Tips for Growing Your Bank Account

When it comes to personal finance, one of the most important things you can do is grow your savings. After all, having a healthy bank account is key to weathering life's unexpected financial storms. But how exactly do you go about growing your savings? Here are a few tips to get you started.

Create a Budget and Stick to It

One of the best ways to grow your bank account is to create a budget and stick to it. This may seem like an obvious tip, but it's one that far too many people ignore. 

Before you can start putting money away into savings, you must ensure that all of your other financial obligations are taken care of first. Sit down and figure out how much money you need to cover your basic expenses such as rent, food, utilities, etc. 

Once you have that figure, you can start allocating money towards savings. And, if you find extra money left over at the end of the month, don't be afraid to put it into savings as well!

Pay Yourself First

Another great way to grow your bank account is to pay yourself first. This means that before you spend money on anything else, you should transfer a fixed percentage of your income into savings. 

This will help ensure that you always have money for a rainy day. And, over time, you may even find that you're able to increase the percentage of your income that you save each month.

Create Specific Savings Goals

When it comes to saving money, it can be helpful to set specific goals. This will give you something to work towards and help keep you motivated. 

For example, maybe you want to save up enough money for a down payment on a house or a new car. Or perhaps you're aiming to build up your emergency fund so that you have at least six months' worth of living expenses. 

Whatever your goal may be, make sure it's specific and realistic. Then, once you reach it, celebrate your accomplishment! And then, set a new goal and get started on saving for that. Speaking with a wealth management professional may also help you set specific financial goals for your future.

Saving money can seem daunting, but it's definitely doable with careful planning and discipline. By following the tips above, you'll be well on your way toward growing your bank account in no time!

How Low-Income Americans Can Access Healthcare

According to the U.S. Census Bureau, over 40 million people in the United States live in poverty. That means a family of four struggles to get by on less than $24,000 a year. And while there are many programs and services available to help low-income Americans, accessing them can be a challenge.

The Healthcare Gap

One of the biggest challenges for struggling Americans is finding affordable healthcare. The Affordable Care Act (ACA) was designed to help make healthcare more affordable. However, there are still many people who struggle to pay their premiums, deductibles, and co-pays. 

If you or someone you care for is facing this situation, finding a healthcare advocate or community resource can help. They have access to a wide variety of resources and have the connections and know-how to help you navigate what can often be a tedious and confusing process.

Common Solutions

There are programs available to help low-income Americans pay for their healthcare. For example, Medicaid is a government program that provides free or low-cost health insurance for eligible adults and children. 

If you live in a state that has expanded Medicaid under the ACA, you may be able to get coverage even if your income is slightly above the poverty level. 

Medicaid plans will vary by state, so reach out to your state's Medicare administration office and find out what you need to do to qualify.

Marketplace

Another option is to contact your state’s health insurance marketplace. If you qualify for a subsidy, you may be able to get help paying for your premiums. 

You can also shop for private health insurance plans on the marketplace. As we've mentioned, some people still have trouble paying those premiums, as plans with low monthly premiums may be offset by higher annual deductibles and co-pays. 

This is another situation where a healthcare advocate could help you sort through the best options for your situation.

Medications

If you need help paying for prescriptions, there are programs available to assist with that as well. The Partnership for Prescription Assistance can help you find assistance programs that offer free or low-cost medications. 

There are also prescription assistance programs offered by many pharmaceutical companies. And if you’re a senior citizen on a fixed income, you may be eligible for the Extra Help program through Medicare, which can help you pay for your Medicare Part D prescription drug coverage.

Community Resources

There are also community resources that can help low-income Americans access healthcare. These include free or low-cost clinics, community health centers, and faith-based organizations. 

You can use the Health Resources and Services Administration’s (HRSA) Find a Health Center tool to find community health centers near you. 

Many of these organizations offer sliding-scale fees based on your income, so even if you don’t have insurance, you may still be able to get the care you need.

If you struggle to access healthcare, know that you’re not alone. There are many resources available to help you get the care you need. And while it may seem daunting at first, reaching out for help is an important first step.

Why You Should Get an Auto Loan Before Buying a Car

Buying a car can be an intimidating process, especially if you’ve never done it before. It requires research, negotiation skills, and a good intuition to get the car and price you want.

There are a lot of things that can go wrong if you aren’t careful. However, there are also ways you can move through the process more successfully. 

One excellent choice is obtaining an auto loan before you buy your car. Below are a few reasons why this may be the right choice.

You’ll Know What You Can Afford

Getting pre-approved for an auto loan has certain advantages you may benefit from. First, you’ll know exactly what kind of loan you’ll be approved for and what the interest rates will be. 

That will certainly help you gain some knowledge regarding budgeting for exactly what you can afford and what your price range should be. 

Without this information, you may only learn after you’ve entered deep into the car buying process when backing out may be somewhat awkward or impossible for you.

You’ll Improve Your Negotiating Position

One thing that can certainly make most people nervous is the negotiation component of the car buying process. However, with firmer knowledge, you won’t have to be so nervous. 

This would certainly be the case if you already know what kind of auto loan you will be approved for before walking onto a lot of an auto dealership, someone like On-Trac Auto Sales. 

When you know what kind of interest rates and monthly payments you’ll have, you’ll have a better position to negotiate to haggle until you receive a better deal on a particular car from that dealership.

You’ll Avoid Dealer Financing Markups

One thing you should be aware of as a car shopper is that the financing provided by the dealership is rarely a good deal. Quit often. There will be a significant markup for that loan versus what you would have to pay with outside financing. 

As such, obtaining an auto loan from another party before you buy your car is a real strategy for saving money that works. Over the loan's lifetime, this can add up to saving a large amount of money. Always try to find a better deal when you can.

Overall, obtaining an auto loan before buying a car has many significant benefits. This includes saving money, having better knowledge to negotiate for a better deal on a car, and knowing just how much of a budget you will have for an automobile. These benefits can make buying a car a lot easier and less stressful.

Why You Should Get an Auto Loan Before Buying a Car

Buying a car can be an intimidating process, especially if you’ve never done it before. It requires research, negotiation skills, and a good intuition to get the car and price you want.

There are a lot of things that can go wrong if you aren’t careful. However, there are also ways you can move through the process more successfully. 

One excellent choice is obtaining an auto loan before you buy your car. Below are a few reasons why this may be the right choice.

You’ll Know What You Can Afford

Getting pre-approved for an auto loan has certain advantages you may benefit from. First, you’ll know exactly what kind of loan you’ll be approved for and what the interest rates will be. 

That will certainly help you gain some knowledge regarding budgeting for exactly what you can afford and what your price range should be. 

Without this information, you may only learn after you’ve entered deep into the car buying process when backing out may be somewhat awkward or impossible for you.

You’ll Improve Your Negotiating Position

One thing that can certainly make most people nervous is the negotiation component of the car buying process. However, with firmer knowledge, you won’t have to be so nervous. 

This would certainly be the case if you already know what kind of auto loan you will be approved for before walking onto a lot of an auto dealership, someone like On-Trac Auto Sales. 

When you know what kind of interest rates and monthly payments you’ll have, you’ll have a better position to negotiate to haggle until you receive a better deal on a particular car from that dealership.

You’ll Avoid Dealer Financing Markups

One thing you should be aware of as a car shopper is that the financing provided by the dealership is rarely a good deal. Quit often. There will be a significant markup for that loan versus what you would have to pay with outside financing. 

As such, obtaining an auto loan from another party before you buy your car is a real strategy for saving money that works. Over the loan's lifetime, this can add up to saving a large amount of money. Always try to find a better deal when you can.

Overall, obtaining an auto loan before buying a car has many significant benefits. This includes saving money, having better knowledge to negotiate for a better deal on a car, and knowing just how much of a budget you will have for an automobile. These benefits can make buying a car a lot easier and less stressful.

4 Ways to Reduce Your Monthly Insurance Costs

Reducing your monthly insurance costs can seem daunting, but it doesn't have to be! There are many things you can do to lower your payments without sacrificing coverage. Keep reading to learn four easy ways to reduce your monthly insurance costs.

Review Your Policy Regularly

Your insurance needs can change over time, so it's important to review your policy regularly and ensure you're still getting the best possible rate. 

If you've made any major life changes (like getting married or having a baby), let your insurer know so they can adjust your coverage and give you an accurate quote.

Compare Quotes From Different Insurers

Don't just go with the first insurer you talk to. Get an insurance quote from a few different companies so you can compare rates and coverage options. 

Make sure you're comparing apples to apples, though; some insurers may offer seemingly low rates but skimp on coverage, so be sure to read the fine print before making a decision.

Raise Your Deductible

One way to lower your monthly payments is to raise your deductible or the amount you would have to pay out of pocket if you made a claim. 

Just be sure not to set your deductible too high, or you could have trouble affording it if you ever need to use your insurance. 

Make sure you feel confident that you will be able to pay your deductible out-of-pocket so you don't find yourself in financial trouble down the road.

Take Advantage of Discounts

Many insurers offer discounts for things like being claims-free, having multiple policies with the same company, or installing safety devices in your home or car.

Ask about any available discounts or options for bundling your insurance coverage when shopping around for new coverage, and make sure you're taking advantage of all the money-saving opportunities available.

Reducing your monthly insurance costs doesn't have to be difficult. By following these four simple tips, you can save money on your coverage without sacrificing protection. 

Reviewing your policy regularly, comparing quotes from different companies, raising your deductible, and taking advantage of available discounts are all great ways to keep more money in your pocket each month.

What Is Accounts Receivable Financing?

In today's business world, you know that owning a company can be more challenging than ever before, especially when it comes to paying the bills and buying new equipment and technology for your business.

Like many businesses that need financing, you may think a traditional bank or other lender is your only option. However, you may have overlooked an unlikely source of financing that's been under your nose the whole time, which is accounts receivable financing. 

What is this, and how can it help your business? Here's what you need to know.

Ability to Receive Early Payments

In essence, accounts receivable financing lets your company receive early payment on some of its outstanding invoices. Should you choose this form of financing, you will then commit some or all of your outstanding invoices to a funder who specializes in this area of business. When you do, you will receive early payment in return for paying a fee to the funder.

Selective Receivables Financing

Though there are other types of accounts receivable financing, such as asset-based lending and traditional factoring, you will probably do best if you opt for selective receivables financing. 

This is a good choice for staff agency business financing, since it gives you the freedom to decide which receivables you will select for early payment while also ensuring you will get paid for the full amount of the receivable. Best of all, financing rates for this option are usually lower, and it will not count as an additional debt against your business.

Improves Your Cash Flow

One of the biggest benefits of using accounts receivable financing is that it can immediately improve your company's cash flow. Rather than hoping your invoices will be paid on time by customers, you can get the money you need much quicker and more reliable. 

Doing so gives you the cash to buy new equipment, invest in new technology, or hire new employees. Consider talking to financial experts about this decision if you lack peace of mind.

Now that you know more about this source of financing for your business, it may be time to rethink your plans about putting off buying that new equipment, investing in new software, or hiring that new employee. With the cash you need in your hand, you can move forward and keep your business growing.