Posts tagged: funding

Four Simple Solutions To Help You Sort Your Financial Situation

financial statusSome say that money is the root of all evil. And there are definitely certain circumstances in life that would make us all believe that at some point or another. But when you find yourself with financial problems, you can definitely feel like dollars are the devil on your shoulder. While they’re there dancing away, you know that you really need to work on something to make them go away. Although it’s tempting to bury your head with everything, that’s never the best solution. You’re definitely going to want to tackle this issue face on, but you don’t always know where to start. And that’s where this post comes in.

Suffering financially can be really scary. You often worry if you’re ever going to get out the other side. And you will – but you have to make it happen. This means being transparent with your finances, being frank, and also committing to making changes. Because when you can do all three, you will be able to sort your current financial situation. Whether you’re in debt, not earning enough, or just in a bit of a muddle with everything, then it’s time to strip it all back. So let’s take a look at the four simple approached you can take to achieve this.

Budgeting Better

When you’re in a less than ideal financial situation, you have to be really honest with yourself. And this always means considering your current income and expenditure. By working on a better budget, you should be able to get things under control.

Understanding What You Earn

The first step here is all about getting to know your earnings a little better. Because we always tend to assume that we make X amount each year or month, without really knowing what we get. So if you’re employed by one company, it’s time to go through your paycheck. Then, you’ll be able to understand the income you get each month. If you’re self-employed, you should definitely start to track your earnings so that you can be more aware of the money you’re making going forward.

Tracking What You Spend

The next step is to hone in on your expenditure. And this is often what the bulk of budgeting is all about. To do this, there are different apps to track your spending that you can look to use. By ensuring that you know what you’re spending, you can not only ensure you don’t overspend, but you can often be more careful with what you spend your money on too.

Cutting Down Unnecessary Expenses

You may find that the last step opens your eyes a little. Because it’s easy to think that you’re spending a certain amount of money each month, to then realize that you don’t really have a clue. And it can then make you aware of the unnecessary expenses that you have, but that you can cut back on too. Saving on monthly expenses can be quite easy, as long as you’re prepared to be tough on yourself.

Saving Money

Then, you’re going to want to think about how you can save more. This is both in terms of having a pot of money saved up, and ensuring that you save money on whatever you buy going forward too.

Allocate A Percentage Each Month

The best way to ensure that you’re able to put some money away for savings each month, is to allocate a set percentage in your budget. That way, you’ll automatically save however much you can afford, and you won’t miss it going forwards either.

Shop Around

But you also want to make sure that you’re not spending too much money on the things that you do buy too. To do this, you definitely want to shop around. While considering the prices of different items in different stores isn’t always quick, it is smart. Because you can often save a significant amount of money buy biding your time and shopping around first.

Use Coupons

Finally, you should definitely consider using coupons too. When you never really use them, it can definitely feel odd to clip coupons or search online for discounts. But as soon as you get started, you’ll find that it’s easy to get the hang of. And if you’re really not sure how you’re going to save this way, these coupon tips will definitely help you to maximize your money every time you spend.

Earning More

Your next step is to look at your income. Because you’ve pretty much mastered your spending now, and you probably can’t get that down any further. So your next solution is to increase your earnings.

Make A Plan

While some people will earn more by not really planning for it to happen, for most of us, that’s never going to be the case. Because if you want to increase your earnings, you need to know exactly how you’re going to do it. And this means that you’re going to need to have a career development plan in place. You should have your end financial goal in mind, whether that’s five or ten years away, then work backwards and plan out what you need to do to get there.

Start Something On The Side

Another great way to ensure that you earn more is to do something on the side. If you have a particular interest or skills, you may be able to commit your evenings and weekends to it, or whatever free time you have, to ensure you make some extra money each month. From writing to selling crafts, you should definitely look into where your passion and talents can take you.

Get A Second Job

And, of course, you’ve always got the option to take on a second job too. This isn’t always going to be the best idea for everyone, but if your first job just isn’t paying you enough and you want to be able to bring in some more money for a short space of time, a second job can be a great idea. But, you will have to make sure that you have the time available to do this without it causing your stress or impacting on your quality of life.

Alternative Avenues

And finally, you’re then going to want to consider what other avenues you have to get your financial situation under control. Not all of these will apply to you, but it’s always useful to consider each in case you can find the perfect solution.

Considering Compensation

First up, you’re definitely going to want to consider any avenues that will allow you to access additional money that you’re entitled to. Because when you’re in a tough financial situation it can help. You can click here for information on payday loan repayments as a starter. But you may also have other forms of compensation that you could be entitled to due to your circumstances too.

Saving To Invest

Next up, you may also want to think about the future, and how that can improve your financial situation. Once you’ve mastered spending within your means, you could then look to save money so that you can invest in something that will make you more money in the future, such as property.

Starting Your Own Business

Finally, you may also want to think about starting your own business too. Because if you want to change your life and prepare for the future, this can be an incredible venture for you. Yes, it will take work, and it won’t happen overnight, but if you have vision, it’s something that you should definitely look to start now.

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Going From 0 to 100: Massively Improve Your Financial Situation

financial statusThere may be a time in your life that you find yourself in a real difficult financial situation. We have all been there, and while it can feel embarrassing at the time, it doesn’t necessarily mean that is going to be your fate for the future. Things can change, you can change, and you can do things to improve your situation massively. Often at the time, there may feel like no way out and you are heading to bankruptcy, but in most cases, this isn’t true. There may be a solution it is just a case of knowing where to look. Which is why I wanted to share with you some of the realistic options you could consider. I hope that it provides you with some hope in what can be a very difficult and emotional time.

Have you got an asset

One of the first places to look when you are going through a difficult time is your assets. Many assets have huge potential, and we can often be to blinkered to realise what you can and can’t do. First of all, you could consider your home. While it may not be nice to potentially sell your home it could be holding the key to improving your financial situation by releasing valuable equity. Selling may seem like a long drawn out process but actually, using companies like Wren Realty could be an ideal solution. Enabling you to change your situation fast. Releasing funds could then mean you pay off your debts, get yourself straight, and allows you valuable breathing space. Of course, selling your home might not be an option, so think of the other larger assets you have. Do you own a car that you can sell? Maybe you have land you could sell from your property or renting out your drive for commuters and people surrounding for their vehicles. Once you know where to look you can start to improve your situation.

Increase your disposable income

Maybe you need to look at your outgoings a little more closely. Too often people let their bills leave their account dutifully without giving it another thought, but this can be a big mistake. There are bills that you could perhaps get cheaper, things you may no longer need but are still paying for, or simply making some changes to your habits to brings some costs down. Analyse your bank statements and look at what is costing you the most. One big expense is the food bill each week, but this is one bill completely in your control. Why not try meal planning, buying only what you need, or changing the shop you go to? Even switching from brands to supermarket brands can make a big difference to your expense. Next up, consider changing providers for things like energy. Many companies save their best rates for new customers.

Could you spare time be a money making opportunity?

Finally, you could think about making money in your spare time. Filling out surveys online, performing mystery shops and even just selling unwanted things online on platforms like eBay or Facebook groups could help to improve your income and pay of debts that are costing the most each month.

I hope that these tips help you to consider other avenues you can take to get you out of a financial struggle.

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Small Business Owners Need To Be All-Rounders, Not Specialists

business ideasThere’s a misconception about entrepreneurs that need to be eradicated. It’s the one of the genius leader, the one who can come up with a genius idea, usually thanks to their one track mind. In reality, small business owners don’t need to be specialists in anything; indeed, it’s probably better if they’re not. What they do need to be are all-rounders, able to do a lot of things well, rather than just one thing like an expert. Below, we take a look at a few of the areas that every small business owner needs to have at least a passing familiarity with, and a willingness to learn about.

Dealing with the Public

Your business depends on the public. Without people buying your products and using your services, there is no business. As such, you need to learn how to handle the complex nature of “the public”; a public that is often demanding, and full complaints; though of course, also filled with happy, pleasant people. If you’ve never had to deal with the public, you’d be well advised to put yourself in front of house – that is, if you’re normally behind the scenes – to see what they can be like first hand.

Being the Boss

If you’ve hired a team of staff, then you’re no longer an entrepreneur: you’re a leader. And as a leader, you need to know how to handle underperforming employees, office complaints and arguments, as well as all the logistical issues that go into staffing, such as rota planning, covering sick days, and managing staff holidays. For the personal skills needed to be the boss of a productive staff, learn from the experts. For the logistical side, you can use rota and holiday management software to make your job easier. If your staff are well-prepared and productive, then your company will have the best chance of being a success.

Marketing and Advertising

Once upon a time, it’s possible that your business may have been able to be successful without much marketing or advertising. Alas, those days have long gone; now, you need to commit considerable resources to your marketing campaign and be advertising in a variety of mediums (print, online, etc). No-one’s expecting you to come up with the world’s greatest advertising campaign, but you should understand what works and what doesn’t.

Inspiring, Productive

The company, especially in the early days, isn’t anything overly abstract: it’s you. The quality and success of your business will rest on your ability to be an inspirational and productive worker. While there are a lot of tasks to take care of, it’s important that you’re always well rested and able to deliver your best work.

What To Outsource

Finally, remember that you don’t need to do everything on your own, and you don’t need always to give your staff tasks. Outsourcing will be an invaluable tool for your business, especially when it comes to repetitive and specialist tasks. Use it wisely, and you’ll be bringing the best on board to your company.

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Need Some Extra Cash? You Could Get It Without Working Harder

more money in needThere might come a time in your life when you could do with some extra capital. Maybe you want to start a business, or you fancy taking the kids away for the holiday of a lifetime? Either way, most people think they have to work harder than they do at the moment to build their bank balances. However, in many instances, it’s possible to do that without making too many changes to your routine. Believe it or not, the average family wastes thousands of dollars every single year, and so you just need to stop doing that as soon as possible. The advice below should come in handy.

Transfer the balance from your credit cards

Lots of people take out credit cards and then only make the minimum payment every month. That is fine for the first year because most cards come with 0% interest. However, after twelve months, the provider will often begin to charge interest on the balance, and that’s where folks tend to make mistakes. If you continue to send the minimum amount, you will never make a dent in the debt according to sites like thesimpledollar.com. So, search online for a new credit card that offers 0% on balance transfers. You can then move the money you owe to a different creditor and continue reducing the amount you owe.

Look for a debt consolidation deal

Debt consolidation arrangements have many advantages including:

  • Only having to deal with one creditor
  • A single affordable monthly payment
  • Lots of breathing space

The people behind debtconsolidationprograms.co and other industry leaders claim that a significant percentage of individuals could benefit from a deal of that nature. In most instances, you just have to get in touch with a consolidation expert and explain your situation. They will then take a look at your finances and let you know if they can assist or not.

Use comparison sites to find better contracts

You live in the digital age, and so it makes sense that you should use technology to your advantage. There are many different price comparison websites around today for almost everything. That means you could secure some astonishing savings if you visit the right domains and shop around. People who compare deals online could save a fortune on:

  • Home energy
  • Home insurance
  • Cell phone contracts
  • Car insurance
  • And more

If you’re not aware of the top comparison domains at the moment, just search Google, and you should discover lots of sites that will help you to reduce your outgoings.

The suggestions made in this article are almost guaranteed to provide you with some extra cash. Now you just have to work out the best ways of spending that money to improve your situation even further. Some people might want to use it to start a business or make investments. Others may choose to pay more than the minimum amount each month and get themselves out of debt a little faster. The decision is down to the individual. Just make sure you don’t waste the money or get yourself deeper into financial trouble.

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10 Crucial Things To Consider Before You Invest

investment mattersAny smart person who wants to make more money will look into making investments. If there’s one thing for certain, it’s that investing your money in various ways is much smarter than simply putting it into savings.

Investing will make your money grow much faster than a savings account will – especially since interest rates have remained stagnant for quite some time now. Bear in mind that inflation will have an affect on the money you save, meaning that it will be worth much less in the future. Putting your money into the right investments ensures that your money retains it’s value or grows in value.

Here are 10 crucial things you should be considering before you invest:

1. The Best Use Of Your Money

The first thing you need to consider is whether investing is the best use of your money. Of course it is at some point, but right now, you may have other priorities. For example, paying off debts first and foremost is crucial. The longer you’re in debt, the more interest you pay. Paying off your debts ASAP will ensure you have more money freed up for investing in the future.

Health insurance is also a good shout. You never know what the future could hold, and this way, you’ll have peace of mind even though you’re not plowing every cent you have into a savings account.

That being said, you should have a cash cushion of at least 6 months expenses. You never know what could be around the corner. Consider every eventuality. May you need to take a pay cut? Could you lose your job if the company goes bankrupt? Lots of things can happen, so being prepared for them is a must. Just make sure you have your money in an easy access account!

Once you have these things, you can confidently begin investing your money!

2. Goals For Investing

You should know your goals for investing, as this will determine where you put your money. If you’re on the verge of retirement, safer investments are best for you. Bonds are fairly safe so look into those.

You can afford to take a moderate risk if you won’t need the money too soon. In this case, stable companies that pay out dividends are a good option. You can maybe take aggressive risks for higher gains – best for keeping your money in investments for quite some time. Look into companies that are focused on growth and investing money back into the business.

You can even potentially start investing for two different goals. For example, investing for a house downpayment which is short term, and investing to retire which is long term. Having goals like this will make you more financially secure and smart both now and in the future.

Know exactly what the goal of your investing is so you can make the right choices!

3. How Old You Are

Being young has its advantages when it comes to investing, but don’t panic if you’re older. It’s never too late to start, you may just need to alter what you’re doing a little to make it work.

When you’re young, you tend to be more secure, have less responsibilities, and have more disposable income. It’s also easier to pick yourself back up and brush yourself off after making a mistake. In your 20s especially, your biggest asset is time. Make the most of it when you’re young by making riskier investments and taking advantage of the fact you have more time for compound interest.

4. The Time Before You Need The Money

Some investments will have shorter goals, some won’t. Bear in mind that some investments come with charges if surrendered or redeemed before a holding period is up.

We mentioned it earlier, but the sooner you need the money, the less risky your investments should be!

5. Your Risk Tolerance

Not everyone can take risks with their money past a certain level. You may worry as you have responsibilities and dependents, or it can be something simple. The ups and downs of the stock market can make some people uncomfortable.

A higher return may not be worth the stress or losing sleep over, so bear that in mind. Consider your personality and what you expect you can handle in terms of investment risks. Bear in mind that you don’t have to navigate this minefield alone. There are financial planners, wealth advisers, and robo-advisers to guide you through the process.

6. A Diversified Investment Portfolio

A diversified investment portfolio is recommended for anybody and everybody who wants to invest. You can invest in many things, including:

  • Different companies
  • Industry sectors
  • Markets
  • Asset classes

Having all of your money in stocks can’t be considered a diverse portfolio. Having diversity in your portfolio can help protect you from market fluctuations. The more powerful your portfolio will be if you take the time do this, and the more smoothly things will run for you.

7. How Involved You Want To Be In Your Investments

You can be as involved as you like when it comes to your investments. You can work on them everyday, or take a backseat and let a dedicated professional do this for you. If you don’t have the time, you can delegate portfolio management to a financial advisor. You could even hire a property manager if you’ve invested your money in property. There’s barely any need for you to be involved at all, but it’s totally your preference.

8. Is There An Expert You Can Speak To?

If you’re totally confused, there are places you can find experts. There are dedicated people out there that can advise you, and networking on LinkedIn could even be an option. By doing this, you might just come up with questions you didn’t even realize that you should be asking.

Look for a professional investor or an investment banker and see what you can find out.

9. Do You Understand Growth?

To understand growth, an investor has to dig into the key financial statements. The things like balance sheets, income statements, and cash-flow statements. In the consumer sector you can ask for retail level sales too. Understanding growth is key to ensuring you’re putting your money into the right investments.

10. Knowing Your Exit Strategy

Above all else, you need to know exit scenarios for the industry that interests you. Having an exit strategy is crucial if you want to avoid potential disasters. You can take different things into account, such as how big the company is and the margins. Whatever you do, make sure you develop an exit strategy that suits you and makes you feel comfortable.

Now you’ve considered these 10 crucial things, you should have a good idea of what step to take next. Do you need to pay off your debts, save up a cash cushion, or find an expert to guide you? It can all seem complicated at first, but you don’t need to be an expert or even a business person to invest. Everybody should invest, as it can be a very smart way to use your money.

If you don’t think you have the cash to invest right now, take a good look at your budget and spending. Chances are, you’re buying many luxuries that can be cut back and better spent on your investments. If you’re going to experience investment success, you need to get serious about it.

Do you have any tips and thoughts on investing? Leave them below!

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