How to Save Money on Your Next Home Remodel

When your home is no longer purely functional for your needs or when it has taken on an outdated look, a major renovation project may be in order. A renovation can transform your existing space to one that is more suitable for your needs and more accommodating to your personal sense of style. However, such an extensive project can cost a small fortune, and you may be wondering what steps you can take to save money on your upcoming remodeling project. There are a few ideas that you can consider as you prepare to remodel your home.

Choose an Experienced Contractor

Unless you know how to do most of your home renovation projects yourself, you will want to hire a professional contractor to come out and do them for you. This way you don’t make any mistakes and have to pay out more money to the general contractor to fix them. Some homeowners believe that using a contractor adds unnecessary expenses to their renovation project, but in reality, the right contractor can help you to save money while also giving you the finished results you are dreaming about. A contractor may have great working relationships with quality vendors, and these may be vendors who are known for hard work and excellent results. This can save you a small fortune on labor throughout the project. Keep in mind that it is important that you hire the right contractor. The last thing you want to do is hire another contractor to come out and fix the problems the first one may have caused.

One Project at a Tine

One of the other things that you can do is take on one project at a time. This way you are only spending money for that particular project which should allow you to save up more money for the other renovations that you would like to make. It also allows you to better maintain a budget for your home remodel.

Consider Alternative Materials

While labor costs can be expensive with a remodeling project, the same holds true for the cost of materials. There are numerous alternative materials that may be used to create a similar effect from a stylistic standpoint without the cost. For example, concrete flooring can be stained and scored to look like other materials, but it may be a fraction of the cost. Other materials like granite and marble will easily be more expensive. You can find other materials that look just as good that cost less. With that said, you may consider alternative materials to save money.

Look for Creative Design Alternatives

According to Alair Homes who specialize in major renovations in Courtenay, the design or scope of your project may also be inflating your costs unnecessarily. In some cases, it may be necessary to tear down walls, remove or add windows, move electrical fixtures or plumbing fixtures or make other significant changes to the home. However, these can all inflate the cost of a project, and it may not be necessary to do so. With creative design alternatives, you may be able to achieve similar or even better results without adding to your expenses.

A renovation project can help you to improve your home to your satisfaction, but a big project can also empty your bank account. When you are focused on saving money with your renovation project, consider how some of these ideas may be implemented effectively with your plans. Then, incorporate the ideas into your initial efforts to ensure that you move forward on a path that saves you money and that helps you to achieve the end result that you want.

Will You Be My Co-Pilot? 5 Important Things to Know Before Co-Signing on a Loan

When a loan applicant lacks the sufficient financial backing and creditworthiness to qualify for a loan on their own, a bank or lending institution may recommend that they find a strong co-borrower to back their loan. This may commonly occur if an individual has an insufficient credit history, poor credit or lack of assets or income to qualify fully. A relative or close friend may have recently asked you to be a co-signer on a loan that they are having difficulty being approved for on their own. While you may be inclined to sign on the loan simply to help someone you care about out, it is important to understand how this will impact your life and finances. Consider the following before agreeing to co-sign on a loan: 

Responsibility for the Debt

When you co-sign on the loan, it is important to note that you are equally responsible for the debt as the primary borrower. This means that if the primary borrower is not able to make the payments as agreed, due to job loss or another issue, you will be responsible for the debt. You essentially will be taking on this debt just as if you are the primary borrower or applicant on the loan request.

The Impact on Your Credit Scores

According to the professionals at Power Finance Texas in Houston who specialize in payday loans, any loan that you co-sign on likely will show up on your credit report and will impact your credit scores. Factors related to new credit inquiries, unseasoned accounts, the amount of debt owed to creditors and even late payments for this account all have the ability to negatively influence your credit scores.

Consider Why the Person Did Not Qualify on Their Own

Because you will be financially responsible for the debt and because it can impact your finances and credit scores, it is important to have a full understanding about why the person did not qualify for the loan on their own. If the person did not qualify, the bank essentially is stating that the person lacks the creditworthiness to qualify on their own, and this may be a warning to you. For example, if the individual has a history of being irresponsible with finances, you may think again about co-signing. On the other hand, if the person has been responsible but simply fell on hard times, due to job loss or illness for example, you may be more inclined to help out.

Your Ability to Qualify for Financing in the Future

Even if you want to help out a friend or family member, it is important that you think about your own finances and goals. Your credit scores and debt-to-income ratio will be impacted by the debt that you take on. In some cases, this additional debt may make it harder for you to qualify for a loan in the near future. If you have plans to apply for a car loan, a home mortgage or another type of loan, you may think carefully about how this new debt will impact your plans.

Being Targeted by Debt Collectors

In the event the primary borrower defaults on the loan, keep in mind that debt collectors may target both you and the primary borrower. This means that you may receive collections calls and letters until the loan is returned to good standing or paid off. Furthermore, collections on this account may impact your credit rating.

There are instances when co-signing on a loan is the right thing to do. You may feel comfortable with the risks and financial impact to you with co-signing, and it may not impact your future goals and plans. However, it is important that you fully understand the impact of co-signing and to ensure that the risk to you and your plans is minimal before you take on this additional financial responsibility.

How To Stay Financially Stable When Dealing With Unexpected And Serious Injuries

Besides the physical and mental effects of sudden injuries, people often deal with financial difficulties as well. This is often unexpected, and many aren't prepared for the bills that may come from medical needs. Thankfully, strategies exist to keep you financially afloat during your recovery process. If you’re dealing with this type of financial stress, consider adhering to the following six principles. 

Prepare a Budget

When dealing with the financial insecurity of sudden injuries, you need to prepare a budget. This task is especially important if you don’t normally keep up with your inflows and outflows of cash. You can prepare a basic budget by utilizing a spreadsheet. Simply list all of your revenue sources and all of your monthly expenses. You will quickly determine how much disposable income you have to carry you through this month. It's important to stick to this budget, and make changes as needed. If you set an unrealistic budget, it won't be doing much good, and it can be very discouraging. 

Clip Coupons

Coupons aren’t found exclusively in the Sunday newspaper anymore. While you can still save money by collecting coupons this way, you should also take advantage of downloadable internet ones as well. With a little searching, you might be able to save a healthy amount of money each month this way. You don’t even have to print coupons out anymore. Many manufactures allow you to download savings to your cellphone nowadays.

Enjoy Early Entertainment

If you’re financially strapped during a period of convalescence, you can save money by dining out early. Many local eateries offer discounted prices to patrons who eat lunch or early dinners. Check your favorite restaurants’ social media sites for opportunities. Dinner and a movie could be done earlier to save money. You may be able to save even more by avoiding going out on weekends. 

Consult with a Personal Injury Lawyer

If you were injured due to someone else’s neglect, you should consider consulting with a personal injury lawyer. This professional can help you recover any money you were forced to spend on medical expenses. A lawyer can also help you reach a settlement with the party at fault, say the experts at Bronson Jones & Co. If a settlement can’t be agreed upon, your attorney can represent you during trial proceedings. 

Search for a Telecommuting Job

If an accident has left you unable to work away from home at this time, consider searching for a telecommuting job. You might be amazed at the variety of telecommuting jobs available these days. For instance, employers are constantly looking for telemarketers, clerical assistants, accountants, writers, and teachers to fill vacant telecommuting positions. It's also important to talk to your current employer first. Often times, arrangements can be made so you can work at home and continue doing your job. 

Delay Unnecessary Expenditures

One of the best ways to stay financially afloat during a crisis is to delay unnecessary expenditures. This decision may mean putting off buying that new car for a couple of more years. Or, you might wish to rethink purchasing a pool table until your finances pick up. This goes hand-in-hand with your budget, and one of the most important things you can do for your wallet.

Suffering sudden severe injuries can be physically, mentally and financially draining. However, by being proactive, many people are able to stay financially secure during these difficult times. By following the aforementioned six tenets, you will hopefully survive this storm with your bank account intact. This will take a way a lot of financial stress that can take over your life if you let it. With a little help and planning, being financially secure even with unexpected expenses becomes possible. 

How to Save Money on Your Business Start-up

Small business owners know better than anyone that it will almost always take money to make money as expenses quickly begin to accumulate. Those that have recently set out to develop their own business start-up may just now be realizing how much capital these ventures require, but there is help out there. Anyone looking to make save money without cutting the wrong corners needs to keep these actionable tips in mind.

Save and Spend Your Money Wisely

When you are first starting a business, it can be very hard to bring any kind of revenue. This is to be expected when you first start a business as you are trying to create a customer base. Therefore you want to be careful how you spend and save your money. You don’t want to spend your money on unnecessary things as this is how many new businesses go under so quickly. They spend too much and bring in too little revenue. However, you do have to spend some money and you have to take some calculated risks. Therefore you don’t want to just horde all of your money either. If you can make smart investments with the money you make in the early stages of starting your business that will bring in more customers or clients, then you want to spend that money. If it is necessary, you may want to take out a business loan of look for investors willing to put money in your company in the beginning which will hopefully allow your business to grow.

Focus on Free or Affordable Advertising

It will often take a little more time from the owner or their employees, but small businesses will mostly likely need to forgo paid advertising in the beginning. Instead of going with radio, TV, or local newspaper spots, it is more efficient to begin building a powerful online presence with social media companies. Attaching social media accounts to the company's primary website will have the added benefit of making it more visible to search engine users. 

A Virtual Assistant

Virtual assistants are now highly-trained and can be found for businesses of any size. Some of the top virtual assistant companies now provide small business owners with tiered and industry-specific training for four weeks or longer. They will also do all of the legwork for hiring a new employees such as carrying out a background check, drug tests, the interview process, and even supplying the new virtual assistant with health insurance and other benefits. 

Streamline Your Payment Services

Figuring out how payment services are going to work is often one of the most confusing steps for new merchants and business owners. This is why it is important to figure out simple and streamlined solutions early on with options such as a mobile point-of-sale device. In addition to handheld devices, owners could also opt for programs such as auto-deposits for payroll or the use of smartphones to accept physical checks to cut back on CPA or banking expenses. Owners could also apply for an ACH Merchant Account.

Buy Secondhand Office Supplies

Unless the product is absolutely essential or going to be seen by clientele, no one should ever think twice about purchasing secondhand supplies for their start-up. Going out and purchasing new purpose-built machines or expensive software is impractical for most. By searching online or going through bidding sites, small business owners can find high quality office furniture, electronics, software, and anything else they will need at a fraction of the price.

Money is going to be tight for almost every new start-up, and this is why cutting back on expenses should be on the business owner's mind at all times during those first few months and years.