Budgeting

You have always considered yourself a smart and savvy person when it comes to your finances, but recent events have caused you to stop and consider your monetary situation. Making choices when it comes to money can seem overwhelming, but you can make small, worthwhile changes that impact your financial stability for the long haul. Whether you’re trying to live a more sustainable life or create a cozy nest egg for your future, here are seven smart money decisions you can make today, which might just change your life.

1. Shop Locally

When you choose to shop locally, you are not only helping out a small business but you are also cutting out the middleman in the supply chain, which makes your bills cheaper. Opting for local greengrocers and seasonal goods can help you save money every time you shop.

2. Compare Your Credit Cards

Getting stuck with the same company when it comes to credit cards and loans doesn’t always play in your favor. There are a number of emerging options every day which can help your finances considerably, so look at comparing credit to find some of the best deals. Once you have reassessed your credit cards, you will feel much more prepared in the future.

3. Go Green at Home

One of the biggest savings you can make is in your very own home. Making smart decisions regarding your energy bills, lighting, and water costs can help you to save more money in the long term and it also helps the environment too!

4. Be Mindful of Investments

Jumping headfirst into a new investment may feel like a good idea at the time, but you should always think carefully before putting a considerable amount of money into a new venture.

5. Track Your Expenses

When it comes to tracking your monthly expenses, all you need to do is turn it into an everyday habit. Writing down your outgoings and tracking your income can help you stay on top of your financial situation and avoid any unnecessary surprises.

6. Limit Your Luxuries

Cutting back on your luxuries may not sound too fun, but it’s a surefire way to create a little extra cushion of safety in your savings account!

7. Look at Your Long-Term Timelines

The spontaneous side of you may not like the sound of looking at long-term timelines, but it can truly help you to assess your financial situation before those big moments creep up on you. For example, if you know you have a big vacation, wedding, or life event coming up you can start to put aside some money sooner rather than later.

As soon as you start to make smart money decisions, you will notice a huge difference in your overall outlook on life. Instead of living in fear every month or worrying about your dwindling bank account, you can take control and feel empowered by the choices you make. A small alteration to your daily habits can go a long way when it comes to securing a stable financial future.

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Everybody feels that we need to upgrade aspects of our life to an extent but if we are truly going to improve the quality of our lives, we don’t necessarily have to spend a lot of money. Many people think that in order to improve everything we’ve got to upgrade to the latest model. This is not the case. How can you have a great life without spending a lot of money? 

Invest in Quality Upfront

Half of the problem many people have is that they can only invest in cheap items. But when we invest in cheap things, they soon break down or suffer from wear and tear, and cannot be repaired. When we invest in slightly more expensive items and take the time to put aside finances to purchase the most useful items, they’re going to last longer, and it reinforces the idea that we are investing in quality. A very good example is the family car. Suppliers like Edmunds provide larger family vehicles, and when we are investing in a sturdy piece of equipment that will transport us and our loved ones safely, we’ve got to make sure that the quality is there. So when we invest in something a little bit more expensive, we will reap the benefits in the long run. 

Spend Only What You Have

Money can appear to grow on trees, especially when we use credit cards. But one of the biggest issues in credit card debt is that we operate with a “buy now, pay later” mindset. This doesn’t help when we are trying to upgrade our lives without spending money. If you do not have money, do not spend it. And if you are looking to make a big purchase on life like a house, remember, you will need to have a credit card so you can accrue a good credit score but this is not free money. Get into the habit of looking at your bank account and only spending what you can realistically afford. Something like the 50/20/30 rule really comes in handy here, because it makes you compartmentalize each aspect of your finances and forces you to look at what is essential in your life. 

Change Your Attitude Towards Life

If we want to make a big difference to the quality of our lives, we need to step away from the habits that are costing us money on a daily basis. We don’t always think about life in terms of quality, but view life as a benchmark based on our earnings. But if you were to win in the lottery tomorrow, would you just buy stuff that doesn’t add to the quality of your life? Because, as the cliche goes, you will soon find that money cannot buy happiness. So instead, look at upgrading your life by looking at your attitudes, and what makes life worth living. Because if you really want to upgrade your life without massive expenses, you may need to shift your focus away from “stuff.”

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Who doesn’t love a good freebie? 

There’s something powerful about finding something that you can have for free, with no strings attached. Did you know that there are so many free samples and trials for you to get all throughout the year? If you play your cards right, you can literally save a fortune on daily items that you’d otherwise be paying for. 

How do you take advantage of freebies to save money? Here are some tips:

New email free trials

Loads of subscription services like luring you in with a free trial. Spotify and other streaming services do this, as do food boxes. Usually, when you sign up as a new customer, you can access the service for a period of time without spending any money. But, when the period ends, all you need to do is sign up with a new email address to get the free trial once more. If there are multiple people in your family, you can each keep using a different email address to ensure your free trials keep on coming. This works best for streaming services as many other subscription services have fail-safes to prevent you from doing this. 

Check for the latest free stuff

You’ll actually be amazed at how much free stuff you’re entitled to. Companies will always hand out free samples or trials of products for people to test. Sites like Free Stuff World are great for things like this, and you can see the diversity of all the free samples you may be able to get. From skincare to Amazon vouchers; there’s something for everyone to enjoy. Use sites like this and make it your daily mission to keep checking for the latest freebies. As I said, you’ll be amazed at what crops up, stopping you from spending money on items you typically buy. 

Enroll in loyalty programs

Honestly, it’s impossible to get through life without paying for things! As much as you wish you could survive off freebies, it isn’t possible. But, you can take advantage of the money you do spend, enrolling in loyalty programs for the stores you shop at. Grocery stores and supermarkets are prime examples of this. Most of them will have loyalty schemes where you earn points for shopping with them. The more you shop, the more points you get. Ultimately, these points can then be cashed in to basically get stuff for free. You can get vouchers from your points or use them to directly pay for items, meaning you avoid spending any money. 

In conclusion, you can see how freebies will help you save a lot of money throughout the year. Free trials and samples stop you from spending money, particularly on items that you would buy if they weren’t for free. Use the tactics above to get as much free stuff as possible, and always be aware of loyalty programs. Basically, if you shop somewhere and they have a loyalty program, make sure you’re signed up. They’re always free to join, and you pretty much end up earning free stuff!

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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.