Make & Save - The Importance Of Actionable Personal Finance Habits

Being proactive and observant are one of the most important things when it comes to managing your money and family budget in overall.

Instead of waiting for that pay rise, you can make some money just by reverting some habits that are constantly getting money out of your pocket.

Remember, a penny saved is a penny earned!

Take your time to observe and compare

As every family budget has unavoidable expenses on weekly, monthly or annual basis learn how to cut your expenses by simply comparing the offer on the market.

No matter if we are talking about shopping for groceries on a weekly basis or car maintenance expenses, there are a lot of different suppliers that can quote you with different price for these.

Negotiation skills can always come in handy in these situations as you can drastically lower your cost just by engaging in a bit of a negotiation. Bargaining shouldn’t be something that you should be ashamed to do. In the end, it’s your money on the table.

Lastly, don’t run to the bank to pay your bills. Take your time to carefully review them for possible erroneous charges. Same goes for bank statements. Make sure you are not paying anything that wasn’t agreed upon previously.

Never stop planning and reviewing

Managing family budget can prove a very challenging task and it’s not for everyone. One simple yet golden tip is to always have your expenses planned up front. This way, you’ll know what you are dealing with and how much money will you have left after you have paid for all the bills and fees.

Good strategy here is trying to deviate as little as you can from what’s planned. Also, keep impulse shopping on a minimum and don’t carry large sum of money in your wallet as it can tempt you into spending on stuff you don’t really need.

Finally, don’t ever set a certain strategy and follow it without ever changing it. Things happen and there are always circumstances that you need to take into account, so take your time to review your financial plan and strategy on regular basis.

Fight unnecessary bank fees

This one can prove to be tough. In order to be on the winning side here you really have to be well-informed. Taking a bank loan when interests are tempting can prove to be a good thing after all.

Also, while you’re at it, try not to waste your money on paying interests that are piling up due to passage of time. Think about a debt agreement proposal that could save you chunks of money.

Investing your money is also a good idea when it comes to multiplying it and earning a little something on the side. However, you do need to have certain knowledge of financial instruments before going out and investing in stocks, for example.

Learn to proofread banking contracts and inform yourself thoroughly before engaging in any kind of deal with bank or any other financial institution. Beware of nasty hidden fees and try to keep things simple.

Hellen McAdams is the chief strategist at Marketee.rs. She loves a good digital marketing strategy, and isn’t afraid to ask questions everyday to keep up with the industry’s trends. If you have any comments or questions, shoot her a question at @hellen_mcadams.

5 Simple Accounting Hacks for Small Business Owners

If you are starting a small business, or you are searching for ways to improve the way yours is currently being run, you may want to make some changes to your accounting practices. 

You would be surprised at how much of an impact poor accounting can have on a business, or how much time it can waste to get the different calculations squared away. Here are five simple accounting hacks that should help any small business owner.

1. Have Two Bank Accounts

One of the biggest mistakes that many entrepreneurs and small business owners make is when they decide to use their personal account for business purposes. Not only do the lines of spending become blurred, but it is much harder to keep detailed records when you are using one account for two different purposes. 

In those cases, you could hire expert Brighton & Hove accountants to sort out the accounts and how you would have to file your business taxes.

2. Keep Accurate and Detailed Records

You may wonder how some small businesses seem to struggle a lot more come tax season. The reason is because they have not kept accurate or detailed records. When you are running a business, every single transaction should be logged. 

Whether you are keeping paper records, or you are entering everything into a computer file, you must be detailed and accurate with this work. The more records you have, the easier it will be for you to fill out your tax forms accurately.

3. Determine Your Tax Exemptions and Learn the Deadlines

One of the perks of running a small business is the tax incentives and exemptions that you may qualify for. But if you are not aware of these specifics, you may end up filling your forms out incorrectly. 

And while the IRS does take a lenient tone with those who mistakenly file their taxes incorrectly, it is still not a good idea to anger the tax man. Similarly, you will want to keep a handle on all the relevant tax deadlines throughout the year. 

The more you are aware of these deadlines, the easier you will find it to get everything filled out and squared away.

4. Schedule Profit and Loss Statements

The best way to know how your business is performing is through a profit and loss statement. However, you do not want to have these statements created in a haphazard way. 

Figure out a period that will work for you – whether it is weekly, bi-weekly, monthly, quarterly or annually – and stick to it. You can always have statements created for different periods. 

For instance, setting up monthly, quarterly and annual statements is a good idea. That way you can compare your progress from one month to another, but also to previous quarters and years.

5. Calculate Margins

What is your margin? It is the revenue subtracted from business expenses, which is divided by revenue. This percentage tells you what margin you are making on a product, activity or service. Understanding your margin is key if you want your business to succeed.

Ponzi Schemes VS Pyramid Schemes How Do They Work?

Pyramid schemes and Ponzi schemes share many of the same traits where unwary people are tricked by unethical financiers who guarantee amazing returns. Nevertheless, in contrast to a normal investment, these kinds of systems can supply steady "earnings" just as long as the amount of investors continues to rise. 

Ponzi and pyramid schemes are self sustaining provided that money outflows can be matched by money inflows. The fundamental distinction emerges in the kind of items that schemers deliver their customers and the structure of the two schemes.

Learn more by checking out this infographic courtesy of www.EasyLifeCover.ie

Nurture Your Nest Egg: 4 Investment Ideas to Prepare For Retirement

Securing a comfortable retirement does not happen by accident. Rather, it’s the final result of a thoughtful strategy of saving and investing that continues over many years. 

Always remember that saving for retirement generally occurs over a timeframe that allows your savings and investments to grow. If you start with these 4 tips today, you will have a significant start on ensuring you will have sufficient funds to enjoy your retirement years to the utmost.

1 – Automatically Deposit Savings Every Month

A good way to save for retirement is to set up an automatic savings program that will take money from your checking account every month and put it into a savings account. Most banks offer this type of program for their customers. 

In addition, mutual fund companies also offer automatic monthly purchases so you can use dollar cost averaging to increase your mutual fund investment throughout the year.

2 – Maximize Your 401k

If your employer offers a 401k plan for retirement, join it and maximize the amount of money you can contribute to it during the year. 

If the employer will match your contribution at a certain percentage, try to contribute as much as you can to take advantage of this extra money. Carefully choose your investment vehicle, avoiding those with high management fees. 

Index funds are generally a good value for most people. If you get a raise, put all or most of it in your 401k to prepare for your retirement years.

3 – Purchase Rental Property

Thoughtful real estate investments can also be a good way to create an income stream for your retirement years. A rental property can provide a steady income that will supplement other retirement funds. 

However, choosing real estate for rental income requires considerable research and collection of information. A real estate professional, like those at The Alan Smith Team - RE/MAX Professionals, can provide the in-depth data you need to make an informed decision on your purchase.

4 - Join A Direct Purchase Stock Reinvestment Plan

If you don’t have enough money to buy a bundle of stocks on the stock market, you can still purchase small amounts of stock in prominent companies that are likely to increase in value over time. 

If you purchase stocks regularly throughout the year, you will be employing dollar-cost averaging to help increase your investment. You can purchase stock from well-known companies, such as Microsoft, General Electric, Lockheed Martin and many other industries.

It’s never too late to save for your retirement. If you haven’t yet developed a strategy, start today. Experts recommend a mix of savings, real estate holdings and long-term investments like stocks and bonds. 

If you follow these 4 tips, you will see how quickly your retirement nest egg grows.