Budgeting

Pexels Image

Your family is important so doing all you can to protect them is going to be a priority in life. They may not be the most exciting things to organize but when it comes to protecting your family you want to know that you have insurance policies in place to prepare yourself for any unwanted circumstances in life. So here are some examples of insurance policies which are important to have sorted. 

Home Insurance 

Your home is an important area to protect and is likely to be the most expensive asset that you will ever own, so you will certainly want to look after it to the best of your ability. 

• Protects personal possessions. It is bad enough if your personal possessions are either damaged or stolen but to pay more money to replace them would be even more frustrating and upsetting. A home insurance policy would cover this so at least you would not have to spend more money unnecessarily after a stressful ordeal.
• Protects the Infrastructure. A home insurance policy would help you protect your home if any damages were to occur to it for example in the form of a natural disaster or fire. This would help contribute to any repairs or rebuilding that would be required after the incident. 

Car Insurance 

Now that summer is fast approaching you might be planning your next family getaway. So as well as planning your destination choice and where to stay you will want to make sure your car is covered by an auto insurance agent if you are planning on taking a road trip. The last thing you want is any problems if you were to have an accident en route and were not fully insured. 

Main reasons to have one are the following. 

• Protects you financially. If an accident were to happen and it was your fault then you would be liable for any damage repairs if you were not insured which can be very costly. 
• Prevents any problems with the law. Depending on which state you are driving in, will determine whether you are liable for covering the damage costs, as they will need to see that you are able to cover the necessary costs. Not showing proof could lead to legal prosecution as well which you would want to avoid. 
• Can protect you from Extreme Weather. Extreme weather conditions which can cause trees to fall over are incidents that are out of your control, so if your vehicle was to be damaged by this sort of event then at least with insurance you know you are protected. 
• Protection against burglary or theft. Another circumstance that would be out of your control is somebody deciding to break into your car and damaging it. At least by having an insurance in place you would know you are covered in this eventuality. 

Pexels Image

Health Insurance

You never know when you or a family member might require hospital treatment or a trip to the emergency room. Your health and the rest of the family are important to look after. They can be quite costly visits so it is definitely worthwhile to take out medical insurance for the family, just in case. 

• Prepares you for the unexpected. At least if you know you have medical insurance in place it will be less stressful if a family member was unwell and needed medical treatment unexpectedly. It is always better to have it and not need it than the other way around. 
• Helps with ongoing care. Having access to medical treatment is certainly important when you have an ongoing diagnosis that requires treatment. Hospitals are more likely to provide this care if they know that the bills are going to be paid. 
• Will cost less in the long run. Though it might seem expensive to have to pay for this each month, essentially it will cost you a lot less having health insurance than if you were required to pay for medical bills without one. 

Life Insurance

If you have children you want to feel reassured that when you are no longer around that they will at least be looked after financially. The average cost of life insurance in the US is considered to be around $126 a month for a 20 year period which would result in a $500,000 payout.

So ensuring you have life insurance in place will also be important to organize. 

• Covers any outstanding debts. The last thing you want to be adding to your children’s worries is any outstanding debts that need to be paid off once you are gone. This will help take the burden off your children to sort any payments as there will be money aside to help contribute towards the costs. 
• Contributes to funeral costs. Funerals can be quite a costly affair so putting aside some finances to cover this in your life insurance policy will help your children through an already difficult time. 
• Provides security for your family. If you have been responsible financially for looking after your children you will want to know that there will be some finances in place for them when they are older in the eventuality that they need money. 

Overall it does not do any harm to try and be organized with your insurance policies and any paperwork that needs to be filled in, particularly when it involves the security and safety of your family. They are after all your priority in life and you want to protect them as much as possible.

Pixabay CC0 License

When it comes to living a frugal life and cultivating a positive relationship with money, one of the biggest hurdles to overcome is the urge that many of us feel to overspend on a habitual basis.

From time to time, everyone needs to spend a bit of money on something fun or uplifting – and we certainly all have various obligations we need to fulfil, financially.

Whether you want more money set aside for those special occasions, or whether you need to send money to Vietnam to relatives, reducing the desire to overspend gratuitously can be very beneficial.

Here are a few tips to help you reduce the urge to overspend.

Keep your home tidy and aesthetically pleasing so that you can really enjoy what you already have

A lot of the time, the urge to overspend is really an urge to escape from an uncomfortable or frustrating environment or state of mind, by purchasing items that you feel – often on a more or less subconscious level – will help you to experience an enhanced sense of well-being.

Keeping your home tidy and aesthetically pleasing is a very good step to take in order to help you better appreciate what you already have, so that you can experience an enhanced sense of well-being in the here and now, rather than feeling driven to make impulse purchases in order to achieve that result.

Often,  if your home is well arranged and organised, you’ll be able to better cherish, notice, and make use of belongings you’ve had for years that would normally have “flown beneath your radar.”

Focus more on “doing” and “being” than “having,” as a rule

Overspending – and especially impulse buying – is generally a matter of trying to enrich your life by “having” more, rather than by focusing more directly on what you are “doing” and who you are “being.”

While money can help you to “do” certain things, of course, a lot of the deepest meaning and satisfaction that you are likely to experience in life will tend to come from activities and ways of interacting with the world that are more or less completely separated from financial matters.

Don’t get these different “modes” of interacting with the world confused.

Set yourself savings goals and emphasise quality rather than quantity

A lot of overspending can be linked back to an approach to your possessions that emphasises quantity over quality.

In other words – feeling that you need to have the newest of everything at any given moment, in order to be properly satisfied.

By emphasizing “quality” instead – in the sense of buying things that involve more craftsmanship and that are built to last for a longer time – you can do a lot to remove yourself from this habitual spending cycle.
Of course, these high-quality items will tend to cost a good deal in and of themselves – which is why you should set yourself savings goals to help enable yourself to purchase them over time, in a responsible manner.

Saving money can be a difficult thing for most of us in our lives. Understanding the best ways to put money aside for savings, emergencies and larger purchases is an overwhelming process so this guide will show you three ways you can save money for the future. 

Taking advantage of cheap purchases

Whether you are doing some arts and crafts or looking for everyday items it’s always good to save money by taking advantage of cheaper purchases. Look for the best shops to go in and avoid pricier shops because this can tempt you into buying something you see. A store that is the best to get cheap purchases is in the Dollar Store because everything is a good price that if you see some items you like and it won’t break the bank by treating yourself to them. They have a wide range of items from lifestyle items such as wall hangings And candles to party plates and balloons. This is why it’s a great time to go to the shop because you can pick up most of your daily shopping needs from here. 

Planning your ingoings and outgoings

At the start of every month you need to plan that you’re in goings and outgoings to ensure that you’re making the most of your money. Evaluate the past month By sitting down with a notepad and a pen and write down every single transaction that you bought including subscriptions. For example, this is a great way to add up how much coffee you had last month and to re-evaluate your spending to see whether you could cut down on your coffee spending to save you money. Often you Will be shocked how much You spent on certain items that you don’t really need that you could put towards your savings. Next plan for the next month ahead by looking back on the past month violations and deciding what percentage of money is going on to ensure that you have enough money left over for savings. If you’re really serious about putting money aside then take out at least 20% of your paycheck each month and put it straight into your savings then at the end of the month transfer anything that is left over before your next paycheck comes in it is a great way to budget with the money what you have left. 

Control your shopping lists

When you are shopping, have lunch before you go because if you go with a hungry stomach then you often buy more unnecessary items. Whereas if you shop with a full belly then you will not pick up unnecessary food items and go astray from your list. When it comes to writing a shopping list be stricter though exactly you need and try your hardest to not go off it. A good idea is to buy your shopping online as you will often miss promotions and deals that are on the end of each aisle which will save you a lot of money on the necessary items.

How wonderful it will be to control whatever happens in your life and predict what will happen to you in the future. However, no one can determine what life will bring, as it often tends to throw unexpected situations your way that can put your family in an uncomfortable place if you’re not financially stable. A Bankrate.com report reveals that only 39% of Americans can foot a bill of $1000 for an unexpected expense. While you can’t control every issue, you do have the opportunity to put systems in place to handle them effectively while setting up a solid financial future for your family. If you’re wondering how to secure your family financially, here are some tips to help you out. 

Settle your debts

Incurring debts can put a strain on your finances and restrict you from spending your money the way you please. It can get more strenuous if you have children, as taking care of them demands a lot. According to a report by the United States Department of Agriculture (USDA), the average cost of raising a child until age 17 is estimated to be $233 610, which goes into their housing, feeding, and other expenses. To attain financial freedom and security for yourself and your family, you need to pay off any debts.  

You can start by creating a debt list to ascertain how much you owe and when you should settle them. You should also prepare a realistic budget to help you allocate your money to your various creditors. It will help if you start paying the debts with the highest interest rates, as postponing them will only accrue more interest and increase the amount you have to pay. If it doesn’t affect your budget, you can pay above the minimum amount required each month. It won’t hurt if you transfer spare cash into your debt payment, as the goal is to get rid of them completely. 

Set feasible financial goals

Setting financial goals is essential should you desire a conducive economic environment for your family. Not only do they help you plan how you spend your money, but they also help you set priorities and monitor your progress. They also keep you accountable so you don’t misuse your money and fall back into debt. While setting financial goals is commendable, knowing how to go about it makes all the difference between attainable and impractical ones. 

You should first pen down your targets and paste them on your mirror, desk, or car for motivation. It will also help if you’re specific about your goals, as a vague one does little to boost your resolve. For instance, instead of writing “I want to save for a house,” you can rephrase it as “I want to save $500 every month towards my dream house.” You should also set deadlines for attaining your goals and ensure that they’re measurable. To make it easy, you should start with short-term goals, and achieving them will motivate you to set long-term ones. 

Embrace insurance

Insurance is another way for you to be financially protected; it buffers up the impact of unexpected events on your finances by covering the costs and keeping your other financial reserves intact. Also, you have the opportunity to select an array of insurance policies to guard against risks in various areas of your life. For instance, you can opt for health insurance, income protection, disability insurance, liability insurance, long-term care insurance, critical illness insurance, etc. This helps take care of any cost you might incur should you have a problem in those areas. 

Now, there are certain factors you should consider before buying an insurance plan. First, you should thoroughly research various insurance companies to ascertain the right one for you. It will be best if you’re sure that your chosen insurance company is licensed; you can contact your state insurance department to be sure. You can also compare the monthly fees with the claims to get the best value for your money. 

Set aside an emergency fund

Just like insurance plans, an emergency fund caters to unexpected needs without putting stress on your finances or disrupting your financial goals. A bank account is set aside for sudden expenses such as unemployment, major car repairs, unforeseen medical expenses, and home-reliance repairs or replacement. An emergency fund helps to build your financial security by preventing debts that would have come as a result of borrowing high-interest loans or frequent credit card use. 

To build your emergency fund, you should deduct a specified amount from your pay every month and deposit it into your account before allocating the rest to other needs. An automated savings account is ideal because it automatically deducts your savings before receiving the rest of your pay. Remember, your emergency fund is strictly for emergencies, so you must be disciplined so that you don’t dip your hands into it without having a good reason. 

Acquire multiple sources of income

Although having one steady job is excellent, uncertainties can take it from you at any time. This is why you should have multiple income sources to have a plan B if you lose your primary income source. Even if you don’t lose your job, you still benefit from getting more money from different angles, enabling you to save and secure your family financially. 

There are various ways to earn money, and thanks to the internet, you can gather a large client base. You can buy and sell or explore drop shipping if you don’t want to keep inventory or don’t have space to store goods. You can also monetize your skills and talents; luckily, platforms such as Fiver help you get gigs and earn more money. You can also go for low-risk investments, as they generate higher returns than you might anticipate. You can also acquire night or weekend jobs to support your primary one. The more income sources you have, the more money you can save towards your family’s future. 

Write a will 

Although no one wishes to leave their family behind, life can lead people in unexpected directions. In this case, if you don’t have a will prepared for your family, the state would have all rights to determine what happens to your assets, and not all decisions might be in your family’s favor. Therefore, to protect your family financially, you need to have a will in place. It states how you wish your assets to be shared and how your children should be cared for. It also helps you determine your beneficiaries and your preferred guardian for your kids. What’s more, you’re assured that your family can stand on their own in the event of your death. 

You can make a list of your properties and your desired beneficiaries (spouse, children, friends, extended family, etc.). You should also designate the properties to them in the manner you prefer. You can employ a certified lawyer to draft a valid will for you. Thanks to the internet, you can also choose a will from various online wills websites to make it easy for you. 

Life is full of uncertainties that can throw your finances off the balance if you’re not prepared for them. Fortunately, you have the chance to secure your finances and provide a comfortable life for your family, irrespective of any circumstance. These tips are not exhaustive but will put you on the path to financial freedom and security while protecting your family from any shortfalls. 

Pexels – CC0 License

Most of us know that in order to live healthily, to some degree we must spend money. Eating organically is often more expensive than eating foods produced cheaply and packed with preservatives, for instance. That said, often we overestimate how cost-effective healthy living can be. For the cost of an easily-booked takeaway meal, for instance, using raw ingredients to create a beautiful meal is often much cheaper.

That said, it’s also true that healthy living aids can demand more money from our purse. For instance, supplementing our diets with all the vitamins and minerals we may not have, indulging in small additions like fitness equipment, hobbies such as making matcha tea each morning, or even the long-term cost of hiring a personal trainer or partaking in paywalled communities online.

But how can we avoid wasting money on healthy living? There are a few techniques you can keep close to your heart. Remember, every point in this list is aided by research. It’s best to know the best hearing aid for your needs rather than purchasing the most expensive device out there, for instance.

Let’s get started, together:

Research & Information Is Free

It’s not uncommon for brands to offer a range of side purchases that you can make in order to get the ‘inside scoop’ on a practice or health discipline. For instance, it might be that you’re hoping to fast intermittently on a daily basis, and doing so means learning a few principles. Is it worth paying for the starting guide of someone running an online brand when there’s so much free information available online? Perhaps – but don’t default to that unless you are certain you need it.

Consider The Quality Of Service

Consider the quality of a service you may be utilizing. For instance, you may be subscribed to a meal delivery plan that helps you put together weight-loss meals with prepared ingredients each day. But are you paying twice that you would pay for the raw ingredients otherwise? And might it be that these recipes are limiting you? Could this be a foothold and nothing more? In this respect, you might reflect on how this service is benefiting you – as training wheels rather than a long-term payment you don’t need to be making.

Workout Outside Of A Gym

Covid has taught us that it’s more than possible to exercise outside, and this can save you money in a pinch. Taking a walk or run around the local park can help you avoid spending unnecessarily on treadmills unless you like running in the early morning and evening and want to stay safe doing so. It may be that investing that money in a home gym can save you money later on, while getting outside in nature can help you enjoy the mental-boosting benefits of being in an environment like this, without the subscription you keep forgetting to cancel.

While this is all just advice and totally depends on what you’re happy spending on, these money-saving principles can help you avoid wasting funds on a fit-and-healthy lifestyle.

From a young age, the adults around us tell us to save money for a rainy day. When you’re a child, you can’t imagine saving money for a thunderstorm – you can’t go out and have fun when it’s raining! However, as an adult, you learn that a rainy day is simply a miserable time in life that requires a little cheer and sunshine. Saving for that particular day may seem difficult at times; everything is getting more expensive but we’re not earning any more than usual! Still, despite the difficulty, we should be doing all that we can to put money away for those “just in case” moments in life.

If you haven’t already begun weaving your safety net for your family, then you need to get started putting one together now. You may need one to replace appliances, fix up the car, or pay for divorce legal services to cover you after an injury at work while you wait for help from personal injury lawyers. The point is that the money that you save is going to be your cushion in a financial crisis, and while you may think that a crisis will never happen to you, there’s always the “what if?”. So, with that in mind, here are five reasons to convince you to get saving for that rainy day right now.

• Job Loss. No civilian could have expected the COVID-19 pandemic to turn into what it has, with home losses and job losses. You can’t always predict that you’re going to lose your job, so why wait to find out? You could have the most comfortable and secure job and still lose it; you can’t take security for granted. You should ensure that you have at least three months of expenses saved at all times if only to help you to get by while you look for another job.
• Poor Health. Should you become ill, it can be a comfort to know that your mortgage and bills are paid even if you can’t work for a while. If you keep expenses for your day-to-day living in your savings account and you find that you suddenly can’t work, you don’t have the added stress to ensure that your payments are covered on top of everything else. How are you going to finance that trip to the ER anyway? Oh, wait, your rainy-day fund is working for you!
• Home Repairs. The one thing that all homeowners dread is an unexpected repair. From the boiler busting to the roof needing new tiling, home repairs are often very difficult to manage when you don’t expect them. However, if you have money put to one side, needing repairs is never a problem as you’re already covered.
• A New Car. Your old car is ready to give up the ghost, and you need to replace it. Without the car, your kids can’t get to school and you can’t get to work. A kitty to cover you for vehicle expenses is a kitty you want to be involved in! Make sure that you have money put to one side for yours!
• Last Second Travel. Whether you’re traveling because of a family or friend in need, it can help to ensure that you have money put to one side to keep you going when you need to go somewhere new at the last minute. Last-minute travel is often more expensive than most, so you should have enough money put to one side. It can also help to use currency conversion such as with 1 Canadian dollar to 1 Rupee, because it means you can budget for your holiday while also having the backup blanket of a little emergency cash if you need it.

Friends, how are you saving for rainy days at home? Please leave your thoughts in the comments below.

One of the major things that often holds people back from making the changes they want to make to their home is the amount of money it might cost. That’s not something you should let stop you from getting your home in the shape you’d like it to be in though. When money’s tight, improving your home is tougher, but it can be done. Here are some ways to save money but still achieve the outcomes that are important to you, so read on to find out more.

Balance Your Use of Materials

Buying the materials you need to carry out your home improvement plans is one of the things that can turn out to be most expensive by the time everything’s concluded. You should keep this in mind and maybe make a few compromises in areas where you can afford to in order to balance the quality and, therefore, the costs of the materials you ultimately purchase.

Fund the Changes By Selling What You Want to Get Rid Of

For many people, carrying out big home improvement plans also involves having a clear out of the home and making more space. If that’s what you plan to do, you should use the opportunity to sell a few of the things that you no longer need and fund your plans that way. It could make a big difference.

Take Your Time

It’s important to remember that you don’t have to rush your way through this whole process. In many instances, taking your time and moving a little more slowly can be majorly beneficial. That’s because it should allow you to spread out the costs, and that’s great as long as you don’t live alongside a project that’s a work in progress for a while.

Image Source – CC0 License

Explore Potential Financing Options

It’s often the case that you can find bespoke financing options that’ll help you cover the cost of the changes you’re looking to make. For some people, this can be the best way forward, especially if the money problems that are holding you back are more about short-term cash flow. Things like plumber financing are pretty common nowadays, and the same applies to many other home improvement niches.

Improve Your DIY Skills

If you’re not someone who’s ever been particularly skilled when it comes to DIY, maybe now is the perfect time to change that. By improving your DIY skills a little, you can carry out a lot of the work that needs to be done yourself, meaning you don’t have to rely on paying huge fees to hire other people who can do that work on your behalf. It’s a great way to cut your costs.

Carrying out your desired home improvements isn’t always easy, but if you get creative and you’re willing to make some adaptations, it’s usually possible to get it done on a budget. But don’t overstretch yourself or put your finances in peril for the sake of a few changes to your home.