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.

What is an Installment Loan and How Exactly Do They Work?

When you need to make a large purchase, such as a house or a car, you often take out an installment loan to do it. Student loans also are installment loans, as are personal loans. Here is a rundown of what an installment loan is and how it works.

Specific Amount

One of the hallmarks of an installment loan is that you borrow a specific amount one time. This can be $200,000 for a house, $20,000 for a car or $2,000 for personal use. 

Installment loan amounts can vary greatly, but they all have one thing in common: Once you have agreed on an amount and signed the papers with your lender, the amount is set, and the only way to change it is to take out a new loan.

Set Payment Schedule

Perhaps the thing that defines installment loans more than any other factor is the set payment schedule. With an installment loan, you pay a set amount each month for a predetermined amount of time. 

If you have a mortgage, your term is often 15 or 30 years. With a car loan, it might be five years. Personal loans may be only one or two years. 

Secured VS Unsecured

Installment loans can be either secured or unsecured. A secured loan is a loan in which the asset for which the loan was issued acts as collateral, meaning it can be foreclosed on and repossessed if you don't make the payments. 

Home and car loans are examples of secured installment loans. An unsecured loan is a loan with no collateral backing it, meaning the only recourse the lender has for nonpayment of the loan is to sue the borrower. 

Some companies, like Las Vegas Finance, know that personal loans and student loans are examples of unsecured installment loans.

Amortization

Most installment loans are amortized, meaning that while you make the same payment every month, the portion of the payment going to principal and interest changes. 

With most installment loans, most of your early payments go toward paying the interest on the loan and very little goes toward the principal. In the latter stages of the loan, that ratio flips. 

If your installment loan allows you to make extra payments or pay off the loan in full early, you can save money on interest costs by doing so.

It's likely you will take out an installment loan at some point in your life. Knowing what they are and how they work will help you make better decisions regarding the loans.

How to Avoid Being Ripped Off When Buying Emeralds

The gemstone market is a challenge to navigate for those who don’t know what to look for and what to consider when searching out a quality stone. 

That is one reason that learning about emeralds and the various factors that increase or decrease value is important before you start looking at stones and discussing price with a merchant.

Emeralds are a beautiful stone and can be worth the price, but for those who don’t know about potential factors like treatments or color value it is far too easy to spend too much on a stone that is not worth that price tag. 

Below are details on the factors that weigh into the purchase of a valuable emerald and avoiding overpayment due to inexperience with the market. 

Consider the Color

The darker the color, the better quality the stone. This is important in the search for emeralds, as people tend to look at other qualities when this quality is a big determination in quality and a correlating factor in the cost of the stone. 




Looking at a stone can give you an idea, but keep in mind that dying stones is common. It is important to know the signs of dying an emerald to avoid paying too much for a treated or an imitation stone.

Look Into Whether They Have Been Treated

Emeralds are not readily available in the market, at least in comparison to other gems. This is a big reason when gems with a lesser value are treated. They can be dyed or fractured to give them the appearance of a more valuable gem. 

However, the treatment actually makes the gems less valuable. When searching for an emerald, it is important to ask about treatments and look for signs so you aren’t paying higher prices for gems that have been treated and are not worth that price tag.

Consider Imitation if Cost is an Issue

Imitation emeralds can look great, and they can be a worthwhile investment if the market is currently running too high for your budget. The important thing is to know that they are imitation and not be expecting a natural stone for that price. 

Learn the Grading System

The best gemstones are in the AAA bracket. This typically covers 10% of the gemstones. These stones have a high brilliance and a deep, rich color. They also are moderately to slightly included.

Meanwhile, the next level down is AA, which is roughly 20-30% of the stones on the market. They are medium green and moderately included, usually with a mid-level brilliance.

The largest portion of available emeralds on the market fall into the A bracket. These gems are considered good, are a dark green and are opaque. They are moderately included and usually are available through mall jewelers.

In order to avoid being ripped off when buying emeralds, it is important to know the market and have your expectations in order when you are hunting for the right gem. Knowledge is a helpful asset to have in any search, and the search of the emerald market is no exception.