Budgeting

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It is important for all people to manage their finances effectively. However, if you are someone that has a disability, you will face unique challenges when it comes to managing your finances. This is because you have different factors to take into consideration, for example, your employment options may be more limited and you need to manage different streams of income such as your disability benefits. With that being said, read on to discover some tips for managing your finances better. 

Make sure you are managing your disability benefits correctly

You will probably be entitled to a certain amount of money in terms of disability benefits every month. It is important that you manage your incomings and outgoings effectively. You should determine how much benefit cash you get, and then calculate all of your outgoings. Do you have more coming in than going out? If so, that’s great news. If not, it shows that you are living beyond your means. 

Firstly, you need to make the effort to reduce your existing expenses. Do you really need all of the subscriptions you are signed up for? Have you enquired about disability discounts? Make sure you call up your energy provider and such like to find out whether you are entitled to go onto a cheaper tariff. You know what they say; if you don’t ask, you don’t get! Once you have done this, you should then find out whether there are any other ways you can make some more cash. For example, could you set up your own business helping other people that are in your position? Perhaps you could do some small tasks for people, for example, you could offer pet sitting services. 

Enlist some help

Trying to do everything yourself is admirable, but it does not need to be this way. We all need help sometimes, and there is no shame in asking someone you love and trust to help you manage your money more effectively. After all, money is one thing that can be incredibly difficult to manage on your own. If you find yourself getting stressed and overwhelmed because you cannot cope, unburden it on someone else. Chances are that they will be more than happy to help you. From researching top bionics companies and agreeing on payment plans to finding out about benefits, there are lots of ways loved ones can assist. 

Invest in income protection

A lot of disabled people do not realize that they are entitled to income protection insurance. In fact, there are specialists companies for this form of insurance. It is important to take out this type of policy because it means that you will be protected should you be unable to work in the future for any reason, for example, if your condition has gotten worse. It is also important to stress the fact that employers should not discriminate against you because you have a disability. If you feel that this is something you have been subject to, you may be entitled to make a claim, so this is worth exploring further.

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If there’s one thing that the pandemic has proven, it’s that there’s no job security. Tons of people were let go during the lockdown, forcing many to burn through their savings just to stay afloat and be alive. Also, one thing that became glaringly clear is that savings are no longer enough. 

This is because even when you’ve saved a lot of money, your savings may not be enough to tide you over the next big crisis. Which then begs the question: what can you do to supplement your current income, so that you can get to a place of financial independence real quick? 

Most experts would recommend that you start a business. But, running a full-time business alongside your 9-5 is impractical. However, there’s a sweet spot in the middle where you can still start a business without giving up your 9-5. 

Affiliate Marketing

Affiliate marketing is simply being a middle-man –or woman in your case– who connects potential buyers to the right sources for a commission. As simple as this sounds, the reality is you can make a killing off of this business model if you do it correctly. 

The best thing about it is that you can do it after hours. So, instead of going to hang out at the bar with colleagues for a couple of hours, you can simply invest that time into building your new income stream. There are a ton of affiliate programs out there that you can be a part of and can pay you anything 5 percent to 100 percent commissions. 

In fact, if you do it right, you can actually get into the holy grail of affiliate marketing which is residual affiliate programs. These are potentially able to earn you commissions for life. This is by the far, the easiest side business that you can start. 

Retail Arbitrage

This is another incredibly easy business model that you can do at a leisurely pace. The only challenge is that it requires considerable capital upfront. But if you do it right, you can easily earn decent money from it. 

This involves going to major retail outlets and comparing the prices between items they carry and other e-commerce retailers. If you already do bargain hunting, you already know the basics. 

Once you find a high-demand product with a significant price difference, you’ll purchase them in bulk, re-list them on other retail sites for a decent price, sell and enjoy the profits from the price difference. 

The only downside to this gig is that it requires a bit of hustle. Apart from that, it’s quite lucrative. 

E-commerce 

This involves building out your own e-commerce store, populating it with products you’ve sourced, promoting the store, and selling the product. This is a lot more involved than the first two in the sense that there are many requirements. 

For instance, depending on where you live, you might need an e-commerce license to start a business. Then, you’ll need to source for products, buy a ton of inventory, take and fulfill orders, package the products, ship or deliver to customers, and much more.

This, by far, has the potential to make you very rich –from zero to 8-figures within a couple of years– but it’s fraught with considerable risks. 

We all love spending money on fun activities, but occasionally household expenses get in the way, and there isn’t enough money left over after everything has been paid to really enjoy yourself. Don’t worry; there are plenty of methods you can employ to save money around the house, and each one will offer you additional cash to spend or put into a savings account for a rainy day. Read on to find out more. 

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Renegotiate 

If you’ve never missed a payment and your finances are in excellent shape, you may be able to renegotiate and obtain a better deal, whether you’re renting or paying off a mortgage. If you have a mortgage, your first contact should be your bank or lender – attempt to negotiate a lower interest rate or shorten the duration of the mortgage so you pay less interest on the transaction.

If you’re a tenant, there is no harm in getting in touch with your landlord (assuming you’re on good enough terms). While you are unlikely to get a rent decrease – although in some cases this might be possible – you may be able to negotiate a better deal with utilities included, for example.

Spare Coins

Spare change can quickly build up, so instead of leaving it lying about the home and losing it, collect it and put it in a jar. Keep the jar by the side of your bed so you don’t forget about it, and when it’s full, get the coins converted into bills or pay them into your bank. You’ll be amazed at how much there is!

Change Energy Providers

Most people stay with their current energy providers because it seems difficult to transfer to another, even if it means saving money. It’s not actually as difficult as some people might think, and in many cases, you can ask your new provider to deal with your old one and switch everything over for you. You will barely have to be involved. 

Even if you don’t want to change suppliers, or you’re already paying a low amount, you can monitor how much you’re spending on an app – knowing this will keep you on your toes and remind you to turn off lights and laptops and anything else that might be drawing energy. Sometimes something that’s costing too much might simply need a repair, and that’s why someone like a 24 hour AC service expert will be helpful. 

Consider Going Paperless

Did you realize that you are being charged every time you get a paper statement or invoice from a bank or supplier? Check their terms and conditions to check whether it’s stated there. You are also charged if you pay by check or any other method other than online. Set up a standing order for the payments, or pay online (it’s secure). You’ll save money.

Make Use of Your Food

How much food do you throw away every week? How many times have you gone to the shop to get supplies because you thought you were out, only to discover that there is another jar, pot, or bottle of whatever you purchased sitting in the back of the larder? Far too many times is probably the answer. This all costs you money. Make an inventory of everything you have in your cabinets, fridge, and freezer. Then you can arrange your future meals around what you currently have on hand. When you’ve finished everything, you can restock.

Are you looking to buy a new home? Are the homes you are looking for characterful? Are they new, or old builds? Well, if you are looking for an older property, on top of many being very easy on the eye, what is inside the walls may not be so easy. So, this article is here to help you think about what to look out for when looking to buy a new, old home.

Buying a New Home

The process of buying itself can be a headache! But, buying a new home and resting in a house that has many faults and many things needing to be fixed, can be even more worry and stress in a situation that in itself is already stressful. When looking at older houses, make sure you research their history. When was it built? What work has it done? Has it been fixed recently, if so what was fixed?

All of the things come together in showing you, an MOT of sorts, of the house. Houses that are older are wonderful and have the potential to be wonderful houses for many more years, but just like anything that has aged, it needs more care and looking after in order for you to live in it. 

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Allocate Extra Money in Your Budget for Fixings and Fixes

When it comes to budgeting, if you are looking for an older house, then make sure a portion of the budget you are willing to spend is for the fixing and upkeep of the house. Some houses, will not need much upkeep, however, some may look perfect on the surface, but as time passes, things spill through the cracks and some truly big fixes may need to occur in order to live there! So always be careful when it comes to the budget!

Asbestos

This is one of the biggest headaches for houses built before 1980, and mostly in the 50s. Asbestos is a fibrous chemical that was used heavily in buildings and houses between the 30s, then banned in the 80s. It can be toxic as the chemicals in the air can cause cancers in the long term.

There are many mesothelioma attorneys with years of legal experience who take cases of asbestos today. As the results of breathing in asbestos over a long period of time do not show themselves until later, in the form of cancer and other illnesses. So, be sure to have the older home checked if it still has asbestos as this will be a costly and legal fix to rectify before you move in.

Outdoor Fixing 

Besides setting aside money to fix the interior, such as faucets, leaking pipes, walls in the hall, and others, you should also spare some cash for outdoor fixing. There are so many exterior areas of an old home that may require getting fixed. 
For instance, you can update the fence to a more modern look. You should have money to work on your lawn if you want to look like a golf house by updating the look of your lawn using Artificial Grass. Ensure that you also set aside money for exterior decors, such as installing a fountain to improve curb appeal. Additionally, don’t forget your windows, roof, and walls. You can repaint the wall with a new inviting color: gray, beige, blue, or cream. Old roofs and windows are prone to leaking, so don’t hesitate to fire a window installation contractor to fix your windows and a roof installation company to your roof. Ensure you select one up to date with the latest designs and tools for an outstanding result.

Buying and Restoring is not easy, but the reward is worth it!

Although this article makes it sound a little scary to buy an older house, the reward after the effort put into restoring an old house to its former glory is so worth it. You can feel the history and the warmth of the house, as it probably has been multiple families’ houses over the many years of it standing there. So, make sure you do your research, and once you move in, enjoy the fruits of your labor!

Friends, what’s your favorite find from this list you’ll be sure to take a second look at when purchasing your next older home? Share your thoughts below.

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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.