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Top 7 Ways to Manage Your Finances Like An Expert

November 25, 2020 by Mandy

One of the hardest parts of growing up is learning to manage your own finances and making your money work for you. It becomes obvious, in your adult life, that money plays a significant role. It would help if you learned how to be both financially responsible and prudent. You must learn how to save and make sure that you are living within your means and not over or under them.

The question now becomes how can achieve financial freedom in a world where the economy continuously shifts; sometimes the economy shows promise of growth, and sometimes it takes an unexpected plummet, especially during a time like this with the COVID-19 pandemic. People have lost their jobs due to retrenchment and have ended up in difficult financial situations.

What does that tell you? That you need to be smart with your finances in order to stay prepared in case of any sudden changes. The following ways can help you manage and monitor your finances:

Having a savings account

A savings account is sometimes referred to as a ‘rainy day account’ because you want to have some money put aside for emergencies. A contingency fund goes a long way in preventing borrowing money from other people or places and being in debt.

Please make an effort to put some money into a savings account and do not touch it unless it happens to be for a dire situation. It teaches you discipline in terms of having money at your disposal but not rushing to the bank (or whatever firm you have saved in) whenever you need money in your hand. In the event you feel like you might forget to transfer your money, you can set it to automatically transfer a certain amount from your checking account to your savings account.

Avoiding unnecessary monthly bills

Sure, you have great credit and possibly qualify for certain loans at your bank, but that doesn’t mean that you should take out that loan. For example, say you are married and have a family, and both you and your partner drive separate cars, there is no need to take out a loan for a family car.

It is an unnecessary expense that you will need to count every month. In addition to that, it would be just another way to contribute to the pollution of the environment. Exhaust fumes from petrol-fueled cars add to the already building greenhouse effect in the ozone layer.

Taking out insurance policies

It is smart to take out insurance policies for medical cover, homes, and cars. They cover expenses you might not be able to pay for upfront. For example, medical cover and car insurance can cover the expenses incurred during a road accident. The car might be damaged and will need to get repairs done on it. The people in the vehicle might have sustained injuries, and that is where health insurance comes in.

House insurance usually covers theft and damages caused by natural causes such as fire or floods. Putting money into such an account also pays off in the long run.

Limit your credit card use

The number of times you turn to your credit card when you do not have cash in your pocket is ridiculous. There is the urge to swipe your card when you feel like you really need to purchase an item. The reality of the matter is you probably don’t need that item!

Human beings are seemingly covetous in nature; you’ll see something and feel the need to instantly want to own it, though you could do without it. Just like saving, using your credit card also requires you to be disciplined enough not to turn to it. If you want it, you don’t need it.

Keep track of your expenses

A habit that is important to cultivate is monitoring how you are spending your money. Think of yourself as your own personal auditor. You can use applications such as Microsoft Excel to make a spreadsheet showing how you have spent your money and work on updating it maybe twice a week.

That way, you can also learn how much you typically spend within a given amount of time and see what you can cut out.

Budgeting

As you track your expenses, you also learn to budget for your income or any other money you earn on the side. It is one thing to come up with a budget. It is a whole other thing to ensure that you are living by it such as paying for home insurance, bespoke car insurance & likewise. It is already clear that part of managing your expenses requires integrity and discipline; you need to be honest with yourself as you come up with your budget.

Proper financial planning

Learning to manage your money does not happen overnight. Be patient and learn from others, and do what works for you.

Filed Under: Finance Tagged With: finance, money

Understanding the 3 Digits That Dictate Your Financial Future

November 19, 2020 by Mandy

Every major purchase you make as an adult will be affected by your credit score. Those three digits will dictate whether you can rent an apartment, buy a car, or purchase a home. Your credit score is a measure of the likelihood that you will pay back money loaned to you. It is dependent on many factors and changes based on your fiduciary actions. Understanding your score is the first step in trying to improve it for your financial future.

Deciphering the Score

Ninety percent of lenders use FICO scores to judge the financial viability of a loan applicant. FICO stands for Fair Isaac Corporation, which is the original name of the company that created the credit-risk model to assess financial risk in lending. A FICO score is a complex calculation based on a consumer’s credit report provided by the three main credit bureaus: Equifax, Experian, and TransUnion.

Credit scores range from a low of 300 to a high of 850. Anything below 580 is considered a poor score and below the average of most consumers in the country. A person with a score below 580 would pose a high risk of future loan delinquency. A score between 580 and 669 is a fair score, although below the average. Most consumers that fall in the 670 to 739 range are thought of as good credit risks. Anything above 740 shows a consumer is dependable and would be a low risk to lenders.

Establishing Credit

If you’ve never held credit, you won’t have anything in your credit report that can be used to calculate a score. Consumers typically need at least one open account that has been active for at least six months and one account that has been reported to the credit agencies within the last six months. These are the minimum requirements needed to establish a score. Continuing to use credit wisely over time will increase your score and your credit history.

Although many people may think purchasing items with cash and having zero debt is fiscally responsible, this will not help your credit score. There is no history of credit usage and repayment to offer lenders a look into how likely you are to pay back a loan. Lenders need historical data to judge your risk. When you pay cash, there is no paper trail for lenders to follow.

Calculating Credit Worthiness

Many factors go into the calculation of a credit score. These include:

  • The amount you owe
  • Your payment history
  • The types of credit accounts you have
  • The number of new credit inquiries on your report
  • The length of your established credit

The most critical factor in determining a credit score is your payment history, as that makes up 35% of the calculation. The next important component is the amount you owe, which makes up 30% of your score. The length of your credit history accounts for 15% of the calculation. The number of credit inquiries you’ve recently made as well as the types of accounts you have open each account for 10%.

Interpreting Variances

The exact numerical score a lender will accept can vary greatly. For example, if you’re purchasing a car, the minimum credit score at a dealership for luxury vehicles may be higher than the required score at another dealership that specializes in economical cars. The same is true for mortgages. Many mortgage lending companies will relax their requirements for first-time homebuyers but may hold buyers of million-dollar homes to a higher standard.

Variances also exist among credit bureaus, which may each have different information cataloged for you. The inconsistencies may be due to name differences. Perhaps one credit bureau has accounts associated with your maiden name while the others do not. Sometimes the variances are due to errors. Someone else in your family with the same name may appear on your report. Make sure to monitor your credit for these types of issues to ensure any financial responsibilities that are not yours are removed. Establishing a good credit history is the key to reaching your financial goals.

Monitor your credit reports for accuracy and to keep you on track. Understanding what goes into a FICO score will help you govern your financial decisions and help you plan for large purchases.

Filed Under: Finance Tagged With: finance, money

Best Wedding Day Gifts From the Groom to the Bride

November 18, 2020 by Mandy

The bride has chosen the perfect wedding gown, the church is booked, and the invites sent. In modern times, the trend of the bride and groom exchanging gifts has become extremely popular. 

However, if you’re a groom that has no idea what the best gift is to give your lovely bride on your wedding day, then it can be a little bit overwhelming. You want something very special for the woman you’re vowing to love until death do you part. Below you can find a few of the best wedding day gifts that your bride is sure to love. 

Jewelry

Nothing says I love you like a piece of jewelry, and jewelry is something that almost every woman will adore. You can go simple with a classic gold chain or diamond pendant, or you can go for the unusual with an antique necklace that speaks to her personal style and shows why you love her above all others. Whether it’s a necklace, a bracelet, or earrings, there’s very little about jewelry that your bride wouldn’t love. 

A Keepsake Box 

Your bride is going to need somewhere to keep all of the memories from your wedding day and the years to come. Give her the gift of a lifetime with a keepsake box that’s personalized just for her. If you’re creative and want to give her something that you built with your own two hands, build the keepsake box yourself and then have it inscribed with a quote that fits the two of you, along with her name. 

Items to be Used on Your Honeymoon

Some brides are more practical than others. If you have a practical bride-to-be, then get her a gift or even a few gifts that she can use on your honeymoon. For example, if you’re honeymooning somewhere exotic, give her suntan lotion products, a sunhat, a few sundresses, and maybe a kindle stocked with her favorite books for lounging on the beach while you’re enjoying the waves. If you’re going somewhere majestic, gift her with a camera, so she can photograph and keep the memories of your honeymoon to share with others and to look back at as the years go by. 

Scatter Several Different Gifts Throughout Your Special Day 

Leading up to the wedding and the day of the wedding can be a stressful time for many brides. Though she’s thrilled to become your wife, her stress levels could be through the roof. Taking the time to scatter several different gifts to give her throughout your special day will not only relieve her stress and make her smile, but it’ll also remind her why she chose to marry you to begin with. 

Whether it’s flowers, books, a coffee mug, or a basket of self-care items, giving them to her at different times during the wedding day will mean more than you could ever imagine. Remember, in the middle of all the gift-giving, it’s still the fact that you thought to get her anything that is going to count. 

A Basket Filled with Goodies

If your bride loves surprises, get a pretty basket and fill it with goodies you know she’ll love. From books to chocolate and perfume to body wash, put whatever is your favorite in the basket. Take it a step further by taking the time to wrap each present individually for her to open. She’ll love the gifts and appreciate the time you took to make the experience of opening them special as well. 

These are just a few of the best gifts a groom can give his bride on their wedding day. Remember, this is the first day of the rest of your life together, make it as special as you can, because it only happens once in a lifetime. 

Filed Under: Finance Tagged With: gift ideas, wedding, wedding gift

Be Wary of These Things When Finding a New Home

November 7, 2020 by Mandy

Finding your new home should be a time of excitement in your life. However, it’s also one of those times when you should remember the phrase ‘buyer beware’ in terms of hidden issues in the home. Most of the time, sellers will be upfront with you regarding the home, but unfortunately, there’s always an exception to the rule. Here’s a quick look at a few of the things you should keep an eye out for to ensure you don’t end up in a home with issues.

Neighborhood

We all want to live in the safest neighborhoods to ensure that our families remain safe. This means that you shouldn’t allow the fantastic curb appeal of a home to keep you from glancing around at the other houses in the area. Are there a lot of them for sale? Why would that be? Do businesses in the area seem to be thriving? Are there a lot of people out walking around or does the area seem a bit vacant? Stay away from those that appear to be empty. If all the families have left, there’s more than likely a good reason.

Unmaintained Maintenance

Gutters, sinking foundations, poorly maintained walkways, and cracked fence posts are just a few of the clues to look for that will tell you that the maintenance of the home hasn’t been kept up with. Once you’ve gotten into the home to look around, check for things like the tiles, ceilings, and floorboards for proper maintenance. 

Leaks

When you’re touring a home, ask if you might turn on and off the faucets. Checking these can help in the determination of whether or not there are any sort of leaks – which could lead to expensive water damage. Additionally, it will let you know whether or not the water pressure will meet your expectations. You might also want to give the toilet a flush to see just how quickly all of the water drains out and the bowl fills back up.

Windows

Windows are both aesthetically pleasing and functional, and can also be a source of hidden problems with older homes. Keep this in mind on your home tour and look to see if the windows happen to be triple or double-paned. Put your hands near the windows to find out whether there’s any cold or warm air coming in through the windows. Also, make sure they have locks that are secure.

Smells

Are there candles burning in each of the rooms? If there are, it might be in an effort to mask some sort of internal odor. If the structure has recently had to deal with things like water damage or mold, the sellers may attempt to cover up those smells by spraying air fresheners, lighting incense, or burning candles. Also, check outside for odors. This is critical in more urban areas, where smells from local restaurants may wend their way into the yard.

Finally, keep an eye out for any emotional defects the house may have. Are you aware that sellers aren’t made to disclose things like whether deaths or murders have happened on the site? That being said, they absolutely must tell you if you or your realtor asks them directly. Check the laws in your state on variations of that though.

Also, have in mind answers to a variety of questions, like the number of baths and bedrooms you want/need, storage space required, large or small kitchen, and other features. You’ll be in this house for many years, so it’s critical to get what you like and will fit your lifestyle and needs.

Filed Under: Finance Tagged With: house hunting, property, real estate

What to Know Before Getting Married

November 7, 2020 by Mandy

It’s easy to get lost in the weddings you see in movies or shows, but life isn’t as rosy as those depictions. People have bills to pay. Plus, a proposal may happen when you don’t have much money. This could be your second marriage, or you could be a mom. The following are a few things you should know that could help everything feel less overwhelming.

Receptions Aren’t Essential

Everyone knows that when you get married, you have a reception. But this isn’t a rule. The folks you invite will see the wedding ceremony take place, which is most important. The reception isn’t vital, so you can skip it. People who are a little traditional might find that statement controversial, but it’s the truth. If you cut the reception, you’ll be saving a lot of money since you won’t have to feed anyone. Of course, the other option is to have a smaller reception at home. You could have a few of your closest relatives where you can manage food expenses better.

Affordable Rings Exist

People can spend a lot on wedding rings, but that’s a choice. For a long time, people judged a person’s wedding, but people are starting to accept all sorts of changes to this tradition. Some people are opting for rings with more affordable stones, while others are buying used rings instead. Now, those who prefer something more traditional can still do that without spending an arm and a leg. What you could do is choose a lab diamond ring. The affordability of lab diamond engagement rings is matched only by their sustainability. That means you can save some money and help save the planet, too.

Skip the Honeymoon

The most important part of the honeymoon isn’t where you end up going. You two are more than enough to make this time magical, and you don’t have to spend much money on it. You can have a mini-vacation after your wedding. Choose a location nearby where you can get away for a few days, which should be considerably cheaper since you can probably just drive to this location. You could check out a small town near your home that you’ve never been to, or you could find a lovely bed and breakfast in a rural area near you. The honeymoon can be more affordable if you think outside the box.

Photographer for Hire

A professional photographer can be costly, but you don’t have to get one. Sure, you can have a couple of friends do this for you, which is risky, especially if you aren’t sure about your friends’ skills, but you can also hire a student. Most colleges have photography classes, so why not hire one of these talented students to help you take some pictures? Most of these students have their equipment, and you might find an incredibly gifted person. Now, these students aren’t professionals, so you can’t expect perfection. You might want to hire a few to make sure they show up, but this is an excellent way to save money.

Many Venue Options

If you’re going to be using a wedding venue, consider avoiding the popular options. Try to find something most people wouldn’t use for a wedding like a country club, local farm, parks, or recreational center. Some of these places will offer their venues at much lower prices. Some sites might even be free. The venue can eat into your budget, but you can avoid that if you want. Whatever space you see around your neighborhood, think of that space as a potential place. It doesn’t hurt to ask, and the worst thing that someone could say is no.

The money you save could go towards other things in your lives that are important. Your wedding is a celebration of love, and that should never cause a financial headache. Talk to your partner to see if they have some additional ideas on how to save some cash.

Filed Under: Finance Tagged With: love, marriage

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