By: Gemma Lagasca
Many people are very much bothered about money. It’s mind boggling why others have lots and some don’t have. Money management is vital because they just don’t grow on trees. Saving money for different reasons is a good sense of discipline to prepare for unexpected circumstances. This is also the key to financial stability because there’s no such thing as earning quick cash. Begin with establishing a better outlook for your resources today – to be safe from worrying about debts tomorrow. Just plan on it as follow:
- Create a monthly budget. Budgeting is one of the key factors on how to spend your money wisely. That way, you can clearly analyse your needs and you can easily keep track of your expenses. When you shop for groceries, make sure you have your list of things to buy to avoid spending beyond your limit or end up buying not so important commodities.
- Simply pay cash. Paying the groceries, utility bills and other purchases through credit cards are more convenient than paying cash but if you want to be in control with your spending, pay cash especially if you are an impulsive buyer. It will alarm you if you go beyond your budget because you’ll just run out of cash.
- Open an emergency account. Your monthly budget should include a certain amount for emergency fund allocation. This will take care of unexpected expenses. Credit cards incur interestsaside from the due payments and service fees. This will deplete your monthly budget as the charges are accumulated over time. Securing an emergency fund is a good effort for your peace of mind.
- Start saving for your retirement while you’re young. If you are on your early 20’s begin setting aside a certain amount in your savings account for your future retirement. That small savings will grow bigger in due course. The power of compounding interests will build wealth for you as time progresses. For example; a $5,000 investment of a 21 year old lad can escalate to $120,000 during its maturity period. This will ensure a comfortable life for him during his senior years – or he can re-invest the increased amount for a higher yield when his finances allow him during the peak of his career – thus resulting to substantial wealth.
- Eating outside is a major waste of money. Dining out is one of the common habits that can tear down your budget. Imagine the amount of every posh dish that can sustain the costof food allowances for few days. Learn how to cook your own food at home and enjoy a delightful dish without compromising your budget. If you want to celebrate for a special occasion outside, plan and save for it.
- Focus on your future goals as you cut down expenses. Cutting down expenses is only a part of managing your money wisely – but that’s not the end of the story yet. You should have plans and targets for certain concrete set of actions. That way, your financial management mindset is for long-term purposes – like for setting-up your business in the future, owning a dream house for your family and investing in educational plans for your children’s brighter future. Availing for financial assistance for these purposes is more likely to flourish in a long run.
Every penny counts. Spending your money wisely can do justice to your hard work and will keep you safe from investment scams promising to generate quick cash. Motivating yourself to save and plan now can mean a debt-free life in the future.
Image Source: Bankrate
By: Gemma Lagasca
Payday loan is an advance credit provided by loan operating businesses with your pay check as guarantee. It is like advancing the money that you are about to receive for the upcoming payday. These kinds of services are usually charging higher interest rates than banks – reaching as much as 400% annually. Post-dated checks are required as collateral prior to granting the loan.
Is Payday Loan helpful?
It takes only one instance to be hooked into this never-ending cycle. Aside from the over-charging of interest rates, you only have 14 days to repay the loan. It is true that you can easily borrow the amount of money you need anytime and anywhere using this system. However, your financial situation will get worst once you started linking your life with it. Upon receiving your monthly pay check, it will go straight to the credit establishment to pay for your advances. How will you survive until the next pay day? Of course, you will be tempted to renew your loan again – paying a substantial part of your pay to lenders for the accumulated interests instead of spending them for your needs. This cycle will not end unless you stop relying on it.
How to Prevent Resorting to a Payday Loan?
- Create an emergency fund. It should only be utilized for your emergency needs such as household wears and tears. Set aside a certain amount every payday until you saved at least $1,000 to $ 2,000 for your emergency fund. If you will do that little by little, you will no longer think of payday loans. If you happen to use your emergency fund for any reasons, make sure to replace it at once to avoid inconvenience that can come your way later on.
- Include a sinking fund in your monthly budget. It is normally intended for car repairs especially when your car is old – where spare part replacement is a must. It will be lighter for you to set aside a certain amount as part of your monthly expenditures for the basic needs. That way, you won’t have to compromise borrowing from payday loan providers to cover unexpected expenses.
- Apply for a credit card but use it only for emergencies. Credit card is a much wiser financial facility to use than payday loans. It has lower interest rates compared to payday loans. However, ample discipline is needed so as not to accumulate unbearable debts. Once you get used to using your credit card for lifestyle enhancements, you will surely ruin your regular budget. Avoid waking up one day to find that you are already sinking into an endless hole of debts.
- Inquire how to avail quick loans from your bank or any affiliated credit union. They have loan services similar to payday loans but still following the standard allowable interest schemes. It is even a good idea using this loan to pay off existing payday loans that you already have – but be firm in staying away from them after clearing them out. That way, your loans are consolidated in one entity for convenience and manageable charges.
Payday loans should be avoided at all cost. Financial stability can never be attained when you are tied up with these kinds of responsibilities. Do not create another nightmare by relying on this temporary solution. Start saving now to never resort to any forms of credit again.
Image Source: Wesla
By: Gynn Flores
I have been very independent when it comes to my finances. There have been many ups and downs in the past but no matter how hard it is for a single parent to survive financial crisis, I can say that I am indeed a survivor. Looking back – after watching my children grew up and have their own lives, I can never trade my being self-reliant to living a luxurious life as a dependent. This is how I found fulfilment and would gladly share my views to those who are seeking financial independence. You are self-reliant if you can support yourself and your dependents without needing the help or assistance of other people. This is hard to achieve as it means you have to earn more than enough for yourself alone. Many people work multiple jobs but still have a hard time coping without cash advances. Here are pointers on how to achieve self-reliance:
- Always make a budget and stick to it. Over spending happens when you subconsciously spend without knowing you can’t really afford it.
- Maximize your capacity to earn and still maintain enough sleep and good nutrition for yourself. Do not risk or force yourself to work when your body is giving signals that it is already depleted with energy.
- Teach yourself and your dependents the value of money. Be thrifty to allow your budget to match your lifestyle. Do not force to upgrade if you still cannot afford it.
- Be strong against temptations especially on the luxuries in life. Necessities should be prioritized. Luxuries can wait if something is still left after you have set aside enough for the basic needs.
- Know how to save for the hard times. You should set aside a certain percentage of your income for savings. This is the way to have financial stability. It is not enough to be able to afford the daily expenses but also to keep a small portion for the future in case of emergency and for your retirement.
Here are the benefits of being self-reliant:
- You do not need to seek approval from anybody if you are spending for your own needs.
- You have a free hand on what lifestyle you want for yourself as long as you can afford it. This is usually based on your earning capacity.
- You earn some respect as you do not have to be a dependent of anybody.
- You keep out other people from making decisions for you. This makes you in control of your life.
- You can live away from people you don’t like if you are self-reliant.
Self-reliance requires a lot of hard work and discipline that you have to impose on yourself. Do not be intimidated or influenced by others who are spending the money that they don’t have just because they drive nice cars or wearing signature clothes. All the luxuries can wait when you can already cash them. Relying to cash advances is a killer. A short time of enjoyment will be replaced with a lot of time pushing yourself to earn more just to level off your deficit spending.
Image Source: Self Reliance
By: Gynn Flores
It is every businessman’s dream to be able to accelerate his profits. Therefore any effective way is taken into consideration. Nowadays, the internet is a big marketing option. It reaches practically more people than tri-media advertisements – that is basically, TV, print and radio exposures. Hiring an effective marketer can also help in formulating marketing ideas and in implementing them. Constant monitoring of promotional activities is a must to maximize results. Consumer credit counseling service is not only offered by financial companies. It can be offered by commercial companies to help prospective clients in managing deferred purchases. Here are points to consider improving sales and therefore accelerating profits:
- Employ the right sales personnel. Hard work and strategic approach are a must so choose people who have these abilities and motivate them with attractive incentives.
- Put up a web site and if possible in many different languages to enable foreign speaking people to read your advertisements.
- Give your clients a surprise bonus for buying this will entice them to buy from you again. Also they will talk about getting more than what they expect which is a perfect advertising campaign for you.
- Send greeting cards to clients just near you and online to those who are farther during holidays and special occasions. This will improve your relationship with them. Simple advertisement can also be incorporated with the card.
- Choose the right target market for your products and services. This will make the marketing effort more effective.
- Give customers the option to buy other products or add on products when they decide to buy your main product or service at the point of sale. This will automatically increase your sales and therefore a chance to make some more profits and convert slow moving items to cash.
- Always think of new ways to entice people to buy your products or services. You could add extra free bonuses, delivery options or payment options. New promos or freebies will always be more exciting and if they are used to variations, they will regularly visit your site for new items that they can avail on promo.
- Welcome other businesses to sell your products. It could be a simple joint venture deal for a period of time. This will generate more sales for you.
- Regularly follow-up with all your prospects and current clients. When people see you or your ad more often, they are more likely to buy.
- Constantly learn new sales ideas and educate yourself with new strategies to increase sales. You can read books and publications on business, advertising and marketing. You can also read on other businesses strategies and adapt it to your own business.
Having considered all of the above, there is a very big chance you will make good. Discipline is important for everybody especially in business so a consumer credit counseling service will be beneficial not only for the business but also for the buyers and their credit providers. Make a team out of your people and delegate but always monitor their activities. Have you heard of the saying “when the cat is away, the mouse will play?”
Image Source: Libcom
By: Gynn Flores
When you are thinking of going into business, you need to know what will sell best. Fast selling items be it merchandise or services give you the chance to earn more than engaging in a slow paced business where you keep inventory for a long time. This will just make you incur huge cost of money and overhead which actually eats up your profits. Consider these real scenarios that trigger people to buy:
- People want to make money. They may want to start their own business and therefore have to procure merchandise and equipment they will need for the business. When they have their own business, it makes them feel successful.
- People want to save time and want to buy things in one go. Make sure you have other items that your clients might need along with their main purchase. This will give you more sales actually. Your client want their work done fast and spend time enjoying life’s pleasures. This will make them feel more relaxed.
- People want to save money and go for promos and freebies. So come up with promotions and give-away from time to time. They want to invest their savings for the future or save for a big purchase. This will make them feel more secure.
- People want to look better and updated. They might want to lose weight, tone their body, improve their facial features, use the latest gadgets or wear the latest fashion. This will make them feel more attractive.
- People want to learn something new. They may want to learn a new martial arts technique, build a deck or cook a new and exciting dish. This will make them feel more intelligent.
- People want to live longer. They may want to get in shape, eat better or have extra energy. This will make them feel healthy and fit.
- People want to be comfortable. They may want to be relieved from their aches and pains, sleep in a more comfortable bed, live in nice houses or drive a fast car. This will make them feel relaxed and relieved.
- People want to be loved. They may not want to be lonely anymore and want to go dating in a posh restaurant, have coffee with friends and relatives, spend a holiday in a posh resort or simply watch a movie with a loved one. This will make them feel wanted.
- People want to be popular. They may want to become a celebrity or excel in school and get the top rank or maybe excel in their favorite sport. This will make them feel praised and admired.
- People want to have pleasure. They may want to satisfy their cravings for food or sexual desires. This will make them feel more satisfied and fulfilled.
When starting a business, consider the above triggers. Choose one where you are passionate about, or have the experience in doing. This will give you ease and confidence in the business you want to get into. Being alien to something you want to start will be too risky as it becomes your training ground. There is a big chance to fail which will definitely make you lose your capital.
Image Source: Salescatcher