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How to Manage Your Finances Better in 2022

March 18th, 2022 Posted in learning about money, Money Tips
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Making financial decisions is never easy, but it’s especially tough in today’s economy. If you’re not sure how to manage your finances better in 2022, don’t worry – you’re not alone. This blog post will discuss some critical financial decisions that you need to make this year. We’ll also provide tips on how to make the most of your money and stay out of debt. So whether you’re planning to move, invest or simply save for a rainy day, read on for advice that will help you reach your financial goals!

How to Manage Your Finances Better in 2022 - checking your savings image
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#1. Decide what’s important to you

Before you can start making financial decisions, you need to figure out what your priorities are. What do you want to achieve in the next year? Do you want to save up for a down payment on a house? Or are you looking to invest in your future by starting a business? Once you know what’s important to you, it will be easier to make financial decisions that align with your goals.

#2. Make a budget

If you want to be successful in managing your finances, you need to create a budget. Sit down and figure out how much money you need to live each month comfortably. Then, track your expenses and make sure you’re not spending more than you can afford. It may take some time to get used to living on a budget, but it’s worth it if it means reaching your financial goals.

There are a few different ways to approach making a budget. You can use the 50/30/20 rule, which allocates 50% of your income towards essentials like rent and groceries, 30% towards non-essentials like entertainment and travel, and 20% towards savings or debt repayment. Or, you can use the envelope method, which involves dividing your cash into different “envelopes” for different expenses. Whichever approach you choose, the most important thing is to stick to your budget.

If you’re not sure where to start, there are plenty of budgeting apps and websites that can help you get started. Mint is a popular option that enables you to track your spending and create a budget based on your income and goals. 

#3. Invest in yourself

One of the best ways to manage your finances is to invest in yourself. Whether you’re looking to improve your career prospects or simply want to learn new skills, investing in yourself is a smart way to use your money. Consider taking a class, attending a conference or even starting your own business. Not only will you benefit from the knowledge and experience you gain, but you may also be able to make some money back through increased earnings potential.

Investing in yourself doesn’t have to be expensive. There are plenty of free or low-cost resources available online and at your local library. So if you’re not sure where to start, do some research and find an investment that fits both your budget and your goals.

#4. Move to another location

If you’re struggling to make ends meet, it may be time to consider moving to another location. This could mean downsizing your home, relocating to a more affordable city or even moving in with family or friends. While it’s not always possible to up and move, it’s worth considering if it would help you save money in the long run. Madison Fox provides luxury properties if you are interested in moving. 

Of course, there are some drawbacks to moving. You may have to give up your current job, leave behind your support network or deal with the hassle of packing and unpacking all of your belongings. But if you’re confident that the move would be beneficial for your finances, then it’s definitely worth considering.

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How To Ensure You Can Afford A Car

January 11th, 2020 Posted in Money Tips
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A car is one of the most essential purchases that many adults will ever have to make. For most people, having a car is essential. Whether you will need it to get to work, or just to do the weekly grocery shopping with your family, either way you will need to make sure that you have something that you can be truly happy with. Of course, a big concern that most of us have when it comes to buying something like a car is how to make sure that you are going to be able to afford it. However, as long as you follow some simple directions you will find that this is going to be a lot easier. Let’s take a look now at how you can make sure that you are going to afford a car.

How To Ensure You Can Afford A Car - dream sports car image
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Budgeting

The most important step of all is to budget yourself, so that you can be sure that you know exactly how much money you have available to spend on your car, and how much, more importantly, you are willing to spend. As long as you have that down, you should be able to make the whole process a lot simpler and less stressful, so that’s something that you can certainly be glad for. Budgeting can often be challenging, but as long as you do what you can to get it right, you will find that it actually removes much of the stress surrounding the whole car buying process.

Choosing Your Dealer

Another important step is to make sure that you know who to buy from. You want someone that you feel you can trust – so that might mean looking into reviews and asking around in your local area for ideas. You’ll also want to know that they offer vehicles at a good price. Most places these days will have their own website like https://www.motormill.co.uk/ where you can see some vehicle examples, along with the price of each, so that you can get a good sense of what kind of offers they have on different cars. That should help you to choose a dealer who is going to give you a decent deal, and that will mean you are going to spend only what you need to on your next car.

Saving

Of course, many people will need to spend some time first saving up, and if you are in need of doing that then this is something that you are going to want to think about. If you fail to save up properly, it could mean that you never actually make the amount you need to, and that you are therefore not going to be able to drive away the car that you want, so it is important to plan ahead and start saving as early as possible. That will mean that you have much more luck with the whole process overall. In no time, you should be driving your dream car away from the garage.

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Smart Ways to Make Positive Changes in Your Budget

August 19th, 2019 Posted in Money Tips
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Looking to be a bit more sensible with your finances? Maybe you’re fed up of running out of money mid month- or perhaps you have a new savings goal that you want to reach. You might want to get out of debt, or even just feel more organised. Whatever your motives are, being organised with money is no bad thing- here are some smart ways you can go about making changes. 

Smart Ways to Make Positive Changes in Your Budget - in control of your finance image

Switch bill providers

The companies that you pay your bills to are highly competitive, meaning a little shopping around will snag you the best rates. Every year, run some quotes through price comparison sites, and switch to the company which will provide you with the best rates and overall price- it makes no sense to be loyal to the company you’re with as they make their money from their long term customers. While you’re always going to have to pay for things like electricity, broadband and insurances, you shouldn’t be paying over the odds. A few hours just once a year searching for the best providers can save you a decent amount of money overall. 

Meal plan

Food is one area that just about all of us tend to overspend on. We all need to eat, and so it’s something that everyone should be more organised in, once a week, write up a menu for the next few days and then shop to that list. When you get home from work you know what you’re having and always have the ingredients on hand to make it. You don’t end up buying what you don’t need at the supermarket and you reduce your food waste too. Go on sites like Pinterest and write a list of all of the meals you enjoy eating or want to try. Then when you’re building your menu each week, you can pick meals off the list rather than having to think off the top of your head (which can be harder than it sounds!)

Set a budget for extra or luxury spends

We all enjoy our little luxuries- when you work hard it’s these fun extras that make it all seem worth it. Maybe you enjoy going out for meals in nice restaurants, perhaps clothes are your thing or you might just enjoy a night at home every now and again with a glass of wine, a takeaway and a few dollars to flutter at a slots casino. We all have our little enjoyment and luxuries and it’s nice to have them, but just make sure you’re budgeting for them. Your bills, food, travel and other important expenses should be paid first on payday. It’s only then should you treat yourself to any extras, using money that’s leftover. It can be helpful to have a cap or limit on your treat spends, that way you don’t go overboard and can save anything you have afterwards and put it in a savings account. 

Set up extra sources of income

Even if you already have a full time job, it’s a smart move to set up additional streams of income. Blogging, freelancing, even a home business can generate extra cash- this can make your life easier financially, help towards your savings goals or contribute to paying off your debts depending on your situation. If you ever lose your job then you have at least a little something to fall back on while you look for something new, and it generally provides you with a bit more financial security. 

Sell what you no longer use

Most of us have new things coming into our home all the time, so decluttering needs to be an ongoing process. Not only is this good on a practical level (we can sell what we no longer use to raise money and make space for the things we do) but it’s also great for mental health and wellbeing. Being surrounded by clutter, mess and having a house packed to the rafters can create feelings of stress and unease- research even shows that a messy bedroom can cause sleep problems. Go through your cupboards, drawers, wardrobes and other areas of your life and sell anything that’s still good but that you don’t use any more. Put this money into a savings account or spend it on debt- either is a much better use than having it tied up in items that are simply sitting there collecting dust. 

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6 Easy & Pain-free Ways you Can Cut Your Spending

June 10th, 2019 Posted in family finance, Money Tips
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Budgeting. It’s one of those things that we all know is good for us. Yet committing to a budget can be a lot easier said than done.

One of the hardest things about budgeting is that you’ll have to make a handful of compromises. This means that you can’t just buy everything you want without thinking about it. Instead, you need to decide what you really need to buy, and what you can live without.

If you’re concerned about how difficult it can sometimes be to reduce your spending, don’t fret. We’ve got a handful of easy ways you can spend less, without feeling the pinch.

6 Easy & Pain-free Ways you Can Cut Your Spending - coin and purse image

1.    Only Buy Store Brands

Human beings are creatures of habit. We tell ourselves that we need to buy the same make of cheese and toilet paper time and time again. However, the truth is that most of the products you buy in the supermarket today are the same as the own-brand options you can get for a much cheaper price.

When you pay for more for fancy brands, usually, you’re paying for the cost of their advertising and packaging, not for a product that’s any better than you’d get elsewhere. Stick to store-brand only, and you’ll save a fortune.

2.    Plan your Meals

Have you ever been searching through your kitchen cupboards and found a bunch of old, outdated sauce mixes and meal packets in there? You’re not the only one. It’s easy to get inspired and buy something at a shop, then forget all about it when you get home. To make sure that you’re not wasting your money on un-used food, make sure that you plan your meals.

Set aside an hour or two each week to think about the kind of recipes you’ll look forward to eating. This will make it less likely that you’ll be tempted to order in. If you can, try to make multiple meals using similar ingredients, as this will cut down the amount you need to spend too.

3.    Always Keep Snacks Handy

Snacks might not be the best thing for your diet (depending on what you eat), but they’re great for your budget. When you’re out and about, it’s easy to spend a fortune on an expensive lunch when you’re starving and far away from home. However, if you’ve got some snacks in your glove compartment, or your bag, then you can save yourself some hard-earned cash.

To keep things healthy, carry a bottle of water with you at all times, as well as some non-perishable foods like nuts, or a granola bar. When you’re tempted to eat out, even a bottle of water can be enough to fill you up until you get home.

4.    Use Things Up

Most consumers today are more wasteful than they realise. The chances are that you’ve thrown away plenty of “almost empty” bottles of cleaning substances in the past. However, the amount of cash you waste on not using those items until they’re empty is more significant than you may realise.

Whether it’s a bottle of makeup or something that you regularly use around the house, focus on trying to use everything before you buy something new. This will help to stop you from making frivolous purchases on items that you don’t necessarily need. It should also stop you from ending up with excess clutter in your home too.

5.    Make it a Challenge

Budgeting can be boring – so why not have a little more fun with it? Every time you’re shopping for something new, challenge yourself to save money. This could mean going online and finding out how much cash you could save on a new loan if you go with a different provider. It could also mean downloading apps that automatically add discounts to your cart when you’re checking out with an online store.

If you focus on making sure that you’re always on the lookout for a bargain, you’ll be less likely to make passive purchases that take you over your limits in your budget.

6.    Ask for Better Deals

Finally, don’t be afraid to haggle with your service providers. Whether it’s the company that provides your car insurance, or the brand you’re paying for utilities like gas and electric, make sure you’re always paying the lowest price. If you can’t find a better deal online, you can always call the company customer service desk and ask for a discount.

Many businesses will be happy to go above and beyond to keep you on their team. That means that you can find plenty of great deals.

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13 Budgeting Tips to Help You Survive on Social Security

January 17th, 2019 Posted in Money Tips
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 It is believed that roughly 25% of those aged 65 years and above live with families that rely on social security. For this reason, retirees who earn less than $1500 in social security must operate a very tight budget in order to meet up with their financial responsibilities. The following are some of the measures you can put in place in order to stretch your social security and meet your financial obligations;

13 Budgeting Tips to Help You Survive on Social Security - retired couple image

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Try to delay taking your social security

Though you should start collecting your social security at the age of 62, your monthly social security benefits will get higher if you can just wait for a little till your retirement age to start collecting the money. If for instance, you start collecting your social security at 62 when your retirement age is 67, your social security benefits will be reduced by 30%. Learn more about this from Navigation Wealth Management experts.

Consider moving to an area with lower costs of living

You can maximize your social security benefits when you reduce the costs of your living. Do not hesitate to move to a city or town with lower costs of living when you retire.

Try and pay off your debts before retiring

Credit card bills and mortgages are some of the biggest debts that can deplete your social security funds. Try as much as possible to repay them before you retire.

Consider moving to a more tax-friendly state

Many states, including the Washington DC, do not tax social security benefits. Living in states that do not tax social security will help you stretch your benefit further to cover your daily expenses.

Join discount membership programs

There are some fantastic discount membership programs you should consider joining if you want to get more from your social security. The AARP membership, for instance, will provide you with discounts or savings on your health expenses, entertainment, shopping, and restaurant meals. There are some other community memberships you can find that provide discounts for seniors.

Request from senior discounts when you make travel bookings

As a senior citizen on social security, you will have more time to travel but flights and hotels can be incredibly expensive. You can save more money off your social security by simply taking advantage of discounts on airlines such as Southwest Airlines, and American airlines. There are several hotel chains around the world that also offer discounts to senior citizens worldwide.

Make sure you don’t overpay for prescriptions

The costs of medications can quickly add up and you should consider choosing the generic payment options if possible if you want to save money on such medications. You may want to join a prescription membership program to receive rewards such as discounts.       

Volunteer or get a senior job

If you do not have a health challenge that will reduce your mobility, it will be ideal to become a volunteer or get a non-physically demanding job. Volunteering is a good way to spend your free time, even if you don’t get financial rewards for such.

Avoid adding new debts

If you cannot pay off all debt before you retire, then you should avoid adding new debt, if you want to maximize your social security benefits. You should consider steering clear of whatever that causes impulse buying and practice self-control so that you can stick to your budget. It is disheartening to know that many people are still entangled in debts even after retirement, this eventually makes it almost impossible to save money off their social security.

Downsize to a smaller home

One of the best ways to save money while living on social security is to sell your home and move into a smaller one. Fortunately, home values increase over time and you should take this opportunity to sell that family home and move into a smaller home that will cost much less to maintain. Moving into a smaller home does not mean you have to give up on your comfort, you just want to give up the unnecessary free spaces and reduce the costs of maintaining such large homes. If you don’t want to move out of your large home, you may want to consider renting out a room or apartment from the home, to save more on your social security. Having a roommate will help you save costs of utilities, including electricity, water, and cable.

Consider online income opportunities

If you have not considered online money-making opportunities before, this could be the ideal time to do so. Online income opportunities such as freelance writing, data entry, and survey participation can give you a few hundreds of dollars to augment your social security.

Make use of restaurants that offer discounts to seniors

It is okay to eat out at restaurants once in a while, even though you want to be frugal with your living expenses when you are on social security. There are numerous restaurant chains that offer up to 25% for seniors, on all types of foods and drinks. There are some restaurants that offer free meals to seniors on a particular day of the week or month.

Make use of free entertainment advantages

You don’t have to spend part of your social security to have fun and be entertained. There are museums and movie places where seniors can enter for free at a certain time of the day. Your local theater or coffee shop may organize open mic shows that you can attend for free. Book readings, free outdoor activities and free lectures at local colleges, are some of the free entertainment and educational opportunities you should take advantage of.

Conclusion

Living a frugal lifestyle perhaps is the most important skill you should embrace when living on social security. Cutting costs can be very inconvenient for many, but the rewards can be very enticing. You may want to take advantage of free evening schools for seniors in local colleges and universities where you can learn a new skill you can apply outside of the school to make extra income and live comfortably with your social security.

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