saving money

Eradicating Money Worries Once and For All

- Roshan

Money worries can be endlessly stressful, and once you have them, it’s hard to get rid of them for good. However, that doesn’t mean it’s impossible – it just means you need to commit to changing your mindset, and in most cases, your behaviour, so you can live a more relaxed and financially free life. Let’s take a look at what you should do to eradicate these money worries for good:

1.Come Up With A Plan To Eliminate Debt

Start by coming up with a plan to eliminate any debt you have. This can be the hardest part, but if you’re in debt, it’s often the part that requires the most attention. Even if you’re in a small amount of debt, it will cost you money each month. Here are some pointers:

  • Figure out a way of paying off debt that resonates best with you. Would you prefer to pay off small debts so you feel more accomplished before handling the bigger debts, or would you rather get rid of the bigger debts first?
  • Put as much as you can towards your debts without having to struggle. If you put a huge chunk of money towards paying off your debts, but then don’t have enough money to survive the rest of the time, you’re going to end up back in debt. Be reasonable.
  • If you can’t trust yourself not to use your cards, it could be an idea to cut them up or even bury them in the garden.

2. Build Up An Emergency Fund

Having an emergency fund, once you can worry less about your debt, of course, is a great way to ensure you have peace of mind. This way, you likely won’t feel under pressure to use your cards or any loans, and will be able to cover your expenses if something happens. You never know when you might need to take a pay cut or something, and this helps to keep you safe. Many experts recommend saving 3-6 months expenses, but having just $1000 will make you better off than most people.

3. Figure Out Where You Want To Be In The Future

Having a solid idea of where you’d like to be in the future can encourage you to save and prepare. If you want to move abroad, then you should start planning for that as soon as possible.


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4. Explore Ways Of Making More Money

How can you begin making more money to support your lifestyle and goals? Perhaps you could ask for a payrise, look into passive income streams, or use Wongagames. Whatever you do, make sure that it’s a viable option for you.

5. Reassess Your Spending Continuously

Continue to reassess your spending throughout this process. Be honest with yourself. Try to be as self aware as possible.

6. Try To Stay Positive

A positive attitude is key when trying to eradicate money worries. Your beliefs and mindset are everything to your success.

7. Take Baby Steps

You just need to continue taking small steps in the right direction. Not sure what direction to go in or feeling overwhelmed? Speak to a professional and get it off your chest.

Are You a Saver Or A Spender?

- Roshan

I am mostly a spender. I have always been a spender. It is only recently that I have thought much about saving. I guess I have been lazy and lackadaisical about saving some money for retirement but I have started doing it now. And frankly it is thanks to the Coronavirus and the lockdown that I actually did start doing so.

I didn’t think much of it until June came around. So we went into lockdown on March 21st and by the beginning of June, I noticed that I was making a bit more money from my blog and that combined with me working from home and not spending as much as I used to meant that I had saved my April & May month’s salary and had mostly only spent March’s salary. So June I did spend quite a bit as I wanted to buy a few things for me and for the home.

I also mostly only use my blog earnings to buy my collection of dvds and hence I spend my salary money on food, drinks, groceries, bills and the sort. I still have saved some money – a little bit more than 2 months salary. I need to find more ways of making money online so I can save even more.

Prompt from 650 Prompts for Narrative and Personal Writing at The New York Times

Kill Your Company Costs The Right Way

- Roshan

Are you thinking about ways to cut the costs of your company? Here are some of the key details that you need to think about.

Get Quotes For Everything

The first step is to always make sure that you are price checking everything. This is true regardless of how small the product or service is that you are buying for your company. For instance, you might be thinking about utilizing a cloud server in your company. It’s important to explore managed cloud costs and look directly at quotes for a solution like this. Compare several companies before settling on the one that can deliver the right quality for the right price.

Remember, the most expensive service will not always be the best. As such, you don’t always have to spend the maximum amount to ensure that your business is going to stay out on top.

Go Green

Of course, if you are looking for a double win, then you can think about going green. Going green will help you save money. In fact, if you take the right steps here, then you could easily cut at least 25% off your total level of bills. So this could easily save you thousands through the year. You could even look at renewable energy, essentially setting up your own renewable energy source. We think you can agree that this would send a strong message that your business is looking towards the future and specifically working to help save the planet. Your customers are going to love this. Now, you might be worried about the cost but a change like this in your company would pay for itself in a matter of months.

Hire An Accountant

You definitely want to make sure that you are hiring an accountant in your company. A lot of business owners skip this step for a very simple reason. They believe it’s just one more paycheck that they have to cover. But this just isn’t the case. An accountant is far more valuable than most people realize. They can help you find money in your accounts that you didn’t know was there. They can guarantee that your business is on the right track and will be able to deliver the solution that you need. They can also help you at crucial points throughout the year such as when the taxman comes calling. This is when a lot of business owners can slip up because they might underpay on tax. If this builds for years, it can leave you with a rather nasty bill to pay.

Lose The Baggage

Finally, you need to make sure that your business is not dragging any dead weight. The weight in question is going to be different for every company. In some cases, this could be something to do with a group of employees who aren’t matching the targets. In others, it might be a whole section of the business that is simply not profitable. It is important to have KPIs in your business and ensure that you know whether you are on the right path.

3 Money-Saving Upgrades For Your Home

- Roshan

Those blasted utility bills!

With rising gas and electricity prices, many of us have been burdened with added expenses in recent years.

Of course, we don’t have to put up with them. As we suggested in our article on slashing the family budget, we can switch to cheaper energy suppliers. We can also form better habits around the home, perhaps by making the effort to unplug charged devices, and by turning off the lights in rooms we aren’t using.

Another way to lower our utility bills is to add money-saving upgrades to our homes. Within this context, we have a few suggestions below.

#1: A smart heating thermostat

By connecting one up to your boiler and wifi, you have the ability to control your heating at the touch of a button on your phone. You can time it to come on when you need it in the morning, and you can time it to turn off when you know you won’t be at home. You can also set heating zones in your home, so you can heat your rooms separately. With such control over your heating, you need never run the risk of wasting energy again. While the price of a smart thermostat is relatively expensive – you’re looking at around $200 – experts suggest they can knock around $250 a year from your annual bill, so the cost is more than worth it.

#2: A ceiling fan

Many of us have the tendency to turn the aircon on to the max when trying to stay cool in the summer months, but this, of course, has financial consequences. Thankfully, you can reduce your energy bill by using a ceiling fan to keep you cool instead. You can even buy dual ceiling fans, so on those very hot days, having one of these bad boys turned on will keep you twice as cool! Follow the previous link for some very attractive examples, and choose something that will not only reduce your energy bill but that can match your home’s decor as well.

#3: LED light bulbs

LED light bulbs cost a few dollars more than the traditional incandescent bulbs that many of us use, but they use around 90% less energy when they are turned on. They last a lot longer too, with an approximate lifespan of 25 years. So, as well as the reduction in your energy bill, you will have less need to fork out on new bulbs every year, so further savings can be made. And if you have an Amazon Alexa in your home (or similar smart device), you could go one step further, and buy remote controlled LED light bulbs. When they are hooked up to your wifi, you can easily switch them on and off when required. This is especially useful if you leave your home and realize you have left your lights on!

Finally

We have only mentioned a few home upgrades here, but there are plenty of other products that you might want to consider. From water-efficient showerheads to reduce your water bill, to smart plugs that turn off automatically when devices are charged, continue your research online for more money-saving ideas.

Thanks for reading.

Cash in a Crisis: 7 Ways to Ensure You’ll Never be Without Money

- Roshan

Ah, money. The great leveller. No matter how much of it you have, it’s never enough. No matter how well paid your job may be or how modest your lifestyle, in an uncertain economic climate, it can seem as though financial hardship is never more than a missed paycheck away. Whether you work for yourself, own your own business or are in a salaried job, whether you are single or married, whether you live alone or cohabit the chances are at some point you will find yourself having some sort of money troubles. You might find yourself struck with an unexpected bill, you might experience car trouble, you might have to bail out a friend, family member or loved one. Your employer could make you redundant or you might get lost in the shuffle of a corporate restructuring.

The fact is that none of us can predict what the future will hold for us or our finances. And in order to insulate yourself from long term risk, it’s important to be prepared. Here are some ways to ensure that when crisis strikes, you’ll never be without cash…

Know what not to do

Perhaps the most effective thing you can do to avoid financial crisis is to know which actions will make the situation work. Predatory payday lenders may seem like the perfect solution to your financial problems in a time of crisis but their exorbitant interest rates can cause you to get stuck in a quagmire of debt from which you may find that there is no recovery. While some countries and territories have put legislation in place to prevent pay day loan companies from using predatory or unethical lending practices they can still cause debts that can create more problems than they solve.

Get serious about saving

Most of us have at least some sort of savings account. But do we use them?… probably not as much as we should. Your parents may well have taught you that 10% of every paycheck you receive should go into your savings. But in an era where the cost of living seems to rise dramatically each year and yet our wages remain the same, this isn’t always feasible.

However, even if times are lean when it comes to your finances, that’s no reason not to at least put something away every month. Can’t do 10%? No problem, but 5% in and increase it to 15% when your finances are looking more stable.

And if you’ve been using the same high street savings account since you were a kid, perhaps you need to find an account that works harder for you. Here are some of the best interest rates from all over the world.

But remember, even a good savings account can only work for you if you actually use it. So be sure to put something aside every month.

Cling to your collectibles!

None of us collects collectibles because we intend to sell them. They bring us pleasure and joy even if all they do is sit on a shelf. However, cling to them and keep them in the best possible condition and you may find that they prove a reliable safety net if you fall upon hard times. You never know what might be worth big money in the future. Think of all those kids who bought Star Wars figures in the early ‘80s and would now be sitting on goldmines if they took better care of their toys. Even something as quotidian as Pop Vinyls can be worth a small fortune. Check out this list of the most valuable Funko Pops!

Always know the value of your home

Okay, so selling your home is a very extreme option, but it always pays to know the value of your home, so make sure you stay in touch with a reliable real estate agent like The Hupman Group. Remember that selling your property isn’t the only way in which you can make money from it. In fact, when you own your own property, you always have a high-value asset. You can release some of the equity on your property by remortgaging, or simply let out your spare room on Air BnB or your local equivalent. If you have a home, you always have options.

Every day I’m side hustling

Remember that your income needn’t necessarily be dictated by your day job. In fact, there are many ways in which you can make money in your free time with a side hustle. No matter what your circumstances, education or areas of expertise, there’s an excellent chance you can find a side hustle that suits you.

Of course, your attention and energy will be limited after a long, hard day’s work which is why it’s so important that your side hustle stem from something that you enjoy and / or are passionate about. From writing blog posts about your favourite music to walking the neighbourhood dogs in the evening, there’s no shortage of ways in which you can get paid for doing things you enjoy. And who knows? Your side hustle may find success and snowball into an opportunity for full-time entrepreneurship helping you to break through the glass ceiling that your employer has placed on your wages.

If you must borrow, borrow smart!

This post isn’t hear to say that you should neither a lender nor a borrower be… but if you have no means of recourse but to borrow, don’t let panic push you into poor borrowing decisions. Even if you don’t have the best credit, you can still borrow smart by choosing low interest loans and credit cards. Use a credit checker like Experian to determine your credit score and find the best deals.

Remember that little changes can make a huge difference!

Finally, remember that little things can make a big difference when it comes to saving money and keeping financial crisis at bay. Bringing a thermos of your own coffee rather than stopping into Starbucks to get through a rough Monday morning. Packing your own lunch instead of being tempted by local restaurants and fast-food outlets. Walking or cycling instead of treating yourself to a taxi. The little bit you are able to save here and there adds up to a lot by the end of the month!

Dealing With The Scary Money Matters

- Roshan

How do you feel about your money? Do you think you’re earning enough? Do you think you have enough stowed away in your bank account? Do you think you’re working with the right budget for your household and lifestyle? Do you think you should try investing, to pad out your savings a little bit more?

And are you tying yourself up in knots over the worry your money gives you? Is there a longing inside you to make a bit more, but you don’t know how to go about it? After all, an emergency can strike at any time, and who knows if you’ll be prepared for it.

So, your financial wellbeing is something you probably constantly worry about, seeing as money is the foundation of everything. You save as much of it as you can, and from time to time, you can even feel guilty about spending just a few pennies on some much needed groceries!

Money can be scary, there’s no doubt about that. So let’s go through some of the most scary matters that money can put you through, seeing as they affect most of us at some point in our lives. The more you know, the better off you’ll be.

Income is Rarely Secure

Your income is probably mostly reliant on the job you have. You might love your job, you might not, but there’s no doubt it’s the best way to pay the bills! It offers the biggest lump sum at the end of the month, and it’s something that keeps on paying month after month. There’s quite a few side hustles out there that don’t offer the same kind of longevity.

But what if you lack a bit of job security? A lot of people feel like they can be fired at any moment, and that they daren’t not ask for vacation time, even when they’re owed it. What if you have little to no union options? What if you get a pay cut, out of nowhere? What if your working environment is getting a little bit toxic or choppy? All of these factors adding up can make you very worried about the security of your income stream. Even when you’ve got your finger in many pies, it can be hard to subsidize five different sources of revenue with the one source that pays you the most.

So, even if you do have a side hustle, there’s a good chance it doesn’t pay nearly as well as your main job. There’s also a good chance it took a lot longer to set up, and to start paying out to you! Who knows if you’ll have the financial security, in the future, to do the same thing with another side source of income? If you don’t have a job to fall back on, will you be able to take the time to ensure a monetized blog or an investment portfolio will pay off?

Sometimes You’ll Need a Lawyer

Lawyers are a big deal when it comes to money, and they’re definitely a good line of defence against the institutions and corporations that turn money into a very scary matter. If you’re being accused of tax fraud, or you’ve been shortchanged in they pay you’re owed (and your employer just won’t give it to you!), a lawyer’s office is going to be the best option to reach out to.

But that in itself is scary. If a lawyer needs to get involved, we automatically think of large fines and prison time, and that’s enough to scare off and silence most of us. We think it’s not worth the time and energy to take a money matter to court, even if it’s a small claims case. And that’s because we don’t know enough about the legal side of our finances!

The crux of it is that lawyers themselves cost a pretty penny, and when you don’t have the money to send their way, to enlist their very helpful services, you get stuck! Even when you know you could be due a payout from a tax company, or the government system that deals with relief or benefits, you might need to reach out to a lawyer to ensure you’re paid your dues. It can be a complicated matter unto itself, so companies like mahanyertl.com exist to tell you more about this.

And Who Can Afford to Save?

Saving your money can seem like a pipe dream in the modern day and age. Many things are far too expensive to buy on a regular basis, and too many of us are dealing with a wage gap that hasn’t evolved since the 70s. Anyone who doesn’t work for themselves at the head of a giant corporation, or who hasn’t been working in their job position for at least 15 years now, can suffer at the hands of the job market. It’s these people who don’t have enough money in the bank, because they’re simply not paid enough to be able to put money away!

So, it comes down to some serious budgeting. The less you can spend on weekly expenses like bills and groceries, the more you can put away for a rainy day. And seeing as they’re cropping up more and more, it’s a good idea to stay in for the night, and put the money required for restaurants and nightclubs into a saving account. After all, it’s often a lot more beneficial to save for a proper vacation at the end of the year, compared to forking out for just one night of fun.

How Scary is Money For You?

Money can get very scary, we all know this. The more we spend, the worse we can feel, even if we’re satisfied in the moment! And often enough, it’s not our fault that our savings account doesn’t outrank our checking account.

So make sure you’re aware of the reasons why, and what makes money scary most of all. Remember, it’s much better to be in the know!