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July 17, 2017, 8:21 am

5 Things You Can Do to Cut Your Monthly Expenses

by: The Financial Blogger    Category: Personal Finance

Cutting your monthly expenses is never an easy task but if you’re on a tight budget already, it’s something that needs to be strongly considered. It doesn’t matter what you’re doing as a career or how many children you have, by following the below tips, you’ll be able to save hundreds every year on expenses.

1.      Only Buy Food from a Farmers’ Market

A farmers’ market is usually open throughout the week regardless of where you live. Consider going there a couple of times a week at least just so you can take advantage of the great deals on vegetables. Getting deals on food will save you a lot of money and it also means you’re not going to have to spend a fortune on takeaways every month because you don’t have any food in the cupboard!

2.      Cut Your Cell Phone & Internet Bills

Call your cell phone and internet provider to see if you can come to some arrangement when it comes to using fewer resources. The fewer resources you use generally means a much cheaper bill. Many people have cell phones but rarely use all the resources they have, so be sure you check with your provider to see if you can save money on your bills.

3.      Cycle to Work or University

Cycling to work or university can save you hundreds every month in fuel and insurance costs. You’ll also find saving money on public transport will also save you plenty. It’s not viable for everyone, but even if you need to cycle for a couple of miles every day, surely that’s worth saving thousands every year on expensive vehicle costs. You could also sell your vehicle if you own one and found that cycling was viable for you.

4.      Reduce Consumable Habits

This step is easier said than done, but it’s one worth considering if you’re really struggling to make ends meet. If you have a regular smoking or drinking habit, try to cut down by half or even try to quit if you have the willpower to do so. People spend thousands every year on smoking and drinking and that’s thousands you could save every year, giving you much more breathing space when it comes to monthly bills.

5.      Cook Your Owns Meals

If you’re a student studying at Maryville University for an online masters in health administration or Online MHA degree, it’s very easy to come home after a long hard day and order a takeaway. This is a very expensive option and students often spend thousands every year on takeaways alone. Consider cooking your own meals every day, or if that isn’t an option, set aside a few hours every week where you can cook numerous meals to be frozen.

The above are just a few tips to help you save money whether you’re in full-time employment or you’re a full-time student. The above tips will give you much more breathing space every month so you can still enjoy life even on a tighter budget.

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July 6, 2017, 9:53 am

Patch The Holes In Your Budget With A Small Dollar Loan

by: The Financial Blogger    Category: Personal Finance

A budget works well up until a point, but even the best financial plan has its limits. Unexpected purchases, bills, and repairs test these boundaries. Depending on how much savings you have set aside, they can be enough to bust your budget wide-open. In a perfect world, you’d have the same net worth as Chris Pratt after Guardians of the Galaxy 2, or at the very least, you could put life on hold until you can build up enough savings to cover your modest responsibilities. Unfortunately, you live in a reality where neither is true. Nevertheless, you have to make your payments on time if you expect to avoid late penalties and added interest.

While you can speak with your mechanic or call your utility provider to talk about a possible deferred payment plan, eventually you’ll have to pay off these debts — with or without savings. When your budget is still reeling from these unexpected repairs, talk to a small dollar lender for help. The country’s top direct lenders can provide essential financial assistance during your darkest times.

But why choose a direct lender over conventional lenders like the bank? There’s a time and place for every financial solution, so there are circumstances when you should contact a bank over any other lender. It’s perfectly normal to speak with a financial advisor when you hope to refinance debt or get a mortgage. The help a direct lender can offer is better suited for when you only need a little help to cover your newfound responsibilities and when you need that help incredibly quickly.

Traditional lenders have long and involved processes that limit who they approve, and these methods to review your application can take more time than you have available. Direct lenders such as MoneyKey understand that time is of the essence when you’re facing multiple bills with approaching due dates. That’s why financiers like MoneyKey have streamlined their practices and processes in order to deliver the fastest acting loans as possible.

Though they have internal ways to review applications, they don’t rely on in-person interviews or a lengthy analysis of your entire financial history. With just a simple online application form, which can be found at Moneykey.com, and a quick phone call to verify your info, a short term lender can review your status and deem you worthy of their assistance. Once approved, you can receive up to $1,000 in your bank account in as little as one business day.

When your budget fails and you have no way of paying for unexpected bills, repairs, or medical emergencies on your own, a payday loan is a great way to cover these expenses. From their size to their speedy application process, these products were designed specifically for these kinds of small, non-recurring purchases.

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June 5, 2017, 1:48 pm

Finding Lending Options Even With Bad Credit

by: The Financial Blogger    Category: Personal Finance,Social Lending

How Bad Do You Need Money?

Have you ever gone to a casino and wasted twenty dollars in five minutes at a slot machine? Better yet, have you ever thrown a hundred-dollar bill down on blackjack and watched that Benjamin disappear into the casino’s coffer? Well, then you know what it’s like to lose money on a long-shot. But it’s worse if you win.

Here is why: when you throw down a large sum of money on something that shouldn’t end up resulting in profit, but does, in the back of your mind is planted a subconscious psychological seed which says these possibilities can be had again. While there is a statistical probability of multiple, high-yield winnings, this probability is low.

What’s more likely is that you’ll win several thousand, go to the tables, and lose more than you won in the very same evening. But all that being said, you know—or have likely heard—that professional gamblers exist. These are individuals who have learned how the system works, and are able to use it to their advantage.

Granted, professional gamblers represent a minority of a minority. Statistically, they’re as rare as a win at a slot machine. But they do exist, and they exist in greater quantities than you might expect.

Is A Loan A Gamble? Sometimes Yes, Sometimes No

When it comes to loans, securing one with bad credit can be somewhat of a gamble. You’re going to face high interest rates. If you’re lucky, those interest rates will be fixed, but this is not always the case. As a matter of fact, you face the prospects of increasing interest rates which compound what you owe even when that’s already been compounded.

This is a downward spiral, and is something which is only really worth pursuing if you truly have a top-tier opportunity on your hands. It is possible to take out a high interest loan that isn’t fixed, and end up coming out ahead on the deal. But it will require that you pay that loan back as soon as humanly possible, and well-within the time limits.

An ideal situation for a bad credit high interest loan without fixed interest is when you’ve got revenue that is just going to be a few days late, but a bill that has to be paid right now. You take out the loan, pay the bill, then pay off the loan when the revenue rolls in a few days later. This way you’re only “on the hook” for a short time.

Still, being able to pay such bills immediately can be the difference between your business remaining successful, and your business going under. It all depends on your personal situation. What makes sense is to secure a sound financial advisor, and have them paint a picture of your monetary situation that you can get your head around.

The Peer-To-Peer Factor

You want to understand your financial situation, not have your financial situation explained to you. If you can get to that point, then you’ll be able to make an informed choice as regards taking a loan or not. To that end, sometimes your best solution is a peer to peer loan.

When you’re looking for peer to peer bank loan reviews, you might try Banking.Loans, where you will find such information and references resources like Peerform which, according to the site, is a: “…peer-to-peer lending site that targets borrowers who don’t have the best credit scores.” Solutions like this can make finances available to you where otherwise they were unobtainable. If obtaining a loan is something financially feasible for your or your business, going the peer-to-peer route can for many individuals be the wisest option.

 

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May 17, 2017, 1:28 pm

Why You Should Have a Digital Wallet

by: The Financial Blogger    Category: Personal Finance

One of my first jobs was to work in a store as a cashier, among other tasks. Back then – and that is not too long ago – I’d wait for the clients to take their wallet out, calculate their spare change and finally pay their goods. I must admit that during a busy day, I was getting impatient by all this process.

Things surely evolved since then. In a small decade, social medias exploded and smartphones hit the market big time! Many people tend to react negatively to technological changes. However, there are many advantages to turn your old leather wallet into a digital one!

 

What is a Digital Wallet?

A digital wallet is an electronic device, usually used with a computer or a smartphone, that allows one to make electronic transactions. Traditional bank account or credit card can be linked to an e-wallet. Other credentials could be included depending on the service: driver’s license, health card, ID documents and even bus pass, concert tickets and gift cards!

A digital wallet can be a good thing for your online purchases but also for items bought in-store. In fact, more and more businesses, including merchants, now rely on a digital wallet company for their in-store transactions. Some stores will even have their fidelity program provided by the help of a digital wallet service company.

Through the app in your smartphone, simply tap your phone on the register or enter your pin and all is quickly paid for. Such service provides fraud protection for the merchants and enables them to improve their customer experience in terms of payment processing.

There are many examples of such companies. Paypal probably is the most well-known for the average man in the street. Google Wallet also has its fans because of the Google brand itself. Another good alternative for merchants and customers is Paysafe as they are known for their easy to use digital wallets. But truly, the list goes on and you could find the one that answers best your needs within a few minutes.

Should you be a business owner, digital wallets could be a game changer as well!

 

The Advantages

 

Theft

Because your digital wallet does not include physical cards and personal information, it is easier to stay safe. Used with a locked and secured smartphone, it is a lot more complicated for a theft to get to your money. At the very least, it gives you more time than before to react and cancel your credit card.

 

Simplify Your Finances

Because we almost never go out without our phone anymore, it becomes very easy to use it for every payment. That way, you can quickly track your expenses at the end of the month and become more dedicated to your financial goals.

If you can link your bank account, gifts cards, credit card and other financial tools to your e-wallet, you can see at a glance where you’re at and everything applies automatically.

 

Save Time

Do I really have to explain that one? It does take a little time to set, but once done it saves time before your purchase, during, and after.

 

Main Concerns

The two main concerns about having a digital wallet are: security and expenses explosion!

In fact, experts agree that security on digital is higher than traditional methods. However, one has to be careful to use proper passwords and lock its smartphone for better results.

As for expenses explosion, it becomes very easy to spend within seconds and allow people to express their impulsive spending side, which is not necessarily a good thing. Used properly though, digital wallet can save you some!

 

Do you use such service? What do you think about it?

 

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February 22, 2017, 9:41 am

Why Saving For Retirement Is The Most Sensible Choice

by: The Financial Blogger    Category: Personal Finance,RRSP

Saving for your retirement presents both a mental and financial struggle. It is notoriously difficult to start saving and we easily find ourselves making excuses. In fact, you may find that you are trapped in a self-fulfilling belief: “I believe it’s true, therefore is must be true”. Your first and most difficult hurdle to overcome is confronting your mental barrier to saving for retirement.

Understanding why saving for retirement is important will help you take the first step to making the future a priority. You may not be able to start saving immediately, but the steps you take now to mentally prepare yourself will only benefit you in the future when it becomes easier to save.

 

Don’t get caught up living in the moment

Living for today may appeal to the romantics, but the reality is that they tend to rely on handouts from friends, family and/or the government. It is useful to visualize asking your partner, parents or the bank for money. How do you feel? Dread? Fear? Living in the moment means having to feel that way every month just to keep afloat.

That doesn’t mean you should just abandon you current needs and desires. Life is all about balance so try and weigh your future and present needs against each other. You do, after all, have to look after yourself.

 

Having enough money to save

Sometimes you may not have the money to allocate to retirement savings, but many people aren’t budgeting at all. Reviewing your monthly expenditure and setting up a budget often reveals wasteful spending. You may find that you do have some extra cash that could be used more wisely. You may also find that you still can’t start saving. Don’t despair – your budget will help you see the reality of your financial situation and help you plan towards starting your retirement savings. In fact, you can start for just $50/month. That’s the cost of a pair of shoes, a dinner or that satellite TV subscription.

 

Taking care of family members

It’s easy and essential to prioritize taking care of your family now, but thinking about the future is just as important. If you don’t take care of yourself then who will take care of them? Many find themselves stuck between their children and parent’s needs. For those of us stuck in the middle, considering and planning for our own futures will help us to break free from the cycle – to avoid depending on our children when it comes our turn to retire.

 

What about company schemes?

Maybe you don’t trust company schemes and you don’t have to. There are currently several financial products available, which means you don’t have to rely on your employer to manage your retirement savings plan. You can manage your own savings plan with unit trust-linked retirement annuities. You are able to choose the unit trusts that align with your goals, you can start and stop as your financial situation changes.

Being part of a group retirement annuity (which employers typically take out on behalf of their staff) doesn’t mean your employer owns it. They only facilitate the payments, while you are the ultimate owner of your individual annuity and you are able to continue your plan if you resign.

 

Investment managers and your retirement savings

Your retirement savings do not form part of your investment manager’s assets and are held in a trust, remaining safe even if your manager goes out of business. A board of trustees also oversees retirement funds. The trustees’ duties include ensuring that the retirement fund acts in the best interest of its members.

 

But how much work is it?

Starting a retirement annuity is similar to opening a bank account. In fact, you can open your own annuity in just a few steps and easily manage your account online.

 

Finding a place to start

All of this may seem daunting, but like most things in life its only until you get into it. If you are unsure then consult an independent financial advisor to help you formulate a plan that works for you.

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