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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.

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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 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.

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!

This is a Sponsored Post from Bravomark, although this is 100% my own opinion.

My husband’s retirement countdown as began. We are officially 3 years from retirement, therefore we are looking over every expense to try and eliminate or lower those unneeded expenses. In doing so we have come up with what we are calling our retirement plan. This plan will consist of making sure we are following the following steps to assure us a successful retirement.

I am going to share a few things we have found interesting!

1. Take advantage of the company met 401K plans! Our retirement income is based a lot on the amount we will have in our 401K account.
2. Make sure your life insurance offers cash surrender value! When or if we can no longer keep this policy any longer we just simple cash it out and receive money back we invested.
3. Pay off your debts. I can’t stress this enough, we have worked hard to not owe and now only pay cash for everything we need.
4. Save money! I read somewhere recently that around 80% do not save for the future. I choose to not have to work in my 70’s & 80’s so we save every penny we can.

These tips are what is making our retirement even possible. We have gone from a dream to almost reality. I can’t wait to travel the world while we are still young enough to enjoy it!

What are you doing to prepare for your retirement?? It is never to early to start!

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Investing is a means of spending money in order to make a greater return in the future. Many people get involved in investing as a way of making some extra money on the side. Here’s just a brief guide to some of the opportunities out there for those that want to their first taste of investing.

Put your money into a savings account

If you’re looking for a risk-free form of investing, a savings account could be the best option. These accounts collect interest over time, allowing you to earn some extra money on your savings. The more you put into a savings account, the more interest you’ll earn. There are so many account options out there each with their own separate interest rates and conditions (some may have limited access, preventing you from dipping into them, whilst others may require you to contribute a certain amount each month in order to collect interest).

Try peer to peer lending

Peer to peer lending is another fairly risk-free form of investment that involves lending money to someone online as a loan. This loan then gets paid back with interest, allowing you to make a return in the long run. By going through an official peer to peer lending site, you can guarantee more security. Interest rates could be anywhere from 5 – 20%, making this a much more financially rewarding option than a savings account.

Invest in assets

It’s also possible to put your money into assets. Over time these assets may increase in value, at which point you can sell them for a higher price than you bought them and make a profit. A few examples include property, gold, old coins, and wine. In some cases, you may be able to rent out assets to make a more instant income such as renting property or renting equipment to businesses.

Try your hand at the stock market

Stocks and shares are often something seen as investments reserved solely for serious investors. It’s a lot riskier than other investment types and you generally need more money to get involved, however, the returns can be greater is speculate right. There are options out there for beginners such as financial spread betting and mutual funds which could allow you to contribute less money. You can also consider hiring a stockbroker to choose the best stocks to invest in for you.

Start trading currency

Another possible way to invest your money could be to buy and sell currency. Because currency values are always changing, it’s possible to make money by buying a foreign currency and waiting for it to increase in value before selling it for a profit. The latest trend in trading currencies is cryptocurrencies – these are often more volatile but as a result, you can make a return more quickly. Cryptocurrencies also come with a smaller minimum investment – if you don’t want to risk losing too much money this could an investment option worth considering.

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Whether you run a business as a side venture or your main source of income, one of your main responsibilities is to make sure that it is run well. And there are plenty of ways that you can make yourself a better business person. In this article, we will talk about a few of the best ways that you can do this.

Get Organised

Getting organized provides you with the basis for all other things. If your desk and your desktop are cleared, you can free up your mind to focus on the more creative aspects of your business rather than simply being consumed by admin. Essentially, you need to put some decent filing and organizational systems in place, which will stand you in good stead as you begin to grow your business.

Prioritise Your Tasks

Prioritising tasks is something which you should be doing on a weekly or even a daily basis. People have a natural inclination towards doing the easiest task first rather than the one that really needs doing. But if you tackle the most challenging task straight away, you don’t have to have it hanging over your head for the rest of the day. You should also have a rough time estimate of how long each task is going to take you. Obviously, you may have to adjust your priorities during the day.

Keep Learning

The world of business is one which continues to change over time, and if you don’t keep your skills fresh, you risk falling behind. You can do this through formal systems such as online masters of business, but you can also do it in more simple ways such as reading articles and attending networking events. Too many business people get stuck in their ways, but if you want to be an innovator in your field, you need to commit to lifelong learning.

Become a Better Leader

A big part of being a good business person is improving your leadership skills. Rather than micromanaging and simply telling everyone what to do, the best leaders are the ones who lead by example and communicate well with their staff members. It takes time and practice for you to become a better leader, but if you get all your team on-side, your job will be made so much easier.

Manage Your Personal Life

If you have a greater level of control of your personal life, this will often help with your business life as well. For example, making sure that you get enough sleep on a regular basis will help your mind to work at 100 percent. Making sure that you get plenty of exercises, drink enough water and eat a healthy diet will all contribute towards improving yourself as a business person.

Becoming a better business person is a lifelong endeavor, but following these five principles will go a long way towards achieving your aims and growing your business.