Ways to Make Sure Your Finances Are Organized As You Age

As you age, you need to ensure you are protecting yourself from financial errors. A great way to do this is to ensure you are taking care of your finances at a younger age. Many financial scams focus on reaching out to older people, which makes it extra important to keep your finances in check.

Follow these steps to remain organized financially:

Keep Your Estate Planning Documents Updated

It is important to make sure you have all of your estate documents organized and updated as you start getting older. You will want to ensure your will, power of attorney, health care directives, living trust, and even funeral home preferences are all up to date. This will ensure your business continues once you’ve passed on.

Organize Papers and Make Sure Someone Knows Where They Are

Make sure your important documents, passwords, and lists of assets are in a secure location. These important papers should be kept in a waterproof box or safe within the home. Make sure the children, spouse, or confidante know where these papers are located if you become incapacitated.

Keep Your Accounts Simple

When you consolidate your bank accounts and brokerage, you will have less to manage. Keeping fewer accounts makes it easier to stay organized and will give you less to manage.

Have an Emergency Fund

It is important to have an emergency fund because there are big expenses that can pop up without any warning. Expensive home repairs, emergency health issues, or other emergencies can cause a lot of stress if you do not have an emergency fund. Having an emergency fund is a top priority at any age, but it is especially important during your golden years. 

There is more you could lose if a big bill came along that you struggled to take care of. There should be enough to cover at least six months of living expenses, but having a financial cushion that can provide a year’s worth of living expenses is ideal.

Life Insurance

Most will already have health insurance for the family, but it is important to have life insurance as well. Life insurance creates a death benefit for the beneficiaries that can take care of education, household expenses, mortgage, and funeral expenses.

Disability Insurance

Disability insurance will give you a little wiggle room if there is an event that causes injury or illness. Most companies have a policy that will provide disability, but it is important to increase your coverage or get your own disability insurance if you’re self employed.

With age, your finances may become more complicated. Make sure you are always organized and prepared by following the above tips.

5 Tips for Buying a Home on a Budget

Buying a home is a way to make a change in your life, increase the space you and your family have, and even bring a vision of a life you have for yourself to fruition. If you are currently in the process of buying a home or if you are entering the market to seek out homes for sale, there are a few tips to keep in mind to help make the process as smooth as possible.

Financial Clarity Matters

Before you begin house-hunting it is important to have a clear understanding of the budget you are working with as well as the loan amount you are qualified for if you intend to take out a mortgage. Consider visiting a home financing center to determine the line of credit you qualify for as well as various loan options you have available to your name. 

Once you have a set budget, you can then begin the process of elimination when comparing homes that are available near you without feeling paralyzed by the overwhelming number of properties that are for sale.

Taking Inventory of Household Needs

Because purchasing a new home is often one of the biggest financial decisions many make in life, taking inventory of your household’s own needs can ensure you choose the home that is truly right for you. If you are in need of space to work, play, or focus, compare home blueprints and layout plans to find a style that works for you. 



If central heating and cooling matters, be sure to inform your real estate agent prior to scheduling home tours to help with saving time. Taking inventory of your family or household’s needs will come in handy when you are buying a new home on a budget.

Familiarizing Yourself with Different Home Styles

Research home styles as well as various layouts that are most suitable for your and your family’s needs. Not all home layouts and styles are the same, and not all home styles are right for various lifestyles. Some of the most common home styles today include Colonial/Dutch, Colonial, Craftsman, Cape Cod, Mid-Century Modern, Victorian, Tudor, Mediterranean, Ranch, and Contemporary.

When you are familiar with common home styles, you can provide your realtor with even more detail to assist them as they search for a home that is perfect for your wants and needs.

Locations and Neighborhoods Will Differ from One Another

Property valuations and costs will vary from each neighborhood and city. Compare locations, neighborhoods, surrounding destinations, schools, as well as crime rates to find a location that is optimal for you and also one that works with your budget. 

If you do not have children, schools and local parks may not be as important to you, but nightlife, public transportation options, and restaurants or bars may.

Set Your Limit

If you intend to bid on a home, be sure to set a hard limit in place. Avoid going over any limit you set for yourself to stick to your household’s budget. If you are unsure of what type of limits you should set for yourself once you have been approved for a loan, consider working with a financial adviser before finalizing your decision.

Regardless of the budget, you have to work with, shopping for a new home does not have to feel constricting or difficult with proper research and an understanding of your needs. With enough effort and the ability to stick to your budget, move into a home that is just right for you and your loved ones.

4 Tips to Help Beginner Real Estate Investors Understand Their Business Finances

Investing in real estate can be incredibly lucrative, but it is important to realize that there are potential pitfalls around every corner. That is why new real estate investors must come up with a solid financial plan that minimizes their risks while maximizing their profits.

Set Up an LLC

Well before you invest in your first piece of property, you should set up an LLC. That type of business filing is going to limit your risks if any serious financial issues occur with your investments. 

While filing as a sole proprietorship might work as well, your personal assets could be at risk if you must file for bankruptcy or any lawsuits are directed at your company. Luckily, filing an LLC is a relatively quick process that should only take a few days to complete.

Acquire the Proper Insurance

Even though an LLC will help you protect your personal assets, you might still face some major legal or financial issues as a real estate investor. A comprehensive insurance policy is going to be your first line of defense against a wide variety of covered risks. 

That could include situations such as a tenant filing a claim against you or an individual getting injured on one of your properties.

Work With a Tax Attorney

Your taxes are quickly going to eat into your profits if you aren’t careful, and that is why many experts suggest hiring a real estate tax attorney. One of those legal professionals will be able to help you reduce your taxes so that you get to keep more of your profits. 



As your business continues to expand, they can also ensure that you don’t run into any major issues with the IRS. Hiring a tax attorney might seem like a major investment, but their help is going to be invaluable in the coming years.

Consider Working With a Property Manager

If you are only managing a few properties, then you might be able to handle all of the daily tasks and projects on your own. That being said, you might want to work with a property manager or a property management company once you have more than three or four properties to deal with. 

That type of assistance is going to be invaluable, and an experienced property manager will allow you to focus on expanding your business instead of dealing with time-consuming daily tasks.

In addition to these few tips and tricks, you must also make sure that you have a plan for pulling out of your investments if they don’t work out. An exit strategy will allow you to get back on your feet if you run into any unexpected financial or legal problems in the coming years.

What is the 52-week Savings Challenge?

You’ve probably heard about the big craze at the end of last year – the 52-week savings challenge.

After it being all over your favourite social media such as Facebook, Twitter and Instagram, you might be thinking you’re a few months behind. But the good news is, it’s never too late to start the challenge. And by this time next year, you could have saved yourself a small fortune.

So, what is the 52-week savings challenge? Here’s everything you need to know.

The 52-week savings challenge is actually a super simple concept. All you have to do is put a small amount into a separate savings account every week and gradually increase this amount each week.

To start with, pick a day of the week that works best for you and do your very best to stick to it. Most people will likely choose a Monday as it’s the start of the week and just after the weekend. However, if for example, you get paid weekly and it’s on a Thursday, then perhaps that day could be ideal for you.

Secondly, you should set up a separate savings account specifically for this challenge. This will allow you to track the progress of the challenge much easier and can be a great motivator to stick to your weekly amounts.




Then it’s up to you to begin the challenge and stick to it for a year! Most people start with a £1 and increase the amount by an additional £1 every week. For example, for week 1 you should put away £1. Then week 2 will be £2. Week 3 is £3, and so on. Then when it comes to the same time next year, you’ll be putting away up to £52 per week and, providing you’ve stuck to this amount for the entire year, will end up with £1,378 in your account which can be a great amount to kickstart your longer-term savings plan.

When the year is up, you can decide what to do with the extra money you’ve managed to save. Whether it’s buying yourself a little treat for your commitment, keeping it as a backup for life’s emergencies, or maybe even using it as the basis for further saving (such as a for a deposit for a property) there are many possibilities.

Of course, you should always set a target that you know you can afford. So if this means increasing by 50p instead of £1 each week, or maybe having to skip a week to cover a vital expense, then you should always do so. Likewise, if you’re in a stronger financial position than expected, then perhaps consider putting a little more in your savings pot if you’d like – after all, you can never have too much in savings, right?

Having savings in place is the ideal way to be able to overcome those unexpected expenses. If however, that rainy day has come a bit too soon, then a credit option such as payday loans could be an option for you as long as you can afford future repayments.

4 Home Window Repairs You Don't Need to Pay a Contractor For

Without windows, your home would be a dark and lonely building. Having windows in your home, though, can present some unique challenges when your windows have problems of one type or another. Although repairing a window yourself can seem daunting, the truth is that most window repairs are fairly easy to do on your own.

Broken Glass

Although caution should be used, broken glass is a problem that you can fix yourself. Depending on the type of windows that are installed in your home, disassembling the window to remove the broken pane of glass is fairly straightforward. 

By using a sharp knife to cut through the adhesive, you can have the old glass out and the new glass installed in no time. Just be sure to ask for some help to ensure you don't drop the new pane of glass.

Inadequate Sun Protection

If you find that your windows allow in too much sunlight, the good news is that you have plenty of do-it-yourself options to correct this problem. One option for reducing sunlight intrusion is window tinting. 

Since the tinting comes in pre-cut sections, all you have to do is smooth it over your window. Of course, you can also opt to install ziptrak awnings to provide extra shade and prevent the sun from invading your home.

Leaky Seals

One of the most common entry points for unconditioned outside air is through the seals around windows and doors. Fortunately, repairing the seals around your windows is an easy fix. 

All you have to do is remove the old, cracked caulk surrounding the windows on the inside and outside. Once the area is clean, apply new caulk, smooth it out, then allow it to dry. Before you know it, you'll have an airtight seal that can help to lower your energy costs.

Trouble Raising and Lowering

Opening your windows on a nice day is a great way to keep your home smelling fresh. Unfortunately, different problems with windows can make them difficult to raise and lower. In many cases, though, this problem can be fixed by simply lubricating the various moving points in the window until they begin to slide as easily as they're supposed to. 

In other cases, you may need to work with the counterweight to ensure it's properly attached to the sash. Ultimately, though, these repairs are simple and can help restore the proper operation of your window.

Performing your own window repairs can be a great way to avoid the costs of contractors and avoid having to buy new windows. While performing window repairs, though, it's important to keep safety at the forefront. 

Windows are quite heavy, and if one of them falls on you without being slowed down, it can cause a serious injury. Therefore, work smart, making sure to support the window when you're working on its components. Then, when you're done, you can sit back and appreciate your handiwork.

Financial Organization Skills You Should Know After Retirement

When it comes to your financial well-being, there is a lot that goes into it. Over the years, you'll be sure to develop more and more knowledge on how to properly take care of yourself in a financial sense. When it comes to the organization of your financial well-being, here are some of the things you should know after you retire.

Budgeting

The basis of all your financial organization skills should be budgeting. This is recording how much income you have coming in each month and what you'll be spending it on. Your budget should include things like rent or mortgage, insurance, groceries, and so forth. 

When you have budgeting skills, you can ensure that you make your payments on time and you don't go into unnecessary debt.

Bill Payment Calendar

Apart from building a good credit score and being able to sleep at night, making your payments on time can help you to avoid costly overdraft fees. Some credit card companies may even increase your interest rate if you don't pay your bill on time. Having a calendar system to ensure that you pay your bills on time is a necessity. 

Some retirees may find it easier to set up automatic payments for things like their mortgage and car insurance so they don't have to worry about paying for them manually each month.

Determining Asset Delegation

As you get older, you're more pushed into thinking about what will happen to all of your assets in the event that you die. Apart from getting insurance to help cover the costs associated with your funeral expenses, it's vital that you get your estate planning figured out. 



While most states will allow you to create wills yourself, it's highly advisable to seek out professional legal help. This way, you can ensure that your estate is delegated the way you intended it to be.

Financial Literacy

There are many financial terms out there that we have all heard of. But, how many of them do you actually understand and can utilize in your financial planning strategy for the future? 

It's a good idea to take some time to learn in-depth about things like annual percentage rates, CDs, mutual funds, trust funds, and so forth. This way, you can properly plan out your financial future using mediums that make sense to you.

Just because you're retiring from your day job doesn't mean that you have to stop learning. In fact, the years after retirement give you a great opportunity to capitalize on the wealth you've created. To get started, you should hone in your skills on the topics of the financial organization listed out above.