How to Save Money and Plan for Your Financial Future

Living from paycheck to paycheck is a leading cause of stress among much of the population. There are surveys that indicate nearly 50% of Americans would have trouble coming up with the money to pay for a $400 emergency.

This is not a good recipe for financial success. That's why saving money is so important.

Make Saving Automatic

David Bach popularized the concept of the latte factor, which suggests cutting out mindless spending to build wealth over time. While that is perhaps his most famous recommendation, he also encourages people to make their savings automatic. 

Signing up for automatic withdrawals to a savings or investment account is a great way to make sure the money actually gets saved. 

People who wait to save what's leftover at the end of the month generally have no money left over to put toward their long-term goals. Therefore, paying yourself first is a necessary step to start building some savings.

Consider a Credit Union

When most people think of where they might put their savings, a large commercial bank might come to mind. However, credit unions are also a great option. 

Some companies, like Credit Union of Denver, know that these financial institutions run just like a bank. They offer loans at competitive rates, and they also have accounts that allow for savings and investments. 

Sometimes, these accounts come with better interest rates for savers. Members run credit unions, rather than shareholders who may or may not use a commercial bank's services.

Track and Trim Expenses

Many Americans spend mindlessly. Sure, there are bills that you'll have to pay monthly that stay relatively stable. These include things like rent, car payments, and food. 

There are other expenses that are completely unnecessary. Going out to a movie theater every weekend and eating out for lunch every day can get expensive. 

Tracking these expenses and trimming them back a little could put $100 or more back into your budget every single month. Over time, what might not seem like a huge sum of money could grow into a significant nest egg.

Make More Money

There are several options for making more money. The easiest might be simply asking for a raise. It can also pay to do a bit of job-hopping. 

Sometimes, switching employers can lead to some pretty hefty pay increases. Another option is starting a new side hustle that can bring in a few bucks. 

Over time, a side hustle might turn into your primary income, which means that it doesn't hurt to start one.

Putting some money away for emergencies or for the future is key to your financial health. That's why it's important to make savings automatic. 

Taking these tips into consideration can be a great way to increase your financial freedom over time. The earlier you start, the more likely you are to succeed in stashing some cash for your long-term goals.

How Recycling Is Good for Your Wallet

Recycling is important to help conserve the environment, making it a habitable place for generations to come. When recycling, a sense of achievement is often felt, motivating you to do a bit more.

However, with the money involved, getting into recycling is easier than ever. Here are some ways recycling is good for your wallet.

Recycle Scrap Metal

Metal is one of the most popular recyclable materials as it does not degrade with every subsequent recycling. When using metal materials, taking them to a scrap metal yard will make for some extra money. 

Note that different kinds of metal such as steel, iron, brass, copper, and aluminum are different, so the payout will vary. But selling off scrap metal is a great way to make money and help the environment at the same time.

Old Books

In many homes, there is a stockpile of books lying around with no use. The books can be from school or a hobby. A simple way to recycle is to trade your books you don’t need for credit at a used book store. This way you can get new books while extending the lifecycle of your old books.

Collect Cans

Be it soda, beer, or any other beverage, many people consume can after can. While normally these cans would go in the garbage, many people collect them. Once you have a fair bit of cans, you can sell them to a recycling center. Then you can feel better about having so much soda!

Electronics

New technology comes out every day. Old technologies become cheaper and new tech becomes more powerful. Your old computer may be too slow for you, but it could be just right for someone else. 

Consider selling it to someone else. If you can’t find a buyer, you could consider using old hardware for simple tasks, like a back-up box.

Another option is tech recycling companies. Some companies will buy broken-down electronics and then break them down into base elements such as gold, copper, and silicon. 

While there’s not enough gold for you to make a reasonable profit, a dedicated company can make a profit. So consider selling your old equipment to recycling centers.

Recycling is a simple change of mindset. Turning off unused lights will help in decreasing the electricity bills. Recycling cans and tins from food, and trading them in will help get cashback instead of getting the items in landfills. Remember, recycling can be good for more than just the environment.

What to Do if You've Been Scammed Into Paying Someone Through Venmo

Although Venmo was designed to make transferring money between friends simple and convenient, it’s not always so simple. In some situations, scammers pose as friends or family, hoping to steal money from unsuspecting users.

These scams make it even more important to be cautious and aware when using the app. The following are some steps you can take if you’ve been scammed by someone through Venmo:

Block the Scammer

If you’ve been scammed and have sent money through Venmo, first contact your bank immediately. Tell them what happened and see if they can reverse any charges that have already taken place. 

If they can’t reverse those charges, they may be able to help you get an extension on your payment plan so you can work something out with your creditor.

When speaking to a representative from the bank, they may also let you know how many days/weeks/months it might take for a refund from Venmo (if one is available). The last thing you want is for someone else to use that money before it gets returned to you.

Report it as Fraud

If you think you've been scammed, report it as fraud. There are a few things to know about reporting scams on your account: In most cases, you should be able to find options for reporting fraud in your settings. Within minutes of reporting your issue, you should receive an email stating that the app has received your request.

If your account is still active after you report an issue with a transaction as fraud, that likely means a representative from Venmo hasn’t determined that there was any fraudulent activity involved. Keep reporting the fraudulent activity until you get a response.

Tell Your Bank and Request a Chargeback

In many cases, you can request a chargeback through your bank or credit card issuer. A chargeback will remove any money taken from your account and refund it into your bank account. 

This is a hassle, though, so you’ll want to try everything else first. Keep in mind that some chargebacks can take weeks to resolve so keep checking your account until the money is returned. 

As you wait, consider reaching out to an attorney from Heidarpour Law Firm to help you recover your funds after fraud.

Change Your Password or Deactivate Your Account

If you think someone has gained access to your account, you should change your password immediately or deactivate your account. 

Changing your password will ensure that no one can make any additional transactions from your account (or transfer funds) for 14 days. To do so, go back into Settings > Security and select Deactivate Account at the bottom of that page.

Make sure your money is safe when using your Venmo account. Keep this information in mind as you take steps to safeguard your finances in the future.

Figuring Out a Monthly Budget? Car Expenses to Account For

Manage your money well, and you’ll wonder how you ever lived without a budget. Your spending will dictate how much money you have leftover for emergencies, savings, and discretionary fun.

A monthly budget is a great way to help you stay on track and focused on your financial goals. It’s an essential tool for anyone who wants to keep tabs on their money and make smart financial decisions. 

Following a budget will help you stay on track and help you feel accountable for your spending. It’ll also help you avoid making money-eating mistakes and set realistic spending limits. 

This article will go into depth about car expenses to make sure you include them in your monthly budget.

Petrol and Diesel

The average person will spend $2,783 on petrol and diesel each year. This equates to $8.67 per gallon of petrol and $4.39 per liter of diesel. 

However, this doesn’t consider taxes, fees, or additional costs associated with operating a car. If you’re a higher-end driver, you may spend even more. To put this in context, the average car in the U.S. costs $30,000. 

That means, on average, you’re spending about $4,000 more per year on petrol and diesel compared to the price in your own country.

Insurance and Registration

The average person will spend $1,919 on car insurance every month. This equates to $8.62 per gallon of petrol and $3.25 per liter of diesel. What’s more, this exceeds the price of car maintenance by far. 

You could easily pay $1,000 or more for the privilege of driving your car. If you need to take someone to court, their car insurance will likely cost you more than your monthly budget.

Brake, Tire, and Servicing Expenses

These are the majority of the costs associated with maintaining a car. Break these down, and you’ve still got yourself a healthy monthly budget. 

For example: brakes cost $84, tires require $96, tire recommended $40, servicing fees $36, tire replacements $36, brake maintenance $318, etc.

Now that you’ve got a better understanding of how your monthly budget works, it’s time to take action. Make a plan and stick to it. Make small adjustments each month, and you’ll see results. 

There are many ways to go about this. You could look at your monthly expenses as a percentage of your income or look at them as a dollar amount. Whatever way you look at it, you can still make it work.

What Is a Raw Land Loan and What Is It Used For?

Raw land is undeveloped land in its natural state; it's real estate that has no buildings, farm fields, or utilities. Raw land may not even have an access road.

Buying raw land presents the buyer with the possibility to do what they like, as long as it falls within zoning regulations. Raw land has also become popular as an investment. While buying raw land is an attractive option for some people, financing the purchase can sometimes be difficult.

Most Lenders Want Collateral

Since there are no structures or farm fields for the bank to hold as collateral, banks are often reluctant to finance raw land. If the buyer falls behind on their payments, the lender wants to be able to foreclose on a property they can quickly sell.

While raw land is attractive to some people, most people want to develop real estate. Most people do not want to deal with building a road, digging a well, installing a septic tank, and building a home from scratch. 

Also, that home will need an off-grid solar system and maybe even a rainwater harvesting system. Raw land is not something a bank can turn around and sell quickly.

Raw Land Loans

Fortunately, raw land loans are available. Raw land loans are generally obtained by developers who want to build an industrial park or a subdivision. Some companies, like Raw Land Lenders, realize that this is typically why someone wants one of these types of loans. However, it's also possible for individuals to get a raw land loan.

Typically, you’ll need to present a detailed plan of what you want to do with the land, such as build a home, factory, or start a ranch. The terms of the loan can vary depending on how you plan to use the raw land. 

Also, raw land loans typically have very short terms of just two to five years, often ending in a balloon payment. The closer the land is to being developed, the easier it will be to get a loan. 

Also, you may get better interest rates, better terms, and a lower down payment. There are lenders that specialize in raw land loans, and seller financing is also common.

Know Before You Buy

You may assume that buying raw land means that you can do whatever you want with it; that is sometimes true, but most of the time it's not. Before you buy raw land, check with the county for zoning and building codes. It may be zoned for a specific purpose, and there may be a time limit in which to begin building.

Raw land is often very affordable and gives you the chance to start fresh with a piece of property. It can also be a good investment as land prices continue to rise.

Methods for Obtaining Funding for Your Business

As a business owner, you’re probably well aware of the financial challenges you’ll face when it comes time to start growing your business. That said, there are a few options available when it comes to how you can fund your business and make it a success.

Here are some of the most well-known options for obtaining funding for your business, especially if you’re trying to get things off the ground.

Business Loans

Business loans can be the boost you need to get things off the ground, so long as you meet the requirements set forth by the lender. 

For instance, you may be able to obtain a business loan from a bank or other financial institution such as Pop Funding Solutions if you have good credit ratings and enough collateral to secure the funding. 

The interest rate on a business loan is typically higher than what you would find on a personal loan, but it may be worth the extra cost if you need to acquire more business-related equipment or hire new employees.

Bootstrapping

Bootstrapping is a strategy that involves using existing assets, such as cash reserves and receivables, to fund the startup of a business. 

The goal of bootstrapping is to minimize or completely avoid borrowing money. However, this means that you’ll be missing out on the benefits offered by loans, such as lower interest rates and easier access to funding. 

To bootstrap your business, you must have some assets which you can use to generate revenue.

Venture Capital

Venture capital is a type of funding typically provided to startup companies by private investors. Venture capital is often used to help fund the acquisition of new equipment, inventory, or personnel for a business. 

Venture capitalists are also interested in companies poised for rapid growth and expansion. To receive this type of funding, you’ll need to meet certain criteria, such as having excellent credit ratings and strong business history.

Crowdfunding

Crowdfunding is a form of funding usually provided by the public at large. It’s also sometimes referred to as crowd investing. 

Crowdfunding allows individuals and businesses to raise money by soliciting contributions from a large group of people who might be interested in supporting the business or project. Thousands of companies have been funded through crowdfunding platforms like 

Kickstarter and Indiegogo

As you can see, there are many different ways to raise money. It’s important to understand what type of funding you need and how you can find it. 

The best way to find the right funding is to research and see what options are available. You may consider various sources such as family and friends, business partners, investors, or government agencies.