5 Essential Finance Tips Every Small Business Should Follow

Most startups and small businesses are looking for ways to manage their finances more effectively. Success in the early stages takes both operating capital and controlling costs to allow profitability. 

This can seem like a delicate juggling act, but there are some financial strategies that small business owners can use to support growth.

Think Lean

Lean practices consist of limiting your spending and reducing waste of all kinds. Don’t indulge yourself with a big, fancy office if the money is better spent elsewhere. Look for lower-cost alternatives in everything, such as office furniture, electronics, equipment, supply chains, and so on. 

Don’t spend based on anticipated growth that isn’t guaranteed. And always, in every aspect of your business, look for ways to eliminate wasted time, effort, and materials.

Use Capital

While it’s a good idea to save up as much operating capital as possible, don’t be afraid to spend it on good opportunities, including building your credit. Work on building it by borrowing and using some capital to cover interest payments. 



If you have enough credit, acquisition of other startups can be a fast path to growth. Outside investments, such as real estate or bonds, may support positive cash flow over time.

Realistic Budgets

You have to balance your budget so that you’re left with useable net income every month, not just covering the bills. Identify a suitable gross profit margin for your industry and try to stick to it. 

Your budget should include normal business expenses, current payroll, utilities, and certain amounts to be set aside for marketing, emergency funds, and business investment. The budget has to be adjusted constantly to allow for a changing business environment.

Delay Hiring Help

Payroll is often one of the highest expenses for any company. For every new employee, you have to think about things like raises, benefits, workman’s comp insurance, and other issues. Hiring additional help should be the last resort. 

Instead, it might be cheaper over the long run to look at alternatives such as additional training, reorganization, better tools and technologies, or establishing a company culture of collaboration and mutual support.

Aggregate Spend

This is a process for the healthcare industry used to aggregate and monitor spending by manufacturers on individual doctors or caregiver associations to avoid inappropriate influencing. 

This includes products from related industries like pharmaceutical and biotech companies. You might face a penalty of $10,000 per violation. Providing gifts, bonuses, and other benefits must be transparent through mandatory documentation and reporting. 

This can be streamlined with tools designed to simplify aggregate spend compliance, such as those like Porzio AggregateSpendID®.

Managing finances takes a system of tracking and controls, as well as discipline. You should develop a smart financial plan and stick to it, while making adjustments as needed.

Managing Your Healthcare Costs During Retirement

For many Americans, especially those suffering from chronic illness, healthcare ends up being the most expensive part of your budget. For retirees, or those who are looking to retire soon, there is a lot of anxiety over unexpected health issues that could bring a large financial burden with them. 

It is worth your time to manage your healthcare budget carefully, so you know what to expect, and are prepared when sudden or unexpected costs arise.

Medicare

Let’s talk about Medicare first. The biggest misconception people have with Medicare, is that once you qualify for it, your healthcare costs disappear. It is certainly portrayed that way in the Media at times, but in fact Medicare does not cover everything. 

The average couple will still end up paying over $200,000 in health care costs from the age of 65 on, including the Medicare premiums. What Medicare is good for is covering the basics. It is similar to buying an economy class seat on an airplane. 

You will get where you need to go, but the first-class lounge seems a lot comfier. Things Medicare will not cover include routine dental work, cataract surgery, newer drug treatments, state-of-the-art medical care, or more personalized medical care. 

The cost for specialized drugs can be expensive as well, even with Medicare covering most of the tab. Many cancer drugs, and other drugs necessary for multiple-sclerosis can reach into the tens of thousands of dollars.

You can still choose to keep a private insurance along with your Medicare, to help mitigate some of the costs, but there is simply no denying that healthcare is expensive. Even a couple who has Medicare and private insurance can expect to pay upwards of $20,000 a year from the age of 65 on.

How Do You Pay for It?

One way to prepare for the costs of healthcare after retirement is to open a health savings account or HSA. HSAs are a great way to save money that will be used for medical expenses thanks to a triple-tax free feature. 

As long as the money is used for medical expenses, a person who owns a HSA can add money to his account tax free, grow the money tax free, and withdraw the money tax free. 

There are yearly maxes you can contribute to the account – $3,400 for a single person, $6,750 for a family, and those 55 and older can add an extra $1000 per year. The sooner you start one the better, as the money can grow tax free. 

They are ideal ways to confront sudden and unexpected medical expenses, such as a loved one getting injured in a car wreck, or a new illness. The caveat with HSAs is that they usually are paired with a high deductible, so your yearly healthcare costs can remain quite high. Ideally those costs are paid with funds outside of the HSA, so the money inside of it can continue to grow.

Find Low Price Options

Many health care experts recommend searching out low price options for treatments. You can find similar treatments for wildly different price points. For example, an MRI in a hospital can cost you up to $3000 while the same service would cost $300 at a standalone clinic. 

Participating in trial cases is another way to save money. Drug companies are always looking for clinical trials to test their new products, and you can get potentially effective treatment and drugs for a fraction of what you would pay otherwise.

Your overall health is as much a factor in your healthcare costs as any chronic illness. Eating healthy, and getting regular exercise will keep you away from the doctor more than any miracle drug. 

Mental stimulation is also an important part of your health, as consistent mental exercise prevents dementia which is one of the biggest costs in long-term care. A lack of social inclusion, or deteriorating mental and emotional health can contribute to higher levels of stress and anxiety. 

This only serves to complicate and worsen already existing medical issues. Making sure you are taking care of yourself mentally and physically, even as you age, will give you the best chance at avoiding an outrageous hospital bill.

Wrap Up

Planning for healthcare costs during your retirement is the most glamorous task around, but it is necessary. Costs continue to go up and it doesn’t seem like Congress is going to find a solution anytime soon. Still, if you plan ahead of time you should have no problems meeting the costs of healthcare during retirement.

How to Handle and What to Expect with Social Security Disability

If you’ve had an accident that leads to disability and can no longer work, applying for disability may be something you’re considering. Social security disability is granted to people of all ages. 

Much of it depends on what type of disability they have, how this affects their ability to work, and what their situation is. The process is sometimes difficult to understand. If you depend on social security as soon as you apply for it, you’re in for a long wait. 

Social security disability is granted after the sixth month of disability, so there is a minimum wait to have your claim processed. If you believe this is the correct option for your situation, here is what to be aware of, and how to proceed in filing your claim.

Only Certain Types of Disability Is Eligible

Before you apply, be aware of what disability is accepted. You won’t’ qualify for disability if you have:

• Short term disability
• Partial disability
• You must be younger than retirement age

Although you’re unable to work, many individuals report their disability taking a lot of time to go through. Some only wait six months, while others wait years. 



Many seek an attorney to help them, because getting disability granted is not easy, even in cases where it is legitimately needed, and the individual doesn’t have other options for income. 

If you have Social Security disability issues, seek the help of an attorney who is knowledgeable with disability, and will help you win your claim.

What Information You Will Need

If you seek the services of a professional, help them as much as possible to prepare for the case. When going before applying, disability requires consideration of various factors. Give them all the information they need. This will include facts such as:

• Information from your doctors about your disability
• How your disability is preventing you from working
• How long you’ve had the disability for
• If your disability will last for a long time

You need to have worked a minimum number of years depending on your age. Individuals who are 34 must have worked at least three years in their life. If you are a certain age and haven’t worked the years required, you don’t qualify for disability. 

You must show that you cannot do the same type of work you were previously engaged in. If you cleaned houses for a living and are now disabled from the neck down, there is a high likelihood that your attorney has a successful case for you. 

If your problem is minor and you can still work, but suffer pain as you do so, building you case becomes increasingly difficult. Make sure you are transparent and have documentation that makes your case stronger.

Cut Back on Your Lifestyle to Prepare for Disability

Being disabled and unable to work means you’ll need to cut back as much as possible. Even if you have a spouse or another party who is helping you provide for yourself, cutting back and saving money benefits you in the long run. 

Consider getting rid of items you no longer need by having a garage sale. Cut back on dining out, buying expensive clothes, and having luxuries that are nice, but not needed, such as cable TV. 

 If you have difficulty in buying food, heating your home, or other matters, seek government aid, at least until your disability comes in. While this creates some difficulty and additional work as you apply for various assistance programs, it keeps your head above water in the meantime.

Focus on What Is Important

While you are applying and waiting for a verdict on disability, it’s easy to become discouraged and fall victim to depression. Make time to visit with family, spend time with friends, and even go to church or a house of worship. 

Feel uplifted by the positive feelings of others, and learn to appreciate yourself for the valuable and wonderful person you are. Many folks become downtrodden because they feel worthless if they are not working. 

Try to do little activities that keep your mind busy, but don’t interfere with your health. Reading, gardening, and even some volunteering that works for your situation can be a bonus to your life.

When you apply for disability, keep in mind the guidelines that are required by the federal government. Work with your attorney and give them as much documentation as they need to make your case stronger. 

Although getting disability takes time, once you have it, it will provide much-needed financial relief to your family.

Freedom Debt Relief Reviews Tips to Live Better on a Budget

If you're currently trying to lower your household spending, you're not certainly not alone- Freedom Debt Relief Reviews has found that the majority of homes in America have less than $500 in savings. 

The best way to begin to work your way towards a better financial future is to start living on a budget. However, many people believe that living on a budget means they'll have to significantly decrease their quality of life. 

Freedom Debt Relief Reviews knows that it's easy to set up a budget and stick to it while also making time and money for the fun in life. Here are some of our best tips to enjoy life while also finding opportunities to save!

Create a budget- and stick to it

The first step to saving money is to figure out how much you're spending and nail down areas in which you can afford to cut back without too much of a sacrifice. When you "wing it" every month without a solid budget, it's easy to let money slip through the cracks that you might not even know about- after all, small purchases a few times a week will quickly add up to big bucks that you could have put in the bank. 



Sit down with your spouse and collect all of your bank statements and pay stubs, and open up your checking account to track exactly where your money is going. Then, identify areas in which you can afford to cut back without too much of a sacrifice- for example, if you spend on fast food twice a week, cooking at home just once a week can save you up to $20 a week if you're feeding a family of four.

Control your grocery bill

Freedom Debt Relief Reviews has found that one of the easiest ways to save money without cutting your lifestyle is to plan ahead when it comes to your grocery bill. Writing a grocery list before you head out to do your shopping can reduce the possibility that you indulge in expensive impulsive purchases, which will save you money in the long run. 

Research also suggests that shoppers have a tendency to spend more when they hit the shops on an empty stomach-so be sure to have lunch before you fill up your shopping cart. To save even more, you can even shop wholesale for nonperishable items like canned foods and sauces, paper products, and cleaning supplies. 

All of these steps are ways that you can reduce your grocery bill's strain on your budget without reducing your quality of life.

Budget for your travel

Freedom Debt Relief Reviews has found that many consumers believe that a vacation is an automatic budget buster. However, with a bit of planning, you can take the time off that you want without completely throwing you off track towards your financial goals. 

Take time to research destinations that offer a favorable exchange rate, and if you're staying domestic for your vacation, consider going in the off-season when prices are lower. 

If you find that you won't be able to stretch your dollars far enough to afford the vacation that you want, planning a "stay-cation" within your own town can give you a completely new lease on your area, and can be just as fun as a traditional vacation!

The secret to saving when you're living on a budget? Planning ahead! Freedom Debt Relief Reviews has found that if you don't want to make drastic cuts to your lifestyle, taking the time to plan what you're going to purchase ahead of time is necessary to avoid the impulse purchases that can be a big drain on your budget. It's possible for anyone to start on the path towards a healthier financial future with a little bit of work!

Investing in Bitcoin: Is there still time or is it already too late?

It would not be Bitcoin without all the drama and unprecedented growth in particular. The question is whether this seemingly infinite growth could last forever. Probably not, although being a deflationary currency, there is some potential for it. 

In reality, the thing that sets the price of Bitcoin more than any technical factor is the demand. Neither forks nor fees matter. What does matter is the large number of people interested in Bitcoin, which can be illustrated by the daily Coinbase user growth of about 100 000 new accounts. Therefore, it is no wonder that Bitcoin’s value reaches $7000.

The rapid growth of Bitcoin

Many people think that the recent growth rate is at its peak. However, this perception is false. Bitcoin experienced the steepest increase in value in 2011 after being introduced to crypto exchanges. 

In a few months, its price skyrocketed 350 times (from $0,10 to $35) and later fell to $2. The second bubble swelled in 2013 when Bitcoin’s value soared 100 times (from $11 to $1100). The next year its price decreased by 80% to roughly $200.




And we are getting to the year of 2017. At the beginning of the year, the exchange rate fluctuated around $1000. Over the course of the year, it has risen “only” about ten times. Although the current situation brings about media and public attention, the past growth of Bitcoin was significantly steeper.

Traditional investment using Bitcoin exchange

The concept of investing in Bitcoin is simple. You make the purchase, wait until its value rises and finally sell the coins for profit. Bitcoins and other cryptocurrencies can be bought through bitcoinmats or Bitcoin exchanges. 

Coinmate is a popular trading platform in the many European countries that allows its users to buy and sell Bitcoins using Pound, dollar or euro. One of the foreign exchanges worth mentioning is Coinbase where you can get an additional $10 when your investment in Bitcoin, Ethereum or Litecoin exceeds $100.

Bitcoin keeps surpassing its own records. Though it is true that a growth has been repeatedly accompanied by a steep decline, Bitcoin has always found its way back and reached its all-time high. 

Accordingly, anyone in a long-term possession of Bitcoin has profited from this development. However, in times of decreasing value, many people panic and start selling their Bitcoins which they later regret.

Main disadvantages of a long-term investment

There are a few disadvantages of Bitcoin purchase and long-term possession. Firstly, you have to endure and get through the times when Bitcoin value drops. Secondly, you have to make sure your digital coins are safely stored to minimize the risk of cyber-theft. 

However, if you decide to trade cryptocurrencies using CFD, you do not have to be worried about any of that. Another great thing about CFD is that it allows you to make money even when the Bitcoin price is going down.

CFD is a trading tool offering the possibility to profit from cryptocurrencies without really buying them. CFD can be traded using digital platforms of CFD brokers. The licensed broker Plus500 enables you to trade ten different cryptocurrencies including Bitcoin. 

It supports the 21 languages and has very tight spreads. Furthermore, the broker provides a free demo account that you can access and try a risk-free trading.

Tight Wallets: 5 Unconventional Ways to Ease Your Financial Burdens

Living on a tight budget can be a stressful experience. After all, you may regularly worry about not having enough money to pay your bills. You may also not be saving as much money as you would like to be saving, or you may not be saving any money at all. 

In this type of situation, you may need to take drastic steps to get your finances back on track, and these are a few of the options that can produce great results.

Move in with Your Parents

It can seem embarrassing to move back in with your parents as a grown adult, but you should think about the big picture. When you live with your parents for even a few short months or possibly a year, you can save a tremendous amount of money on rent, utilities and more. 

This is money that could be used to pay down credit card debt, to save for a new home and more. However, if moving in with your parents is not an option, you can look into moving in with your siblings or a close friend if needed. 

Of course, if none of that works, maybe you downsize to smaller house or apartment.

Get a Title Loan

Another idea is to use a title loan, such as from American Cash Advance and Title Loan or another company. A title loan uses your vehicle’s equity as collateral. 

This is usually a very short-term loan, and the money could be used to help you get caught on your bills and to avoid having to pay late payments.

Tear up Your Credit Cards

If your financial challenges are caused by high credit card balances, you need to take serious action to prevent further charges from being made. 

Rather than simply pull your credit cards out of your wallet and store them in a known location, tear them up entirely. 

Some people may keep one credit card, but a better idea may be to get right of them altogether. When you have no physical possession of your credit cards, it becomes much more difficult to use them.

Cancel All Non-Essential Services

Between your gym membership, cell phone service, cable TV service and more, you may pay a small fortune on non-essential services each month. 

Carefully analyze your budget, and note all of the non-essential expenses that you can eliminate. In some cases, you may only have to scale back in this way for a few months to get back on track. 

While this may be hard, it is not as hard as being flat out broke. Once you get your finances back on track and more stable, then you can look at bringing some of these things back as you can afford them.

Think about Sharing

You may have two or more vehicles, cell phones and other items in your possession. These items cost you money to buy, use and maintain. 

Downsizing to a single item per household and learning to share them is a wonderful idea that can help you to cut down on expenses considerably. Another way to share is to find a roommate who will share the rent and utilities with you.

When you are dealing with a serious financial issue, you need to take substantial steps to improve the situation. 

There are a lot of areas in your life where you can better budget your money, cut spending, and save a few extra bucks. While there are many ways to cut back, you may find that these unconventional methods can produce exceptional results.