Close To Going Bankrupt? Here's What You Need To Do

Sometimes people get overwhelmed by the costs of all their debts. You should always try to pay these off in any way possible, even if it means making personal sacrifices. But if you’ve rearranged your finances and can still barely pay your minimum payments, you may need to consider bankruptcy.

People file for bankruptcy when the cost of their debts is far more than the value of their assets. It may happen if you rely too much on loans and credit card allowances. Debt companies will start hassling you if you’re unable to pay them. If you ignore them, they might even take you to court. In these situations, it’s best to file for bankruptcy to put a stop to these financial problems. Here’s what to do.

Assess Your Finances

Filing for bankruptcy is a step that should only be used as a last resort. Make sure you’re not rushing into it without considering other options.

The first thing you need to do is add up the value of all your assets. That includes cars, savings accounts, property, and anything else besides your bank balance. Weigh this against how much you owe. If you’re able to pay off your debts by downsizing your home or selling your car, you need to. Failing to pay your debts will often result in them being repossessed regardless.

You may need to raise your income with a second job. If you’re out of work, you may be able to find other ways to get money. Look at www.yourfinanceformulas.com/2016/10/no-job-no-money-how-to-find-funds-when.html for advice. But there are cases where it seems like you’ll never be able to shirk your debts. Those who are out of a job without many assets to their name will need to file for bankruptcy.

Get A Lawyer

It’s crucial that you have a lawyer to help you through bankruptcy. They will make the whole process manageable for you and make sure you land on your feet. They can advise you on what you’re able to keep and what you’ll have to give up.

Find a law firm experienced in dealing with personal bankruptcies. There are many out there, such as www.robertederlaw.com. It’s a process with many legal steps, so it’s best not to do it alone.

Legal costs may be the last thing you pay for before you go bankrupt. Lawyers will understand your financial situation and offer flexible payment options. It’ll be worth the price to get you back on your feet financially.

Which Kind Of Bankruptcy?

There are two main kinds of bankruptcy people file for. Your lawyer can advise you on which one of these is best for your situation.

Chapter 7 bankruptcy involves liquidating all your assets to pay off your debts. You will lose personal assets such as your home, car, and company if you’re a business owner. Even if you can’t cover the costs of all your debts, you will be discharged and be able to start fresh.

Chapter 13 bankruptcy is advisable for those whose financial situation may get better. It allows you to pay off your debt over a longer period. It works like a debt consolidation plan- but run by the court. 

Bankruptcy will give you a fresh start, so make sure you focus on living without debt this time.

The Mistakes You're Making Right Now That Get You Financial Trouble

When it comes to money, there are a lot of people with a very black and white notion of what makes them financially healthy. If they have enough money to keep paying the bills and keep eating and maybe have a holiday every year, they’re fine. But no, they may very well not be. True financial health is about measuring the opportunities you have, your ability to cope with risk and what you get out of your various dealings. If you’re making the mistakes below, you need to stop before they come back to haunt you.

Not having a budget

True financial health comes with understanding. The first thing you have to start understanding is where your money is going and what it’s doing on a regular basis. A budget isn’t just about cutting down your spending. It’s not about limiting your lifestyle. It’s about seeing you make smarter use of your money. Your budget helps you separate essential bills, non-essential bills, and other expenditures. It also helps you find the room in your money to start building your wealth properly. It doesn’t eliminate spending money on life’s luxuries. It just makes sure you stay in the limits by allocating you spending money without infringing on your other considerations.

Not understanding your net worth

On the much larger scale, you need to figure out the entirety of what you’re worth. Your net worth begins by having as many of your assets value as you can. If you have a home and a car, these are two assets that are going to make up most of your physical wealth. You may very well have other possessions that contribute to that, too. Then your non-tangible wealth needs to be accounted for, too. Bank accounts, IRAs, investments and the like should all be included. Against them, you count any money you owe. Loans, debts and such. Subtract the money you owe from all your wealth. That’s your net worth and that’s how much money in the world you would have if you liquidized everything. The aim of the game, here, is to be well in plus numbers and being far away from the minus.

Not preparing for retirement

It doesn’t matter what age you are. You should be preparing for retirement as soon as you’re able to start putting money together. This is part of what setting a budget is going to help you accomplish. It’s going to help you find some money to start putting towards your future. Even in your 20s and 30s, there’s a lot you can do to make your retirement easier on you. Take advantage of any 401(k) offers your employer makes to you. If they match your contributions, try to get as much of a match as they can offer. The sooner you start saving for retirement, the easier it is to contribute in later life as well.

Using your credit incorrectly

It’s a common flaw amongst younger people in particular. Some people just don’t understand fully how credit works. They’ll dip deep into it for no reason other than to fund purchases they want. Big dips into your credit should be used for investment purposes only. They should definitely not be used as an emergency fund. Nor should you think of credit cards like a bank account. You don’t know what will happen to your income next week or next month. Use the credit card only when it’s convenient to pay it off. Otherwise, you run the risk of falling into serious debt and tanking your credit score.

Skipping the fine print on loans

When you take loans, make sure you understand everything about them. There are a few in particular, you need to think twice about. By releasing equity from your home, you need to understand you run the risk of losing it if things go wrong. If a loan doesn’t take your credit score into account, then it’s likely going to cost more in the long run. Similarly, if someone claims to be interest-free, they could be hiding the truth from you. There’s no doubt that things like interest-free 30 day title loans exist. But there are some that have requirements so difficult to meet to qualify for that no interest that you end up paying a lot more than you bargained for. Always read the fine print when it comes to loans.

Neglecting to prepare for emergencies

As we stated, credit cards and overdrafts are no replacement for an emergency fund. They won’t help you if you, for instance, lose your job. Instead, you will end up getting deeper into debt. An emergency fund is there for that exact reason. Similarly, you should insurance set up on the most valuable of your assets. You might even want to set up insurance to protect your income. Similarly, it’s never too early to start putting life insurance together. You need to have provisions for all kinds of situations. From what happens if you’re injured and unable to work to what you’re doing to do if you get into a car accident.

Sticking to one growth strategy

As well as buffeting yourself from the risks that can impact your finances, you can improve your chances of making gains as well. Your budget can also help you find space to start building your wealth. But it’s not going to work as well if you’re using a diversity of strategies to do so. For example, it’s not enough to just save. It’s a good way of keeping your money safe, but you might find that even inflation can outpace your growth. Instead, you should be investing alongside your savings. But you need to diversify those investments, too, so you’re not putting all your eggs in one basket.

Hopefully, the tips above will help you spot some of the steps you’re taking wrong or were at risk of taking wrong. Start taking steps to do those important financial tasks you’re not doing right now. Your future self will thank you for it.

Formulating A Financial Plan For Your New Home

You’ve found your ideal new house. A lovely, peaceful neighbourhood that is a good commute to both your jobs and lots of well recommended schools for your children. It is also close to the big city for fun filled family activities and that extra buzz. Now you need the ideal financial plan to acquire this unearthed beauty. Here’s where we can help.

You realise the purchase of a new house is an expensive business. That’s a good start. So you have some savings. Do you have enough for the house deposit and the mortgage? How is your credit report looking? Look into your finances closely. Hire a hardworking, reputable advisor or pick out someone from the family who has considerable experience in this field and consult them. Ask them about anything. That’s what they’re for. They should also be at hand to help you with your mortgage and recommend to you an Independent Financial Advisor. They have more experience in it than you so use them. Pick their brains for any information. With your IFA, you can talk solely about the mortgage and find out how much they are willing to provide you.

Everything is above board. Your credit score is good and your mortgage accepted. Well done. You are firmly on the road to success. The house is in your sights, the one that you picked out from places like Pelican Bay Naples. What’s the next step then? Well first you must find the estate agent that the house has hired and speak with them about a potential purchase. They’ll be more than willing to talk to you and arrange a meet with you and the owners. There is no financial outlay for this. They’ll also let you view the house again and let you look at every available nook and cranny.

An extremely important element of purchasing a home is the outcome of the surveys that are carried on the house. These are carried out by not only a surveyor who checks the house meticulously for any problems that could be detrimental to you and your family but also a solicitor who goes over the legal side of things and sees that everything is above board. There is some money that has to be spent on this and it ranges massively but you might want to pay more for that extra touch and professionalism. Remember this is where you and your family are going to live for the foreseeable future so you can’t take any chances on any cheap and cheerful deals.

If all surveys are clear, then you’re almost there. All you have to do is agree a fee with the sellers. Try get it at your best possible price. Most sellers will be more than happy to part with a lower fee if it gets the house off their hands. Once all contracts are completed, the house is yours so grab the keys and start to build a happy home with your loved ones.

Why Seniors Should Still Consider Taking Out Life Insurance

We’re all used to the idea that we can be struck down at any time by the proverbial bus. That’s why so many people in their 20s, 30s and 40s take out life insurance. They want to protect the livelihoods of their loved ones, should the worst happen. Insurance companies pay out for children to continue to have a great education, or for the family to keep the family home. But what about when people get past retirement age? Then what? Is life insurance still worth it?

Here we’re going to look at the reasons why seniors should get life insurance coverage. Take a look these potential benefits.

Life Insurance Allows Seniors To Leave A Legacy

It’s a sad fact of life that it ultimately has to end. But life insurance allows seniors to create legacies that survive beyond their physical bodies. It provides a way for older people to be remembered by their families when they’re gone. Life insurance can be paid out to supplement a spouse's’ income. It can be used to pay tax-free financial gifts to grandchildren. Or it can be put towards major life events, such as weddings. The possibilities for leaving a legacy are potentially endless.

Life Insurance Pays For Burial Expenses

According to lifeinsuranceforseniorsover80.com, burial expenses are high. Statistics reveal that the average funeral cost in the US stands at around $7,300. Some funerals can cost as much as $10,000, depending on the service and the type of plot.

For many families, this is a high financial cost that they will find hard to afford. Many seniors, therefore, take out life insurance to cover any potential burial costs. Small life insurance packages will cover anywhere from $5,000 to $50,000 worth of expenses.

Some insurance providers will ask seniors questions about their health. But the majority won’t require medical exams in order to take out a plan.

It’s Good For People Who Are Still In Debt

Many seniors are living under a mountain of debt. They either took out big loans in the past that they couldn’t repay, or they lost money in failed business ventures. The last thing that they want is to pass on this debt to their families. So experts recommend that they take out a life insurance policy to cover the risk. Insurance brokers offer a product called a guaranteed level-premium term life policy. You can take out a policy like this that ends just as you’re due to pay off the debt. This means you can both minimize your premiums and cover the risk. Thus, life insurance makes a lot of sense for seniors who don’t want to burden their families with debt when they’re gone.

If you’re currently dealing with debt, usa.gov provides information on how to manage it more effectively.

Life Insurance Is A Good Idea If You Have A Disabled Child

If you have a disabled child, it’s unlikely that they’ll be able to provide a good income for themselves when you’re gone. They will need a lot of care, money for their own activities, and finance for medical bills. James Hunt is an actuary from the Consumer Federation of America. He suggests that seniors in this situation take out cash-value insurance. This insurance should provide all the finance that a child will need to cover their living and medical needs.

To keep premiums down, Hunt recommends families choose what is known as a survivorship-whole life policy. These policies are also sometimes called second-die policies. They only pay out when both parents of the child die - meaning that premium costs are kept to a minimum.

Life Insurance As An Investment

There is a case today for using life insurance policies as an investment strategy. Right now, banks are offering interest rates of around one percent on savings. But for many life insurance policies, the premium is much higher than this. Some policies accumulate 5 percent interest per year.

For seniors who are risk averse and don’t want to play the stock market, a tax-free rate of return of five percent is alluring. Of course, to get that return, you’ll have to hold the policy until your death, in which case you personally won’t ever see any of the money. But if you’re a risk-averse person, it might just be the right plan for you. Don’t forget, there’s also the tax advantage. So if you’re sitting on a big pile of liquidity, getting rid of it though a life insurance plan could be a good idea.

How to Become More Financially Responsible Now You Have a Family

Now you have a family you can't afford to be as carefree with your money as you have been. It’s important that you come up with as many ways as you can to save money and cut costs. You need to become more financially responsible now that you have a family. And this is something that you have got to sort out sooner rather than later.

A family brings so many extra costs and gives you more cause for concern financially. It’s time to get serious and start making the right decisions for the future of the family. Here are some ideas that will help you to become more financially responsible and help you provide better for the family.

Sell Your Home

Financial responsibility is so crucial that sometimes you’re going to have to take drastic measures. And that’s why you need to look into the possibility of selling your home. Moving to a smaller or cheaper property can really help free up some disposable income for you and the family. However, it can often be a difficult or stressful experience trying to sell your home. So, you need to look for companies who take the ‘we buy homes in any condition’ approach. It’s good way to fast track a sale, and make sure you aren’t going through a lengthy, drawn out process.

Live a Frugal Life

Make sure you do what you can to try to live a frugal and cost-effective life. Now that you have a family you have to watch those purse strings closely. Are you as good with money as you think you are? The chances are you probably aren't. So you need to make sure you get better now. There are a lot of things you have to make sure you address to help you achieve a more frugal lifestyle. Assess what you can do as a family to cut costs and save money wherever you possibly can.

Budget Carefully

The best way of doing this is to make sure you budget carefully. That means you have to break down the costs of everything you spend. Use an Excel spreadsheet or something similar that you can update often. This will show you any glaring inconsistencies, as well as pointing out where you are overspending. It’s important to do this because it will help you understand where you can cut costs and what really matter in life.

Open a Savings Account

It goes without saying, but if you haven't got one already, you need to open a savings account. This is something you need to make sure you do sooner rather than later. It’s important to make sure you are setting money aside to help finance the future of the family. A savings account gives you some focus and allows you to set aside a certain amount of money each month. You’ll find it really helpful as a process of getting more financial security.

As you can see, there are plenty of things you can do that will help you are money. It’s important to understand that with a new family comes additional costs and obligations. Now you have a family you here to become more responsible and start making your money stretch further.

Prepare Your Finances for a Crisis or Shock By Taking These Key Steps

How secure do you think your financial situation is? Things might seem to be coasting along nicely right now, but is that something that could sustain in the event of a shock or crisis? This is a question that everyone needs to ask themselves. You could be in for a nasty surprise if your financial situation changes and you’re not able to deal with that change.

There are some key steps that you can take to make your finances more secure. When you make these changes, your finances will be better able to survive and remain stable in the event of a shock or crisis. So, read on to find out all the information you really need to know about in order to take the right steps for your finances.

What Kind of Financial Shocks and Crises Could You Face?

There are all kinds of potential shocks and crises that could hit your personal finances. You don’t want these to overwhelm you, so you should be very carefully about what action you take. But before we come to that, you should be aware of the most common financial crises. A drop in your income or the loss of your job is a devastating example, and it’s not uncommon either. The death of your partner could have serious financial implications, and major structural damage to your home can too. All of these problems will make it harder for you to make ends meet. Below are some steps you should take to mitigate these issues.

Diversify Your Income

Diversifying your income can be a very wise move to make. If you were to lose your job, you would be in the middle of a big financial crisis. Where would your income come from? How would you pay the mortgage or the rent? If you can find new ways to make money on the side, you have some new ways to generate money. You can then fall back on these income streams and make sure that you are able to keep things ticking over until you find a new job. So, think about what skills you possess and how these can be harnessed to make money. There are all kinds of things you can do to make money in the gig economy.

Create a Financial Cushion

Having a financial cushion to fall back on when you are experiencing financial difficulties can be hugely important. This can save you when you don’t have an income to rely on. You can then pay the bills and pay for food by dipping into the savings you have amassed. It’s hugely important that you’re able to do this. So, set up a bank account and begin to build up cash reserves for your future. You should refrain from taking money out of this account until you really need it. Then, when you do experience a financial shock or crisis, you’ll have the money you need in order to survive.

Rid Yourself of Debts as Quickly as Possible

You definitely need to fix the roof while the sun is shining. Regarding your finances, this means paying off any debts you have as soon as you can. This is something that should always be done when things are going well with you. If you have to deal with a financial shock while in debt, everything becomes harder for you. That’s not what you want, so you should do what you can to rid yourself of this debt while you can afford to. Create a budget and make sure that a significant amount of your disposable income goes towards paying off those debts.

Evaluate Your Insurance Protection

Having the right level of insurance can help you a lot when you are trying to get the protection you need. Knowing that you have that backup in place can be a big relief when things aren’t going well for you. For example, if you get sick, knowing you have insurance to cover medical bills is a relief. And if you have homeowner’s insurance, any fixes or repairs that need to be carried out in the home will be covered before. This will potentially save you a lot of money when you need it most of all. So, evaluate your insurance protection and make sure you have the cover you need.

Now is the time to start taking action. Think about how you can take the steps outlined and discussed above. When you make yourself more financially secure, your future, in general, will be more secure too.

Give Your Savings A Boost With These Simple Finance Tips

Possibly the best financial advice out there is to start saving money. Building up some savings can help you stay financially secure throughout your life. However, a lot of people aren’t getting as much from their savings as they could. So, here are some tips to take your savings to the next level.

Open A Proper Savings Account

Interestingly, many people save money without having a savings account. They just let all their savings build up in their current account. For me, this isn’t a very productive way of using your savings. Current accounts don’t have good interest rates. As a result, the money in those accounts will never increase in value. What you should do is open a proper savings account. Every bank will offer this type of account, and you should take advantage of it. Find one with great interest rates, so your money can increase in value over time. You should then set up a direct debit to deposit money into this account as often as you want. Typically, people will add money to their savings accounts each money. By doing this, you ensure you save a certain amount of money every month. Not only will you get more out of your savings, but you could also start saving more money!

Invest Some Of Your Money

While opening a savings account is important, it shouldn't be the only thing you do with your money. My advice is to invest a portion of your savings. Why? Because clever investments can make that small portion grow into a mini fortune. Essentially, investing is the same as putting your money in a savings account. You don't have to touch the money, and it will grow over time. The main difference is that your money can grow a lot quicker. Some people are against this idea as they see it as risky. Sure, some investment opportunities carry a risk factor. However, if you know what to invest in, you will be safe. Things like Forex Trading, real estate, and stock market trading are all good ideas. I suggest speaking with a financial advisor about this. They can look at your savings, and tell you how much to invest and where.

Save Money In All Areas Of Life

One great way to get more from your savings is to have more savings! To do this, you have to concentrate on saving money in all areas of life. Whenever you go shopping, you should look to get the cheapest things possible. You'll be amazed at how much you can save on food if you opt for cheaper things. I'd also suggest looking for ways to get money off your purchases. For example, you can buy cards that give you a discount on all your train/bus journeys. Likewise, many places have discount codes that you can find online. Be frugal, and you'll soon save more money. Then, you have more money for when you need it.

Use these tips, and you’ll save more money and get more use out of it. Remember, saving is an essential part of proper financial planning.

Get Your Finances Back On Track When Times Are Tough

Every now and then, something happens that completely changes your whole life. In these circumstances, it is often difficult to keep on with any positive habits you might have. It is hardly surprising that people often fail to look after their money during these times. If the situation itself is centered around money, then that can be even more difficult to deal with. Fortunately, there are some key ways to take care of your financial life during these times. If you want to learn some tactics for doing so, then read on. Consider these the next time things get tough.

Eliminate The Non-Essential

No matter how frugal you usually are, it is likely that you can always benefit from being even more so. When something happens which means you have to reel it in, it can be difficult to know where to start. The truth is, the important thing is that you just make a start anywhere. But if you are struggling to decide what to do, then it can be a good idea to first eliminate anything which is non-essential. If you are having trouble deciding on what is essential, look first at that which you might consider to be luxuries. Even just cutting these out is likely to make a considerable difference to your finances. Beyond that, take a look at your outgoings and see if you are spending money anywhere it isn’t needed. Dealing with those key areas is likely to be a good place to start.

Seek Out Financial Aids

If your current situation is causing your finances to be in a worse condition than usual, you might be able to find financial help. There are plenty of government-sanctioned financial aids which could prove to help you. Some people feel anxious about taking on this kind of help. But the truth is, it is there for a reason, and you may as well use it if it applies to you. It is worth looking into what incentives or grants are available to help you, and taking advantage of them. This might make all the difference.

Get Professional Help For The Situation

There are many different occurrences which can cause you to be in financial trouble. Depending on what the situation is, it might be possible to benefit from some professional help. If you are currently going through a divorce, for example, then seeking out Divorce and Family Law solicitors might be the best first step to take. This could help you to both get your feet back on the ground, and make you feel more relaxed around the situation. Either way, it is definitely better than going it alone.

Save On Essentials

We have seen how eliminating the non-essentials can be hugely powerful in getting your finances back in order. But taking a look at the essential outgoings could also help just as much. Take a look at your household bills, to begin with. Is there any way that you could reduce your spending here? If so, then that alone might be enough to get yourself back on track.

Common Financial Planning Mistakes We Make

You should make your financial planning effectively so that you can lead a very peaceful life ahead. This means you have to grow your wealth consistently and gradually. Financial planning comprehensively includes saving regularly, setting specific goals, protecting assets and investing your savings. Be aware of the common financial mistakes that can spoil a proper use of money.

There are various life insurance and term insurance policies available in the market. However, before buying one, you should be aware of the financial mistakes that you should avoid.

Common financial mistakes

1. Be aware of inflation. Market inflation is a common phenomenon. It is true that with time your income will increase, but you should also know that the value of money will decrease too due to inflation of the market. This happens because with the passage of time your expenses will increase too. This suggests that the price of goods and services will also increase. Due to this, many people have a tendency to invest in “safe” investments, such as, Bank FDs, saving accounts, government bonds. Know this that such a trend will yield you returns at very low rates than the market’s inflation rate.

2. You should know that every person has the objective to save and invest for their retirement. Therefore, you should consider making the correct valuation and even estimation of your health care along with other long term expenses. Since long term cost and health care expenses increase with age, it is highly important to include those expenses for an effective retirement planning. By doing this, you can have a steady earning even when you have no income during those years. The advice is to invest in life insurance and term insurance so that you can have your earning invested rightfully.

3. One of the major financial mistakes is not investing enough when you are young. Your initial years should be about focusing upon making the right savings. Your rate of savings should be more than your rate of returns. How can you make savings? It can be done by controlling your daily expenditure and also by making sure that you are making your expenses towards tax properly. Also, with time in hand, you should invest in life insurance or term insurance plans.

4. Yet again, investing too conservatively or too aggressively can also take a toll in the long run. Being very conservative can actually lead to loss in your value of your money. Don’t just block your money in a bank, but diversify your money across various investment options.

5. Make financial investing planning with consultation of a financial advisor. Most people do not do so, and so they tend to invest their money in the wrong places. Also, financial planning is not all about investing, but also making plans on day-to-day budgeting, viable life insurance and term insurance coverage and smart tax decision.

6. You must know that insurance is all about saving tax. To many insurance is an expense and not an investment. If you are buying an insurance just to save tax, then you are seeking a very wrong way of spending your money. You should be aware of the different facilities of investing in different types of insurances.

For many, health insurance is just a waste of money and so many people do not invest in it. However, they should know that a health insurance is most logical in an expensive health scenario in today’s world. You should have a life insurance only if you haven dependents- this is the thought of majority of people. Also, before buying an insurance you should also think about the several tax benefits.

Therefore, before making the common financial mistakes before aware of what you can avoid and how you can avoid.

Helpful Advice For Those Living Paycheck-To-Paycheck

At certain points in life, you may find yourself living paycheck-to-paycheck. This is often the case for people who have just moved out and started working. It’s also common when you’re just started a family, as many expenses will come up. Watching your funds drain away each week can be stressful, so it’s worth finding ways to manage your money.

There are many ways you can make living paycheck-to-paycheck easier. For the most part, you just have to evaluate how you’re using your money. There are many methods to save more and make your money go further. Here’s some helpful advice for those living one paycheck at a time.

Cut Out Unneeded Costs

The first thing you should do is assess your expenses and find out what’s draining your money. You may realise that you’re spending too much on certain things. It’s worth identifying such things and cutting the costs.

For instance, many people spend a lot of money a week on eating out. If you’re regularly buying lunch and dinner, try making it at home instead. Cutting out the costs of buying coffee every morning instead of making it yourself can also save a lot.

Think about what you really need your money for, and how much you can save. It’ll make the decision for cutting out costs much easier.

Dealing With Emergency Expenses

There are some cases where you’ll need to use your money, and fast. You may get unexpected medical bills or need to pay for a car repair so you can get to work.

Some people overcharge their credit card or take out bank loans in these cases. This generally isn’t a good idea, as you’ll get charged more in interest. One of the best ways to handle it is to use a payday loan. Companies like Little Loans can often give you the funds you need instantly.

The interest rates for these kinds of borrowers is usually much lower than conventional loans. They’re especially helpful for those living paycheck-to-paycheck, as long as you pay them back as soon as you can. You might also consider borrowing money from a friend or asking for a paycheck in advance.

Make Your Bills Cheaper

Your monthly bills most likely take out the biggest chunk of your funds. Consider how you could make each one cheaper. For instance, if you’re paying for an expensive apartment, maybe move somewhere more cost-efficient.

Insurance bills can also be made more affordable. Make sure to compare insurance companies to make sure you’re getting the best deal. You can often negotiate a lower price. You should also find ways to cut down on electricity costs.

Anything you pay weekly or monthly, try to find a cheaper way around it. For instance, instead of using an expensive smartphone plan, you may want a cheap pay-as-you-go SIM. If your gym costs you a lot each month, consider working out at home.

Earn Extra Money And Save It

It can be hard to save money when all your paychecks are going towards your weekly costs. Therefore, it’s worth making some extra money. There are various ways to earn some cash on the side. It can give you the extra pocket change you need.

Don’t be too eager to spend all of this, though. Saving up extra income is much more helpful. You can build up an emergency stash for when you really need the money. It’ll make financial matters much less stressful.

Saving Money On Healthcare When You're Not Insured

The cost of healthcare in the US has been a huge topic of financial and political debate for decades, and this isn’t expected to change any time soon! Although the national healthcare system is expanding, countless Americans still get by without health insurance, and bear the brunt of the costs. Seen as you’re reading this, you probably know just how expensive healthcare can be. Here, I’ve listed a few helpful tips for taking care of yourself without insurance.

First of all, consider taking advantage of walk-in clinics and online prescription services. In all likelihood, when you’re suffering from a bad cold, or you need to top-up on contraceptive pills, you don’t need to go to your doctor and certainly not a hospital. Walk-in clinics tend to be significantly cheaper, and will accommodate for your needs when it comes to minor health problems. Wal-Mart even runs their own care clinics, so you can pop in to ask about a problem you’re having while you’re shopping for groceries! Various chain drugstores also have their own clinics, but may not measure up to Wal-Mart’s low, low prices! Aside from that, we’re living in a digital age, and there are various online services which give you access to prescription drugs without insurance.

Another, increasingly popular way of getting the care you need without insurance is medical tourism. This term might set off alarm bells in your head, and that’s totally understandable. In the past, there was a very serious risk in going abroad to get surgery or another, minor treatment. However, with the internet being more accessible than ever before, it’s now much easier for people to research their options, and make sure they’re not running into anything dangerous before they hop on a plane! There are many places in the world where you can get high-quality medical treatment for a fraction of the price you’d have to pay in the States. Before you become set on the idea of traveling abroad for medical treatment, make sure you’ve asked your doctor about all the risks involved, done your own research, and that you’re in a good state to make the trip.

Next, make sure you’re checking all your bills, whenever they come through. It’s pretty common for people to trust doctors and everything about the medical sector. After all, they are doctors. However, it’s a big mistake to open a medical bill and immediately assume that it’s going to be 100% accurate. Many hospital bills have glaring errors in them, and a massive number of people manage to overlook these. Some of the mistakes aren’t all that significant. However, when you’re trying to save money, every penny matters, so get into the habit of going through your bill line by line. If you find that there’s an issue with your bill, be sure to take it up with the hospital or clinic’s accounting department. Medical organizations are very frantic working environments, and you may get passed around or forgotten. However, if you’re sure you’ve been falsely charged, always chase it up!

Financial Health Is About Knowing What To Do With The Opportunities That Come Your Way

You can never tell what’s going to happen tomorrow. The same goes for your finances. One day you might be made unable to work due to an accident. Another you might suddenly find yourself with an unexpected cash injection. These are two entirely different possibilities, but both have a right way and a wrong way of dealing with them. In this article, we’re going to help you spot the opportunities that can come and how to make use of them.

Protect your money

You don’t know what’s going to happen in the future, but you can at least anticipate it. When talking about your money, it’s best to anticipate the negative outcomes that could sink their teeth into your finances. Insure your home, your health and maybe even your ability to earn an income. Set yourself up with an emergency fund to deal the costs that insurance won’t cover. Spend some time laying down the groundwork of financial protection. Insulate yourself from disaster.

Know how to grow

So, let’s say that you’ve saved up a good deal of money or that you’ve come into a bit of wealth. If you have money, you have the opportunity to put it towards your future. So, how do you do it? It’s a good idea to save for your retirement as soon as possible. However, in the short and medium term, how do you grow it? While the majority of people will turn to savings, we believe that investing is the only way to truly grow serious wealth. Start looking into different investments you can get, instead of just sitting on your money.

Don’t pay when you don’t have to

Not every surprise in life is as pleasant and finding some money falling in your lap. Not all of them can be adequately covered by insurance, either. At the same time, if they’re not your fault, then you shouldn’t be content to pay for them. The most common cases are that of accidents. It’s a good idea to have advisors like personal injury solicitors in your contacts in the event that you get yourself in an accident. You could potentially be saved the costs of any medical treatment, emotional trauma or time missed from work.

Use your assets

A side-hustle is always a good idea to make a bit of money outside whatever your main role is. You don’t necessarily have to have a huge range of skills to made that money on the side, either. You can just as easily use the assets at your disposal. If you own a house or a car, you have two money-making tools right there. Besides subletting, you can rent out storage space or even your driveway. As for your car, you could use a taxi app to make money or add advertising to it. You could even drive as a courier in your spare time.

Being savvy doesn’t just mean following a few set rules to wealth. It means dealing with the good and the bad correctly. Always try to think of how you can use your circumstances to get yourself in a better financial position.

What Can Be Done To Prevent Physical Limitations From Restricting Your Finances?

Life isn’t all plain sailing, and millions are hindered by physical limitations. The level of damage differs from person to person, and many can live their lives without any major disruption. For many others, however, those disabilities and conditions can carry a far greater sentence.

Physical limitations can cause a negative influence on a whole host of different life aspects. Sadly, those issues can prevent sufferers from progressing in their careers quite so easily. If you’ve been affected by a physical issue, however, it shouldn’t stop you from gaining a sense of financial security.

Here’s what you can do to ensure that it doesn’t.

Fight For Support

When you are hindered by physical restrictions, it might not necessarily stop you from working altogether. In many cases, it’s still possible to work and lead a comfortable life. Moreover, laws on equality in the workplace make it a more accessible situation than ever.

Of course, some limitations will stop you from working at all. In either scenario, financial support is available. Experts like Chermol & Fishman can provide the legal advice and assistance needed to gain the support you deserve. Whether it’s SSD or SSI, those funds can make a world of difference to your overall situation.

We all need a helping hand from time to time. Reach out for this support, and your financial situation will start to look better almost immediately.

Earn Money Elsewhere

Your physical limitations may stop you from completing certain jobs and work tasks. However, the modern world is very accommodating for those who want to make money elsewhere. This is an option that you should at least consider.

Smart investments can be the perfect way to grow your savings, and you can even inject a little fun into these ventures. You may decide that risking money isn’t an option, however. Completing surveys, doing market research, or home-based work can be another solution.

You could even use YouTube and other social media streams to turn your hobbies into a side project. Earning additional money through external sources will relieve some of the financial strain. Quite frankly, it could make all the difference.

Use Money Wisely

Regardless of how much money you earn, wasting it is never advised. Physical limitations can increase the difficulty of earning money. So you must respond by placing greater emphasis on your expenses.

There are various schemes aimed to help sufferers gain discounts on certain products. This is especially true when it comes to medical items. Meanwhile, couponing and cutting unnecessary bills can go a long way to aiding your situation too. Just think, every dollar saved on those items is another dollar that can be spent on enjoying life to the fullest.

Finally, you should concentrate on keeping your credit score in good health also. After all, this can have a huge influence on your future opportunities. As long as you take responsibility for your finances, you should be fine. Above all else, maintaining great organization will remove any elements of surprise. With greater control, keeping on top of your finances will seem easier than ever.

Financial Necesseties For Any Small Car Dealership

If you’ve got a fervent passion for cars, and you’ve always wanted to start a business, then you may have been playing around with the idea of dropping your nine-to-five, and opening your own dealership. For those with a bit of knowledge and competency, opening a dealership is a very attainable way to start your own business and do something you love. In this post, I thought I’d touch on some of the big financial necessities you’ll need for your dealership.

While we all see the same image when someone says “car dealership”, the massive lot and showroom really aren’t that necessary. It’s 2016 now, meaning that all you really need to call yourself a car dealer, is the initial capital to buy a car wholesale, and the internet connection to advertise it. Of course, you’re going to need a little more space than your driveway if you want to have more than one car on sale at a time! Once you’ve secured enough capital, there are many good places to source your vehicles from. Online auction brokers, such as ADESA, have become steadily more popular in recent years, but obviously you may not be happy with the idea of paying for something you’ve never seen. You’ll still be able to find various traditional auto auctions, which don’t require a dealership license or other qualifications.

All business owners need to make sure they’re getting all the right insurance, and this is especially true for auto dealers. After all, you’re not exactly running a micro-bakery! After a little research, you’ll be able to find many companies offering building and contents insurance, as well as services protecting you from public liability and various other risk factors which come with running a business. If you want to show your customers that you’ll go even further for them, then you may want to consider purchasing some gap insurance as well. Sure, you may not have a lot of capital to throw around in that first opening period of your business. Still, failing to have certain kinds of cover can really come back to bite you. Make sure that once you’re insured you’re keeping to strict record-keeping standards as well. You may need this in the event of a claim.

Record keeping, and good organization in general, is essential if you want your car dealership to really take off. While not all of it is going to be necessary, keeping accurate and detailed records of all your past transactions will give you a greater understanding of how your business is growing, and the areas where it needs the most work. Aside from that, keeping a meticulously organized diary can be a huge help further down the line. You may be looking ahead at various regular tasks which may seem trivial to you now, but can end up being a massive drain on your valuable time. You’ll try a few systems before getting it right, so start today!

I hope this has been some help with organizing the finances for your car dealership. Like many business models, when you have your finances meticulously organized, everything else falls into place.

Essential Traits Of A Profitable Buy to Let Home

When you enter the buy to let market, there is a lot to think about. But your focus should be making as much profit as possible, both through rental income and when you eventually sell your property. In today’s guide, we’re going to go through the top traits of a more profitable buy to let home. Take a look and always have these traits in mind before you make any buying decision.

Focus on location

Ask any professional property investor about the importance of location, and they will all tell you the same thing. It is vital that you consider the location of your new buy to let if you want to make more money from rental income and when you sell it. The quality of the neighbourhood is essential, of course, as is access to services such as public transport. You should also think about doing a lot of research before deciding on buying a property in a particular area. If rental rates are already high, for example, you won’t make much profit. But if you can find an area that is being regenerated, buy cheap, and wait it out, you will find you can increase your income by a significant amount.

Being near a good school

Parents will always pay a premium for living near a great school. It applies to homebuyers, and it also applies to renters. So if you are planning on letting your investment out to families, do a lot of research on the local schools. Not only will it give you more rental income, but it will also increase the property value when the time comes to sell.

Nearby employment opportunities

Where the job market is strong, you will always attract higher rents. It’s that simple, and something you have to bear in mind when choosing the right location. It’s also worth keeping your ear to the ground for any upcoming developments in the business world. For example, if a major business decides to move into a new area, they will provide hundreds - maybe thousands - of jobs. It will bring an enormous boost to the local economy, and your rental rates can increase over time.

In an area with low levels of crime

Crime can strike in almost any area, of course. But if your property is in the middle of a crime hotspot, you can expect to command a much lower rent than elsewhere. Before investing, you should check with the local police station and ask them to give you a rundown of the local situation. Look at crime statistics for the area, too. The local council should be able to help you find what you are looking for. The most important crimes are things like burglaries, vandalism, and petty crime. Finally, don’t write off an area just because it has high levels of crime. While that might be the case right now, in a year or two things could be very different. Always look at the trends in crime, as much as the current figures.

Trouble Ahead: Six Signs That You're Not Financially Secure

We all want to be financially stable and secure, but many of us aren’t. It’s easy to go through life without even realising what we’re doing wrong. But here are six sure-fire signs that you're not as financially secure as you should be.

1. You Have Zero Retirement Savings

One of the things that it’s easiest to ignore is the future. But saving for your retirement is vitally important. If you don’t have enough money to live comfortably when you retire, you’ll regret not saving earlier. So, if you have zero retirement savings, it’s time that you did something to change that situation. It’s a change that has to be made before it’s too late.

2. Finances Cause Arguments

If you and your partner often get into arguments over money, this is a sign that all is not well. Money can be the thing that breaks relationships, and you don’t want it to come to that. Because of how important money is and how damaging a lack of it is, it’s not uncommon for arguments to break out. You should speak openly and clearly with your partner when it comes to financial challenges.

3. You Have Too Many Credit Cards

Credit cards act as a crutch that many people rely on. When your entire financial situation is based on credit cards and paying them off at the end of each month, you have a problem. It might seem like an easy and convenient way to manage your money right now. But you might not think that way once your money is stretched more and you have difficulty making repayments.

4. You’re Too Reliant on Your Overdraft

Having an overdraft can help you when you’re in short-term financial trouble. But it’s not there for you to rely on it too heavily. You should learn more about bank overdraft, and then you will be able to use it better. When you are too reliant on it, you will find that you put less effort into balancing your budget, and that’s not a good thing. Once you start to use it right, your finances will become healthier.

5. You Pay Your Debts the Wrong Way

Being in debt is not a disaster in itself. Many people have debts and still manage to achieve financial security. What really matters is how you pay off those debts and how quickly you rid yourself of them. You should always focus on paying the smallest debts first. When you do this, you can minimise the number of debts and pay them off more quickly.

6. You’re Always Asking for Help

It’s not a bad thing to ask for help when you need it. But if you need it at the end of every month, then you’re probably doing something wrong. You should be thinking about what you can do to stand on your own two feet and not rely on other people to bail you out. Eventually, there’ll come a time when your parents or other family members can’t give you the financial support you need.

The Underlying Costs Of Home Ownership

Like countless others, you might be throwing together plans to finally move into the house of your dreams. However, before you throw yourself blindly into the process of buying, you need to be aware of the various hidden costs which are tied to owning your perfect home. When it comes to big decisions like these, it can sometimes be easy to let your emotions affect your perception of the hard, financial reality. To ensure this doesn’t become too much of an issue, you need to be aware of the following.

First of all, the home inspection. This is a very important phase of the buying process, and you may be tempted to go with the cheapest option possible. While I understand the allure of this, you need to avoid it at all costs. When it comes to home inspections, you really get what you pay for. If you go with a cheaper option, you could end up with an inspection that overlooks some massive, glaring issues in your home. You’ll be much better off in the long run if you find a high-quality service to take a look at the place. Still, even when you’re hiring the best home inspectors around, it pays to go a little further and do your own research on the property. If the home’s on the site of a disused mine, I’m sure you’d want to know!

Insurance is another big cost which you’re going to have to think about before you seriously consider owning a home. One thing you’re going to have to prepare for is all your premiums going up. Still, you can get a considerable discount from a lot of insurers by bundling your car and home policies together. Buildings and contents insurance will also be a significant cost of owning. While insurance is a hefty and necessary cost, you can make the burden a little easier on yourself by choosing a broker that specialises in the kind of property you’re going for. For example, if you want to take out a mortgage on a high-net-worth building, you’d be better off going to a broker like Enness Private Clients.

Closing costs are another big expense, which a surprising amount of homeowners fail to plan for. Ignoring this hidden cost can be a very expensive mistake, so make sure you don’t do it! Of all the different expenses tied to owning a home, the closing costs can be one of the hardest to pin down. However, any good lender will be able to give you a ballpark estimate of what the closing costs will be, allowing you to plan ahead and set aside a decent buffer. Depending on the circumstances, they may wrap your closing costs up in the mortgage. However, you’ll still have to make up for anything that isn’t covered. Knowing the closing costs well in advance can be a huge advantage, so be sure to ask questions!

As you go ahead with your home buying process, make sure you’re planning ahead for these hidden costs!

Traffic Ticket Turmoil: How To Cut The Cost Of A Violation

You can admit it. You’ve had a traffic ticket before. I’ve had a traffic ticket before. Many of us fall prey to the laws of the road from time to time. It’s only fair that we pay financial penalties as a result of our poor driving. A traffic violation isn’t completely cut and dry, though. There are sometimes other factors or possibilities that can cut the cost of a ticket. So, if you want your finances to stay healthy, you’d probably do well to follow these tips!

Driving Course

When you get a ticket, you might be given the opportunity to take a driving course instead of a financial punishment. In many cases, this sort of thing will be offered when it's a first offense or not a particularly bad one. It’ll take some time out of your schedule, but it’s a great way of ridding your financial woes entirely. In fact, some driving courses can even be taken online instead of in-person. This will obviously depend on your location.

Contest It

There are attorneys out there like Georgia Trial Attorneys at Kirchen and Grant that can fight your case. If you don’t believe you’re in the wrong, you’re well within your rights to contest the ticket. There are a lot of factors involved in a traffic ticket incident, and it’s not uncommon for fines to be wiped out. Lawyers will examine the evidence for you and come up with the best possible defense.

Consult Your Insurers

This won’t take any money away from the ticket itself, but it’ll save you additional funds in the long run! In many cases, insurance premiums spike after you’ve received a traffic ticket. It’s important that you find out about this quickly, as hikes can sometimes be avoided with an agreement. Otherwise, it might just be worth starting again and shopping around for a new insurer before you start paying out the nose.

Deferred Adjudication

Have you heard of this one? In some cases, you might be offered the ability to take ‘deferred adjudication.’ Basically, this is just a fancy term for traffic probation. It means that by doing certain things and adhering to rules, the ticket can be expunged from your record. Unfortunately, this doesn’t mean you won’t have to pay fines in many cases. Still, that ticket being written off means that it shouldn’t affect things like your insurance premium.

Beware Your Credit Score

Here’s yet another reason to get actioning your traffic ticket instantly. An unpaid traffic ticket will cause problems with your credit score. A fine is considered a debt and your unwillingness to pay it will only go against you. In fact, an unpaid ticket can be penalized with imprisonment in some states. If you’re going to fight this thing, don’t just sit and wait for someone to contact you. Action it quickly before it ruins your credit score and potentially puts you behind bars.

Traffic tickets are never fun to receive, but as long as you take action quickly, you should be able to minimize the damage.

Uncovering the Financial Impact of a Serious Injury

What would you do tomorrow if you or a family member suffered a serious injury? Would you be able to cope financially? Given that millions of Americans are working from paycheck to paycheck, it’s unlikely. A serious injury can have grave consequences on your life, whether it is you who are hurt, or a close family member. In today’s guide, we’re going to take a look at the financial impact of such an event. We’ll also look at how you can make sure you don’t dip into financial hardship. Read on to find out more.

Medical costs

Your health is the most important factor in all of this, of course. But the sad truth is that when you suffer a serious injury, your treatment will be expensive. The co-pay and premiums on your health insurance will soon stack up, and you may need to make choices about the level of care you receive. The trouble is, without the fastest possible recovery, you will be unable to work for longer. Try leaning on your medical insurance provider. If you have a strong case for compensation, they might be willing to meet the costs if you pay them back once your claim has been settled.

Lack of income

Every day you are on the sick bed is a day when you aren’t earning money. Loss of revenue will have the most dramatic impact on you and your family. If the accident is someone else’s fault, look into hiring the services of a personal injury lawyer. They will be able to help you get the compensation you deserve and take the pressure off your finances. However, in the short-term, you may not be able to pay your mortgage or rent. Try reasoning with your landlord or mortgage provider as much as possible. If you go back to work too early, it means you could exacerbate your injury even more.

Debt

You may have to borrow money to get through the tough recovery period. If financial hardship occurs, it is critical to seek out help. There are plenty of organizations out there who will offer you advice, so seek out non-profit debt relief help. The worst thing you can do about debt is ignore it. Even if you are expecting a big compensation settlement, you want to avoid throwing money away interest.

Long-term recovery

If your injury is severe enough, you might be off work for a long time - maybe even for good. And you might have to fit the bill for all kinds of equipment and home alterations to make your life more comfortable. You can put in a claim for compensation, of course. But you will still need to have robust financial plans in place if you want to lead a reasonable lifestyle.

With any luck, you will never experience the difficulties that a serious injury can bring to your finances. However, it’s important to understand that there is help out there that can protect your and your family’s future. It can be a long road to travel, and it will be tough. But with the right advice, you will all pull through the challenging times.