Budgeting

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Breadwinners are the primary financial providers for their families. They have many responsibilities on their plate, which means they need to be thrifty with every dollar they earn. If you’re a breadwinner in your family, then this blog post is for you! Here are some tips to help save money on a tight budget:

Cut Every Category a Little Bit

You don’t need to cut back on everything at once. Instead, keep an eye out for savings opportunities in other areas, but focus your attention on budgeting tips for what you can do with the resources you have right now. 

One of the most obvious ways to save money is by cutting your spending. For example, try using public transportation instead of buying gas for your car or paying for parking at work. Think about the necessities in life that you will have to pay off each month (e.g., mortgage/rent, utilities) and start figuring out which ones can go down next month without affecting those must-pay items too much? 

Prioritize Paying Off Your Debt 

After receiving a promotion or raise at work, many of us make the mistake of spending more. The truth is that if you are going into debt because you’re living paycheck-to-paycheck and there’s no money left over for other expenses, then it is much harder to catch up with your financial situation. Try working on paying off all of your debts first before adding your costs. 

Also, it can be challenging to sock away money when you’re struggling with bills and debt. However, if your goal is to save up for emergencies or the future; take care of these financial burdens first. You’ll find yourself feeling more confident about saving once you’ve eliminated this burden from your life.

Limit Your Television Subscriptions

Many people find themselves paying for a package of television channels they never watch. The best way is to get rid of the subscriptions with expensive premiums like sports or movie channels that your household rarely watches. Also, make sure to see what other services you might get included in the deal, such as Hulu Plus or HBO Now; some providers offer free DVR storage space, which can help cut costs if used properly. 

Switch To Cash, Stash Your Credit Cards

Using cash is easy when buying one item or small purchases like groceries or gas. However, it is unreliable when purchasing oversized items from furniture stores, for example. Still, other money-saving options include using a credit card with cashback rewards that will give you store credit for later purchases.

Stashing your credit cards would help with impulse spending while still giving access to emergency funds.

Cook Instead Of Eating Out

Cooking at home will save you money, and it’s probably healthier too. If that wasn’t enough to convince you, think about this: cooking is also a great way to spend some time with your family! It’s the perfect excuse for everyone in the house to sit down together over dinner every night. Plus, if mom or dad has had a long day at work, there’s nothing better than a homemade meal.

Conclusion

In conclusion, you’ve come to the right place if you are looking for some helpful tips on how to save money. As a breadwinner, you must take care of yourself and your family, so make sure you don’t get too caught up in saving every penny!

Do you ever wonder why your bank account seems to be lower than you’d expect? If you’re not spending money on big purchases, eating out, or going on vacation, then your money could be going on a few common bad habits. Here are some of the most common habits that need to do if you’re trying to save money.

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Buying Coffee

Lots of us have a takeaway coffee habit. Spending a few dollars on a coffee on your way to work might not seem like an expensive habit, but the costs soon add up. If you buy a to-go cup and a french press to make your own to-go coffee at home, you could save a lot of money over a year.

Smoking

Smoking is an expensive habit. Cigarettes themselves cost a lot to buy, but the impact on your health is expensive too. As a smoker, you’ll have much higher premiums on your health and life insurance and may have to spend more on health too, due to smoking-related illnesses. If you can, give up. If you’re struggling to quit, there are lots of ways to get help, whether through patches, hypnosis, or switching to vapes with a cartridge ccell.

Skipping The Gym

Whether you belong to an affordable neighborhood gym or an expensive fitness boutique, you’re wasting money when you skip the gym in favor of sitting at home instead. The average gym membership isn’t cheap, and if you’re underusing it, it can be a money pit. 

Using The ATM

It’s always useful to have extra cash in your wallet, spending money to withdraw money at ATMs will soon add up. The average fee to withdrawn money from an ATM that is not from your bank is over $4. Every time you withdraw money, that will soon add up, costing you a lot of money over time.

Drinking

The average American spends around 1% of their income on alcohol. That doesn’t sound like much until you consider that for every $100 you have, you spend $1 of it on alcohol. If you drink regularly, this will add up a lot over the year. Restaurants and bars are expensive places to buy alcohol, but even buying a bottle of wine to drink at home every weekend can turn into hundreds of dollars spent throughout the year.  

Going Out For Lunch

Eating out for lunch instead of eating at home, or preparing a packed lunch to take to work with you is an expensive habit. A lot of people who work in offices buy lunch every day, which of course, adds up to a lot of money over the working year. Instead, try to make your own lunch, and you’ll be able to save a lot. 

If your money disappears faster than you’d like, take a look at the small amount of money that you spend every day and add up what that costs you in a week, month, and year. You’ll find where it is that you money goes!

Dealing with debt is one of the most important tasks when managing your money. While it’s very common to be in debt, there are several different scenarios that can arise when you owe money. If your debt level is increasing, or you’re finding it more difficult to keep up with repayments, here are some steps to take today. 

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Analyzing your finances

It can be tough to keep track of your accounts when you have multiple direct debits set up, you can tap a card to pay, and you purchase items at the touch of a button. If you tend to spend money without really thinking about it, or your balance is usually lower than expected when you look at your mobile banking app, it’s wise to take a good look at your statements. Check your balances for every account, review transactions, and take stock of your financial situation. Write down how much money you owe in total and note down the details for each individual payment. 

Draw up a budget

Budgeting is one of the most effective ways to take control of your money. It is particularly beneficial to monitor spending and set limits if you are trying to clear debts and prevent further borrowing. Your budget should contain figures for your income, your regular outgoings and one-off payments you need to make in the month ahead. Once you have all the data in front of you, you can work out how much you can afford to either save or put towards debt repayments. 

Repay your debts

There are two scenarios to consider when talking about debt. The first is manageable debt. If you’re paying a mortgage or a loan and you’re on top of the repayments, you don’t need to worry. If you can afford to pay back your debt, keep going as you are. The second scenario is more precarious. If you have debts that you’re struggling to repay, you are borrowing more money or you’re paying more in interest every month, it’s important to take action. There are multiple avenues to explore. 

If you have high-interest debts, it’s worth trying to bring the value down as quickly as possible to save you money. You could do this by using any savings you have, you could sell an annuity or you could look into a debt consolidation loan. This type of loan is designed to help you pay off all your debts and start again with a single monthly repayment. The best thing to do if you are worried about your debts is to seek expert advice. Financial advisers can recommend products and make suggestions based on your individual circumstances. 

Ask for help

Money worries are among the most common sources of stress, and during the pandemic, more and more people have found themselves struggling to repay debts. If you have concerns about your financial situation, or you don’t know how to go about trying to clear debts, reach out. Contact financial advisers, charities and nonprofits that offer free advice and helplines and research online. There is help and support available, and there are always options, no matter how bad things get. 

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Debts can spiral out of control, and it’s always wise to try and maintain a firm grip on your finances. If you’re keen to start tackling your debts, take these steps today.

Whether you are looking to hone your skills in a specific career or just seeking to climb the education ladder, several options are available. Unfortunately, not every option available will look attractive, especially if you’re working with a tight budget. It is an undeniable fact that those with better education or academic qualifications mostly earn more. For example, people with college degrees earn over 50% more over their lifetime. 

Unfortunately, for any adult, the higher you seek to climb on the academic ladder, the more you can expect to pay. And this situation has caused loads of people to postpone or abandon higher education. But getting further education doesn’t have to be expensive. So, are you looking for ways to continue your education without going into debt? Here are a few budget-friendly ideas you can use. 

Leverage on low-cost and free online training; learn at an Ivy league 

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The internet has made it possible for billions of people to further their education, with online courses available in almost any field of studies. An Ivy League education has a lot of prestige associated with it, mainly because of its years of offering unmatched higher education quality. But you don’t need to study in an Ivy League school, as many individuals have succeeded in smaller known institutions. Plus, it sounds great to learn something from an Ivy League school without paying for it. 

Through Massive Open Online Courses (MOOC), you have the opportunity to learn from Ivy League professors right from home. Today, you can find a rapidly growing movement of MOOCs offering various people an opportunity to advance their studies. For example, you’ll find options like Udemy, Khan Academy, Code Academy, Fluent U, Alison, etc. Khan Academy and Alison are popular for most people, as they offer free studying resources, study videos, assessments, and assignments in various fields. They cover various professional disciplines, including the humanities, science, and math. Udemy, Code Academy, and Fluent U offer law courses at low costs, ranging from as little as $20 to as much as $200.

Opt for an adult education program for the basics

Perhaps you could not complete your high school education, and you’re interested in getting your GED done. In that case, there are several opportunities available for you as an adult to go back and complete those basics. Most of these adult education centers offer very low-cost and budget-friendly education. Indeed, some of these options are also free or covered financially by different nonprofit organizations. 

What about the paid options?

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If you prefer to pursue a certificate course or opt for a degree course, these options will probably cost some money. However, they provide greater returns. One option is to sign up for an online certification course from a reputable higher learning institution that offers low-cost education. Today, no matter what you’re looking for, you’ll find options available online, from an online master’s degree in nursing to even law courses. All you need to do is find low-cost alternatives that’ll fit easily in your budget.

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A salary is extremely important as it’s what someone gets paid for a living. This is the money that ends up in your bank account for doing a job, and you need to have a big enough salary to cope with all the various expenses in life. Speaking of which, one of the biggest problems people have is that they need a better salary. They aren’t getting paid enough by their employers, so they want to take action.

There’s an issue for employers as well! They know that salaries are crucial, but they’re also managing a budget. It becomes a question of trying to pay your employees what they deserve without spending too much.

On the topic of salaries, we’re going to go over a few things that both employees & employers can learn from the world of professional sports. Pro sports is arguably the most expensive industry in the world, but it’s also one where salaries are made public. When you look at this world, you start to see that there are a few things we can maybe adopt in the normal world…

Demanding new contracts

You will see that a lot of professional athletes flat-out demand new contracts when they think they deserve to be paid more. This happens a lot when young players break into a team, start performing really well, but are still stuck on a youth contract. They’re being paid way less than people in other teams who perform worse than them. So, they make it widely known that they want a better contract or they’ll leave. 

It’s an ultimatum that puts the employer on the spot. They need to decide if they’re willing to give them a raise or lose a valuable team member. The same can apply in your workplace. If you think you’re being paid less than you deserve, make a fuss about it. Give your boss an ultimatum, then alert any other companies about the situation. If you’re good at your job, you will be snapped up by a rival company in no time. This is further encouragement for the employer to act fast and give in to your demands, increasing your wages. 

Going above and beyond to reward loyalty

If you are an employer with a small business, one lesson you can take from pro sports is to go above and beyond to reward your loyal employees. We can look at a couple of instances where this has been shown, so let’s look at the NHL for an example. In 2018, Drew Doughty signed an 8-year contract worth $88 million for the LA Kings. It followed many impressive performances for the team, and they rewarded him with a long-term contract that saw him as one of the top-paid athletes in the division. 

Patrick Mahomes in the NFL is another great example. Again, his excellent play and loyalty were rewarded with a 7-year contract worth $150 million in 2020. In both of these cases, you see the employer doesn’t just reward them financially, they also ensure they’re locked in for a long time. As an employer, this is something to consider when setting salaries. Give them a contract that includes a salary for many years, making them feel financially secure at their job. It helps you retain employees, which is great for business!

Constantly providing raises

It is incredibly rare that any athlete will play for a sports team and not get a raise when signing a new contract. In the real world without million-dollar contracts, raises are harder to come by. It seems that businesses are less inclined to give them out, but it’s something they should start doing. If you employ people, raising their salary is the easiest way to give back and show appreciation for what they’ve done. 

From an employee’s perspective, you should learn from this as well. It’s a case of knowing your worth and knowing when you deserve a raise. So many people will stay at the same job for years without a raise, purely because they don’t think they deserve one, or are maybe resigned to the idea that raises are rarely given. Learn from sports; good performance deserves rewards. Ask for raises if you think you deserve one!

Obviously, there are huge differences between pro sports and most of our jobs! The money involved is completely different, so you can’t expect huge raises of million-dollar contracts. Nevertheless, there are certainly ways of doing things that you see in pro sports that can be applied to normal jobs. If you have salary issues at work, this post should give you a few things to mull over.

There are a million ways that you can improve your financial standing. But one of the most effective ways is to simply do your best to avoid the common financial mistakes that people can easily fall into. While people are paying attention to other things, they often let their financial side run on autopilot, and that’s an incredibly troubling scenario to be in. While things won’t unravel in the space of a week, if those mistakes are committed over a long period of time, then you might find that you’re in a deep hole.

In this blog, we’re going to run through some of the most common errors that people make and offer advice on how you can avoid and overcome them.

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Bills Pile Up

There was a time when you had no bills in your life. But at some point, you picked up your first bill — and then more and more followed. While there are, of course, some expenses that you’ll always have to pay, it’s always worthwhile looking at trimming your expenses from time to time. Do you still need that cable bill? Or the fastest internet package available? Just taking the time to go through your bills and make cuts can lead to significant savings.

Handling Everything Yourself

You’ll have the expertise required to do many things in life, but it’s unlikely that you have the expertise to handle all aspects of your financial situation. Some things are complicated, after all. For instance, let’s think about your taxes. If you’re in a complicated working arrangement (self-employed, and so on), then you’ll find that there’s value in handing the job over to a tax expert. Similarly, if you have an accident that wasn’t your fault, then it’ll be better to work with someone who can offer legal help after an injury rather than trying to fight for justice on your own. Make a habit of taking care of the basics on your own, but outsourcing the more complicated tasks to someone else.

Not Investing In Your Career 

Your career is going to be your biggest money-making resource at your disposal. In fact, for many people, it will be the only money-making resource. So it’s important that you’re investing in yourself and ensuring that you’re in a position to make as much money as possible. Rather than just going with the flow and waiting for cash to come your way, it’d make more sense to identify which courses will allow you to earn more, and study for the qualifications. A little bit of effort can go a long way — you’ll certainly notice the impact when you look at your bank balance. 

Short-Term Gains 

Finally, look at eliminating or reducing your short-term gains. A daily cup of coffee and lunch might sound like a treat, but when you multiply the value by, say, five years, they might not look as tempting. Take the money that you save and put it in a savings account. Your future self will thank you! 

These days, the internet is a pretty non-negotiable aspect of our lives. Since the remote switch of 2020, especially, the ability to get online has been a literal job-saver. Especially for work-from-home small business owners and freelancers. As everything from communication to shopping is now easier online. 

Unfortunately, like any trend, the internet remains at the cutting edge, with advancements like broadband, wifi, and fiber optics to name just a few leaving packages that are even a few years old pretty much obsolete. This is especially the case where video conferences and online meetings are concerned, with a decent connection speed now expected. 

This can be a real point of worry for those in financial difficulties given that, as a rule, these newer offerings cost a fair amount more than standard connections over utilizing a private pix network. But, what if we told you that switching to high-speed could save you money despite all that? And, we’re going to prove it. 

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The ability to enhance your earnings

Above all, right now, high-speed internet is a fantastic way to boost your earnings which, if done right, could altogether negate any additional costs. Most notably, the ability to impress, show up on time, and generally boss remote work could see you earning more/up for promotions and pay rises.

What’s more, many people are making money through platforms like YouTube and TikTok. In that instance, a decent internet connection that can withstand video uploads, etc. is as non-negotiable as a good idea. And, if you do earn from your efforts, then that increased income should soon start paying for your internet and more. 

Cutting cable costs altogether

It’s also worth noting potential savings you could make elsewhere with high-speed broadband behind you, including cutting costs on your cable. After all, many cable channels now have a website on which they both streams live and upload programs that have been on in the past, whether that be recently or way back in the archive. So getting free cable legally is really as simple as getting online. Again, though, a decent internet connection is vital for avoiding that dreaded buffering circle every time you try to watch something. Luckily, the $100+ you’ll save on cable itself makes splashing out on your connection more than worthwhile. 

Bundle bargains

At the very least, upgrading your internet could mean saving through bundles with other things, including cable, phone contract, and more. After all, suppliers are pushing for you to upgrade your internet however they can, meaning that the vast majority will offer you decent deals elsewhere. While this could still mean paying more for your internet itself, you could, therefore, end up paying a lot less in other areas, more than covering that expense. 

Conclusion

Even if an upgraded internet package seems like an expense you don’t need, there are ways to offset those extra costs, and even end up better off as a result. With the best internet connection only set to become more important, you could certainly benefit from considering these savings sooner rather than later.