Budgeting

Smart Ways To Tackle Big Money Problems

Money makes the world go around, so when you’re having problems with money, it can cause big issues in your life. Worrying about money affects you in lots of different ways, making it difficult to give your full focus to other parts of your life. When you’re having problems with money, you can’t ignore them and hope that they go away. Confronting them head-on is the best thing to do if you want to avoid them getting worse. If you have difficulty tackling money issues, here are some smart ways to tackle big money problems.

Get On Top of Debt

Debt is the largest financial issue for a lot of people. If you struggle to repay debts, it can cause problems not just now but in the future too. While you might hope for it all to go away, ignoring the issue isn’t going to help you. Instead, you need to get on top of the problem as soon as you can. Getting professional advice from someone like Wyolaw Law Firm or a debt advisor is a good idea. You can ensure you receive professional help and understand what options are available to you. There are different ways to tackle debt, so you can find a method suited to you.

ways to tackle big money problems — Image from Pexels – CC0 License

Rein in Your Spending

Spending too much can get you into big trouble, but it’s not always immediately obvious how you can spend less. Even if you know why you’re spending too much, changing your spending habits can take time. If you already have a budget, there are lots of techniques that you can use to stick to it. For example, challenge yourself to save up for a large purchase, instead of buying it straight away, especially if it gets you into debt. If you tend to make impulse purchases, write down what you want instead of buying it right away, then come back to it a few weeks later to see if you still like it.

Revamp Your Credit Score

You depend on having a healthy credit history for multiple things, from renting a home to getting a credit card or applying for a mortgage. If your credit score isn’t very good, it can have a significant impact on your life. Fortunately, there are ways to improve your credit score. Firstly, dealing with any debt is important. It’s also a good idea to check your credit report to make sure that there are no mistakes. If you do identify anything that you think is a mistake, you should report it to the credit bureau. You can improve your credit score by building a good record of making payments on time too.

Become More Financially Literate

People often get into money trouble because they don’t really know how to manage their money. Financial literacy is an important skill, but it’s, unfortunately, one that a lot of people lack. Educating yourself on personal finances and how to manage your money will help you to continue improving your financial situation.

Don’t let problems with money rule your life. Address them as soon as you can to get in a better position.

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Essential Tips For Successful Online Grocery Shopping

Karen · Leave a Comment

With the changing technology and the wake of the coronavirus, more and more households are ordering their groceries online and getting them delivered at their doorstep without necessarily going out to the store. Online grocery shopping may be easier said than done depending on where you live. You may try ordering groceries but find out that there aren’t any delivery windows available. Now, plenty of strategies have been developed to enhance efficient grocery shopping. Yet, even individuals already into online shopping may still feel reluctant to purchase items online because of a bad experience or doubt. Below are some essential tips for successful online grocery shopping.

Order Early

Online shopping is on a first-come,first-serve basis. The earlier you place your order, the more likely you are to get your groceries on time. With online stores allowing shoppers to place an order up to 24 hours in advance, you need not wait until the last minute to order. Make your order early to get your pick of delivery time.

Choose Preferred Replacements

Always help your online shopper get whatever you need by pre-selecting your replacement options for everything on your shopping list, knowing that different outlets run substitutions a little differently. Keep your phone handy and pay attention to it before the delivery window begins. Faster responses help you get your food faster. Be flexible and be prepared for possible substitutes as stock is constantly changing, especially with the ongoing pandemic. Make sure to know what groceries you want to buy before logging in.

Try the “Pick Up” Option

The pickup option will help save you time and money and may prove easier than delivery, especially if you are always at work during the day. Order your groceries online, and by the time you will be visiting the store, your order will be ready. This may prove convenient when you have little kids in the car as you won’t need to get out of the car since most stores, such as iPantry, have a special drive-through where the staff will load the groceries right into your car.

Test Multiple Options

Delivery services aren’t the same. An online store may promise to deliver on the same day with the same delivery fee, yet the groceries are priced higher. Prices of groceries charged by different delivery services are not always the same as those you see in the store.

24/7 Services

Online grocery stores have 24/7 customer service to accommodate all customers who wish to purchase or ask about their products and services. One will not have to wait until the following day to place an order or inquire what they need. Online shopping also offers privacy to those who may feel shy about buying certain products in the presence of others.

Online grocery shopping allows you to lighten your paper trail and shop by history, saving you a lot of time. Shopping at iPantry helps reduce your parking hassles, and you are assured of quality and freshness. Shop for your groceries online and enjoy the convenience that comes with it.

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How To Have Family Fun On A Budget

Karen · Leave a Comment

Spending time with your loved ones is one of the simplest pleasures in life, and it used to be free. These days, everyone has so many options available to them, that they aren’t always content to simply play a board game or go on a walk around the park. If you’re struggling to find fun things to do with your family that they will actually enjoy, and which won’t cost the earth, check out these great ideas for family fun on a budget.

family fun on a budget — Pexels – CCO Licence

Have a movie night

For a few dollars, you can gain access to hundreds of great movies via Netflix and a Troypoint VPN. Throw in some popcorn, which again is very cheap, and you’ll all have a great time bundled up on the couch sharing your favorite movies with each other. Family fun doesn’t get much simpler, or cheaper, than that.

Do some BBQing

You have to eat anyway, so turning your dinner into a BBQ for the whole family can be a pretty cheap form of family fun, especially if you ask each of your guests to bring along a side dish.

Tell campfire stories

Light a fire in the yard and have each member of the family gather round. As you toast marshmallows on the fire, have each member of the group tell the scariest story they can think of. If scary stories aren’t your thing, have them tell their funniest story or their happiest family memory, and you can all have a great time reminiscing.

Hold a sandcastle competition

If you’re lucky enough to live close to a beach, one of the simplest forms of family fun, that won’t cost you a penny, well maybe a few dollars for buckets and spades, is to hold your very own family sandcastle building competition. Each member of the family will be tasked with creating their own palace out of sand with a prize for the most impressive being awarded at the end of the day.

Make a video

Now that we all have cameras on our phones, it’s really easy to make fun family videos with no extra expense, so why not gather the family together and create a video or two for posterity. You can make videos of the family dancing together, telling stories or just generally hanging out, and you’ll always have them to look back on as you all get older.

Hit up a free museum

The great thing about museums is that many of them offer free or low-cost entry, and you can easily spend a whole day there if you’re so inclined. There’s nothing better than being moved by a beautiful painting as your family stands beside you just as moved or being able to show off your knowledge of dinosaurs to your grandkids who’s only ever seen you ask grandma who bakes pies. Culture brings us together which is why it is such a great way to spend time with family. I hope this has given you a few ideas for your next family fun day. Enjoy!

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5 Tips For Downsizing To A Smaller Home In Retirement

Karen · Leave a Comment

Downsizing is a common trend, and not just for those in their later years. There are many benefits to living in a smaller home. Reducing costs is perhaps the obvious one, but they’re also easier to clean and maintain, and you’re more likely to have a stress-free life. Learning to live a more minimal lifestyle is better for your well-being. You can then spend the money you’ve saved on your hobbies and enjoying yourselves. For downsizing to be as profitable as possible, you need to run the numbers first, however. Here are five tips for downsizing to a smaller home in retirement.

5 tips for downsizing to a smaller home — pexels

Find out the true value of your home

Be careful not to overestimate the current value of your home. Take into consideration all your remaining mortgage payments and outstanding loans such as a reverse mortgage. You can research house prices online to find out the estimated value of your home. Shop around and speak to a few different realtors before you settle for one. See who can offer you the better deal.

List your priorities

Before you can find the right house, you need to list your priorities. Unfortunately, no home or neighborhood is 100% perfect and you’ll need to prioritize certain amenities according to your budget. Consider the location as well. Perhaps you’d prefer to buy a retirement home near the coast, or in a smaller town. If you’re planning on moving to a new area ensure you do your research. Find out if it has the necessary amenities and services for your desired lifestyle.

Research recent sales prices

Browse online and check out average house prices for the area you’re looking in. This will give you a relatively clear indication of how much your new home might cost. You can then give a realistic estimate to your realtor. It’s important to run the numbers as house prices depend on many factors, particularly location. You might be able to get a better deal if you relocate.

Understand your tax benefits

There are plenty of tax breaks for seniors that only increase over the age of 65. Find out what you’re entitled to and you just might be able to save a little more money during your retirement. There are also unfortunately tax implications relating to selling and buying real estate. It’s important to ensure you are fully aware of any hidden costs or future interest rates.

Speak to a financial advisor

If you’re considering selling and moving to a smaller home it’s always recommended to seek professional advice. You could hire an independent advisor to help you make the most profit from downsizing. If you’re still on the fence about the idea, there are several websites for free financial advice you can try before investing. Do your research and get as informed as possible. Selling your house is never a decision to be made lightly. If you’re smart about it, however, downsizing to a smaller home can be a way to free up extra cash for retirement. You may even get more tips for downsizing to a smaller home when speaking to a financial advisor.

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Tips For Teaching Your Kids About Money

Karen · Leave a Comment

Learning about money is tough. Teaching your children about financial matters is even harder! Our children have probably had some kind of financial transaction. Whether it’s pocket money for a small task or saving up and buying their own computer game, at some point in their late teens, they are going to get a job and start to feel the joy of an income. It’s at this point we need to get serious when it comes to teaching your kids about money.

teaching your kids about money — Photo by Andrea Piacquadio from Pexels

Giving your children more involvement in household budgets might feel a little weird at first. The idea isn’t to throw them the bank accounts and ask them to make all the financial decisions! That would be a disaster. Instead, it is about letting them see the reality of adulthood. How much money comes in, and how much goes out, what you put by for savings and the reality of what those savings are spent on!

Run through all your bills and expenditures, and this includes any loans. You may encounter a few difficult questions such as “How do banks get away with charging this much?” or “How do title loans work?” but do your best to answer all questions that crop up. At some point in their lives, they will need to know this, and if you set them into the world with a little financial knowledge, they can make better decisions.

Teaching your children the critical balance of earning, spending and saving is vital. Their experience to this point has been pretty limited. You could set up a budget for them to start saving for a car. Run them through how much owning that car will cost from the purchase price to the running expenses. Then get them to write down their earnings and work out how much they need to put aside each month to buy their car. Then they need to figure out how much they need to set aside each month to pay for the vehicle, the gas, insurance and maintenance. Helping your teen set up his own budget is great for teaching your kids about money.

Some families charge working children a little rent. This might not be something you are comfortable with; however, it is good to get them into the habit of contributing. If you don’t want to use their money for household costs, without telling them, you could put it in a savings account and when they are eventually ready to leave home, let them know what you have been doing. This will give them a little nest egg and highlight how important saving money is while allowing them to feel some financial responsibility.

Kids thrive on real-world experience, and there are multiple ways you can give this to them at home. They might find it boring at first. But, once you get them going on a task, let them feel they have responsibility for something important, most children will enjoy the challenge even if you ask them to run through the family finances and see what could be saved for the family holiday of a lifetime. Make learning about money fun, and they’ll learn it quickly.

Make money fun, but make it matter while teaching your kids about money.

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7 Ways to Save Money No Matter Your Situation

Karen · Leave a Comment

Whether you’re a fab grandma, mother, student, or any other individual, this post is for you! Together, we’ll go through 7 different ways to save money regardless of your situation. Some of these tips, tricks and tactics may already be things you do, while others may be completely new to you. Let’s see what the ideas are!

Buy on sale

Duh… Sounds really obvious, but most of us only buy items on sale when we’re at the store and we happen to see that they’re on sale. When was the last time you planned your groceries based on what’s on sale where? Thought so…! So, next time you’re getting ready to go grocery shopping and are making your shopping list, be sure to check out some of the weekly offers. Check out the Lowes Food flyer if you’re in the US or the discount flyer for FreshCo if you’re in Canada. It’s worth going in prepared when you’re looking to save money!

Track your income and expenses

This may just be the most effective tip on this list and is one that I can’t recommend highly enough to everyone. Whether you’re old or young, small or large, have a large family or are living alone, tracking your income and expenses is a fantastic way of saving money. Now, you might be thinking: “How will knowing what I spend and how much I earn help me save money? Surely this just takes up my valuable time that I could be using to watch Netflix or use to do an odd errand or two so I can buy another $10 coffee at the local coffee shop…”

This is one of those tips that doesn’t seem like it would have any impact on how much you save but is actually extremely effective for pretty much everyone. The reason it’s so effective is that you can see where your money is going. Getting one of those expensive $10 coffees everyday may help you get a little more work done, but it is costing you $300 per month. If you have Netflix, Spotify, YouTube music, Hulu, HBO plus and five to ten other subscriptions, you’ll see that each $5 or $10 subscription quickly adds up to hundreds of dollars per month.

By understanding where your money is going, you can save a lot of money in the long run. Try it out for a week or two and see what happens to your expenses.

Budget, Budget, Budget!

Once you’ve been tracking your income and expenses for a little while you’ll be in a great position to create a budget. By budgeting, you prevent yourself from spending too much. It also gives you the opportunity to save for something you’ve been wanting to do or buy for a long time. It may be the perfect opportunity to pay off your mortgage a little faster or save up for that vacation you’ve been wanting to go on for the past few years.

Reduce waste

Cut down on the subscriptions, buy only what you need and stop with those $10 coffees! As you track your expenses, you’ll be shocked at how much you spend on a yearly or monthly basis on things you don’t need, or worse, don’t use. By tracking your expenses, you are in a better position to recognize where your money is being wasted. On a yearly basis, these costs can add up substantially.

Reduce your debt

Debt can seem very useful until you realize that you’re paying way more money back than you’ve borrowed. The more debt you have, the more you pay in terms of fees. It’s important to think about how much you’re paying on your debt.

Although a mortgage is a huge debt, you only pay a small amount of interest on it compared to say, a credit card debt. This means that paying off $1000 worth of your mortgage is going to save you less money than paying off $1000 on your credit card debt. Pay off your most expensive debts first before moving on the less expensive ones. The more you pay off, the more you’ll have left over at the end of the month. Find out what the interest rates are on your credit card debts, and pay off the ones with the highest interest first.

Think about your subscriptions

All companies want to get you on some form of subscription. There are companies sending you groceries everyday for inflated prices, automatically send you razor blades and many offering online subscriptions for music, TV, and other forms of entertainment.

The subscriptions and monthly expenses you actually use aren’t really wasted. If you spend each night watching Netflix for three hours, it’s not going to be worth saving the $20 (although, you could be doing something more productive with your time… Just saying!). However, do you really need five different video subscriptions? Is it really worth paying for all three of those music applications you have?

Any cost that returns weekly or monthly is going to add up to a pretty penny on a yearly basis. Every $10 you save per month will mean you’re left with another $120 by the end of the year!

Use coupons, royalty programs and cash back programs

If I offered to give you $100, would you want it or not? Unless you believe that money is the root of all evil and that you’re better off living a life completely free of material things, you’re probably going to accept the generous gift. So, why, when a company offers to give you a discount of $100 by using a coupon, do so many people let the chance of free money pass by?

Sure, not all coupons are going to save you a great deal, and it’s important not to buy anything you don’t need. However, it can save you an arm and a leg if you do use the coupons at your disposal. Check the weekly flyers that stores give you and use all promo codes you can!

A few dollars saved each day can add up to thousands saved per year!

Conclusion

As you can see, saving money each month doesn’t have to be all too difficult. By keeping track of your expenses and preventing waste, you can save thousands of dollars per year with very little effort! Hopefully, after reading this post, you’ll be more inclined to spend a little less to ensure you save a little more.

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Investing In Rental Properties Made Easier

Karen · Leave a Comment

If you are a professional rental investor hoping to boost your portfolio so that you can make the whole thing much more lucrative, there are many ways that you might be able to do that. The important thing is that you never think of it as an impossibility, as the truth is that it is always going to be possible to do. However, it will often take a lot of work, and you should bear that in mind if you hope for it to work out right. In this article, we will look at investing in rental properties, and how to make sure that it is as easy and straightforward as possible.

investing in rental property — Image Credit-CCO License

Get Help Locating A Property

Even if you have been investing in properties for a long time, there are bound to be occasions when you find that you are struggling to find a new one that fits your criteria. You might have a specific idea in mind of the kind of property that you are looking for. Perhaps you have researched the local residents and you know what people there want, for instance. Whatever the reason, you will find that getting local help from a realtor is often a good way to ensure that you can find the right property to improve your rental portfolio. That alone will save you a huge headache.

Finance It Directly

The issue of financing is one that is always going to crop up when you are investing in rental properties. You need to have a strong plan for where you are going to go and how you are going to make it a reality. For many investors, the best way is to go through a direct financier of rental loans like Visio Financial Services. They will be able to finance you with the loan that you need to make the purchase a reality, and in so doing will ultimately ensure that you can build on your portfolio in whatever way you hope to. Whether it is your first rental property or your fiftieth, you will find that you are going to have much more luck with this kind of help on your side.

Patience

No matter who you are, a home is a big investment to make. You should not be too surprised if it takes you quite a while to get it, and if you need to work hard for many years before you have a real chance of being able to make it a reality. That can be true even for subsequent investments beyond your first. Because it can take so long, you are going to want to try and practice your patience as best as you can, as that will help you psychologically get through it. If you are resolute and you find that it takes many years, then that can be a real challenge, so being patient is going to help you a lot. Bear that in mind and you should find that it is much easier. Investing in rental property is worth the wait.

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Finance For The 50+ Crowd

Karen · Leave a Comment

Important Things to Do For Your Finances

Your finances will determine your quality of life. The more wealth you have, the better your quality of life. You have access to so many more things than you would have otherwise had depending on your income and wealth. That is why it is important for you to take care of your wealth and try to grow it as best you can. This is even more important when you get to be over 50 years old. You don’t want to be working as you did during your 50s. Your 50s should be a time of relaxing and unwinding until you can get to a better situation. Even passing on your wealth is something you will need to consider during this time. You have to do things like avoid probate and make a decent will that protects everyone you care about. Understanding the financial world is critical to success in this arena.

Understanding finances is even more important when you are over 50. At that age, it becomes critical to your survival. Millions of people every year go broke after they stop working. They spend the last few years of their lives working at a job they don’t love. They also spent time not getting the things they want and barely making it. By doing the right things financially, they can achieve a certain level of success that few people can have.

Investing For the Future

Before you get to 50, investing is critical. You have to spend your time and money investing in a variety of places that will continue to grow. Making your money work for you is the first step to financial success. Investing should always start early. It should begin the moment you start working. It is something that needs a lot of work and investment to accumulate. Eventually, you get to a level where you are over 50 and your investments start paying you a salary that is close to what you were making when you worked full-time. This is the dream of every person in the modern economy. They want to be able to work and invest money so that it pays them after they have stopped working.

Some people, however, choose to try other investment strategies that will pay off more quickly. These people would rather take the risk than take a smaller return. There are merits to this way of thinking, but it can be dangerous if you don’t get it right. There have been many people who lost everything by taking a risk and not being smart in the way they calculated things. For example, someone who invests all their money in the stock market and then loses it when the company they invested in goes bankrupt. This happened with Enron.

Your Goals When You’re Over 50

We go to many different phases of life. At the start, we are helpless and our parents are responsible for almost all aspects of our well-being. We need their help to do everything and we aren’t functionally able to take care of ourselves. As time goes on, we learn more and gain experience. We can invest money and also plan for our future. Eventually, we get to a stage where we are almost at retirement. At this age, we should have already laid down the foundations for a great retirement. Retirement involves being able to take care of yourself without working. That means the money you put away during your working years is put to use. The most important thing for you to do as a goal is to have a lot of money put away. You also need to have good insurance since this is when you are most likely to need it. The last three years of your life are when you need to have great medical coverage so you can have a better quality of life.

Lifelong Financial Success

Financial success past 50 is difficult. However, it is an essential part of having a future worth living. You spend your time doing a lot of great things in life, but after you become 50 it all changes and the trajectory of your life goes from being one where you make money to one where you spend it. Having an understanding of finance is critical to being successful in this arena.

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