Top 4 Money Hacks for One Income Families

Money Hacks for One Income Families

In the world we live in today, everything is getting more and more costly. As a result, most families need numerous or more than one earning member. In the case of families having a single income source or earning member, things are quite different. 

Starting from the source of income, to expenses and budgets, a rigorous planning is necessary. Even if the source of income is huge, proper money handling is very important. Here are some effective money hacks for one income families. 

Hack 1: Proper budgeting and expense tracking

The first thing to do as a one income family is create a budget. The budget must be according to the level of income. While making a budget, it is sometimes important to cut corners. The budget should primarily focus on the daily needs and expenses. Make sure you do not add anything unnecessary to the budget.

To make sure that you don’t spend out of budget, tracking or keeping records is crucial. You must keep a record of every single expense. In addition to that, keep track of every bit of money, whether it is earned, saved, or spent.

Hack 2: Savings are always helpful

After spending according to the budget, there is a good chance of having an extra amount of cash in hand. In such cases, the wisest thing to do is save that money. However, it is not wise to consider leftovers as savings. 

The smart thing to do is setting aside a certain amount from the monthly income. As a result, some cash automatically builds up. However, upon acquiring large savings, the chances of spending on a frenzy rise in many. In such scenarios, the issue of emergency expenditures must always be considered. Savings can be great blessings in times of emergency. For example, in cases of medical emergencies and huge-scale debts, savings can remove the burden of expenses.

A very significant form of saving is investing in life insurance. It ensures the security of the non-earning members of the family, in the event of the earning member’s death.

Hack 3: Sort out major expenses

Like daily needs and expenses, the major expenses require severe attention. Major expenses can comprise debts, taxes, mortgages, or any form of debt. If a person having loans is the only earning member, his or her death will put the other family members in a huge problem.

As a result, paying off debts is a great issue for one-income families. In addition to that, expenses such as school fees, and medical bills also fall in the category of major expenses. However, major expenses vary from one family to another. 

Hack 4: Be tactical while spending

Spending according to a budget is not the only way of reducing expenses. Being tactical makes it much easier. Avoiding home deliveries is a good way of reducing costs. Instead of being lazy and ordering online or via phone, getting the parcel yourself is a good way. However, there are always exceptions.

Avoiding credit cards is also an effective method. Credit card charges and debts can easily cause a person to run low on cash. Completely avoiding credit card usage is not mandatory. As mentioned earlier, tracking is crucial here. As for credit card debts, one must treat them as a major expense. 

In day-to-day expenses, you have to be very strategic. For instance, instead of buying vegetables, and dairy products from a super shop, you can go to the farmer’s market. This way one income families can afford the same things, but fresher and at a lesser price.

The Bottom Line

One income families do not necessarily need to lead a very strict life. All it takes is to be strategic and cautious. Pre-planning and these money hacks for one income families can help family live a more disciplined and comfortable life.

Related Reading: 7 Types of Income and How They Can Change Your Future

7 Types of Income and How They Can Change Your Future

Types of Income

Everyone wants to increase their income. This is true for those starting out, those with a decade’s experience, or those thinking about retiring. But when they say they would like to have more money, few ever say what are the types of income they would like to have. Or what income they would like to increase.

If you’re salaried, you’d be conditioned to think that that’s all your income can be. It would be pretty much the same if you’re self-employed. The first thing you have to understand if you want to increase your income is that your paycheck is an income and not the only income you can have.

The Different Types of Income

1. A side gig

Aside from your primary job, you could do a freelance job or work during the evenings or weekends. These could be tied to your area of expertise. For e.g., if you work at a gym, you could part-time as a personal fitness instructor.

2. Create a physical product

Maybe you’re great at designing jewelry or phone cases. If you can do it as a side hustle and find sellers either online or through brick and mortar stores, that’ll be an additional income for you.

3. Real estate

The housing market is hot right now. This will be an appreciating asset if you research well before you buy. If buying and flipping it sounds expensive, you could look at commercial real estate. Most of them are at their lowest due to remote work.

4. Stocks

One of the types of income that is popular among the youth is stock. This requires some expertise, but the good news is that almost everything to learn about stocks is available online now. If you do your homework and are patient to stay in it for a long time, your investments will start paying dividends well into your golden years.

5. Blogging

If you believe you have enough expertise in a field to share with others, you could start a blog. It will take some time to build traction and get enough followers. But once you have a sizable following, you could earn income from ads or affiliate marketing.

6. Digital Publishing

While blogging is the gateway, what can build a brand out of you is digital publishing. If you can write a book – a short book will do – on a niche and market it well, you could be looking at a passive source of income for years.

7. Start a business

It would be better if you can invest in a business with others. That minimizes your risk while building another stream of income. What’s better, if you decide to sell your shares later, you’ll be making more money out of it.

The more sources of income you have, the better off your finances will be. Therefore, if you want to increase your income, you should have a clear understanding of the different types of income that you can earn. Hopefully, the above list has been of help.

Related Reading: Multiple Streams of Income You Can Build Today

How Does Social Media Affect Financial Decisions?

Social Media Affects Financial Decisions

Social media influences society in an assortment of ways. Within the past decade, related platforms have swayed elections, outed celebrities’ poor behavior, and controlled much of the public discourse. It even has a significant impact on people’s moods.

Therefore, it’s no surprise that social media also affects many US citizens’ financial decisions. But how much clout do Facebook, Twitter, Instagram, Snapchat, and all other platforms carry regarding money?

This blog will examine social media and its sway over financial decisions:

Social Media’s Financial Influence is Generational

In 2021, consumers gather financial product information from places such as Facebook. They might double down with a blog to inform themselves more.

However, the stats skew toward proceeding with caution with regards to trusting sources. Only 23% of surveyed consumers are very confident that social media information about financial products is accurate and reliable.

Furthermore, consumers only click on social media financial product advertisements 15% of the time. This number pales compared to the 34% of the timepeople click on ads for other items.

It does appear that older consumers are responsible for swaying these percentages. Millennial – and younger – consumers have far more confidence in the financial information they access on social media. They’re also likelier to click on advertisements for relevant institutions.

This difference between generations probably results from familiarity and comfort with technology. It also likely results from more eagerness to learn about what’s out there in the world of finance.

People Are Spending More Recklessly Because of Social Media

Financial decisions aren’t solely based on products from a bank, an accountant, or overall investing decisions. Finances are involved whenever somebody spends money.

In that vein, social media brings with it some negatives. Namely, 35% of respondents to one survey claimed to spend more money than they could afford to share experiences with friends. Moreover, these decisions were directly influenced by what they saw on social media.

In bringing this blog back to the generational theme, younger people were more impacted by the above problem. 48% of Millennials and 41% of Gen Z fell victim to overspending because of social media’s somewhat nefarious influence.

People must keep in mind the social media often paints a very one-sided picture of people. Sure, your friends could be vacationing in Spain—but they might be maxing out their credit card to do so. Or they’re neglecting their retirement savings.

Social Media’s Impact on Your Finances Depends on How You Use It:

Social media is a double-edged sword for finances. Provided you allow it to influence overspending because you want to fit in with your friends, it will turn into a negative by accumulating credit card debt.

Conversely, social media brings with it the following financial advantages (if you do your research):

  • Find better deals on products you need
  • Receive discounts from your preferred stores
  • Market a crowdfunding campaign
  • Learn about DIY ideas instead of spending on a service
  • Perform product research to make purchases that bring you value

It’s through the above methods that social media can become a positive force for your financial future.

Gulf Street Advisors Reviews on Debt Consolidation

Gulf Street Advisors

Should you find yourself swimming in debt and worried about what the future will bring, it’s critical that you take immediate action. And for many people, debt consolidation is the best step they can take. 

Gulf Street Advisors Can Help You

With help of a financial service—such as Gulf Street Advisors—you’ll know that you’re on the right path from the start. 

What is Debt Consolidation?

Debt consolidation is exactly what it sounds like. With this, you’re consolidating two or more balances into one, which has many benefits:

  • There’s only one balance to manage in the future
  • There’s only one payment to make each month
  • You can save money on interest charges

With benefits like these, there’s no wondering why so many people look into debt consolidation before any other strategy.

How Does Debt Consolidation Work?

This is when things get confusing for many people, and here’s why: there’s more than one way to consolidate your debt.

While this can cause confusion upfront, it’s actually a benefit. With so many ways to consolidate debt, there’s a greater chance of finding a strategy that suits your current financial circumstances and future goals.

Here are some of the best debt consolidation ideas:

  • Debt consolidation loan: with this type of loan, you have the ability to bring all your debt under the same roof.
  • Personal loan: similar to a debt consolidation loan, these have competitive interest rates for consumers with good or excellent credit.
  • Home equity loan: with this, you’re using the equity in your home to consolidate your debt. It’s a risk, as you’re putting your home up as collateral, but it’s also one of the best ways to secure a low interest rate.
  • Balance transfer credit card: this is a popular choice among individuals who have more than one credit card balance. With a balance transfer credit card, you can combine them all into one account. Even better is the fact that these credit card offers typically have a zero percent introductory rate for 12 to 24 months.

It doesn’t matter if you’re seeking debt consolidation for bad credit or you have an excellent score that you’re concerned about, there’s an option for you. 

By comparing the above, along with any other debt consolidation strategies you can think of, you’ll soon find yourself on the right path. 

Should I Look into Debt Consolidation?

As you review your debt, pay close attention to the type you have and the amount. These are the details that serve as your foundation moving forward.

Debt consolidation may not be the only way to address your financial concerns, but it could be among the best. Here are some of the reasons to look into this:

  • You’re struggling to manage multiple accounts and balances
  • You realize that you’re spending hundreds of dollars per month on finance charges
  • You’re looking for a way to save time as you manage your debt

But does debt consolidation work? The short answer is yes.

As long as you’re devoted to the process and have a plan to follow, you can win big by consolidating your debt. 

Just like anything else involving your finances, organization will work in your favor. This starts with understanding your debt, inside and out, and then making decisions that will move you toward your goal of living a debt-free life.

Gulf Street Advisors debt consolidation loans

What Are Debt Consolidation Loans?

A debt consolidation loan is an unsecured loan that allows you to combine multiple balances into one.

For example, maybe you have a $10,000 credit card balance, $5,000 home equity loan, and $5,000 personal loan.

Rather than manage all of these separately, you can combine them with a debt consolidation loan.

This leaves you with the same balance, but it’s all in one account. This makes it easier and more time-efficient to manage, while also helping you save on finance charges.

Generally speaking, you can combine as many debts as you want, as long as you qualify. 

Who is Gulf Street Advisors?

For more than 10 years, Gulf Street Advisors has been helping consumers consolidate their unsecured credit card debt. 

Gulf Street Advisors debt consolidation services are among the best you’ll find, as they take great pride in working one on one with their customers.

Furthermore, Gulf Street Advisors will help you secure the lowest possible rate for your consolidation, which saves you money over the long run.

Gulf Street Advisors Can Help You

It’s easy to believe that there’s no way to dig yourself out of debt. And that’s especially true if you’re tackling the process on your own.

That’s why you need a service like Gulf Street Advisors on your side. They can answer your questions, provide professional guidance, and give you a clear path forward.

As you read Gulf Street Advisors reviews online, you’ll find that the company has successfully worked with thousands of consumers in the past. There’s no reason to believe that you can’t be next in line. 

Applying to Gulf Street Advisors?

You’ve read the reviews on Gulf Street Advisors. You’ve looked into your other options. Now, you’ve come to the conclusion that this is the right service for you.

If you’re interested in moving forward, you can complete a Gulf Street Advisors application online. From there, all you have to do is wait for the company to contact you.  

The final step in the process is working closely with an advisor to ensure that you understand how the service works and the benefits it provides.

Here Are a Few Reasons You Shouldn’t Carry Your Social Security Card

Crime scene tape due to social security card theft

In 1975, American Express reminded you that there were some things without which you should not leave home, their credit card being their main focus. Still, it was a good and useful reminder for a lot of things. Indeed, some things are so important that we really shouldn’t leave home without them. I can’t honestly say that an American Express card is one of them. But certainly, if you have a credit card, bring it with you.

It is also a reminder that there are some things we most certainly should leave home without. You should leave your social security card at home unless you are going someplace where you know it will be needed. Don’t treat it like a default carry. Treat it like a special carry. There are some situations that require a social security card. You will find that many of those places will accept a picture of your social security card.

On the rare occasions you have to carry your social security card, don’t keep it in your wallet. If your wallet is lost or stolen, your social security card will be safe. Otherwise, don’t carry it at all. Here’s why:

Your Social Security Number Is Attached to Everything Important

The one piece of information about you that you don’t want to fall into the wrong hands is your social security number. The last 4 digits can unlock a credit check. All 9 digits unlock everything else there is to know about you. If you are going to lose a card, let it be your credit card. That can be easily and quickly canceled and changed. Your social security number is forever.

If you lose your card, find a good guide on how to report a lost social security card. After contacting the SSA, you should immediately do the following:

  1. Contact your bank.
  2. Reach out to the credit bureaus.
  3. Put a credit freeze on your account.
  4. Establish fraud alerts for further transactions

Lose your credit cards and you might lose some money. Lose your social security card and you lose your identity.

You Can Lose Your Good Credit

There are things debt will stop you from doing. You don’t want to be in debt if you can help it. And that is exactly where you will find yourself if you let your social security card fall into the wrong hands. If you carry your card with you everyday, the risk of losing it far outweighs the reward of having it when you need it.

There is a remarkably short period of time between losing your social security card and having new credit cards fraudulently obtained by thieves. They can even use your current credit cards because they have a key piece of information for gaining access to your account. At that point, you are done. You will spend the next several months fighting fraudulent charges and trying to get your credit rating back up above 500. Once your social security number goes up for auction on the dark web, your credit score goes down in the real world.

A Picture Is Often Enough

There are many situations when a social security card is required. But a substitute will be accepted. A picture of your card is often a good enough substitute because what they want is the information on the card and not the card, itself.

Not only is a picture good enough in many cases, it is more secure. To get to the pictures in your phone, you have to get into the phone. Even with a weak passcode, that can be rather difficult to accomplish. You can keep the picture in notes and lock the note.

There are some things you certainly don’t want to leave home without. And there are other things that you want to leave at home pretty much all the time. Leave your social security card at home because in the wrong hands, it places your identity at risk. It is tied to your credit worthiness, and more secure substitutes will often do the trick. 

Common Money Mistakes Made By New Graduates

URL: https://pixabay.com/photos/calculator-calculation-insurance-385506/

College graduation marks the end of one stage in life and the beginning of a new one. The pursuit of a well-paying job and financial independence begins, and life takes on a new trajectory.

One common hindrance fresh graduates encounter is the lack of proper financial management skills. This guide seeks to introduce you to common money mistakes you are likely to make and how to avoid them.

1.    Rushing to own a home

The moment you start getting a steady flow of income, the urge to buy a home becomes virtually irresistible. There is nothing wrong with early homeownership, but it is not a wise decision to rush into. It is costly, engrossing, and time-consuming. You want to be sure you have the time and the money to spend before committing.

2.  Not creating a budget

It doesn’t matter how much money you make; the lack of a budget can take a serious toll on your financial progress. You are more likely to indulge in impulse buying and conspicuous consumption, only to find yourself with nothing by your next payday. A budget can help you circumvent that and instill financial discipline, while avoiding the hassle of jotting down notes every evening. You can easily use one of the numerous Google Sheets templates designed specifically for personal budgeting.

3.    Not setting up an emergency fund

Emergencies are unpredictable, and lack of an emergency fund can reduce you to begging when the chips are down. Whether it’s a hospital bill that exceeds your insurance cover or sudden loss of a job, these events can wreak havoc on your savings account and plunge you in misery. An emergency fund braces you up for the worst and ensures you go about your daily activities with confidence and peace of mind.

4.    Failing to look into the future

When retirement is more than 30 decades away, saving for old age may not come as common sense or a natural thought. Many people don’t prepare for retirement, and most of the time, this means being overly mean to themselves to meet their savings objectives. Setting up a retirement account or contributing towards your employer’s 401K upon landing your first job provides you with a longer savings period, ensuring you part with a smaller fraction of your salary.

5.  Not setting a credit card spending limit

Credit cards offer a vast range of benefits: they ensure safer online shopping and help holders build their credit score. On the flip side, they can make you a reckless spender and prove a substantial financial burden in the future.

Besides finding a credit card that doesn’t give you too much freedom, it would also help if you included a card spending limit in your budget.

Conclusion

Financial discipline at an early stage is key to a debt-free and peaceful future. You can achieve it by avoiding the above mistakes and making moves with tomorrow in mind. Don’t shy away from seeking professional help if you find these too difficult to implement.

What are the Best Ways to Overcome an Economic Recession?

Markets are in turmoil, and while a possible recession, generally defined as a slowdown in growth or drop in output, has been talked about in recent years, in early 2020, a spreading contagion wasn’t on the radar among many, if any. In October 2019 a Bankrate survey found 2 in 5 Americans were not prepared for a recession, and that’s unlikely to have changed much less than six months later. 

Get Help from an Economic Damages Expert If You Need It

It’s essential to begin planning for the unexpected and a possible recession as soon as possible to protect yourself. If you suffer from financial damage due to a layoff, injury, promotional denial, or another similar setback in your workplace, it’s a must to contact an economic damages expert.

Pay down debt

Another part of planning ahead is to pay down your outstanding debt, especially credit card balances that come at a high cost due to interest to provide breathing room in your budget. As an economic recession often leads to job losses, paying off as many of your obligations as possible will bring peace of mind while making the situation easier to get through.

To do so, start with your credit card debt and then work on paying down other loans like your car loan or mortgage. If you have a student loan, less urgency should be placed on that as they tend to have more favorable provisions. No matter where we are in a market cycle, prioritizing high-interest rate debt is always a good idea – that will allow you to put more into savings so that you have cash available in an emergency.

Increase Emergency Savings

Speaking of emergency savings, try to boost it as much as you can. Having cash available for an economic downturn can help ensure that you can at least afford the basics. Even while paying down debt, prioritize putting something into savings, with a goal to have at least a month’s worth of living expenses, although the more the better for obvious reasons. Ideally, you should be able to get by with at least three to six months to help you get by. Look for the highest yield savings account that will help you earn more on the money you’re able to put away for a rainy day. 

Look For Ways to Spend Less – Don’t Spend Beyond Your Means

Spending less is one of the best ways to save. As soon as possible, well before a downturn begins, go through all of your monthly expenses to determine which items are discretionary. That means everything from your daily morning Starbucks to magazine subscriptions, cable and gym memberships. All of those things can add up to a significant amount of money over time.

Aim to create a budget that includes spending no more than 30 percent of your income after taxes on discretionary items. Don ‘t live beyond your means – while your mortgage or rent payment, car insurance, groceries, and utility bills are essential, vacations and anything you don’t really need is discretionary.

Build Skills and Continue Education

One of the best ways to make your life more recession-proof your life is to build more skills by pursuing an education. The more skills and education you have the less likely you’re likely to remain unemployed if you lose your job. Even if you can’t save much money, ensuring that you have skills that will make you more employable can be critical.