What You Need To Know Before Lending Right Now

April 10, 2020 Leave a Comment

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Are you in a jam and require money quickly? Normally, in terms of making an application for any kind of financial support, a poor credit rating can be a disadvantage. However, there are now loans that will look at other areas aside from your credit history, but you need to proceed to caution.

Short-term loans are definitely the go-to-loans in times when you want fast access to cash, whether for a medical crisis, an unexpected bill or something different. For those who have low credit scores, it is possible that some lenders will consider you, although usually a guarantee will be wanted or the APR will be high. It is important to know this when comparing personal loans. Typically, an individual with a poor credit rating wouldn’t be suitable for most kinds of loans, because of their credit score and the specifications to meet the loan eligibility criteria. There was an extensive procedure involving paperwork and a set of data, like utility bills, credit history verification, previous loans, and plenty of other things. All these, and then in the end, only tell you what you previously know – you have a low credit history, and, therefore, you’re too much of a hazard to lend money to.

However, don’t lose hope, as a payday advance is one type of loan wherein a low credit history doesn’t keep you from being accepted. The most vital criterion that any lender will be seeking is whether you’ve got an occupation and also how much income you make monthly. They are searching to verify whether you’re capable of paying the loan back. After this information is confirmed, you will be given the funds in your bank account once approved.

How To Find The Cheapest Lending Solution

If you want to take out a loan, you will want to find the best deal financially. There are many factors that must be considered when determining how cheap a loan actually is, and so we will reveal how you can find the cheapest solution.

So, how do you find the cheapest loans for your situation? After all, you want to make sure you are paying back as little as possible. You need to get a true reflection of what you will be repaying first and foremost. More often than not, people find a company that is willing to provide them with the money they need, and thus they accept the deal with no second thought. This is ill-advised, as you must ensure you can afford the repayments.

The first thing you should look at is the APR, which is the percentage of what you have borrowed that you are going to have to pay back as well as the money you have borrowed. Aside from this, you need to determine whether there are any extra fees, such as application fees. This is something people can easily overlook, yet costs can mount up if you don’t look into potential fees. There are even some companies that charge fees for those who wish to make early repayments.

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Filed Under: Budget Tagged With: APR, finance, paying back, repayment

Managing Life on a Smaller Budget

April 9, 2020 Leave a Comment

It can be quite tough to raise a family and run a household, whilst also being economical with a tight budget. From food to utility bills, clothes and more. Costs can easily mount up and become something of a stressful situation. But alas, it does not have to be this way! This article is here t help give you some helpful tips and guidance on how to be more economical at home.

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Repair Before you Replace

The best way to be more economical is to repair before you replace it. Not only does this reduce waste in the home, and therefore better for the planet. But it also is better for your wallet, with most things able to be repaired. From clothes to appliances. When it comes to appliances, it can be quite tough and scary if one of them starts to sound a little rough. The thought of buying a new one can also be quite scary with many of them being quite expensive. What you need to do is research, and get someone to tell you what the matter with it is. Then, once you know the problem, try and obtain and find a spare part and repair the problem! Not all problems can be repaired, but if it can, it can save a lot of hassle.

Family life can be an Expensive One

The idea of starting a family, or adding another child into the world is a beautiful one. However, unfortunately with that comes many new expenses that you need to be ready for. Something that could also happen, is maybe not expecting a baby but finding yourself pregnant. It can be a scary time. What to do if you are a new parent? What to do if you already have a family unit? Many questions can swirl in your mind. Something that is always the best choice is to do what is best. If you feel you want to go down to the path of something like an abortion clinic then that is your personal choice. Never do something someone tells you, do it because you feel its the best option. There are also a lot of materials on the web on how to prepare for a new baby, and what expenses you need to prepare for. There is also a lot of financial help available to new mothers, so also keep that in mind.

DIY (If you know how!)

Last but not least, DIY! Some people love it, and some people hate it, but something that can be agreed upon is that it is both time and money-saving to do a job yourself rather than wait for a professional. If it involves heavy work, then, of course, it is better to leave the big jobs to someone who knows exactly what they are doing. But, if you just want to paint the house, or do some basic jobs around the house, then these can be easily done by yourself. You can also source the parts cheaply from a variety of stores, and they serve a variety of price points.

So, do you feel after reading these handy tips that you can become a little more economical, whether it is reducing your waste or being a better spender whilst on a budget? Well hopefully these tips have helped you realize how easy it can be to become economical, and it really isn’t that scary to try something yourself, and see the benefits!

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Filed Under: Budget Tagged With: #repair, DIY, expensive, Family, household, Replace

What Are The Most Common Causes Of Money Problems?

March 12, 2020 Leave a Comment

Money problems are one of the biggest causes of stress in our lives, and we all experience them at some point. But if you want to manage your money more effectively, it is important to know what the most common financial dangers are. These are some of the most common reasons that people experience money problems.

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Reckless Spending

The most obvious cause of money problems is reckless spending. If you are prone to impulse buys and a huge percentage of your paycheck goes on things that you don’t really need, you will find it hard to save money and cover all of your necessary expenses. Often, bad spending habits go unnoticed because money is wasted on small things that quickly add up, like buying lunch or expensive coffee every day. If you really want to avoid long term financial problems, you need to find ways to cut waste out of your budget. If you go through your budget and identify all of the non-essential spending, you can cut things out and you will find it easier to manage your money.

Accidents and Injuries

Sometimes, money worries are not your fault and they happen because of unexpected life events, like accidents and injuries. If you are involved in a car accident, for example, and you are out of work for a while, it is tough to manage your money and pay all of your medical bills at the same time. You can get around this if you hire a car crash attorney and make a compensation claim. That extra money will help you to manage your living expenses and avoid borrowing and getting into debt. Having a healthy emergency fund in place is also important because this gives you a buffer to fall back on while you recover from your injury.

Decrease in Income

The economy is unpredictable and there is always the chance that your company may downsize and you could lose your job, or they may be forced to reduce your salary because they have hit hard times. A decrease in income is tough to manage if you continue with your normal lifestyle. In this situation, it is so important that you go back to your budget right away and rewrite it. Take a look and see if there is anything that you can cut back on for a while so you are living within your means.

Family Issues

Family issues are a very common cause of financial problems. A divorce, for example, is incredibly expensive and when you break up with your partner, your financial situation changes a lot. You can avoid some of these issues if you keep your own personal savings account that you can use to keep you going while you get back on your feet.

Caring for elderly parents can also lead to a lot of financial issues. As your parents get older, it is important that you start putting some money aside to pay for their care and make sure that the whole family pitches in so it doesn’t all fall on you.

Now that you know the most common causes of financial issues, you can be prepared to deal with them when they come up.

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Filed Under: Budget Tagged With: accidents, decrease in income, expensive, family issuese

Building Wealth vs. Making Money: What’s The Difference?

March 7, 2020 Leave a Comment

If you want to make sure you have plenty of money for your family to live the life you want, then you might be wondering what the difference is between building wealth and just making money. Surely if you’re making money that’s enough? Sometimes, but not always. Here, we’re going to look at what the difference is between building wealth and making money so you can make some informed decisions and have as much money for your family as possible. Take a look.

Swapping Time For Money

Making money usually means swapping your time for money. More often than not, this is at a 9-5 job, 5 days a week. This is a substantial amount of time. Some people may not be making much money for doing so, but they feel they have to if they are going to survive. Some may be making a decent salary, but the fact remains that they are still swapping the most valuable commodity that they have.

While swapping your time for money at a 9-5 job might seem like a smart, secure way to make money, it’s almost certainly not the best way.

Building Wealth

Building wealth is something you need to do over time. You won’t have a substantial amount of money by the end of the month, or even by the end of the year. You need to play the long game. However, it’s effective because it means swapping as little time as possible. You won’t get immediate rewards, but the choices you make can make a huge difference over time. In general, the more methods you use for building wealth, the better. This means you never have to rely on one source of income to support your lifestyle, and that if something goes wrong with one method you won’t really have anything to worry about.

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Now that you know the difference, you can begin looking at various methods of building wealth. Your ultimate goal should ideally be to continue making money even while you sleep!

Make Smart Investments

Building wealth is mainly about making smart investments. You could get this started now by looking into xrp purchase swyftx – however, there are many ways you can get started with this. Apps can do it for you, or you could hire somebody to help you. It can be confusing at first, but starting early means you can take advantage of compound interest.

Create Products That Will Continue To Make Money

Create products that will continue to make money even once they are out there. For example, Youtube videos, courses, webinars, and eBooks. This can be particularly lucrative if you have knowledge in a specific area that you would like to share. They take work at first, but when they are complete, you will keep on making money.

Other things you should do include:

Paying off debts so you don’t have to pay high interest rates
Avoid lifestyle inflation at all costs
Create a budget so you never feel the need to spend your entire paycheck

How will you start building wealth?

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Filed Under: Budget Tagged With: budget, debt, paying

Ways to Act Now in Order to Save Later

February 20, 2020 Leave a Comment

If you act now, you can save money later, and who doesn’t love the idea of saving money? It’s something we don’t really think about because we tend to take a short term approach to money and finances, but that’s often the wrong way to go about things. Instead, you should think about how best to save money over the next 5, 10 or 25 years.

There are many ways to do it. Some involve spending a little money now in order to save later, and other ideas allow you to start spending less both now and in the future ahead of you. Find out more about these ideas below.

Stop Drinking Bottled Water

If you’re someone who is still drinking bottled water each day, you should think again about that decision. Does it really make sense for you to be drinking bottled water when you could be drinking tap water instead? Not only is this better for your bank balance but it’s better for the environment as well. If you hate the taste of your tap water, simply buy a filter and it’ll taste the same as the bottled water you spend so much money on.

Spend Money to Make Your Home More Energy Efficient

Your home is the thing you probably spend the most money on. From bills to the mortgage and general maintenance and upkeep, there’s a lot to spend your money on when you’re trying to run a home. By making it more energy efficient, you’ll reduce your bills and make it more eco-friendly. You can spend money on things like insulation and other energy efficiency measures in order to make this happen.

When Buying New Items, Choose Quality

Whenever you’re investing in new items for yourself or for your home, you should think about what they’re really offering. Are they offering quality or a fast and cheap solution to a short term problem you have? If it’s the latter, you might want to step back and think again about that purchase. You should instead look for quality even if it means spending more now. You’ll save big in the long term.

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Realize the Importance of Servicing

When it comes to running a car or owning appliances in your home that are costly, you should always make sure you’re getting them properly serviced. Doing so will allow you to save money later by avoiding breakdowns and other similar issues that can be very expensive to deal with. A good trusted auto repair will offer affordable servicing and it’ll help you avoid having to pay for big repairs later.

Lighten Your Car’s Load

Another good way to ensure running a car doesn’t cost you more money than it needs to us to simply lighten your car’s load. You can do this by removing things that you’ve been unnecessarily storing in your car for a long time. When a car is lighter, it’s also more fuel efficient and less of a financial drain for you. It’s one of those small things that can actually make a big difference in the long term.

Look for Hidden Charges in Your Recurring Bills

If you have bills that you pay every month or every few months, you should look for hidden charges that could be stopping you from getting a fair deal. Any charges that are hidden and that you don’t know about can be a real drain. Look to assess your regular outgoings so you can streamline them and remove any expenses you don’t really need or want to be paying. So many of us pay more than we think we’re paying.

Put Savings Goals in Place

Putting all of your saving goals together and really focusing on them can really help your general finances going forward. Put these goals in place and think about what you can do each day to ensure you reach them. That way, you’ll always have something to work towards each day. That level of focus can help you; we all need goals to be striving towards in life because it can be highly motivating. The sooner you start doing things like this, the sooner you’ll yield the benefits.

By taking the right steps now, you’ll put yourself in a better financial position heading into the future. Thinking ahead is something that most of us don’t do very often, but maybe we should. You’ll be in a stronger position and much more financially secure if you start acting now with the future in mind.

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Filed Under: Budget Tagged With: auto, bills, budget, energy, Fuel, quality, water bottle

How the World is Set Up For Your Financial Success

February 12, 2020 Leave a Comment

Of all the challenging aspects of adult life, there are none more challenging than the financial aspect. Indeed, it can seem like the world is intentionally set up to make it difficult to be in a healthy financial situation, right? Well, perhaps not. The idea that money is a difficult thing to get to grips with is commonly expressed, but it might not be true. Though it’s far from easy, there are a lot of systems that can help us to reach our financial goals, or at least give us a solid platform upon which to build.

Below, we take a look at just a few outlets that can help you.

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Finding Work

It’s true that there is less job stability than there was in the past, but that doesn’t mean that there are fewer ways to make money. Actually, the reverse is true — there are more ways than ever before to get money in your bank account. You can work multiple part-time jobs if you want, or find full-time work, or have a regular job and set up a side business that generates passive income. If you’re struggling to find stable work, it’s recommended that you look at studying for one of the many jobs that are expected to grow significantly in the coming years.

Legal Systems

Bad things happen in life, just as they’ve always done. The difference between the modern world and the past is that, if something bad happened a few hundred years ago, you’d just have to live with the problem. The responsibility would be all on you. Today, that’s not the case. If you experience a life-changing problem that isn’t your fault, then you’re able to hold the people who were responsible to account. If you suffer from a brain injury due to the negligence of someone else, you can hire a BIL, and get the money that’s rightfully yours. The legal system is often taken for granted, but it does have real benefits for people who end up in financial difficulties through no fault of their own.

Where to Invest

Investing money used to be a money-growing scheme that was only accessible to people who already have plenty of cash in the bank. Not so these days, and that’s all thanks to the internet. Today, anyone can educate themselves by reading up about the best practices online. This, of course, doesn’t mean that anyone can get rich — the same old pitfalls still exist — but money and access is no longer the prerequisite to investing. If you’re smart and can educate yourself, you can get started relatively quickly.

Help With Problems

Finally, it’s worth remembering that there is also more help available for people with financial problems than there was in the past. If you’ve fallen into money difficulties, then you can work with non-profit organizations to try and get yourself back on track. As well as direct help, it’s also easier to connect with people who are in the same position as you are.

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Filed Under: Budget Tagged With: budget, educate, finance, problems, reading, struggle, work

Stop Struggling With Money: 3 Things to Try

February 5, 2020 Leave a Comment

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Do you struggle to make ends meet? Most of us feel like this at least some of the time, but if you’re constantly living hand to mouth then things need to change. Struggling with money can be really stressful, and it prevents you from living the life you want. You don’t need to win the lottery or even land your dream career, making a few simple changes can make a big difference. You’ll be happier, you’ll have a little more money in your pocket and won’t be stressing quite as much about the bills. Here’s what you need to know.

Get out of debt

Being in debt is expensive, not only are you paying back what you’ve borrowed but every month you carry a balance, you’re paying interest too. If your debt is out of control, you might find that all you’re able to pay back each month is the interest, and you’re not bringing down the balance at all. Getting out of debt might involve using savings or making cutbacks in your budget, but if it’s out of control you may need to speak to a debt management company. These can speak to creditors on your behalf and work to get interest frozen and repayments reduced to a much more manageable amount. It can mean a huge weight is lifted off your shoulders and you can get your finances back under control. This allows you to start getting other areas of your money sorted again and puts you in a much better position.

Claim everything you’re entitled to

Did you know you may have money available to you which you’re not getting right now? If you’re on a low income, have a disability or even are entitled compensation from an accident that wasn’t your fault, it’s important to find out what you’re owed. This can compensate you for time you’ve had to have off work, or help you to make ends meet if you’re unable to work. It’s not always a smooth journey, for example you might need an attorney for disability appeal if you feel you’ve been wrongly rejected but keep at it until you get what’s rightfully yours.

Earn some money from home

Making changes and cutbacks in your budget is always going to be useful, but if you can earn some extra money too then even better. This day in age, it’s perfectly possible to make cash from home, in your spare time and in a fun way. You could start and monetize a blog or YouTube channel. You could become a freelancer and monetize your skills, or you could take on a flexible job as a remote worker in the evenings. All of the money you earn could be used towards debt, to save up or just to make everything a little easier financially. You don’t even need to leave the house, and can hugely improve your situation with money.

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Filed Under: Budget Tagged With: attorney, budget, debt, disability, expense, expensive, Home, Money

Don’t Panic About Your Finances?

January 27, 2020 Leave a Comment

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Finding yourself in any kind of financial difficulty can be incredibly scary. After all, whether you like it or not, money makes the world go round, and without it, you can often struggle to hold on to some of the simplest and most important things in life like the clothes on your back and the roof over your head. That being said, just because you find yourself struggling with money at some point in your life doesn’t mean that all is lost. The truth is that just about everyone deals with money troubles at some point in their lives and there are always things that can be done. With that in mind, here are a few ways to avoid falling into a pit of despair and panic if you end up having some trouble with your finances.

Get organized

If you’ve just found out that you’re in a worse financial position than you thought you were, it can be incredibly easy to start running around like a headless chicken in a total panic. However, it’s incredibly important that you avoid doing this and that you sit down and get organised. The first thing you need to do is to stake stock of your financial position and figure out a budget. That way you can know exactly what cutbacks you can make in order to start to get yourself into a more secure position without too much difficulty.

Be disciplined

Of course, figuring out your budget and where you need to cut back is incredibly easy in theory, in reality, it’s a whole different ballgame. This is because getting your finances back in shape is often an incredibly long and difficult process. Because of this, it’s important that you stay as disciplined as possible and that you avoid falling into the common traps of becoming complacent or overconfident at any time. Keep things simple and make sure that you’re always aware of exactly how much money you’re spending at any given time. In reality, it’s the little purchases here and there that can make all the difference to your financial health.

Remember: there is always help out there

It’s easy to feel like pulling yourself out of financial quagmire is an impossible task and sometimes it really is something that you can’t do alone. However, it’s important to remember that you don’t have to do it alone. There is always help out there from debt based charities to a bankruptcy lawyer. No matter what kind of situation you’re in, there’s no shame in needing to reach out to other people for help, whether it’s a professional, or simply a friend or family member.

Financial trouble can not only have a practical impact on your life, but it can also be incredibly damaging on an emotional and psychological level. Make sure that you’re thinking about the support that you might need in that direction as well. Don’t let money difficulties lead you down a path of feeling constantly anxious or worried and remember that there are always people that you can talk to about those kinds of things.

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Filed Under: Budget Tagged With: anxious, bankruptcy, bills, budget, lawyer

How To Avoid Money Worries After An Injury

January 8, 2020 Leave a Comment

A serious injury can change your life in a big way, especially if you are unable to work. It can have a big impact on your mental well being if you struggle to do things that you would normally take for granted. People often lose their sense of purpose when they are out of work as well, and that can lead to mental health issues. After a serious injury like this, it’s important that you focus on your recovery and get back to normal as soon as possible, and you take steps to manage your mental health along the way. But that is hard to do if you don’t manage your finances properly as well.

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When you are suddenly unable to work, it can put a real strain on your finances and that causes a lot of stress. If you don’t have a clue how you’re going to pay any of your bills and you are constantly worried about money, that will make your recovery a lot more difficult and increase the likelihood of developing a mental health problem.

If you are out of work for a long time, you may end up relying on credit cards to pay your bills and that will lead to a lot of unnecessary stress. But if you follow these simple tips, you can easily avoid that situation.

Make A Compensation Claim

If you think that somebody else was to blame for your injury, especially if you were injured at work, you should consider making a compensation claim. If you get in touch with somebody like alex hernandez lawyer and speak with them about your situation, they will be able to help you make your claim. It’s important that you do this right away because the more evidence you can gather, the more likely you will be to win a settlement. The process can take a long time, so the sooner you get started, the sooner you will benefit from the money. Having that extra financial help there will make life a lot easier for you while you recover from your injury and get back to normal.

Keep Working If Possible

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In some cases, your injury will be too severe for you to work at all and you will have to take time off until you are fully recovered. However, you may still be able to work in some capacity and that will make it easier to manage your finances. For example, you might not be able to do any heavy lifting but that doesn’t mean you can’t do admin work. You should speak with your employer and see whether you can continue working in some capacity. It’s easier than ever for people to work remotely, so you may be able to work from home instead of going into the office.

If there is no way that you can continue working at your current job, you should look into your other options for working. There are a lot of freelance jobs that you can do from home like being a virtual assistant, for example. If you can find ways to earn a bit of extra income from home, you will find it a lot easier to manage your money while you recover.

Cut Back Your Budget

If you are not earning or you are only earning a fraction of what you normally would, you need to rethink your budget. If you continue spending at the same rate as normal, you will soon find yourself in financial difficulty. You need to cut back on your budget and get rid of some of the luxuries that you can’t afford right now. Draw up a list of all of your spending and look for things that you can easily cut out. The more you can cut down on your budget, the longer you will be able to survive without borrowing money.

Speak With A Financial Advisor

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If you do manage to win a settlement, it’s a good idea to speak with a financial advisor because they will help you to get the most out of it. If you just put it in the bank and start spending it, you’ll be surprised how quickly it disappears. If your injury is going to have a long term impact, you need to start thinking ahead with your money. A financial adviser will be able to assess your finances with you and give you some good advice on how best to spend the money that you do have. They will be able to help you with investments if you have a lump sum so you can secure your finances in the long term.

Borrow Sensibly

It’s easy to fall into the trap of borrowing money when you are out of work, but you need to be very careful. If you start relying on credit cards too much, your financial situation will get worse and worse. However, there will be some situations where you need to borrow a little bit of money to make ends meet. That’s fine, as long as you do it sensibly and you don’t make a habit of it. You should only be borrowing money to pay urgent bills, not to spend on luxuries. When you do use a credit card, make sure to shop around and get the best deals, and avoid high interest payday loans at all costs. If you do find yourself in a situation where you need to borrow money, you need to work out how you are going to pay it back. If you won’t be able to comfortably pay back the debt, you should think twice about borrowing.

Once you have recovered from your injury and you are back at work, paying off your debts should be your first priority. The best way to do that is by using the debt snowball method. By prioritizing the smallest debt and clearing it as soon as possible, you free up more money to put towards the next debt on the list, and so on. The sooner you can clear all of your debts and get back to normal, the better.

As long as you follow these simple rules, you can stay on top of your finances and focus all of your attention on making a recovery.

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Filed Under: Budget Tagged With: advisor, budget, financial, Money, virtual

Growing Your Property Portfolio in the Best Possible Way

December 20, 2019 Leave a Comment

Property is one of the safest markets to invest in if you have the money to do so. This is why so many people every year are looking at the ways in which they can invest in property or real estate, and start making serious money. But, if you are new to this process, it can seem pretty daunting, especially with the sums of money that are being talked about.

Make sure you think about the different ideas you’ll need to consider if you want to get involved in the world of real estate. Growing your property portfolio is one of the key things you are going to need to consider, and this is something you can work on right now. These are some of the best things you can do to achieve that, and you should use these ideas to help grow your portfolio.

Diversify

One of the key things we would recommend would be to make sure you aim to diversify as much as possible with your portfolio. There are a lot of things that play a part in the process, and this is going to help you when it comes to making the most of your property portfolio. This means looking to invest in things like mobile homes as well as traditional apartments and houses. This is a great way of attracting more people and giving you a more unique edge to your portfolio.

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Rent Out for a While

When you are getting involved in the world of property investment, you will generally have two choices; you buy a property, fix it up, and sell for a profit, or you buy and then rent for a while before selling. Renting is a good way to build up your portfolio because it is providing you with passive income on a monthly basis, and this is important. Make sure you do what you can to make the most of this and try to rent out several properties at the same time, so you increase your cash flow.

Maintenance & Upgrades are Key

Maintaining and upgrading your properties is also really important when looking at how you can grow your portfolio. Just because you own a property doesn’t mean you can overlook basic improvements. Saving money on home improvements is important, but you definitely need to make sure you maintain and upgrade the properties as much as you can. This can make a massive difference to making your portfolio more appealing to prospective buyers and tenants.

Cash Flow!

Cash flow is one of the most important things to consider here because, without money, you can’t purchase property. As we suggested earlier, renting is a good way of bringing in some cash flow, but you need to consider other ideas as well, such as buying positive cash flow property and coming up with side-gigs to help you supplement your income.

As you might imagine, creating a strong and diverse property portfolio is a challenge, and this is something you need to make sure you consider as much as possible. There are a lot of factors that play a part in helping you achieve success in the property market, and these are some ideas that will help you to get started as much as possible.

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Filed Under: Budget Tagged With: budget, diversity, Home Improvement, homes, House, key, maintenance, Money, renting, save

Money Matters: How To Make 2020 The Year Of Reduced Waste

December 17, 2019 Leave a Comment

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The start of a new decade is the perfect opportunity to reevaluate your lifestyle and adopt the changes needed to become a better person. Right now, the need to reduce our physical waste in a bid to save the planet is more prominent than ever. But what about saving your finances?

Living costs rise at a far faster rate than salaries. This is why your New Year’s Resolution should revolve on the concept of making your money work harder. Here are 15 ways to turn your 2020 vision into a reality.

#1. Quit Bad Habits

Let’s face it; quitting bad habits will always appear on the NYR lists. While you’ve previously given up within a few weeks, focusing on the financial elements could transform things for the better. Quitting cigarettes will save the average 20-a-day $50 per week. You could save half of the money while using the other half as a weekly reward for staying on track. It’s great news for the body, mind, and bank balance. This new approach will ensure that 2020 is the year you succeed.

#2. Analyze All Purchases

There’s nothing wrong with impulse buys that will actively enhance your life. However, wasting money on products that you will not use is a huge problem. It’s easy to be won over by fancy marketing gimmicks, but buying the latest tech gadget for the sake of joining the herd is often a bad move. Where possible, sleep on the decision. If you aren’t that fussed about having not bought the item when you wake up, it probably isn’t needed. You should see a decline in regrettable choices.

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#3. Lose The Need For Ownership

In addition to avoiding unnecessary purchases, 2020 can be the year where you embrace a healthier mindset. While society may suggest that you need to own everything, you don’t. There are many situations in which leasing a car may be better than buying one. Meanwhile, renting an outfit for an vent is often a smarter decision than wearing it once and letting it sit in the wardrobe collecting dust. The money saved by hiring goods can allow you to spend more money elsewhere.

#4. Trim The Fat On Bills

Overspending on monthly services is another very common problem. Here is a guide to cutting cellphone costs that can save hundreds of dollars each year. Similarly, energy bills, home insurance, and broadband packages can be trimmed down. Tailoring the package to your needs rather than what the company tries to sell you can make a big difference to monthly outgoings. Better still, you won’t see any difference to your daily life as the features you cut out aren’t being used anyway.

#5. Shop Around

We can all appreciate the benefits of browsing the market for a better deal. The introduction of price comparison sites made a huge impact on major purchases. However, you can now add tools to your browser that automatically search for vouchers and discounts on all purchases. Even if you save a few dollars during each online shopping session, the savings soon add up. They can be used to buy clothes, groceries, and gifts for loved ones during the festive season. The possibilities are endless.

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#6. Consider ‘Non-New’ Items

It seems madness to spend twice the price on an item that you could get cheaper simply because it has been used. There are plenty of items that you’ll want to buy brand new. Still, charity shops can be a great place to pick up furniture, clothing accessories, books, and more. Perhaps more tellingly, you can save thousands on kitchen remodels and big tasks by buying the ex-display models or end of the line stock. Not having the latest season’s trend isn’t a big issue unless you make it one.

#7. Change Work Habits

Your career is the primary source of revenue in your life. However, it can be a source of huge expense too. There are many ways to cut the costs. Working from home, even or one day per week can have a truly positive influence. Meanwhile, trading the morning trip to Starbuck for a homemade coffee could save over $1,000 per year. Those simple changes can actively aid your physical and mental health, as well as your career. Still, it’s the financial savings that stand out.

#8. Stop Trashing Perfectly Good Products

Most people are guilty of hoarding furniture, electronics, and collectibles. In most cases, they’ll eventually be thrown out during a clean spring. However, one person’s trash is another’s treasure. Thanks to local online selling platforms, the opportunity to generate money from old goods has never been easier. This additionally serves as the perfect way to declutter your life at the start of a new decade. The fact it actually reduces waste pollution by recycling old items is merely a bonus.

#9. Ensure That Assets Sell At Their Full Potential

When selling the small household goods, any cash injection is a step in the right direction. However, valuable assets need to sell at the right price. Preparing the home for a quick and agreeable sale is vital for anyone hoping to relocate in 2020 or beyond. Meanwhile, expensive antiques should be independently valued. After all, you do not want to become one of those people that sells a vase for $50 at a garage sale only to see it sell for $1,000 in three months time.

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#10. Hire An Accountant

The idea of paying an expert to handle your taxes and other financial obligations may seem counterproductive. On the contrary, though, a personal tax accountant can save you money in the long run. Whether it’s handling small business accounts or individual taxes, their advanced knowledge will serve you well. Besides, time is money, and you can use the extra time to earn more money. When added to the emotional reassurance of making the right moves, success is assured.

#11. Seek Entitlements

You work hard, and put money into the system. As such, you should feel no guilt about seeking the financial support that you are entitled to. Whether you’re a parent, a worker in the public sector, or have a disability doesn’t matter. Even an extra few hundred dollars per year, through credits or discounts, can seriously enhance your life. Life can get tough from time to time, but helping hands are often available. Take the support that is actually designed for you, and big results will show.

#12. Improve The Home’s Energy Efficiency

If you can reduce financial waste while also reducing waste pollution, that’s perfect. This guide to creating a greener home will allow you to master both. The investments into better lighting and water efficiency will reduce monthly bills. Meanwhile, solar panels and other eco-friendly upgrades often show a positive ROI. The financial value of your property and monthly cash flow will each see positive outcomes. Best of all, the rewards will continue throughout 2020 and beyond.

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#13. Share Facilities

The idea of combining financial savings with reduced energy waste needn’t be limited to the home. Carpools are a particularly smart move to save money and resources. Meanwhile, if you have a good relationship with the neighbors, it may be possible to share items like the lawnmower. It seems a little pointless to buy and store products separately if you can half the costs and efforts. Of course, it’s not an option that’s open to all homeowners or workers. Still, it’s worth investigating.

#14. Move Bank Accounts

If you are currently losing money to interest rates on credit cards, switching to new banks can work wonders. They are fighting for your custom and will often offer 0% on transfers as well as a few months of zero interest. This gives you a chance to reduce the debt without suffering from high interest rates. In turn, this can support your bid to create a better financial situation. After all, your overall debts will shrink during that period of breathing space.

#15. Repair Things

How often do you trash a top because the zip broke, or replace furniture because it suffered minor damage? Get into the habit of repairing and upcycling items, and you’ll save vast sums of money over the course of a year. You can turn crates into garden furniture, save old garments, and breathe new life into unloved items. It’s a great way to save time and money while also providing a sense of satisfaction. When dealing with clothes, it’s an ideal way to gain a fresh and unique appearance too.

The Final Word

We can all benefit from reducing our financial waste, and 2020 is the year to make it happen. While it’s true that the first few weeks may seem difficult, your efforts will soon be rewarded. Once you see how much of an impact your efforts can bring, the incentive to stay on track will be huge.

Last but not least, you must remember that a setback along the way needn’t stop you from achieving the end goals. This is a lifelong transformation rather than a quick fix. Do not forget it.

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Filed Under: Budget Tagged With: bank, banking, bills, budget, energy, green living, Home, recycle, save, Savings

Smart Ways To Teach Children About Money

November 14, 2019 Leave a Comment

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Being able to make good financial decisions doesn’t just happen. We have to teach our children the value of money and do so in ways appropriate to their ages. It’s never too early to get these lessons started, especially nowadays. Since marketers have begun aiming ads at children with every media channel, they must understand that certain purchases aren’t worth the investment. If you don’t teach your children how to manage money, someone else surely will. But that isn’t a risk you want to take. With that in mind, here are ten smart ways to teach children about money.

Play Classic Board Games

Many classic board games are more educational than most people realize. Rather than just teaching board game etiquette, Monopoly introduces children to important life skills, like saving for retirement and purchasing real estate. Playing these games as a family gives you a chance to explain to your children how the rules of the game apply in real life. Other childhood games, like house and grocery store, also teach kids about finances, along with cooking and cleaning.

Write Letters To Santa

Once the weather turns frosty, children get excited for Christmas. They want to decorate the house, make gingerbread houses, and, most importantly, write letters to Santa. Although this is a fun annual activity, it could be an educational experience too. Rather than letting your children ask for whatever they want, give them a spending limit. Having a spending limit makes your kids consider what gifts are really important to them. This is a great opportunity to practice math too.

Make Them Earn Money

Although Christmas is a time for giving, that rule doesn’t apply for the rest of the year. Instead of handing over money whenever your children ask for it, you should make them earn it. Depending on their ages, there are a few ways to do this. Teenagers can take on summer jobs, while younger children carry out chores at home. Entrepreneurship is another option to consider. Even a lemonade stand throughout the summer is a business, so teaches many important lessons.

Chat With Financial Experts

A financial adviser is an important resource, both for adults and children. Taking your kids with you the next time you speak to money experts gives them a chance to ask questions. If you have a living trust set up for your children, allow them to meet your living trust attorney too. At this meeting, you can explain what a living trust is and under what circumstances your child would be given money from it. Having these meetings now will make financial experts seem less scary.

Open A Savings Account

After meeting with your financial adviser, you might decide to open a savings account for your child. When you do so, make sure that you take them to the meeting. Explain exactly what a savings account is, how interest works, and how to access that money. If your child has earned their own money, ask if they would like to invest that into their savings. Once your child is old enough, you can open a checking account. This would give them greater control of their money.

Shop For Groceries Together

Certain chores take much longer with children in tow. Shopping for groceries certainly makes that list. However, that doesn’t mean that you should leave your little ones at home. After all, shopping is an important chore and life skill. Unless your children know how to shop smartly, they’ll waste money when they’re older. Before heading to the store, write a grocery list, make a budget, and gather coupons. Each of these tasks is important and helps with money management.

Download Money-Related Videos

Most parents are always trying and failing at limiting their child’s screen time. While you shouldn’t give up this battle entirely, you could be flexible. The internet doesn’t just waste time and can instead be incredibly educational. YouTube is a great example. Although there are many pointless videos on the platform, you can find a few that teach children about money. These are fun, interactive, and fairly short, which means your child could easily see one during a car ride.

Choose Different Bedtime Stories

Just like videos, books can be both fun and informational. When choosing your child’s bedtime story, pick a book that talks about money. There are hundreds out there that focus on different financial topics, including entrepreneurship, investing, and money trouble. If you don’t own any books about money, then head to your local library. Without having to spend a penny, you can take home a variety of books. Alternatively, you can download and listen to audiobooks.

Set A Good Example

Children learn by what they see. This means that, if they see you managing money well, they will understand that they must do the same. Unfortunately, the opposite is also true. Overspending, lying about money, and other bad financial habits can make your kids question your teachings. That is why you must set a good example for them. Make sure you also explain what you’re doing when using an ATM or writing a check to help your children learn basic money concepts.

Leave Room For Mistakes

Part of allowing your kids control of their money is letting them make mistakes. While you can explain to someone the consequences of bad money management, they’ll never truly understand them until faced with them. While it’s tempting to step in and steer children away from costly errors, doing so could hold them back. A mistake might seem disastrous to them now, but the lessons they learn from it would benefit them later and keep them from making a bigger blunder.

Money is a topic many children think very little about. With parents buying everything they need, kids usually assume that money comes easily. Teaching your children the value of money will not only benefit them in the future but help you now. Once a child knows that things cost, they usually become less demanding. Hopefully, the tips above help you teach your kids about money.

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Filed Under: Budget Tagged With: finace, Games, Money, santa

4 Ways To Boost Your Savings With Change

October 21, 2019 Leave a Comment

When you’re trying to save money, drawing up a good budget is the best thing that you can do. But making small savings here and there is also a good way to boost your savings account. A lot of people don’t bother saving small change because they don’t think that it’s worth it, but that isn’t true. If you do it right, you can actually earn a lot of money by saving your small change, and it’s a great way to add to your savings without having to make any changes to your overall budget. There are a few simple tricks that will help you get the most out of your change. These are some of the best ways to save more change.

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Save Bigger Change

When people save change, they usually just put their small change in a jar, but you should consider saving bigger change. The best way to save a lot of change is to empty your pockets whenever you come back home. If you start putting in dollars instead of pennies, your change jar will build up a lot quicker. All of that change you have in your pocket is likely to get wasted anyway, so you may as well save it.

Get More Change Jars

When you find loose change lying around the house, it’s easy to shove it in your pocket but you’ll end up spending it later on. But if you have change jars dotted around the house, you’ll be more likely to save all of that change. It’s a good idea to put on in each room to encourage you to save more regularly.

Small Investments

Now that you’ve boosted your change, you need to start doing something with it so you can turn it into a more substantial amount. When people think about investing their money, they usually assume that you need a huge amount of money, but that isn’t the case. You can get started with small amounts, so if you save your change for a year and invest that money, you can watch it grow.

If you want to make a bigger return on your money, you could even put the money into casino sites. If you look for deals at deluxcasinobonus.com, you can get free games when you put money in. Ordinarily, it’s not the best way to spend your savings, but if you have extra money from saving change, it could be a good way to earn more.

Change Apps

It’s not just physical change that you should think about either, you should try to save change when you are spending on a card as well. A lot of people find that they don’t have much change because they hardly ever use cash. But if you use prepaid cards like Revolut or round-up apps like Acorn, each purchase that you make will be rounded up to the nearest dollar, and the spare change will be saved. Check out Forbes.com for a good list of the best round-up apps. Some of these apps even put the money into investments automatically.

These are all great ways that you can turn a bit of spare change into some real savings for the future.

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Filed Under: Budget Tagged With: change, invest, Money

How You Can Get Through A Wonderful Holiday On A Budget

September 18, 2019 Leave a Comment

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When you think about heading on vacation to a gorgeous destination, your mind immediately rushes to the idea of staying at a luxurious area and sipping cocktails in the sun. Now, for most of us, that is literally the definition of paradise. Not all of us get to go through with that kind of bliss, however. The majority, it will be, for the most part, a distant fantasy in our imaginations.

That’s not a completely heart-breaking thing, though. Vacations are only as good as you make them. You could stay in a five-star hotel with the sun beaming down on you; it doesn’t mean you’re going to have a good time! You will probably enjoy it, but if you’re minds not in the right place, then the vacation won’t rank in your list of all-time greats. Likewise, you can head to a sub-standard spot with pretty average weather and have the greatest week of your life.

Are you heading out on a pretty low-budget vacation soon due to your financial situation? Good for you. Getting away from your usual, mundane nine-to-five, and experiencing new things is what this life is all about – no matter how emphatic the trip might seem. If you’re thinking it’s going to be an anti-climax or a let-down, then don’t panic. It’s probably all in your head. Here’s how you can get through a holiday on a budget while enjoying each and every moment:

Eating Out Isn’t Necessary!

Going on vacation traditionally means scanning the area every evening and choosing the best restaurant to eat at. This can take quite the hit on your bank account. Now, obviously it’s nice to eat somewhere else and not cook for yourself, but preparing your own meals isn’t the worst thing in the world. You are on vacation, after all, so you can make pretty much whatever you want – you’re allowed!

Limit Your Ability To Splash Out

When you have the money available, it can become very easy to spend it – the temptation can get the better of a lot of people. This becomes especially more of a temptation when you’re on vacation and when you’re in a better mood. You feel as though you’re away from your ‘normal’ life; so you can act a little differently. It happens all of the time! Perhaps you should load a limited amount of money onto a prepaid account so that you have those funds and those funds only to play with. If that sounds like a good idea, then you can go online and look at things like Green Dot Prepaid Card reviews, as well as many other options. Leaving a debit card at home and using a limited about would be a great idea if you’re worried about throwing money away and tainting your vacation somewhat!

Value The Experience More

The whole point of doing the vacation in the first place is to enjoy the moments it gives you. We’re a material bunch, whether we like it or not, and we’ve been taught to enjoy the amazing, luxurious aspects of life. We don’t need them, however. The world naturally gives us great moments. Just enjoy the area you visit for what it is!

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Filed Under: Budget Tagged With: budget, financial, holidays, vacations

Your Finances Don’t Have To Suffer From These Things

September 2, 2019 Leave a Comment

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It might not be something many of us like to admit but, when it all comes down to it, a great deal of our lives revolve around money. Your personal finances are always going to have a huge impact on every aspect of your life. Money is by far the most common cause of anxiety for the vast majority of people, and nothing serves to increase that level of anxiety than being forced to reevaluate your financial position. No matter what you do; there are always going to be things that affect your finances in both positive and negative ways. Of course, that doesn’t mean that you’re powerless to do anything about it. There are always ways in which you can avoid getting into serious financial trouble, even in the face of an unexpected event. In order to help you navigate those, occasionally rather muddy, financial waters, here are some of the more common things that might negatively affect your finances, and what you can do to keep yourself afloat during any difficult times.

Unemployment

Spending any amount of time unemployed is one of the things that the majority of people are understandably pretty scared of. After all, how many of us could really continue to live our lives without a reliable source of income. Losing your job can have some seriously far-reaching repercussions on your life as a whole. Not only does it put you in a scary financial position, but it can also affect you on a deeply personal level. This is especially true if your work was a big part of your life and identity. Without it you can feel adrift and confused, it can lead to tensions within relationships, and even periods of depression. The biggest problem that a lot of people face is that these feelings prevent them from being able to get back out there and find a new job. It can be so discouraging to be made unemployed that finding the motivation to go job hunting can feel downright impossible. Fortunately, there are plenty of things that you can do in order to minimize the negative effects of being made unemployed, and most of them come down to planning ahead. It might seem cynical, but it really is important to plan for something like this, even if things seem to be going well. Start putting money away into a savings account for this purpose alone. Even if it’s just a small amount each month, over time, it will build up and can offer you a buffer in the event that you find yourself without a source of income. The other important thing to do is keep your resume as up to date as possible, that way you don’t have to spend extra time and energy on it when you really just want to be spending your time actually looking for a new job. If your resume is ready at a moment’s notice, then you can jump straight into the job hunt without any delays.

Injury

There are few things in life that are more traumatic than being injured in some form of accident. Of course, the most obvious thing to come from it is the physical injury itself. But a lot of people also find themselves experiences some severe psychological and emotional trauma as well. All of these things combined can make getting back into your daily routine extremely difficult. Even if your body is fully healed, your mind may not be and that can make working, having functioning relationships and even leaving the house extremely difficult. Not only that but you may also have to deal with extremely large medical bills. Even if you can still work following an injury, those bills are going to cause your finances to take a serious hit. Again, this is a time when having some savings set aside is a great idea, anything that can act as a financial cushion for you is very helpful. But in this case, you’re almost certainly in a position to make a legal claim against whoever was responsible for the accident, whether that’s your employer or another driver on the road. Some people are unsure about hiring a lawyer following a situation like this, but when you’re put into a bad financial position as a result of someone else’s action or negligence, then you have every right to at least some degree of compensation for that.

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Having a balance on your credit card

Credit cards can sometimes be a pretty risky financial proposition. Of course, plenty of people have credit cards and are able to manage their finances carefully without running into any problems, but that doesn’t mean they don’t come with their own set of problems and risks. The point where people get into trouble is when they start carrying a balance on their credit cards. If you’re carrying a balance on your credit cards that means you’re going to start paying higher rates of interest on your purchases. This, in turn, causes you to spend more and more on each purchase that you actually have to as the interest piles up on top of the price of your purchases. There’s nothing wrong with having a credit card, but you should always try and make sure that you pay it off as regularly as you can. That way you can avoid facing high-interest rates, and you also make sure that your credit score stays reliably high. Nothing damages your credit rating more than unpaid credit card debts. Debt can be one of the scariest things in the world for a lot of people but it’s important to understand that there are always things you can do to get yourself out of debt. Working with a company like McCarthy Debt Settlement Law gives you the chance to put your debts in the hands of people who really know what they’re doing. That way they can help you find the best ways to clear your debts.

Irresponsible spending

There’s a saying that the most obvious solution is probably the correct one, and that applies here as well. A lot of the time, you may find yourself in a risky financial position and won’t be able to pinpoint why that is exactly. Nothing especially dramatic or significant has happened in your life, and you can’t quite fathom exactly what it is that could have caused your finances to take such a hit. If that’s the case, then the likeliest answer is probably just that you need to get your household spending under control. It might be down to you, your partner or both of you, but the most common reason that people run into money troubles is simply that there weren’t responsible enough with their money. You might think to yourself “that can’t be right! I only spend a little bit here and there, surely that’s not going to put me in any danger?” But the problem with this line of thinking is that those little purchases here and there start to add up pretty quickly. In fact, if you were to add together all of those small purchases that you make over the cause of a month you’d probably be shocked at just how much you were actually spending. The solution to this problem is probably pretty obvious: be more careful with your money! Of course, there are some useful things that can help you do this. The best thing that you can do is to create a detailed household budget. Make a clear note of all of your regular incomes and outgoings. That way you can see exactly how much you have before doing any extra spending. Once you know that you can set yourself a very clear limit on how much you should be spending over the course of a month. It’s a simple, mostly psychological change, but it can drastically change your relationship to your money. You may want to start saving as well but the most important thing at the start is just to get into a position where you’re not losing money every month. Once you’re in a position where your finances are more secure on and monthly basis, that’s the point when you can start thinking about putting money aside for a rainy day.

Money might be a cause of anxiety for a lot of people, but the most important thing to remember is that you’re not powerless when something bad happens. The biggest pitfall when you got into a situation like that is to end up feeling so discouraged that you can see a way out of it. Your finances might take a hit but there are always ways to work around it. Whether it’s through small things like cutting back on non-essentials in order to stick to a tighter budget, or by doing something significant like taking on a second job or relocating to a smaller property. If you’re in a financial rut, it can often feel close to impossible to pull yourself out of it, but you simply have to remember that you’re never out of options and that you shouldn’t let your money worries stop you from living your life.

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Filed Under: Budget

Six Ways to Profit From Your Land

August 29, 2019 Leave a Comment

If you live in a rural area and have plenty of extra land available that you’re not using, then it’s possible to turn it into a form of passive income that is surprisingly lucrative. If it’s land you no longer have time to look after or land that’s in a very desirable area, then here are six ways that you could potentially profit from your land.

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Renting your land as garden plots

There are a lot of people that wish they had a larger garden. If you’ve got a lot of land lying around with no real use then there are probably a lot of people that envy you right now. One way you could profit from your land is to simply rent out sections of it as a garden plot where others can use it to grow crops, flowers or anything they want.

Contact large businesses

There are actually many ways to profit from your land through other businesses. For instance, you may want to contact a cell tower attorney if a company has approached you regarding building a cell tower on your land. Even if there’s currently a cell tower near your home, it could be possible to renegotiate your contract for more money.

Offer storage

Whether you build a large shed and give locals the option to store their belongings inside or even just outdoor storage such as parking spaces, storage can be a great way to profit from your land. You’ll need to check for local pricing for storage if you want to maximize profits.

Raise animals and set up a petting zoo

This is quite a lot of effort but ultimately a fun and interesting way to make money if you have a passion for raising animals. It could be cows, goats, chickens or pigs–if you’re willing to keep these animals healthy and raise them, then it could be turned into a lucrative venture.

Building up a local playground

If you want to do something nice and give back to the community, then it’s possible to set up a local playground for kids and families. You won’t get any money from this immediately, but you could use it as an attraction for other services like your produce or by hosting events and charging organizers a small fee.

Let campers onto your land for a fee

If you own a large open space near a lot of other nature attractions such as rivers, lakes and forests, then giving campers the option to set up on your land for a price is a great way to make a bit of money. Set up some toilets and you have a fully-functional and attractive camping location.

Your land is your own and you’re free to do whatever you want with it, but it’s worth considering these ideas if you’re ever in need of a bit of extra income for a minimal amount of work.

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Filed Under: Budget Tagged With: #living, Animals, budget, Family, Income, Land, Playground

What To Do Today to Be Financially Prepared for the Future

August 22, 2019 Leave a Comment

When you have a growing family it can feel like you are paying out for things all of the time. There can be school things to pay for here, and sports fees to cover, as well as thinking about savings for the future, for emergencies, as well as for college funds, and so on. The list really does go on and on. So being savvy with your finances is a must, especially with a family as your money is often spread much more thinly. So here are some things to be thinking about, especially if you need to save more to be better prepared for the future.

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It is a simple thing, but making a budget for each month, and making sure that you stick to it, is one of the best ways to help you keep on track with your finances. So think about putting things like each and every dollar that you earn and then work out your expenditure from there. Then you can calculate what money you have left and then you can decide what to do with the excess. It can be a simple way to keep things on track.

One of the things that you might need to use your money for, that is leftover from your budget each month, is to pay off debts. And not just any debts, things like your mortgage or car payments can be pretty normal. But make sure that you are able to pay off things like credit cards so that you can stop paying any unnecessary interest.

There are plenty of things that can come with having children, and one of them is the thought that everything will be fine later down the line. It is normal for parents to want to make sure that their children can be taken care of in the best way possible. So things like health insurance, life insurance, and having a will in place are all really good ideas. Could you be using your budget to plan and set aside some money for all of these kinds of things?

Having a rainy day fund, which doesn’t have to be massive, is also something that can be a really good thing to think about. You never know why you may need one. It might be that you lose a job, which would have a massive impact. Or perhaps you’d need something like a roof repaired after a storm; you just don’t know. Luckily there are things like a bail bond agent that can help you out in certain circumstances. But for a lot of emergencies, you need to make sure that you can take care of it and cover it for yourselves.

Hopefully, this has given you a few ideas of what you could be doing to make sure that you are changing your financial future. Just starting small with something like budgeting and getting out of any stupid debt can be a place to start, with a long-term plan to live frugally and get yourselves to where you want to be.

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Filed Under: Budget

How To Manage Your Small Business Finances

July 10, 2019 Leave a Comment

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Whether you’re a start-up or further down the business road, you’ll be on a journey that’s both exciting and sometimes tough. With so much to consider from your marketing and branding, to managing your employees, it can be easy to get a little overstretched. As a business, you certainly will want to avoid becoming overwhelmed with your finances. Of course, this is easier said than done, with so much hard work and competition in the market, it’s not uncommon for the small business to face challenges. If you’re looking for ways to better manage your finances, then you’ll likely want to take a look at these top finance tips.

Keep your expenses low

When you’re starting out, or in the early stages, you will definitely want to keep your expenses as low as you possibly can. There are plenty of inexpensive, or free, and easy to use website building tools out there which can allow anyone to build a beautiful website and blog for their small business. Advances in tech mean that it’s easier than ever before to utilize social media for marketing purposes or to teach yourself about SEO optimization. Learning SEO can improve your rankings on google via the use of keywords, or key questions, associated with your industry.

If you can work as a virtual business operation, and manage your staff, products and services remotely, this can also save you money on rent, utilities and hardware. The critical thing to do is to plan ahead for your expenses; work out how much you will be spending on the production of your products and services, on taxes, and on paying your staff.

Separate accounts

You’ll need to ensure that your business account is entirely separate from your personal one; otherwise things can get confusing. If you don’t have different accounts, it will be much harder to gather the info that you’ll need for your tax returns, or to see where any losses came from. Ensure that you don’t forget to pay yourself, yet make sure that you are doing this in a structured way as opposed to taking funds for personal use as and when you need. How much you pay yourself will, of course, depend on your turnover and your profit. It may also be helpful to consider what another business in your field would pay for this position?

Professional help

While DIY accounting software is an option, you may want to consider using the services of a professional accountant to keep things all shipshape. The harsh reality is that many small businesses will run into financial problems; however hard-working or ambitious that they may be. The crucial thing is that you know where to go for help if you do. If a business is experiencing tough financial problems and could benefit from legal advice, the issue is that these legal services can sometimes just feel like another un-affordable expense. Rashad Blossom offers quality legal advice at a reasonable price, so could be a great go-to if you find yourself in a sticky situation.

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How Do You Finance That Dream Business?

July 4, 2019 Leave a Comment

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How often have you thought about starting up your own business? Perhaps you have a dream to follow, or maybe you just fancy having more flexibility in your working life. Although it’s hugely exciting, the financial implications of starting a business can be a little intimidating. You may have heard talk about seed funding and angel investors and be feeling out of your comfort zone. But it doesn’t have to be that complicated- you can get your business off the ground with a few simple steps.

Add In Your Savings

Have you considered the idea of putting your own savings into the business? If not, why not? If you do truly believe in your business and you’ve done your market research, you should be convinced enough that it will work to take a chance. Trading off equity for money at the beginning means less control over the direction of your business, so it’s best to minimize it anyway. If you have some savings to add in, you’ll need to do this less, and it also shows investors that you have faith in your ideas.

Find A Specific Lender

If you’re having trouble convincing a bank to make a loan to you, you may not know that there are some industry specific funding routes available. Services like www.4bsf.com allow you to access business capital based around the industry that you want to work in, and can be a great source of support when you’re just starting out.

Minimize Costs To Bare Minimum

A lot of new business owners fall into the trap of convincing themselves that they need to spend straight away on things which really could wait. Get into the habit of questioning yourself before you make a purchase. Do you really need to splash out on a logo design before you’ve even made a sale? And why hire office space if you can work from your spare bedroom? Source any equipment you use pre-used as well. You can always upgrade once you’re making more of a profit.

Keep It Professional

Everything you do financially when it comes to your business has to be done professionally. Start as you mean to go on and you won’t be storing up mistakes which are hard to correct later. For example, if you end up borrowing money from a relative or friend, don’t just do it on a handshake. Make sure there is proper legal documentation in place, signed by all parties. Create a formal agreement on interest rates, repayment schedules and all other details and put it all in writing. Stick to this like the letter of the law – always make payments on time, even among family members. This is creating better business habits which will benefit you and establishes your trustworthy business reputation.

Build Great Relationships

Strong relationships are at the heart of business – with your customers, with your suppliers and especially with your creditors. Prepare income statements and supply them on a regular basis, share your financial projections with your lender and communicate any problems early. What you are trying to do is establish trust – once that’s built up you are likely to be extended more credit or given favorable terms next time.

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How To Prepare Yourself For Those Financial Rainy Days

February 19, 2019 8 Comments

Finances are one of those things that everybody has to make an effort to get right, and if you don’t do this, you could find yourself in the dark pretty quickly. Financial knowledge is something that you are always adding to in life, and as the economy – and your options as a consumer – change, your spending habits have to change, too. One thing stays the same, though, and it’s the reality that financial rainy days do just come around sometimes. We’ve put together a simple list so that you can be prepared for the worst if it ever does occur!

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Put a little aside each week

OK, we know what you’re thinking. People always talk about saving money, but the reality is that you just can’t afford to do it sometimes, and you may think that the amount of money you can add to your savings is just too minimal for it to be significant. However, saving up even $10 a week will be $520 over a year, and this can really help you out if you ever need it. Think about it this way: this is $520 that you don’t have to add on to your debts if you ever need some cash, and it can really change your financial outlook as a result. Put aside whatever you can, and you’ll be glad that you did this in the future!

Focus on getting rid of your existing debts

If you’re already in debt, you may be pretty worried about those darker financial days that could be around the corner, as getting another loan when you have a bad credit score can be a really difficult task (and you may end up with one with a high interest rate, too). Focusing on only purchasing the essentials right now, so that you can pay off any debts, is greatly important, especially if you may need to borrow again. It’s also a good idea to see a bankruptcy attorney if you need to, to get you back on the right track. The same rules apply here, that every little help, so pay off what you can, when you can.

Prepare a budget

A simple, but really efficient, the financial tip is to prepare a budget, so that you can plan out exactly where you’re going to spend your income, and what you can actually save. In an age where we can just swipe our cards whenever we want to buy something, the costs can rack up without us even realizing, and before we know it we’ve actually spent a lot of money. There are plenty of budgeting apps out there if you’re not quite sure how to go about this, but try your best to stay on top of what you’re paying out for. Breaking it down can be an easier way to work out where you need to cut down on some of your spendings!

So, if you want to make sure that you’re prepared for those financial rainy days, follow these simple tips, and see whether they can help you to get back in the clear!

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Filed Under: Budget

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