after the move. 
  • If you are worried about finances, take an affordable approach to moving. For example, you can save money on buying new furniture through DIY projects or buying items second hand. Additionally, you can earn a little extra money by selling anything you no longer need or use. 
  • Another way in which you can reduce the stress associated with moving home is by taking your time. Unless you are moving for work, you have plenty of time to organise the move – meaning you don’t have to do everything right away. Slowing the process down a little also gives you a chance to save up money. 
How To Leave The Stress Behind When Moving Home - hanging a picture frame image
Photo by HiveBoxx on Unsplash
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What Are The Advantages Of Operating As A Sole Trader?

February 9th, 2021 Posted in Business, Entrepreneurship
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Setting up a new business is going to require you to make a number of important decisions, but the very first one has to be how you’re going to run that business. In other words, will you run it as a sole trader, or will you be a limited company? Although both will have their pros and cons, being a sole trader has some advantages that are hard to ignore; read on to find out what they are so you can make an informed decision and then move on to other things.

What Are The Advantages Of Operating As A Sole Trader? - steps on the pavement choices image
Photo by Jon Tyson on Unsplash

Control 

As a sole trader, you are going to have complete control of your business. You’ll be the one making all the decisions and you won’t have to involve anyone else in that decision-making (unless you want to, that is. Sometimes being able to gain advice from those in the know like Barr Rosenberg when it comes to business finance can be very useful indeed). This ‘keeping control’ can be a big reason why a lot of people choose to take the path of sole trader rather than anything else. 

More Personal

Sole traders also tend to have a more personal relationship with their customers. This is something that can drive people to choose to use a sole trader, a smaller business, rather than a larger limited one that can often seem faceless and corporate. The personal touch means a lot, and if it’s the difference between a sale or not, then it’s worth considering. Being a sole trader essentially means you can get closer to the ground when you’re working, and by doing this, you’re showing your customers you’re just like them. 

Easier To Start 

Starting a limited company is not a difficult thing to do, but when you compare it to starting a sole trader type of business, it is more complicated and it will take more time. It can even cost more. For example, a sole trader won’t have to register their business with Companies House (although they will still have to register as being self-employed) and you won’t have to fill in any long, official forms which can be tedious and, if you make a mistake, can cost you time, effort, and money. 

Fewer Regulations 

Sole traders are always subject to fewer regulations and have fewer legal requirements they have to meet. Altogether, as well as meaning that you are much less likely to accidentally fall foul of the law, you will also have less paperwork to do, and when you’re running a small business and trying to grow it, this can only be a good thing; who has time for lots of paperwork? 

More Privacy 

When you run a limited company, there isn’t much privacy around. You have to file all your accounts which can then be looked over by the public if that’s what the public wants to do. This can be uncomfortable, whether you’ve made a nice profit or you’ve suffered a loss. As a sole trader, your accounts are private and no one need ever know if you’ve been making money or not. No one apart from HMRC, that is, of course. On top of that, your personal details will stay private too; the same can’t be said of a limited company director. 

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3 Hacks to Owning a Car on a Tight Budget

February 9th, 2021 Posted in Money Tips
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Post COVID-19 recovery phase is a survival for the fittest era where everyone is needed to adjust their lives to fit the new norm. Among the many problems facing people today, lack of finances tops the list.

Despite this, one has to do whatever is possible to meet their daily needs. Owning a car has become a necessity in the 21st century due to its crucial role in people’s lives. It is thus unfortunate for anyone forced to buy or change their car during these hard economic times.

But all is not lost. If your needs don’t allow you to wait for times to get better to get a car, implement these three simple strategies, and you will own a car within no time.

Go for Used Vehicles

Today, thanks to technological advancement and modernization, people are changing cars faster than ever before and as such, getting a quality and reliable second hand car is no longer a challenge. All you have to do is visit your nearest car supermarket and select from the wide variety of vehicles available.

3 Hacks to Owning a Car on a Tight Budget - smiling couple sitting in a car
Photo by mentatdgt from Pexels

Used cars generally cost lower and have less insurance and maintenance costs. Moreover, opting for this option ensures you make an informed decision before purchasing the vehicle. This is through reading on other people’s experiences with the said vehicle through the reviews.   

You will need to practice patience and do thorough research to purchase a good quality used car. Make sure to follow all the rules, such as having the car first checked by a mechanic before purchasing it. Doing this will save you from a lot of agonies that may befall you later.

Consider a Cheaper Vehicle

Purchasing a used vehicle may not be part of your vocabulary, but this should not stop you from owning a car. There still exist new quality cars that cost way less.

Start by evaluating the vehicle’s main purpose and look around to identify what car model will satisfy and meet your immediate needs. You do not have to go for that car with magnificent features that will cost you a dime when a car with similar simple features serves the same purpose.

Some things to worry you should be safety enhancement features, maintenance costs, and the engine. If this is in good condition, go ahead and purchase the vehicle.

Renting a Vehicle Could Save You Money

If you need to use the car once or occasionally, such as when traveling as a family, you can decide to rent out a car instead of purchasing one. This method will keep you away from insurance and maintenance costs.

Therefore there is no need to demean yourself for not owning a car when you can use a rental car to run your errands. Besides, it’s more comfortable and faster to travel via rental cars than public means.

Parting Shot

Purchasing a car is one of the major investments in life. Apart from the money involved, it requires proper planning and in-depth prior research. If a lack of money has been killing your dream of owning a car, rise and dust yourself as the above three strategies will have you driving your car within the shortest time possible.

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