Easy to Follow Tips to Manage Your Debts

Being free from debts lets you live your life without any worries. You can make your savings grow and allocate the budget you need for the things you want to have, a new house, car, and travel opportunities. Freeing yourself from your debts all comes down to good management. Here are some debt management tips that can help you out:

1. List down your expenses.
Knowing how much you owe is not enough; you have to watch how much you are spending. Keeping track of your expenses lets you know whether you are making progress in reducing your debt or not. If reducing your primary expenses is not feasible, try focusing on your small expenses and see how much they add up to your overall expenses. In most cases, you will find that these expenses are not that important, which make it hard for you to pay up your debts.

2. Avoid impulse buying.
You can be susceptible to impulse buying. A simple visit to your favorite store may end up with an unnecessary expensive purchase. Hence, avoid temptation in the first place. Avoid places where you would usually feel that unreasonable urge to buy something. It can be an electronics store where you would be tempted to buy the latest cool gadgets you probably don’t need or that fashion store that has all the accessories that go with the current trends.

3. Choose a debt payment plan that suits you.
This can help you organize your payments. Some suggest paying off debts with the highest interest since it can help take off the mental pressure while others suggest settling smaller balances mainly for motivation. The choice is yours.

4. Be a bargain hunter.
While paying off your debts, it would help you if you would shop for bargains. It lets you get the items you need at a cheaper price. Also, be on the lookout for discount coupons; establishments usually offer them during peak season. Even though buying foods in bulk helps get discounts, it won’t help you save up money. Since buying in bulk means getting things that you won’t be eating for several days and even a few weeks. Stick to buying food items that you will be eating for the next few days.

5. Prioritize your savings.
It is recommended that you take at least six percent of your income and put it in your savings. Putting your money in your savings account not only prepares you for emergency expenses but also lets you earn money in savings interest. This may seem like a simple tip but only a few people actually do this.

6. Choose cash over the debit card.
Most people prefer to pay with their debit cards simply because you won’t have to go to the bank to withdraw money you will need or write checks. However, paying with debit cards (and also credit cards) make it hard for you to limit your purchase. Imagine yourself enjoying playing online slots and putting all your money in without you being aware of it. Paying with cash, on the other hand, lets you see, first hand, how much money you are letting go. This makes it easy to do some cash limiting and increase your savings.

Keep these tips in mind when managing your debts and expenses. You might want to refer to this guide every now and then to make sure you don’t miss anything. Following these tips will help boost your savings and make it easy for you to gradually get rid of your debts.

What is Flipping Houses All About?

Flipping houses has become a popular way for families and businessmen to earn extra income. Wikipedia provides a perfect definition of flipping, which is basically residential redevelopment where you buy low and sell high for profit. With the right tools, this method of investing can be quite easy. Basically… you buy the cheapest house in the best neighborhood, fix it up, sell your house quickly and make money.

The First Step in Flipping Houses

The first step of flipping is to locate the perfect property. It is best to form a relationship with a good real estate agent that will keep an eye out for you. It is worthwhile to have a good real estate agent because they will already know the best areas and neighborhoods to invest. This will take away some of the research work from you. It is a good idea to invest in areas you are familiar with as well so you are not going in blindly.

Fixing Up a Flip Home

Once you find the right house, you will need to figure out how all of the remodeling work will be completed. You will either need to acquire the perfect contractor, or better yet do it yourself. If you are using a general contractor you will need to be sure they are trustworthy, reliable, good communicators, reasonably priced and talented. If you are handy and can do it yourself than your profits will be greater since you don’t have to use money to pay someone to do the work.

Pick the Right Items to Fix

When doing the renovation, you have to be smart in choosing what areas of the house will yield the greatest return on your investment. You also need to make the turnaround as quick as possible. Time is money. So, in order to sell your house quickly, it is crucial to make improvements to a few central parts of the property.

Kitchens are the biggest selling points of a home. The kitchen is where people spend the most time at home. Therefore it is worthwhile, it is where you will get the most bang for your buck. Home buyers will appreciate the new cabinets, granite countertops, upgraded backsplash, light fixtures and appliances. You can’t go wrong here.

Bathrooms are another area of the home that buyers are looking for upgrades. Next to the kitchen, it is an area of the home that is used often. An outdated bath is an eyesore to a buyer. Updated paint, trim, vanities and showers make a world of a difference.

It is also important for the outside of the home to be manicured. Spending money on new landscaping and outdoor fixtures is crucial. Curb appeal is the first thing people see and can be the first impression that a buyer can’t look past.

Selling the Home

Once the home is sold, all of the hard work will be worth it. Selling your house quickly should be a priority as the longr you are in it the more overhead you will have.

Trump Presidency And The Job Market

President-elect Donald Trump announced that he would run for president nearly 2 years ago. At that time, he promised he would be the best president for jobs that God had ever created. He campaigned on pledges to create more than 500,000 jobs each year, add 25 million jobs over the upcoming decade, and replace our present globalism policy that has moved wealth out of the United States. He said he would instead come up with a policy of Americanism. What does that mean for job hunters looking for VP finance jobs in Chicago or accounting jobs in Los Angeles? Under President-elect Trump’s new American system, will there be more finance jobs in the country, as well as finance jobs with better pay?

New Americanism

President-elect Trump stated that if we can reduce our taxes, get ride of destructive regulations, and tap into the treasure of energy in America, we will see no limit to the jobs that are created and the prosperity that goes around. A Moody’s Analytics’ June 2016 report, however, suggested a different future an American economy under Trump, and we may soon see the report’s predictions coming true. This report described the end of a Trump presidency with the U.S. left with an unemployment rate of 7% and 3.5 million jobs fewer.

Is a Long Recession Coming?

The research branch of Moody’s Analytics went on to say that under the exact scenario Trump laid out for his new America, if all proposed policies become law, our country would suffer from a long recession and our economy would be smaller at the end of his 4 terms than when he took the oath of office. Moody’s argues that Congress would water down Trump’s proposals and the economy wouldn’t suffer as much as it could otherwise, but it would be diminished nonetheless.

Robert Lawrence, Professor at Harvard Kennedy Business School, specializes in international finance and trade, and he says that ending outsourcing to boost America could be an issue under the Trump presidency. He notes Trump’s sports jackets, eyeglass frames, and cufflinks that were made in China. He points to Trump’s shirts that were sourced in Bangladesh. Lawrence wonders whether Trump truly has a plan to keep jobs in the country, and many others are in agreement with Lawrence.

For now, we have the present to work with, and the present scenario in our economy is that finance and accounting jobs are in high demand in the United States. Beacon Resources knows where those jobs are. We will help you find them, and find the good ones that show exceptional promise of long-term career jobs.

Simple Steps to Manage Debt this Year

Accumulating debt is something many people do at some point in their lives. This can be a result of purchasing a house by taking out a mortgage or getting an auto loan to buy a new car. College debt is another increasingly common factor in the US.

Even small purchases can put people into debt. Using any type of credit card to make purchases of any kind can cause debt to accumulate, so anyone with any amount of debt needs to know how to manage it so that it does not get out of control. If a person has too much debt, they may spend more time juggling payments than actually paying them off. A few simple tips can go a long way to help manage your personal finances.

Make a list of what you owe.

This list will include the creditor (like a bank, a mortgage company or other lender), the total owed, required monthly payment, and the date the payment is due. Cross reference the information on your list with a statement or by logging into your account online. Analyze your list every couple of months to see where you are with any particular debts.

Pay your monthly bill on time.

The late fee for missing a payment is easily avoidable and will only add to your existing debt. You will also likely end up with higher interest payments, adding to your debt. Create a reminder or an alert on a tablet or your smartphone of when payments are due. A reminder should be at a few days before the payment is due and not on the due date. Remember to take into account when your payment will be sent and when it will be received. If you are sending a payment on a Friday night, it may not be received until Monday.

Something you may want to do is sync your smartphone and tablet so a reminder or an alert will be displayed on both devices. You may also want to schedule your payments in advance if you have this option.

Create a payment calendar for bills.

If you have certain bills that will be paid at different time of the month, a payment calendar can help to keep you on track and manage personal finances in a simple, organized way. Indicate on your calendar which bills you will need to pay with each paycheck or expected payment. Sometimes due dates for bills can possibly get changed. This might mean you need to try and adjust your payment calendar so that you do not run short of funds.

Pay more than the minimum when you can.

Paying more than the minimum payment for bills like credit cards helps keep your balance in check; if you only make the minimum payment, interest will add to the balance in time. Keep in mind that when you charge more than you pay each month, your debt will grow.

Prioritize your existing debts.

Certain debts need to be paid before others. The debt with the highest priority is typically the payment for a credit card. The credit card with the highest interest rate should be paid first (while still making at least minimum payments on all other cards, of course). A trick you can use to help decrease interest charges is to transfer balances to a lower rate card. This may be a good option for anyone who has multiple credit cards with payments at different times of the month. Another option could include making a payment on a credit card that has the highest balance.

Create an emergency fund.

Unexpected events can happen at any time, and you never know when you might need funds for something unplanned. These events could include getting let go from a job or maybe an accident that has damaged your vehicle. Try putting something like $25 or more every week into an account at any bank or credit union. After a year you will have $1300 to use as an emergency fund. If you keep adding to this fund, you will have a solid cushion for three to six months of living expenses.

Create a monthly budget.

Knowing how to set up a budget is a great way to know what you can spend each month. If this is done at an early age, managing money in the future will become that much easier. The best thing about setting a budget is that any funds left over each month can be saved or even used to make an additional debt payment.

Breathe.

Debt will not go away overnight. But having a system in place and keeping on track will allow you the joy of watching your debt decrease. Once you’re out of debt, it’s important to keep the system going to ensure that you can live without the fear of debt and can eventually achieve the financial freedom that everyone looks for.

 

 

The Beginner’s Guide to Managing Money

There are people that were born to manage money, but for many others it’s a tough task and it can end up causing people’s finances to spiral out of control pretty quickly. Managing money is as simple as you make it, and as soon as you hit that age when your money is your own responsibility, then that’s when you’ll want to get on top of it straight away and learn how to manage it appropriately. There are many tips to follow that will help you manage your money better, and below we’ll look at some of the most important things to consider to ensure you stay financially sound.

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Create a Spreadsheet

Your first step when managing money is to create a spreadsheet on your computer, as it will help you keep track of all of your finances so you’ll be able to see where you are as the months go on. On your spreadsheet, you should have information on your monthly expenditure and any income you receive. Doing this will give you an idea of how much you are spending on things, and you’ll be able to allocate sums of money for whatever you want. You’ll also be able to see how much money you can save, and what you can cut back on in future months to increase your savings. It’s important that you go into as much detail as you can when it comes to expenditure, such as haircuts, gym memberships, takeaways, and many other costly things just so you can keep on top of it all.

Don’t Spend Money On Items That Are Unneeded

Allocating yourself a sum of money every month that will allow you to spend it on what you want is a good start, but as soon as that money is gone, don’t spend any more money on unneeded items. It’s nice to treat yourself to some new designer clothes now and again, but there’s nothing wrong in buying unbranded clothes either. Ask yourself if the item you are looking to buy can be purchased cheaper, or if it is even needed at all. When buying shopping, it’s always wise to have a look at https://7coupons.in/ to see if there are any coupons for the outlets you are shopping in so you can save money on the items you are buying.

Set Yourself Monthly Saving Targets

There is nothing better than earning money and having access to it in your bank whenever you want it, which is why setting monthly saving targets will benefit you greatly. Not only will it benefit you by giving you savings, but it will also make you feel good about yourself knowing you have worked hard to earn every penny. You will quickly realise that budgeting and managing your money efficiently has got you where you are.

The above are just a few of the basic, but most important tips when it comes to managing your money efficiently. You’ll find there are plenty of other tips to follow, and depending on how serious you are about managing your money will depend on which tips you take advantage of. Keep your money management simple, and you will find your credit report will benefit from it in the long run.

6 ways to save money for your small business

In today’s economy, all successful small businesses are looking for any and every way to lower costs for the business.  Many small business owners fail to dedicate enough attention to this because they are spending the majority of their time doing what they do best, which is run their business.  If you are a business owner who is like this, it may be wise of you to assign an employee to examine all expenditures at your business.  There are many ways in which a business can save money.  Here are 6 ways most business owners can save money for their cherished investment.

Hire smart, inexperienced people.

That is right I said hire inexperienced people.  Experience is not the only thing of value someone can bring to your organization.  Experience certainly costs more. One way to do this is the next time you put up a job ad, eliminate any mention of how many year’s experience someone must have to apply for this job.  Replace it with “Recent graduates welcome to apply.” Some businesses have used this approach to success and hired candidates fresh out of college or graduate school.  This allows your business to gain a monetary advantage by providing an entry-level salary and can benefit you by having employees who are up-to-date on the latest technology.

Make sure your business is classified properly.

This is most important for purposes of Workers Compensation Insurance. Many industries have several different classification codes because the industries have several different types of businesses with different levels of risk.  The different levels of risk are reflected in the price businesses pay in premium.  Landscaping is a great example of an industry with many classification codes. Some companies simply mow lawns, other companies plant and maintain sod, others climb into trees with chainsaws to cut limbs and branches.  Each type of business has a different classification code and each level of risk pays a different price in premium.  Taking a little time to speak with your insurance agent about what exactly it is that your business does and does not do can save your business significantly in premium paid for workers’ comp insurance.

Try bartering with other businesses

Bartering is one thing successful small businesses are usually great at.  Especially bartering with other businesses.  Bartering might seem old-school but it can definitely be effective. Catering companies and coffee shops frequently work with companies, especially start-ups.  If you have something of value to provide them they may be willing to cater an event of yours for free or at an extremely discounted rate.  Actually, the possibilities are endless as long as you proactively establish relationships with other local businesses who can benefit from your services.

Switch banks

It should be no surprise that banks are looking to squeeze more revenue any way in which they can.  Banks after all are a business too and they need to turn a profit.  There is one fact many people and business owners fail to realize in relation to financial institutions: they are a business as well and they have to pay turn a profit in order to continue providing you the services they provide.   partner.  The industry is necessary for success in both your personal and professional life.  Switching financial institutions frequently is not a great idea, but shopping around to ensure your bank is competitive with other banks in your area is in the best interest of your small business.  If you can cut significant costs by switching to another bank, then it may be just what you need to do to save your company money.

Invest in a safety and return to work program. 

You might be wondering why I am telling you to invest in something as a way to save your business money.  Especially investing in something like a safety program. Healthy employees are happy employees and happy employees are productive employees.  Investing just a little time in an effective safety program can save your business immensely in lost productivity and insurance premium.  A return to work program is an essential part of any safety program.  The quicker an injured employee gets back on the job and in the routine of going to work, the more likely they are to return to regular employment.    This will prevent your workers compensation insurance premium from increasing from having too many to too severe claims at your business.

Embrace telecommuting.

Telecommuting isn’t possible for all businesses, but you might be surprised how many people can effectively do their jobs from a remote location.  If you can find ways to allow employees to telecommute it can be a huge money-saver for your business. It can cut down on wear and tear to your office space as well as your electronics.  Meaning you will have to replace these devices less frequently.  Many employees appreciate the opportunity to work from home and it may be a benefit you can and to their compensation package instead of a higher salary.

Bio

Walt Capell is the President/Owner of Workers Compensation Shop. Walt started Workers Compensation Shop in 2005. Workers Compensation Shop is a rapidly growing national insurance agency with a strong reputation for forward-thinking, out-of-the-box products and solutions for business owners. Walt would like to use his experience in insurance and as a small business owner to benefit the small business community.

 

To pay debts or to invest? What about both?

There is no sense to once again emphasize how important it is to invest – after all, making your money work for you is a fundamental principle of personal money management. One of the biggest obstacles one may face while deciding to start investing is the debt. In today’s world, it is hardly possible to avoid debts at all – even if you are not going to buy a house or a car, you may still need a student loan or a credit card. Whether to invest or to pay off a debt is actually one of the most common finance-related dilemmas. Isn’t it better just to avoid it, taking into account it will probably never be solved?

Large-scale investments are definitely not a good option for those who are deep in debt. After all, investments are always accompanied with some risk, which is why they may potentially bring to even larger debts. In view of this, it would be much wiser to start with small-scale investments, especially if you don’t have any substantial experience in this field.

What do you know about DRIPS? If you need a precise definition, you may find it here, while in a few words these are dividend reinvestment plans. The main idea is to invest SMALL amounts of money into dividend-paying stocks. In practice this means that you directly purchase stocks from one or a couple of companies, let it be Coca-Cola, Home Depot, GE, etc. (the list is really large), receive dividends and reinvest them. The main thing is to make such reinvestments regularly. This requires commitment and patience – if you have them, time will definitely show your efforts were not in vain.

ETFs, or exchange traded funds, are another option. These are financial products that track the performance of a certain sector (like indices, commodities, bonds, or baskets of assets) of the investment market. Depending on its type, to buy only one share of an ETF through a broker may be enough to track the performance of the total bond or stock market. Besides, depending on the underlying assets your ETF owns, you may receive dividends (if these are stocks), money from interest income (if this is a bond fund) or property-related income (if the ETF has made an investment into real estate). The Vanguard Group, one of the largest investment management companies in the US, would be a good place to begin.

Finally, the third variant is online trading – in case you choose an appropriate approach, the returns may be indeed high and quick. It’s better to remember, however, that this method of income generation is quite risky, which is why risk management should become your highest priority. In view of this, special attention should be paid to high frequency trading – its biggest advantage is that you ALWAYS know how may you may gain or lose, which means that risks always remain under control. Apart from this, stakes may be as small as $25, which is very essential in case you are in debts. Where to find high frequency trading broker? Founded in 1983, Glenmore Investments may become a perfect start.

You think you don’t have money even to start? This is actually an excuse, but not a fact. If you start saving on morning coffee in Starbucks or fast food, you will see that the situation is not that tragic. So trust in yourself and don’t give up!