Showing posts with label Extra Cash. Show all posts
Showing posts with label Extra Cash. Show all posts

Friday, May 20, 2022

Got a Raise? What Should You Do With Your New Base Pay?

If you’ve gotten a raise recently, you’re probably wondering about how you should spend your newfound cash. You want to be responsible with your money.

At the same time, you likely feel like splurging a bit. The key to navigating your new income lies in knowing when to spend your money and when to save it and why. 

Here are some tips.

Savings


Your savings account acts as a buffer between you and life’s vagaries. You never know when you might lose your job or experience a serious illness. Having money in savings allows you to better weather these situations. Up to 20% of your paycheck should go towards savings.

Pay Down or Pay Off Your Debt


The more money you have to pay out in debt every month, the less you have to put toward your savings, retirement, and even an occasional night out. When you get a raise, you have an opportunity to put more money into your debt.

While this may be a drag in the short run, it’ll be your ultimate freedom in the long run. Debt ties up your money and offers you no return in the process. In fact, it usually costs you in interest. Your raise allows you to put more toward your debt, freeing you from its trap a lot sooner.




Level Up Your Living Arrangements


Having more money gives you more options when it comes to living arrangements, including leveling up. However, it’s important to level up consciously, so that you’re also living strategically.

For example, take luxury apartments. If you’re a designer or an architect who designs high-end homes and apartments, where you live could have big career implications. You need to demonstrate your talents in this field. 

Your living space is one way to do it. If your higher income allows you to spend in a way that actually makes you more money in the end, then it’s worth spending a bit of money to make a little (or a lot) extra in the long run.

Get Out of Town


If you’ve gotten a raise, then it’s likely that you’ve worked very hard to get to where you are. Getting out of town for a few days or even a week or two offers you a practical and relaxing way to enjoy some of your newfound wealth

Some time away allows you to recharge your batteries and gives you a fresh perspective, which will ultimately help you in your work life once you return home from your vacation.

Getting a raise represents only half your monetary equation. You must also know what to do with your new influx of money. The key to being responsible for your newly acquired cash is to spend it in a balanced way.


Tuesday, November 26, 2019

Want to Rent Your Home for Extra Cash? 4 Ways to Let Your Property Run Itself



Renting out your home can be an excellent way to make some extra money, but that type of project could become quite stressful if you aren’t careful. Luckily, with a few basic upgrades and some professional help, your property could practically run itself.

Hire a Property Manager


There are quite a few reasons why many landlords decide to hire property managers. In addition to limiting their risk of high tenant turnover, an experienced property manager can also minimize the amount of time that they need to spend on each piece of property. 


Those professionals can be hired to carry out a wide variety of important tasks, including finding and vetting tenants, collecting rent, and taking care of repairs.

Put Tenants in Charge of All Utilities


Covering a few expenses on your own could attract high-quality applicants, but all of the primary utilities should be signed over to your tenant. Once the utilities are in their name, you won’t have to worry about figuring out additional bills or collecting extra money each month. 


As an added bonus, switching the utilities over to a tenant will also limit your risk of a major blow to your credit if the bills aren’t paid on time.

Use Landlord Software


One of the best ways to simplify this process is to use high-quality landlord software. That type of software will allow you to save and track vital information, such as when rent is being paid and how much you are making on your property. 




Some landlord programs also make the process of finding a tenant much easier by allowing you to create eye-catching listings, organize incoming applications, and screen those who have applied.

Invest in Maintenance Contracts


It might be tempting to save some money by carrying out maintenance on your own, but that is only going to eat into your time. Even seemingly simple maintenance could take up hours every month, and that is why some landlords invest in maintenance contracts with local companies. 


Local contractors can help you take care of many different tasks that are going to keep your rental property running smoothly. That includes regular pest control, HVAC maintenance, electrical work, and minor plumbing repairs.

Before you rent out any type of property, you should always speak with some type of financial adviser or tax specialist. Becoming a landlord is going to have a huge impact on your finances, and you want to be absolutely sure that you don’t make any mistakes that could eat into your profits.



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