August 17, 2018, 5:56 am

How to Save Money Without Even Trying

by: The Financial Blogger    Category: Personal Finance

When you’re in debt, the first thing you need to do, after you’ve talked to the debt management advisers at Credit Fix, is to start a programme of savings.

You can do this the hard way, by imposing full-on austerity measures upon yourself, or you can do it the easy way. Harsh saving methods don’t last long! Painless saving mechanisms tend to stay with you for life.

Here’s just a few of the best ones.

Money, Finance, Business, Success, Exchange, Financial

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Cashback

Loads of companies have cashback facilities – you do your routine grocery shopping and once your cashback rewards reach a certain threshold, you’ll get a gift-card or a deposit into your chosen account. Once you’ve set up all your details, all you need to do is shop as usual. Some bank accounts offer this service, although you have to log into your online account and choose current offers from the menu.

Tip yourself

So, you got a small bonus, a tax rebate, or you did some overtime. Don’t fritter this extra cash away on frivolities. Make sure you transfer some of your booty into a savings account so it can get to work earning interest rather than disappearing at the make-up counter. It’s easy to get into this habit – every time you save money at the supermarket, transfer that amount into your saver account. It’s surprising how quickly it adds up.

Always compare

Whatever you’re about to order or pay for, take a minute to find it cheaper elsewhere. Whether it’s energy, insurance or washing powder, see if you can find a cheaper option, even if you have to wait for a couple more days for delivery. Looking for voucher codes is also time well spent.

Choose cheaper grocery brands

When you do your grocery shopping, try the own-brand versions of various items. Sometimes you’ll be disappointed, sometimes you won’t be able to tell the difference and sometimes you’ll be happier. Once you’ve found these decent alternatives, stick to them – no effort required.

Get out and about

This doesn’t mean shopping! It means getting out for a walk with the dog and the kids, or heading to the park. You can turn off your heating, lights and TV, pack a flask and some snacks if necessary, and hit the great outdoors. You’ll be saving money and getting fit at the same time.

Do some overtime

This is doubly beneficial; not only are you earning more money, but you won’t have the time to spend it! It can be boring, of course, so do treat yourself once your stint is done – just don’t go overboard and blow your extra wages!

Have a cooling-off period

We’re now used to clicking “buy now” and having our items turn up several hours later. This can be a disaster for people prone to impulse purchases. Set a limit – £20, for example – and any purchase above this amount requires you to wait 48 hours before completing it. While you’re waiting, see if you can find it cheaper elsewhere, or ask yourself if you really need it.

Save some or all of your pay rises

When you get a pay rise, it’s money that you managed ok (ish) without the previous month, right? So why not manage without it for the next few months and send it straight into savings? Of course, if you have big debts, then some of it can go into paying them down ahead of schedule, but do aim to save some of it.

 

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July 27, 2018, 1:28 pm

What You Need to Know About Taxes on Precious Metals

by: The Financial Blogger    Category: Investment, Market and Risk

If you’re new to buying precious metals then you may be wondering what your tax situation is when it comes to selling the bullion for a profit.

There are individual state tax laws, as well as federal laws to abide by. This means that you need to talk to your accountant or a tax advisor once you’ve bought your gold bars from this website.

The IRS treats precious metals as capital assets

As a result of this, gold, silver, platinum and palladium may attract capital gains when they’re sold at a profit. The IRS also views precious metals as a collectible, so they can have tax levied on their profits up to the maximum of the 28% capital gains tax (CGT).

The taxes aren’t calculated and applied until the metal is actually sold, because the capital gain hasn’t been realized until then. So, say you buy 10 ounces of gold at $1,100 per ounce and place it in a depository for several years. While it’s in storage it appreciates in value to $1,300 per ounce. You decide to sell it at this price, which realizes (as in, makes real) the capital gain of $2,000.

Do I owe tax on this $2,000 profit?

You need to calculate the original cost of the metals, which in this case was $11,000, and then the selling price, which was $13,000. This makes you a profit of $2,000. Your federal tax bracket will determine whether you owe tax on some or all of this profit, which is why you need to speak to an advisor. There are also several special conditions that you need to factor in.

If you’ve inherited the metal things may change

If you’ve inherited the metals then a different calculation method is used to work out the cost basis – the cost basis in this case is the market value of the metal on the day of your benefactor’s death.

If you’ve been gifted the metals

The cost basis is calculated by the market value on the day the person giving you the metals bought them – not the day you received them. Sometimes the market value is less than the amount the person actually paid, in which case the cost basis is worked out from a fair market price from that day.

In short, though, you probably will owe tax on some or all of the profit.

What rates might I have to pay?

This depends a lot on your usual income tax rate and the length of time you’ve had the metals before selling them. You already know that the IRS sees precious metals as collectibles, so you’ll possibly have to pay the 28% CGT. It also matters whether you’ve held the metals for less or more than a year as less that a year counts as a short-term gain, which is taxed differently.

When is the tax due?

You report your capital gains from your metals in your yearly tax return and then pay any tax owed in due course.

What if I sell at a loss?

Hopefully you won’t, but if you do, then you have a capital loss, not a gain. You can offset capital gains from other sources against this loss either in the same tax year or in future tax years or you can offset it against your ordinary income (with some restrictions). Ideally, you need to speak to your tax advisor for the most up-to-date advice.

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July 27, 2018, 7:13 am

Tips for Playing Real Money Online Poker

by: The Financial Blogger    Category: Make Money Online

Source: Pixabay

Real money online poker can be tough, which is why most online poker players start on play money tables. This way, they can learn the basics without the risk of losing actual money. But, eventually, an online poker player would have to level up and try their hand at playing with real money. Here are some helpful tips for real money poker players so you can avoid committing the costly mistakes most new players make.

Establish Your Bankroll

The first thing every online poker player needs to learn is how to establish a bankroll. You will need to know how to manage your bankroll and the amount that you are playing with. For players who are just starting out, it is best to stick to tables and tournaments that have smaller blinds or sit-and-gos with low buy-ins.

Take Control of Your Spending

As a beginner, it is best to stick with just one table until you have gained enough experience and are sure that you have your game, and your bankroll, under control. Most online casinos offer several different payment methods to make it easier for players to create an account. If you take a look at the online casinos listed on Realmoney.ca, you will see that adding money into your account can be made very fast and convenient by using credit or debit cards, e-Wallets, eCheck, and traditional bank transfers; all you need to do is ensure that you play with what you can actually afford.

SourcePixabay

Know Your Opponents

There is no single strategy in real money poker, and you can expect your opponents to be using a lot more strategies and tactics compared to those in play money games. A few things to take note of, especially by those who are just starting out in real money poker: your opponents will be calling your bets a lot, so you need to bet with hands that have value, instead of making bluffs. If you do have good hands, do not hesitate to play them aggressively. It is also better for you to bet and get calls instead of trying to make sophisticated plays.

Find the Table That Suits You

There are a lot of table variations featured in online poker rooms and there are many ways to play poker, so you will need to find the table that best suits your playing style. Try more than one variation, as each one has its strengths and weaknesses and it will be beneficial for you to see which one you are most comfortable playing at the real money poker table. And, while online card rooms allow poker players to sit at more than one table at a time, a beginner would be better off focusing on one table at a time.

Playing real money poker can mean taking greater risks and taking note of these tips can be helpful in preparing you to become a smarter player. By learning the basics of the game, you can avoid making costly mistakes that most newbie online real money pokers make.

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July 9, 2018, 9:26 am

Has increased compliance damaged the growth of the UK online gambling industry?

by: The Financial Blogger    Category: Make Money Online

The UK Gambling Commission (UKGC), the organisation responsible for regulating the UK gambling industry, provides the latest gambling statistics and details on each individual sector in the overall gambling scene. The details and statistics are directly obtained from the license holders in the regulatory returns.

Generally, data from the UK gambling industry is released in the months of May and November every year, and the latest statistics show us that the industry is on the rise and steadily increasing revenue.

Tim Miller, the CEO of UKGC commented that the “latest statistics are proof that the gambling industry in the UK is continually generating exponential growth, even more so via the online sector”.  He also stated that the growth has a factor of massive responsibility attached to it and addressed the need for those operating in the gambling industry to protect their customers from the negative effects that come with gambling.

Mr. Miller also stated that as the regulating body of the UK gambling industry, their focus is on the protection of the consumers, therefore creating a safe, transparent, and stable gambling environment to ensure that customers are well-protected.

This is where online casinos such as MoneyReels.com as are a nice change of pace, offering safe and secure platforms for which customers of the gambling industry have peace of mind.

According to statistics from the period of April to March 2017, the UK gambling sector had a total Gross Gambling Yield (GGY) of £13.7 billion, which rose by 1.8% in comparison to the prior 12-month period, with the online sector of the industry rising 10.1%, with a total yield of £4.7 billion.

Another statistic found was that of the number of individuals employed in the industry, there was a 1% decline from March 2016, and the betting shops declined by 3.9%.

Also, land based bingo halls are also on the decline, having dropped 1.4% since September 2017.  Arcades, as well, have fallen approximately 5.1%.  However, gaming machines registered in the UK have increased exponentially.  The National Lottery has also been noted contributing £1.5 billion, which is a 16.9% decrease from the prior year.  This is contrary to the large society lotteries whose contributions and donations rose a massive 20.5%.

With all of the statistics floating around, it would seem that the industry as a whole is growing, but local implications are declining.  Online sectors of the industry seem to be where most of the market growth is stemming from, which may signify a change in the market, and even total reinvention of the gaming sector as a whole.

As far as the gambling industry goes, an emphasis has been put on protecting the customers and ensuring that they do not suffer too seriously from the negative effects that gambling can enact.  This limits the overall revenue that a gambling business can bring in.

Despite all things, the online betting companies are the stars of the industry.  With online casinos experiencing a spike in numbers and all physical betting services experiencing a declining, it’s safe to assume that people are spending more time gambling online, and less time on actual gaming machines.  Whether that simply stems from the convenience of online gaming versus having to get up and go out, or if it’s simply because individuals feel they have better chances on an online game, the statistics show that online gaming is where the future of gaming lies.

With the registrations amongst online sites climbing rapidly day by day, one could probably bet that a continued decline in the bingo premises, arcade halls, and the machine registration of physical gambling industry outlets will be steady, eventually leading to the culmination of online gambling being the leader in annual gambling industry yields.

This is all theory, however, based on statistic reports by the UK Gambling Commission.  Many sites, such as aforementioned Money Reels,  may, more than likely, see a massive spike in registering individuals who flock to online gaming as declines in physical gaming premises continue.  Whether this is an opportunity for would-be investors to climb aboard the UK gambling sector gravy train is yet to be seen, but odds are good that it is a gamble that would pay dividends, excuse the pun.

What this means for the industry, as a whole, is still a toss-up.  Either this spells massive revenue for the online sector of the industry and a monumental dip in the physical premises, or it’s just a alienation from the normal pace of things.  In the swing of things, most industries see hills and valleys similar to this and usually the scheme of business will return to normal, but, on occasion, things do shift and tides will change.  The question that begs to be asked at this point in time is, do we embrace the change, or do we fight it?  As most of us won’t have stakes in whichever route the tide flows, it may not even be a question that we ask ourselves.  But, those that have a stake in the UK gambling sector may begin to re-evaluate their positioning in the market and the preferred sector of the gambling industry that their stakes are resting on.

As a whole, the statistics are not as entirely conclusive as they initially appear to be.  There seems to be perpetual growth in the industry, no matter which sector is experiencing the spike in customers and revenue and regardless of the even tighter compliance restrictions.  With the minor dip in employees, bingo premises closing, and arcades, it’s probably a rather safe presumption to say that employment in the gambling industry may be a tad unstable for a short time.  However, even with that being said, it’s not far-fetched to assume that the physical sector will experience a spike, resulting in its ascension once again.

Keep a close eye on the overall statistics and observe any changes in the aforementioned data before drawing in concrete conclusions.  Things tend to develop and change rapidly in the world of business, and with our ever-changing society, it’s anybody’s guess as to which sector of the gambling industry will come out on top, land or online.

Image source unknown. Found through Pinterest.

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June 25, 2018, 5:08 am

Get The Best Price When You Sell Gold Coins

by: The Financial Blogger    Category: Investment, Market and Risk

Investing in gold coins can’t be a one-way street. You need flexibility and the ability to trade gold coins back and forth to respond to market changes and adjust your portfolio appropriately. A smart investor doesn’t just sit on their portfolio. Even passive investors need to make adjustments to meet their investment goals. But when your portfolio includes gold coins (which it should), how do you sell gold and get the best possible price?

Expect Spot Prices on Gold Coins

If you’ve done your research on gold coins and invested strictly in bullion gold coins, expect to sell gold coins at or near spot prices at the time of sale. That’s the price you would pay if you bought gold coins today, plus premiums, so expect it when you cash in. There will likely be fees such as shipping and insurance, which should always be factored into your earnings calculations before you sell. Always know the exact gold contents of your coins, including purity and weight.

Sell Gold Coins to Online Gold Sellers

Reputable gold sellers should be the first place you go to sell your gold coins. If they operate online like Silver Gold Bull, it’s even easier to do business with them. Always do your research into gold buyers. Check their credentials and reviews online and make sure they’re the real thing. Here’s what happens when you sell gold to a dealer like Silver Gold Bull:

  1. -Fill out a quick online form with product details to get a quote
  2. -Get a shipping label with insurance from the company once you’re approved
  3. -Get paid as soon as your gold coins are verified

If you’re selling bullion gold coins, never go to a pawnbroker or a cash-for-gold business. These are better options if you’re selling gold jewelry that will fetch a smaller price. That’s because gold jewelry is typically melted down for bullion, incurring higher costs. That process doesn’t need to be done for bullion gold coins.

Hold onto Gold Coins

Successfully investing in gold coins means carefully watching the market. You have to take your portfolio’s needs into consideration when you decide to buy or sell gold coins. If you need to cash in to fund another investment and balance your portfolio, it’s time to take the profits. However, gold often does best in the long-term and it can be risky to sell off your insurance policy. You may want to hold out for higher gold prices in the long-term rather than opt for marginal gains today.

Trade Gold Coins for Silver

When you trade in your gold coins, you don’t necessarily have to do it for cash. With online gold sellers like Silver Gold Bull, you can easily exchange gold coins for silver or vice versa. Why would investors swap gold for silver? Both precious metals tend to move in tandem, but silver rises and falls at a greater rate than gold. On a positive upswing for metals, you may want a higher exposure to silver, but then trade silver for gold coins to protect yourself from downsides.

With these rules in mind, you’re ready to sell your gold coins.

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