Finance for People Over 50: Using Payday Loans

If you are currently retired, you know that money can be scarce especially if an unexpected expense comes along. In this case, you may be tempted by the many payday loan ads around the place offering quick money straight to your bank account. Before you sign a contract though, you should be aware of a few qualities of these credit options and how they affect you as someone who’s over 50.

Know When Payday Loans Are Useful

In general, these types of loans are given for short periods of time at comparatively higher interest rates. Since you’re only borrowing money for a few weeks though, the added fees or charges may seem affordable and easy to pay back. This doesn’t mean that they should be used for any expense though, especially for senior citizens who have a limited income in the first place.

Instead, you should only get in touch with a payday lender if you have a one-off, absolutely critical situation that you really can’t cover using any other method. If you keep in mind that payday loans are only suitable for emergency situations, you’ll then have a better chance of reducing the risk while still covering your expenses. This is vitally important for retirees who may not have much spare cash to play with.

Determine Whether You Can Afford It

Payday loans work by your lender automatically withdrawing money from your bank account on a pre-specified date. This means you should always make sure you’ll have the necessary capital and thus avoid bounced checks or further financial difficulties. Before borrowing money, consider the following:

• How much of your next pension payment do you need to spend?
• How much do you thus have available to pay off your loan?
• Do the loan conditions fit in with this future financial situation?

Sit down and create a budget (or get your children to help) and you can then get a better grip on your monetary future. In this way, you can safely choose whether you can then afford that payday loan or not.

Compare Several Different Lenders

If you’ve decided the situation is an emergency and that this credit option is the only solution, you should then do your research on a number of firms prior to signing a contract. You can compare plenty of short term loans here on the internet, an easy option for those over 50 who may not want to leave the home. If you’re unsure of how to use this technology, get your son or daughter to help you. When browsing over the details, don’t forget to look at the following important factors:

• The APR of each payday loan
• The charges you have to pay
• The length of the credit term

Remember that you’ll still need to control your finances as tightly as possible despite the fact that you want to borrow money in this manner. Thus, always take things slowly and compare what’s on offer so you can make a smarter financial decision.

Make Sure You Understand the Contract

When poring over the conditions that the lender provides, never settle for them unless you’re completely sure about what you’re agreeing to. This means you should be fully aware of the loan terms including interest rates and repayment periods. If you have any doubts, always ask the lender to clarify their requests. You might even be able to negotiate the conditions if there’s anything that you don’t like. If you understand everything that’s written, you’ll have a better chance of adjusting the contract so you get a better deal. Remember that your lender will be legally obligated to ensure complete clarity. If they talk about their payday loans in obtuse terms and refuse to answer in simple English, it may be time to move to another financer who is more honest and reliable.

This advice should help anyone over 50 make a decision about payday loans and then seek out a lender who actually offers a great deal. If you experience financial difficulty and your pension doesn’t cover the costs, you now know exactly who to contact when it comes to taking out one of these short term, personal credit options without being lumped with excessively high rates, fees and charges.

5 Strategies for Getting the Cash that You Need When You Are in a Fix

You never know when you are going to need money in a hurry. When the car needs to be repaired or a medical emergency comes up, you can't tell the mechanic or the doctor that you can't pay due to a lack of funds. What can you do to get money that you need when you are in a pinch and have a severely limited amount of time?

1) Raid Your Retirement Fund

If you are facing a financial emergency, you can borrow up to $50,000 from your retirement fund. You will need to put the money back into your account over a period of up to 60 months, but the penalties for not doing this are not extremely heavy, at least when compared to normal loans and forms of financing. The advantages to such a loan are the fact that you can get the loan with few or no questions asked and you will repay yourself with interest, instead of a bank.

2) Sell Gold Or Silver

That silver ring or gold watch that has been sitting on your dresser for the last few years can be worth hundreds or thousands of dollars. While it is true that you are going to lose these items, you will not need to worry about paying back debts and losing money to interest.

3) Apply For A Payday Loan

While not an ideal solution, you can have the funds in your bank account within hours. If you have bad credit, it may be your only option when you need money in a pinch. Those who don't like payday loans can look for personal loans online or through their bank. You can expect a heavy fee to be attached to a payday loan, and it will quickly build up money if you don't pay off the loan on time, but it is one of the easiest ways to get a large amount of money almost immediately.

4) Access The Equity In Your Home

Homeowners can take out a home equity loan to get cash quickly at a low interest rate. With mortgage rates at historic lows, you will pay significantly less in interest charges than you would if you got a personal loan or used a credit card. The only risk is that you will be placing your home up as collateral for the loan, but this won't be a problem if you make all of the required payments on the loan.

5) Liquidate A Portion Of Your Stock Portfolio

Stocks, bonds, and other securities can be sold instantly to put cash in your pocket. Savings bonds can be cashed in instantly as well if you need money in a hurry. A silver lining to having to sell stocks or bonds is that you could take a capital loss that will help you save money when it comes time to file your taxes.

There are a lot of ways to get money when you are in a financial jam. While not all of these options are ideal, you will be able to get the money that you need, when you need it. When the bills need to be paid, it's important to know where you can turn to get funds in a hurry.

Simple Tips to Make Your Money Stretch Further

There’s maybe nothing worse than the horrible realisation that there is no money left in the bank and no way to pay the mortgage or rent on time as usual. Sadly, many people are struggling to cope financially nowadays. If you are finding money stress is causing your hair to drop out in chunks it’s time to take a new approach. It’s a skill to make money go further but here are some of the excellent tips from the financial experts to help you ensure every penny is well spent.

Click here to find out if you’re entitled to more money

You Must Budget

Do you have a budget for all the money that comes in and out of your house? Do you check where you have spent your last wages, reconcile your bank account and check your receipts? If not it’s about time you did. A budget is a valuable tool that should be used so you are fully aware of your current financial position in any given month. It’s boring but when you budget you will be able to see where money has been wasted, where you can make cuts and where you need to deal with urgent problems.

Loyalty Cards are Worth it

How many times have you found yourself being served at a till and the cashier asks you if you have a loyalty card? The next time it happens ask if you can have a form to apply for one. All those trips to various supermarkets can help you raise useful sums of money and earn coupons that will save you cash. Collect all of the cards for all the shops you go to and keep them in your wallet. A free fiver off here and there will add up.

Make Packed Lunches

Packed lunches are much cheaper than buying food on the go. It takes just a few extra minutes in the morning or before bed to make them up so it’s not like you don’t have time to do it. Make your own lunch and stop popping to the canteen or bakery for lunch. It’s not only a lot cheaper it’s often a great way of stopping yourself eating sugary snacks and fatty foods.

Shop for Bargains

Bargain Hunt isn’t only a great antiques programme on television; it’s also a savvy way to shop. When you’re in the shops you need to look for products that have been marked down. When you shop online head straight for the sales and clearances too, it’s amazing what bargains are out there ready to be snapped up. You also need to hunt around for the cheapest petrol prices, special offers and change your suppliers for cheaper tariffs.

See if You Can Earn More Money

If you’re really struggling, the only option is to try and bring more money into the home. Look for a second job or try and raise some funds through your hobby. If you are on a low income you may also be entitled to some extra help, click here for some useful phone numbers to learn about benefits that you might be entitled to.

Life Insurance is Cooked Separately.

Universal Life Insurance Company (Photo credit: Thomas Hawk)

Buying and / or selling individual life insurance can be relatively simple or can become very complicated. It depends on the agent that attempts to explain it and this is the result of the type of training received and of the seriousness with which the agent took this training. There is the assumption that training life insurance agents and sales generic training is the same which is why life insurance is cooked separately. Many times it turns out that people say another agent explained it to them or they read about life insurance for 50 plus and they do not care. We identified that this type of response is given by people who have already been vaccinated against life insurance agents.

What life insurance does is pay the Sum Insured to the beneficiaries for the death of the insured. We conclude that any person who has dependents needs life insurance or rather he does not need life insurance. Dependents are those who need him to have a life insurance because if he died they shall receive that money. So the life insurance agent is at this point in the interview. As in most cases the dependents are the spouse and children who remain as beneficiaries.

Due to many rumors we need to clarify some things as it is worth to also check cancer insurance by PINNACLE LIFE NZ. Life insurance is intended to replace the economic value of the person and this is the basis for that, once the prospect accepts the need for life insurance to make money after his death for his beneficiaries. Determining how much assured sum should he hire is the second step. Now we have to make some simple numbers to establish together with the prospectus, the appropriate amount required for the insured sum. Let’s suppose that you’re the prospect and for work purposes have to leave home for a month. How much money would you leave your wife to meet the expenses of your family during that month?

Now, suppose you have sufficient resources to be out for not a month, but for a year. If you have sufficient resources how much money would you have to leave your wife to make the necessary payments during that year? What if you do not come back? How much money will your wife need to bring up the family? We call this prospectus kill slowly. Not done yet. To this must be added the cost of a funeral and any other debts that have not been settled before the death. Well you also have to consider that family expenses are going to be growing every year, not only because of inflation but as your children grow older costs rise such as education, food, clothing, medicine, automobile, services, etc.

Based on the above it is natural that more money will be needed to address this contingency and without life insurance it would be a catastrophic situation for the widow and orphans. It is now necessary to consider the cost of meeting this need and there are two options; Buy temporary insurance or endowment insurance. There are only two types of life insurance. The Temporary only covers death and the endowment covers survival besides death. In both there are different terms or duration of insurance. The Temporary advantage is that it is cheaper. The advantage of the Endowment is that over the years not only will you recover the amount paid but will make even more than what was provided and then it is used as a savings plan.

Finally there is the alternative management type insurance reserves if warranted where everything is fixed, nothing changes and no surprises which is the same as investment funds that are used in the management of reservation but this is more an investment than savings. To conclude the beneficiary designation is where alternatives are considered to leave payment in a single installment or include a trust that is the administration of the sum insured.

Take A Second And Just Breathe: What To Do During A Financial Emergency

Finance (Photo credit: Tax Credits)

Financial emergencies happen everyday, and not every family is prepared to handle the emergency when it happens. Sometimes you will find that you need help to get through the rough patch and you might feel a little overwhelmed. 

 When you face financial difficulties, the best thing that you can do is take your time, breathe, and approach the problem methodically. When you do that, you will be able to limit the damage and move forward without mortgaging your future.

Step One: Calm Down

The first reaction that you might have when you get into an unexpected emergency is panic. You want to take care of things right away and get on with your life, but the more stressed you get, the more likely you are to make bad decisions. Take an hour or so and just sit back and assess the situation critically. 

 What is the emergency? How long do you have to take care of it? Is it just a monetary issue or are there other things that you need to do as well? Once you know what the situation is, you will be able to make decisions with a clear head and move quickly to the right solution.

Step Two: Communicate

The next thing that you need to do is communicate your issue. If you are married, make sure that you and your spouse are on the same page. If it is something that affects roommates, call a house meeting and let everyone know what is going on. 

 The other person that you need to communicate with is the person who is asking for the money. Utility companies are often willing to work with customers who need an extra day or two to get payments in, and landlords would much rather keep a renter than try to find someone new. 

 Make sure that you let the person know that you are doing what you can to make payment and give them a timetable for when you will be able to get them their money. Do not be vague, or else they might think that you are just trying to stall; the more concrete details that you can provide, the more likely it is that the person you owe money too will work with you.

Step Three: Solve The Problem

The last thing that you need to work on is solving the problem. There are several different ways for you to get the money that you need to take care of a financial emergency. 

 You can go a traditional route and try to get the money from the bank, but if you have poor credit, this is probably not going to work out. If you have some things of value that you can live without for a short period of time, then you can always go to a pawn shop and get a pawn loan for those items. 

 The problem is that you will not get anywhere near what the items are worth in return, and if you cannot pick up your items when the pawn period is over, you will lose them. The best solution is probably going to be a payday loan. With a payday loan you can get a short term cash infusion that will not wreck your future financial security. You will be able to get money based on the amount of money that you can afford to repay on your next payday, and then your commitment is over.

Getting through a financial emergency takes time and patience. You need to approach the situation with a clear head, so that you make the best decisions and you will be able to move forward once the emergency is over. With the right approach, you will be back on track in no time at all.

How to Alter Your Spending Behavior

Let's face it; the dollar isn't as stable as it once was. As you age and retirement approaches, it becomes ever more important to save as much money as possible. There is a definite increase in the need to maximize the buying power of your precious income to avoid struggling with a fixed income. 

Smarter Banking

There's an old saying that you will be older a lot longer than you'll be young and the prospect of living on a fixed income is inevitable for most of us. For this reason, people in their golden years should take proactive steps to ensure their financial independence for the future. Perhaps the most important step seniors can take to secure financial security is to transfer their savings to a bank with high yield interest rates such as as ING Direct. There's an old adage that poor people work for their money and wealthy people make their money work for them so learning to do this is paramount for people approaching retirement. Fortunately, there are other ways to stretch your dollar further.

Online Coupons

Virtually every good or service available on the open market offers some sort of online savings program. Even ordering pizza can yield as much as 50% savings with promotional codes. To achieve the majority of these coupons you simply have to do an online search for them. If you were going to go shopping for a particular brand of paper towels, you could simply enter coupons for 'Bounty' into a search engine and a number of different websites such as retail me not will be delivered to you. Some websites even offer coupons that can be printed out right from your home. Everything from over the counter medicines to car insurance can be found online at discounted rates so be sure to take advantage. 

Stopping the Shopping

If you're over 50, chances are you've got several decades worth of high quality clothing so there's no need to go shopping for more every pay period or even every other pay period. That money would be much better served going into your bank account where it can grow. It seems like people become more susceptible to impulse buying as they age but you should keep your impending retirement in mind and avoid frivolous spending to satisfy an impulse. 

Budgeting Your Money

Your golden years should be the most enjoyable time in your life where you reap the benefits of your decades of hard work. But age is supposed to bring wisdom so budgeting your money wisely should become easier with time. You should make a realistic budget for every month and stick to it. The sacrifices you make now will benefit you greatly in the future. Allow yourself X amount of dollars every month for food, gas and leisure and abide by it. Something as simple as setting the sleep timer on your TV can save you a few dollars a month which become hundreds over the years. This may require you to eat at home more often and substitute ground beef for steak but the peace of mind that securing your financial future can bring is priceless. 

Exhibit Discipline

This is the most important step of all because all the financial planning does nothing if you don't abide by your own rules. Resisting the urge to over spend now will now will reward you very greatly in the future. A penny saved is a penny earned and all those pennies will help to finance your lifestyle in the future so use the wisdom that comes with age when spending money and you should have a happy retirement when the time comes.

Author Bio

Joshua Turner is a writer who creates informative articles in relation to business. In this article, he describes how spending behaviors can be altered and aims to encourage further study with UC Applied Behavior Analysis Masters. 

Paying for Peace of Mind: How to Cut Costs on Your Term Life Insurance Rates

Term life insurance is already pretty affordable, so why don't you have more coverage? If you're like most people, you just don't have the money. Sure, it's cheap, but even cheap insurance adds up after a while. A policy here, a policy there. Pretty soon, your insurance poor. Still, there's that nagging voice in the back of your head egging you to buy more cover. Here's how to do it without breaking the bank.

Lock In Low Rates When You're Young

It's no secret that life insurance is cheaper when you're young. Life cover rates are determined by your age, health, and lifestyle. When you're young, you're usually in pretty good shape. You're also at a low risk of all-cause mortality. Because of that, premiums will be low. For cash value policies, the cash value account will grow very rapidly. Those premium payments won't increase on permanent policies, either, so you'll never have to fight rising insurance costs. 

Don't Buy More Than You Need

You should never buy more than you absolutely need. Buy a lot - yes. Buy more than you need - no. Add up all of your financial obligations and even obligations you expect to incur over time, like college tuition, and even your child's first car. 
Factor in your income - does your spouse need money to live on after you're dead? That has to be calculated into the total death benefit amount. 

Select Coverage Terms Wisely

Here's where most people screw up. When you buy life insurance, don't just look at the lowest possible premium. Sure, you want to pay a low premium, but you might end up paying more if you choose the wrong policy type. How?

Let's say you have a 30 year mortgage. You need life insurance for those 30 years. The problem is that a 25 year term policy costs slightly less, and you figure you'll take the risk on the 5 remaining years of the loan because it'll be almost paid off by then.

You die just after the policy expires. The insurance policy doesn't pay out, and your spouse is left with a mortgage balance to pay off on her own. You paid premiums for 25 years and now your spouse still has to pay off the mortgage. 

Take Advantage of Banding 

Another mistake people make is not taking advantage of banded rates. What is banding? It's a sort of unadvertised sale offered by the insurance company. It's a discount for buying death benefit in bulk. When you purchase more than a certain dollar amount, you receive discounted premiums. 

Banding is often used to incentivise people to buy more insurance, but it can actually save you money. For example, let's say you get a quote for $100,000 because this is what you need. However, if you buy $150,000, the premium will be cheaper than if you bought $100,000. What should you do? You should buy more coverage and save money. 

Shop Around For Rates

Companies like Wealth Smart can help you shop around for the best rates possible. Really, this is the oldest "trick" in the book. But, it's not really a trick at all. 

The simple act of shopping for insurance allows you to force insurance companies to compete for your business. At the end of the day, you win - you get low premiums you can afford for the life of the policy. 

Andrew Harvey is an insurance advisor of many years. Now semi-retired, he still likes to help others by sharing his insights on the Web.

Finding Funds: All About Structured Settlements

Structured settlements are one way that courts and insurance companies make sure that not only is justice done, but that payments go toward their intended purpose. When you're involved in an accident, medical malpractice suit, or you're just retiring from work, a structured settlement provides for periodic, guaranteed, monthly or quarterly payments. But, sometimes, it's better to just take the cash. How do you choose the right payment option?

Understand What A Structured Settlement Really Is

A structured settlement is nothing more than an insurance annuity. An annuity is a contract that requires an insurance company to guarantee monthly, quarterly, or annual payments to an annuitant (the policyholder) for a set period of time.

Sometimes, the annuity specifies payments for a set number of years (i.e. 10 years). These types of annuities are called "period certain annuities." The other type of settlement option available is a life payment annuity. These annuities make payments for the life of the policyholder.

For example, let's say that you win a lawsuit. The defendant must pay you $1 million. A period certain annuity settlement option would require an insurance company to pay the $1 million out to you over a period of 10 years, with interest. The life payment option would require the insurer to pay that same $1 million out to you over your entire life.

Why choose the life option? Because payments continue regardless of how long you live - even if you would have otherwise spent all of the million dollars. So, it's possible that you could end up getting more than what you would receive under the 10 year payment option, if you live longer than you life expectancy calculated by the insurance company.

Why They Are Beneficial For You

Structured settlements have a huge benefit over lump sum payments: certainty. With a lump sum payment from a retirement plan, personal injury claim, or medical malpractice suit, you are on your own to manage the funds.

If you run out of money before all of your medical expenses are paid, or before you die, you're out of luck. With a settlement option that's structured, you will never run out of money before the contract expires. For lifetime payments, it's impossible to run out of money before you die.

Why You Might Want To Sell One

With structured settlements having a seemingly unbeatable advantage, why would you ever choose a lump sum payment? One reason: you have immediate expenses that require cash right now. But before you sell your structured settlement payment, keep in mind that any company willing to buy your payments won't give you the full value of your structured settlement.

Companies, called factoring companies, buy structured settlements for a discount. A discount factor of 8 to 14 percent is common. On the high end, at 14 percent, you will receive only a small portion of your total structured settlement option. For example, a $1 million settlement option can quickly turn into a lump sum of just $250,000 or less.

Why so little? Because of the time value of money - a $1 today is worth a lot more than $1 20 years from now. Even though it seems like a small amount of money to accept in lieu of the full settlement payment, it's not always a bad deal. As always, consult with an attorney or financial planner before you sign anything.

Melissa Rudd is a financial consultant with several years experience. When she's not in the office, she enjoys sharing her insights by blogging online.

Does Your Budget Need a Makeover?

It’s not uncommon to reset your budget when you reach a major milestone, such as getting married, retiring or buying a house. When you do that, however, you manage your finances in fits and starts, and you miss numerous chances to save and spend more wisely.

When life goes along smoothly with no major interruptions, you might not think about money. But all the while, costs go up, fees are incurred, and new cost-saving opportunities come along. If you haven’t set a budget in a while, ask yourself these questions to see if it’s time to reorganize your financial priorities.

Has my Month-End Balance Changed?

When you wrote your budget 10 years ago, you may have assumed you’d end each month with a set amount of money left over. Take a look at your bank statements from the past year and see if that amount has gone up or down since your last budget.

Suppose you used to have $500 at the end of each month. If you’re now keeping less, go through your expenses and look for things to reduce or eliminate. If you’re keeping more, have some fun with it; better yet, put that extra money into your retirement account.

Am I Still Getting my Money’s Worth?

If you’re spending more time fixing your 1996 Mustang than you are driving it, you’re not getting much return on your investment anymore. Similarly, your gym membership might seem silly since you bought a treadmill last year. Let your budget reflect these changing priorities.

Just as revenues and expenses change, so does the need for certain things. What seemed essential in your 20s and 30s might not matter in your 40s and 50s. Analyze your spending habits over the last few years and decide whether certain expenses are still important in your life.

Am I Properly Preparing for the Future?

Some situations come out of nowhere, like an illness or a termination. Other things are inevitable, like retirement or the passing of a loved one. These situations don’t have to be imminent for you to start preparing for them, but as the day approaches, give them more attention.

As you get older, you may want to cut back your work hours, thus cutting your pay. Or you may start facing various health problems, resulting in higher expenses. Factor those possibilities into your current budget; the more you prepare, the easier these things will be to manage.

Do I have a backup plan?

Even after you’ve considered every contingency, something unexpected could happen to put your finances at risk. Instead of being blindsided by these sudden changes, protect yourself by having an alternate budget in place.

This Plan B should reflect what would change if things went awry. For instance, what would you do if you or your spouse became ill and needed long-term care? Some people might cut expenses to pay for home care, while others might rent out or sell a second home.

Nothing stays the same, and it’s important to make sure your finances follow suit. Give your budget a regular review to keep your finances on a smooth track.

Stressing about Paying for Christmas Presents? 4 Quick Fixes for Financing Christmas

Christmas presents may bring joy on Christmas morning, but buying them can also cause a huge financial headache for those who go into the holiday season unprepared. This Christmas, instead of waiting until the last minute to figure out how you will afford all the gifts you need to buy, try one of these four quick strategies for financing your Christmas spending. 

Set Aside a Little Money from Every Paycheck

If you set aside a small amount from every paycheck, when you are ready to do your Christmas shopping, you will already have the money you need set aside. To figure out how much money you need to save each week, figure out how much money you want to spend and divide by the number of weeks you have left until your shopping needs to be done. 

Earn Some Extra Cash

If your finances are so tight that there is no extra to be put aside, another option is earning extra cash for Christmas. You can do this by picking up extra shifts at work, selling unwanted belongings you have lying around your house or donating plasma. You can sell homemade crafts or offer tutoring lessons. You are only limited by your creativity and motivation. 

Get a Small Loan

Christmas gifts. (Photo credit: Wikipedia)

If, despite your best planning, you find yourself in the last few days before Christmas with more gifts to buy and not enough money to cover them, you may consider getting a small, short-term loan to cover your last minute Christmas shopping. A payday loan from places like Power Finance in Dallas may be just what you need to fund the best Christmas your family has ever had. 

Agree to Spend Less

If the reason that you are short on Christmas funds is because your family always spends extravagantly, make a pact with each other that this year you will limit spending to a more reasonable amount. You may want to place a limit on the number of presents you will buy or the amount you will spend on each person. You may agree to do a white elephant or secret Santa gift exchange instead of buying gifts for everyone.

The best way to fund your Christmas is to prepare in advance. Whether you choose to set money aside, earn extra cash, spend less or take out a short term loan, make your family’s Christmas the best one yet by making sure you have the funds to pay for it.

A Retirement of Luxuries: How to Save for Your Retirement

It is advised by many financial experts that retirement should be of the utmost importance to everyone. Many people will start out saving small amounts at the appropriate time, and then increase the amount saved for their retirement over time. Retirement funds will increase as time passes, even though it will be subjected to inflation. However, it is better to have some money in a retirement or investment account than to have nothing at all. 

It is best to start by devising a plan for retirement and set realistic financial goals. Be sure to stick to the plan and specific financial goals. It is NEVER too early or late to begin saving for retirement. Of course, most people who don’t decide to save now may be able to work until they turn 70 years old. However, this is only true if those people remain healthy, can still run a business or are able to continue working. There are no guarantees for anyone. Many people are forced to maintain jobs after retirement because they didn’t save at a younger age. Some have to retire early due to illnesses, downsizing or disability.

401K

If someone is working for an employer who offers the opportunity to participate in a 401K plan, they should jump at the chance. With this plan, the employer will usually match the contributions. The employee’s money will accumulate over time because this program allows for tax deferment and compounded interest. Employees should find out how much to contribute in order to receive an equal match from the employer. 

Pension Plan

If there is a pension plan offered by an employer, the employee should inquire about the plan and find out if they will receive coverage from the plan. Get the scoop on the individual benefit statement and what it would be worth. The employee should find out what would happen to the pension benefit if there is a switch in jobs. 

Investments

Diversify investments by putting savings into different portfolios. When investments are diversified, the risks will be lowered and the return on your investments will be improved. The investor should frequently review their investment strategies with a financial advisor because many things can change as the investor gets older, and as their goals and circumstances shift. 

Power Saving

If the prospective retiree has extra money such as a federal tax refund, they should add some of it to their nest egg. If the person were to cut down on spending, they would be able to add money to their nest egg. If the person changes jobs and is receiving a higher annual income, they should consider adding any extra funds to their nest egg. So instead of incurring more debt, the person should try to maintain the same lifestyle so that they can save more money in their nest egg. For those who do fall into debt and are unable to find a solution for their financial predicament on their own, services such as National Debt Relief are available for debt assistance and management. 

Other investments

Hire a financial advisor to see how to capitalize on other investments such as mutual funds, stocks, and bonds. The U.S. Treasury offers the opportunity to invest in guaranteed bonds that carries lower risks. As long as investments are diversified and funds are wisely allocated, the risks will be limited.

Dave Landry Jr. is a personal finance advisor and debt relief counselor who has been blogging his expertise for several years to help those in dire financial needs. 

Save Money by Living on Cash

We’ve all done it – gone out for the day and stopped in for a coffee, a sandwich, maybe a few things at the drugstore and used our credit cards for each purchase. Small charges add up and suddenly you’re drowning in debt.

A great solution is to step away from your reliance on credit cards by using cash for all your purchases. 

Credit equals irresponsibility

Of course, we all love using credit cards; they seem more convenient than cash and they offer enticing points and bonuses. But the reality of credit cards is that they’re too easy to use. This makes consumers feel as though they have unlimited amounts of money, but we don’t.

Some people become so in love with shopping that their families are forced to send them to addiction rehab centers. Thus, we need a worthwhile system to track our spending while sticking to a budget. The answer? Cash.

Choose where the money goes

Each week or month, create a budget that works for your needs. Take into account what you’ll need to spend on transportation, food, home or medical needs, childcare, entertainment and any other requirements. Then decide what portion of your weekly income should be assigned to each category.

Generally, you should put away 10% of your net income for savings and an emergency fund. Once the money for each expense has been allocated, simply hide the credit cards!

Keep yourself on track

You can’t spend what you don’t have, so try not to cheat. Some over-50 consumers rely on their friends or partner to ensure they don’t take from one category to fill another. Maintain a notebook or spreadsheet to write down all purchases made. This allows you to keep track, in real time, of where your money goes. 

Money-saving apps

These days, almost everyone has a smartphone or tablet computer. And while buying the latest technology can be a huge drain on your finances, there's a number of apps out there that actually help you save money by promoting day-to-day budgeting and make it easy to keep track of your spending.

Here are two of our favorites:

· Expenditure (iPhone): Expenditure gives you everything you need to budget effectively, and then some. Set a budget, log your daily expenses and track your progress over the month. The app also includes a number of handy features such as a built-in currency converter for international travelers.
· Moneywise (Android): Moneywise gives you a powerful suite of reporting and tracking features to manage your budget on an Android-powered smartphone or tablet. Create and adjust custom budgets on the fly and export graphs and tables for review on your home computer. 

Some final thoughts on cash budgeting

The great thing about the cash system is that it forces you to be aware of every penny. This consequently leads to great savings as you’re counting out those dimes and quarters at the cash register. Once you’ve implemented the cash system, you’ll immediately see the savings!

No more mindless shopping – now go out and save those dollar bills!

Post Retirement: 5 Ways to Boost Your Financial Portfolio

Retirement marks the beginning of an exciting new chapter in your life. You are no longer working to satisfy the goals and dreams of your boss. These days, you are looking to ensure that your own goals and dreams are being fulfilled. What are some things that you can do post-retirement to make sure that you have the financial resources to stay in control of your own life?

1) Never Stop Investing

It is a good idea to always be on the lookout for that next great investment opportunity. Whether you want to buy an income property, purchase gold bullion or invest in a business, you should always be looking to put your money where it will continue to grow for you.

2) Get A Part-Time Job

After retirement, you may loathe the thought of going back to work. The good news is that you have the flexibility to choose a job that interests you. Instead of working because you have to, you have the time to work as a bartender, on the golf course or at the body shop because you want to and its a great way to make money while getting out of the house.

3) Meet With A Financial Planner Regularly

Your financial planner is your best friend. He or she will show you how to responsibly manage your money in ways that will allow you to live your life without fear of going broke.

4) Maximize Social Security Benefits

Do you suffer from pain or soreness due to years of physical labor? If so, you may want to meet with Harris Federal, a federal disability attorney to see if you can start collecting social security disability checks without having to sacrifice money in the future.

5) Look For Ways To Reduce Your Tax Burden

Each dollar that you don't send to the government is a dollar that you keep in your bank account. Therefore, it is in your best interest to find ways to lower your tax burden whenever possible. An easy way to do this, if you are under age 70, is to keep your money in your retirement account to avoid paying taxes on accrued interest.

Once you retire, you won't have the large paycheck and health benefits that your employer has provided for you. This means that you have to think of ways to provide for yourself for the next 20 to 30 years.

Five Ways To Save Money and Learn New Skills at Home

Earning and saving money while learning new skills or a new trade can seem impossible at times, especially with the rising cost of traditional education. If you are looking for ways to save money while also expanding your knowledge, there are a few different methods available that can be completed from just about anywhere, including your own home. 

Read Free EBooks

Reading free eBooks online is one way to save money while learning new information or skills. There are libraries of thousands of free eBooks on everything from survival in the wilderness and canning food to understanding the mind and even neuroscience.

Browse Official Publications

Browsing official publications and documents that have been released online is another way to learn new skills without having to invest any money to gain the knowledge you are seeking. Be sure to verify the publications or documents you are reading are truly official and from a reputable source when learning a new trade or skill.

Learn With Videos

Learning with do it yourself, or "DIY" videos is another way to save money and learn new skills at home. Watching videos online is a way to avoid enrolling in paid classes while learning and picking up new subjects entirely free and from the comfort of your own home. When you want to get working around the home, there are plenty of DIY videos to get you started. With Garage Door instructional videos it has never been easier to get actively involved with DIY projects around the house.

Get Creative

Get creative and begin designing or working with photo-editing, programming and even web design. Working from home and saving money is possible by picking up computer-related skills, especially if you consider yourself to be somewhat inclined to technology. Find your passion and choose a niche to focus on.

Join New Start-Ups

If you truly want to immerse yourself in an environment from home that allows you to learn new skills, join new start-up businesses or online groups for entrepreneurs and self-learners. Becoming a member of online communities, message boards and social networks is a great way to pick up new skills without being required to attend traditional classes.

Knowing how to get resourceful at home when you want to learn anything new is a great way to save money while still enhancing your knowledge. When you put various resources to use online while you are learning new material it is much easier to find the experience enjoyable and more memorable long-term.

AUTHOR BIO: Tommy Mello owns Garage Door Nation, a website specializing in wholesale garage parts and providing helpful DIY videos. 

Making Money from Your Home

Chances are you spend much of your life in your house and whilst you’re paying for it through your rent or mortgage, it doesn’t necessarily give you much back. Yes, you’ve got a roof out of your head but you can actually use your home to make money in other ways too. Below are ten top ways you can make cash from your home.

Spare Room Lodger

The government has set up the potentially profitable rent-a-room scheme which gives people with a spare room the chance to earn up to £4,250 a year without taxes. You simply need to find a lodger who you’re comfortable living with and you’re onto a winner.

Event Hot Spot

If you’re lucky enough to live near to a sports or festival venue then your home could net you a mini fortune when a big event takes place. Renting out your home during the Edinburgh or Glastonbury festivals or for a big sporting event such as the Masters Golf Tournament can be highly profitable. Plenty of Londoners made a killing during the Olympics.

Film Set

You could rent out your home to film and TV companies too as a location set. Registering with one of the companies should be easy enough and although demand is usually for large spacious houses, films are still made inside little terraces too!

Photo Shoots

If you have a home which has something a little different about it chances are you can rent it out as a photo shoot set. Photographers are always looking for somewhere unusual to snap their next shot and if you think your home is one of these places there are websites easily locatable where you can sign up.

Become a Host

Rent out your room to a student who’s in England from their home country for the summer or perhaps a school term. It’s a great way of providing a safe environment for a young person and earns you a little cash too.

Swap Houses

This isn’t exactly money maker but it is a way of saving cash. If you organise a house swap you can save cash on your holidays as you visit the home of the person you’ve chosen to swap with. There are opportunities worldwide.

Use your Office

Your home office is usually the least used room and perhaps you should start making use of it. Make money online by completing surveys. You collect points on many sites and when you’ve collected enough you’ll receive a cheque in the post.

Drive Way Cash

Listing your drive or garage online can give you a little extra pocket money to play with. You can rent out your drive when it’s not in use and people tend to earn between £50 and £300 month without having to do anything much at all.

Clutter Away

Sell your old stuff and reorganise your home. Sell your old, unused laptop for cash, rehome all those old books you haven’t looked at for years and enjoy a clean and tidy home without mess and junk everywhere. You can use the cash you make to treat yourself!

Mini Farm

If you have a large garden that you don’t make much use off why not consider turning it into a small holding? You can keep chickens and grow vegetables and then sell on your produce.

5 Tips for Setting yourself up for Retirement

We often hear stories about pensioners who have so little money that they have to eat dog food to survive. Often this is because circumstances have not worked in their favour, and the fact is that in life there are no guarantees. Having said that there are ways that you can do your best to ensure that you have prepared adequately for when you retire. Here are 5 tips for setting yourself up for retirement.

Have a plan

Just going through life without worrying about the future might work for some, but often it can be a case of the squirrel who did not collect enough nuts for the winter. Thinking into the future, and planning ahead is the best way to ensure that you have set in place a plan that will serve you when you retire from work.

Educate yourself about investment

An investment in your future is well worth the money. There are lots of different courses available for people to learn how to best manage their retirement plan so that they can get the most out of life when they retire. The money that you pay now for information about investing will be money that you have invested into your own future.

Live to your means

There is no point in spending a lot of money to keep up with the Jones’s as this is something that will not bear fruit for you in the future. The money that you waste now in buying ‘things’ to give the illusion of wealth will be money that you don’t have later on when you really need it to live. Having a credit card that you use to buy frivolous purchases could end up being a debt that you are still dragging along behind you later in life. If you are good at saving money but have it too accessible then you might find yourself spending it on things that you don’t need, so put it into a term deposit or investment and make it work for you.

Own Your Own Home

Owning your own home is a really important part of having something to show for yourself in your retirement. When you make each monthly payment it builds to your equity automatically which will work for your future. You can arrange to have your final mortgage payment just before you retire so that you know you will not have any debt as you move into this stage of life.

Use Common Sense

When making investments, use common sense, and most importantly seek help. If you receive dodgy emails asking for your bank details, use your common sense and ask if it is kocher. Asking for help with making decisions about your money will ensure that you are always working with the knowledge of experience that others have already gained. This will help you to maximise what you have, and prepare you better for enjoying your retirement. Meredon Consulting have a lot of experience with maximising retirement plans, so give them a call if you have any questions.

Nine Essential Ways to Boost Your Retirement Fund

Do you have enough money to retire when you turn 65? If you want to travel the world, live debt free or buy a beach cottage, you need to plan to save enough money. With these nine tips, you can successfully boost your retirement fund. 

1. Buy Needs, Not Wants

Do you know the difference between a want and a need? If not, you’re probably spending instead of saving a lot of money.
You’ll save thousands of dollars by simply evaluating your needs and wants. Then, before you spend a penny, buy only what you need and rarely what you want.

2. Save Automatically

It’s human nature to say you’ll save and then spend the money instead. Ensure your retirement fund grows when you automatically transfer money to your retirement account every week. You won’t miss that automatic deduction in your checking account, but you will appreciate your growing retirement fund.

3. Build an Emergency Fund

Sometimes, life events like a roof leak or medical bill hit hard. They tempt you to withdraw from your retirement account or stop automatic savings. Instead, build an emergency fund to cover unexpected expenses that aren’t in your household budget and ensure your retirement stays on track. 

4. Decrease Credit Card Debt 

Nothing sucks money out of your pocket like credit card debt. It’s often accompanied by high interest rate and monthly fees. Find a debt repayment calculator online, stop charging and plan to get out of debt quickly.

5. Pay off Your Mortgage

A long-term expense, your mortgage keeps you tied to your day job. Free yourself by repaying your mortgage so that you can retire on time. 

6. Accumulate Experiences, Not Stuff

Buying collectibles, clothes and tools may make you feel good in the moment, but then they’re a hassle to dust around or maintain. They don’t enrich your life, build relationships or fulfill your dreams.

Experiences, however, provide long-term benefits. They are worth every penny, and you’ll relive the time you swam with sharks, taught your grandkids to play chess or rebuilt a car with your dad’s 1950 Ford Mustang Parts. Yes, experiences cost money, but they are worth their weight in gold compared to the value of stuff.

7. Diversify Your Portfolio

Don’t place your retirement egg in one basket. Create a portfolio of investments that includes a mix of high and low risk options, and protect your money. 

8. Organize Your Paperwork

Do you know where your retirement fund statements are located? Find, organize and inspect each one to ensure you understand the charges, changes and growth of your retirement money. 

9. Remember Your Dream

Post your retirement dreams in your checkbook, on your closet door and near your computer. That list keeps you focused on saving rather than spending money.
Don’t simply hope and dream that you’ll have enough money to retire. Implement these nine tips, and retire like you want. 

BIO: Alicia Lawrence is a content coordinator for a tech company and blogs at MarCom Land in her free time.

What Type of Retirement Account is Right for Me?

When starting their careers after school, new members of the “real world” are likely given some options to invest their money. This can be multiple different avenues, and many of them can help prepare for the future. If retirement is on a person's mind, they may want to look at a couple of choices to help strengthen their financial strategy.

We at World Financial Group know that individuals need to think about retirement starting at an early age. This can be a tricky process, but there are many options available to help people achieve their goals. Starting early is important, and it can prevent delays in a person's fiscal plan later on.

Planning for retirement necessary from the get-go

Everyone wants to retire comfortably, but there may be some issues on how a person will accomplish those goals. By setting a strict plan from the time a person is getting into the working world, it can improve the chances of retiring on time.

• Start saving now – There is never a point where it is too early to start putting money away for retirement, and delaying this process can hurt the chances of getting it done. 
• Know what is needed – Having set goals are only as good as the likelihood an individual can reach them. Saving a set amount and working to increase that level gradually may put the person in a better spot later on. 

Not all retirement accounts made equal

Young people need to look at a variety of retirement options, and considering these choices should be a long process. When finding the right type of plan, a person can adjust their strategy to ensure they are in the best position to save a sizable amount of money.

• Roth IRA – One of the best aspects of having a Roth IRA is that all withdrawals of the account are without any tax penalty. There are still some tax contributions, but the money taken out belongs to the person who owns the policy. This policy also allows for withdrawals before a person retires without a penalty, which can be beneficial if the account holder needs the money. 
• 401(k) – This policy allows for an individual to work with their employer in order to build their retirement savings. If account holders put a certain amount of their paychecks toward this account, they may be able to get their employers to match their contributions – thus providing a nice boost to their savings. 

These available options can help a person get the tools they need to retire successfully. However, these may be even better if a person combines them with other diversified savings plans such as a nest egg account and a college fun for any children they may have.