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5 Ways Parents Can Make Smart Frugal Investments

September 5, 2019 by Mandy

Making investments when you are raising your kids is not always as simple as many people may think. In fact, without a plan to grow the money that you make, it can limit the funds that you have access to over time. Therefore, if you want to do more with less, you should make sure that you have an investment strategy that’s based on frugal and smart techniques. Here’s are five smart frugal investment strategies for parents that want to grow their income but not break the budget that is needed for their family’s expenses.

Invest Your Money in Cheap Stocks When Money is an Issue

When you decide to buy stocks for your investment, you may want to begin making money by investing in cheap stocks. For instance, if you want to buy stocks that do not cost a mint, you can start by buying some of the best stocks under 5 dollars. By doing your research in advance, you can find those stocks that are the most promising in their industry. For instance, if you want to invest money in a newly thriving tech company and their software applications, you may buy as many as you can for the price of five dollars or less. This is a great strategy for those people who want to invest in new technology and the great ROI possibilities that might be there. In some cases, this may even mean buying a few stocks for five dollars each in the startup of the company and then selling each of the stocks for much more than the original value. To be successful with this type of strategy, however, it is very important that you do your research in order to identify the best stocks with the highest returns.

Look at All Purchases That You Make as Smart Ways to Save Money

Another key to making smart frugal investments is to pay close attention to the things that you buy for everyday living. Aside from the everyday perishable items that go bad if you do not use them quickly, there are other purchases that you make that can last for many years to come. One of the most notable are the electronic devices that you purchase for a variety of reasons, including wireless home security cameras for your home. Whatever small investment purchases that you make, it is essential that you invest in items that are durable, functional, and have an extended warranty in situations where they may break or breakdown.

Buy Stocks in Your Own Company

When you work at a company that offers their own employees the opportunity to purchase company stocks, it is important that you looking into what these businesses are offering. Investments in your own company can be a great benefit financially down the road. This is especially the case for those of you who work for companies that match the funds that you put in, dollar for dollar. In simple terms, this an excellent strategy for those of you who are looking to double your money when you are buying stocks.

Look For Low Risks High Gain Opportunities to Save Money and Make More Money

As you do your research into the best stocks and other investment vehicles that you can get into, you need to have a strategy that helps you to benefit in a number of different financial ways. One of the most profitable investment opportunities for you involves buying low and selling high to obtain more money. For instance, some investments can be purchased for small amounts but can be sold at higher rates than your initial investments. To find these kinds of opportunities, you may want to consult with a financial adviser to instruct you on how to be the most successful.

Buy Dividend Paying Stocks and EFTs

If you want to keep a little extra money available for your kids as they grow older, you may want to consider buying dividend-paying stocks and EFTs. When you use this strategy to make your investments, you will find that this is considered to be one of the simplest ways to get more for the money that you payout. To be good at this strategy, however, you need to make sure that you know exactly how to target the best stocks and mutual funds.

Recovering, Finally: Personal Injury Settlement Payout Options

September 4, 2019 by Mandy

Going through a personal injury lawsuit is not an easy thing, but relief is on the horizon. Read on to learn about personal injury settlement options.

Almost 90-95% of all personal injury cases get settled in pretrial negotiations. If you have a personal injury claim, you’ll go through this negotiation process before the case may go to trial.

During negotiations, you’ll discuss a personal injury settlement. This process and your options vary depending on your specific situation.

Keep reading to learn what to expect with your personal injury settlement.

What Does a Settlement Mean?

A settlement happens when the defense makes an offer of payment to the plaintiff. The plaintiff then accepts that offer and in exchange gives up their right to pursue the case further.

The key to a successful settlement as the plaintiff is to have patience. This is necessary to ensure the defendant doesn’t try to undercut your settlement offer.

The Goal of the Settlement

The goal of the settlement is to make the plaintiff “whole” again. It isn’t there to let the plaintiff profit from the experience. The settlement should cover the plaintiff’s out of pocket expenses that are a direct result of the injury.

Determine Fair Cash Value

Before you can decide on a payment option, you need to think about the fair cash value. This will help you figure out how much money you are talking about.

Speaking with an attorney can help you determine the total minimum settlement you need to be whole. Here are some things that will be included:

Length of medical treatment
Total lost income
Sum of all medical bills
Long term treatment required
Any long term diagnosis
Possible pain and suffering damages

Payment Options

Once you have the settlement total, the next step is to determine payout options. Many people choose to receive structured settlements, which will give you steady payments of tax-free income for years.

These payments are typically made through a life insurance company. The money will be in an annuity.

Another option is a single, one-time payment. This can be a useful option if you have large bills that you need to pay immediately.

How a Structured Settlement Works

There will be a specific start and end date for your payments. Then it will either be life-contingent or term-certain.

A life contingent settlement will only continue as long as the plaintiff is alive. Once they pass away, the payments stop. In rare cases, a spouse may be able to continue receiving payments.

In a term-certain settlement, the payments will continue as long as the original agreement indicates. If the recipient passes away, then their beneficiaries will receive the payments until the end date. This also means that if the plaintiff outlives the end date, they will have to adjust to life without the yearly payments.

You Can’t Change Your Mind

Carefully consider your options and the implications of them in the long run. There is rarely an opportunity to go back and change the agreement.

The only way to access future payments is to sell your future payments. This is called the secondary annuity market.

Carefully Negotiate Your Personal Injury Settlement

When it comes to negotiating a personal injury settlement, it’s all about what works best for you and your family. It’s helpful to listen to attorney’s and their experience.

Carefully consider the impact of a lump sum payment and a structured settlement.

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What to Do When You’re Living Paycheck to Paycheck and an Unexpected Expense Comes Along

August 26, 2019 by Mandy

Source: Unsplash | Ben White

Does the idea of an unexpected expense make you sick to your stomach simply because you don’t know how you could afford it? Are you afraid that an extra bill would be enough to put you in financial ruin? If you’ve answered yes to either of these questions, it’s important to know that you aren’t alone. According to statistics, 40% of people living in the United States would struggle in order to come up with $400 for an unexpected expense. Living paycheck to paycheck is something so many can relate to.

So, while the thought of an unexpected expense may be enough to cause you severe stress and anxiety, it’s always wise to give it thought before it actually happens and come up with a plan on how you could deal with it. To help you out, here are some suggestions that could prove to be incredibly useful should you find yourself in that situation.

Ask If You Can Work Out a Payment Plan

One of the first steps you may want to take is to see if you can work out a payment plan with the business, organization, or provider. Sometimes a payment plan is all it takes to make the expense affordable. Just be honest and let them know you don’t have the money up front but could pay it off in installments.

Take a Close Look at Your Budget

You will also want to sit down and take a very close look at your budget. Look for areas that you can make cuts that will allow you to come up with extra money. Some of the most common areas that people can save money is by cutting down how much they spend on grocery shopping, the amount of fuel they use, entertainment and clothing expenses, and dining out.

Can You Do Extra Work for Cash?

Another option may be to take on extra hours at work, or even do a side job that will bring in extra cash. There are many people who freelance from home in their spare time, or even take on a part-time job. Remember, it doesn’t have to be long-term, just a short-term solution to come up with the money.

Look into a Short-Term Loan

Then there is the option of a short-term loan. These are typically meant to provide you with as little as $100, or up to $2500, and are meant to be paid back within days, weeks, or months. Note that these aren’t meant as a long-term solution. Places like https://www.loanpigusa.com allow you to apply online, and feature a quick approval process, which is perfect for those unexpected expenses that need to be paid now.

Just make sure that if you go down this route, you will be able to make the loan repayments and pay it back in full within the repayment terms.

Try Not to Stress Too Much

The most important thing to keep in mind is that you can’t stress and make yourself sick over this unexpected expense. Instead, follow these tips and find ways that you can come up with that extra cash you need.

Quick Ways to Save More Money for Your Future

August 16, 2019 by Mandy

Source: Unsplash | Sabine Peters

When you’re young, life is easy.

The chances are that you spent most of your teenage years enjoying the present, not worrying about what you were going to do with your pension, or how early you’d be able to retire. As you get a little older and start earning a monthly wage, concerns about finances start to creep in. Eventually, you realise that the quicker you start preparing for the future, the better off you’ll be.

If you’ve recently taken a look at your bank account and you’re starting to think that you should have paid more attention to your savings 10 years ago, don’t panic. There are plenty of ways that you can start saving more money quickly from today onwards.

1. Start Budgeting, Immediately

The best way to get more control over your money, is to understand how cash flows in and out of your life each month. The first time you create a budget, the chances are you’ll discover money that you didn’t know you had going towards a subscription or service that you don’t need. Without a budget, it’s easy to spend cash carelessly, because you have no idea how much you’re really using each month. However, when you start to watch your cash, you can find a way to make the most out of every penny.

With your budget, concentrate on giving every pound a purpose. Start by dedicating as much cash as you can towards necessary costs, paying off your loans such as those offered by HappyPenguin.com, and filling your emergency fund. After that, you can split whatever you have leftover into future savings, and present “wants”.

2. Pay Closer Attention to your Bills

There are specific bills in our lives that we have to deal with, whether we like it or not. You can’t cut “food”, or “electricity” out of your budget just because you want more cash to spend on entertainment. However, you can take a closer look at those essential expenses and find out whether you could be spending more than you need to be.

A lot of us sign up for things like gas and electricity deals or broadband packages and then forget all about them. However, there are new offers arriving on the market almost constantly. Every few months, check out your average expenses for monthly essentials, and see whether you could save by switching to a different provider or package.

3. Make the Most of your Skills

Even if you’re lucky enough to have a job doing something that you’re passionate about, there’s a chance that you might not be making the most of your skills. If you have a talent that you can teach or share with someone else, then you could have an extra source of income that you’re not taking advantage of. For instance, there are countless eLearning and webinar platforms available online today that allow would-be teachers to create lessons that they can share for a price online.

If you can create videos that teach someone how to code, play the guitar, or even cook, then you could make some money from that. Just make sure you advertise yourself properly on social media to boost your chances of supplementing your income.

4. Make One Big Change

One reason that people often struggle with budgeting, is because they tell themselves that they need to change everything about their life to become more frugal. However, the truth is that most of the time, little changes, like saving your spare cash after you pay for a meal or investing pennies rather than letting them gather dust in your home can make a huge difference.

If you want to feel like you’re doing something significant to change your financial strategy, then don’t try to change too much at once. Instead, focus on one big thing. For instance, maybe you’re going to commit to only driving 3 days a week instead of using your car constantly. This would mean carpooling more often with friends, biking, or walking to work. The result could be some significant savings in petrol and car maintenance.

5. Focus on One Goal at a Time

Finally, the right attitude can go a long way when you’re working on your savings strategy. If you get carried away thinking about all the things you could do if you just a had a bit more money, you might lose your motivation if you’re not moving towards your goals as quickly as you would like. With that in mind, think about what you want to accomplish with your savings right now.

Focus on one little goal at a time, like cutting your spending on food by $20 each month or getting rid of at least 3 subscriptions in the next 6 months. This way, you’ll only be giving yourself small, manageable challenges, rather than trying to tackle too much at once.

The Ultimate Single Mum’s Financial Survival Guide

August 16, 2019 by Mandy

Single mothers face a lot of challenges since they almost have to do everything themselves, which often includes earning the money and paying the bills. This is why they’re unfortunately more likely to be in poverty. However, being a single mother doesn’t mean that you’re destined to live on the financial edge. You can get control of your finances, save for the future and build a better life. Here is a simple financial survival guide every single mum can follow.

Take Charge of Your Money

Set up your own bank accounts if you’re newly single. Then start taking charge of your money by building a sound budget. Create a full list of sources of income and expenses. This may include child support, spousal support, government benefits, a salary or a combination thereof. Your expense list needs to include every little bill you pay and all the ways you spend cash. Knowing how much you’re spending allows you to set a realistic budget and take action, if necessary, if the outgo is more than the income.

Educate Yourself on the Legal Aspects of Going It Alone

If you’re newly divorced or had a baby on your own, you need to start getting up to speed on the legal aspects fast. For divorced women, you’ll need to start planning how you’ll file taxes as a single person. Life insurance isn’t something you can afford to overlook. Don’t neglect disability insurance either, since you can’t afford to be without income if you’re out of work for months due to an injury or illness. If you’re newly single, learn whether or not you need to get auto or homeowners insurance in your own name.

Set Some Financial Goals

A large portion of single mothers have little to no financial reserves. You’ll need to start setting short and long term financial goals, one of which is to save up an emergency fund to cover little unplanned expenses like car repairs and broken appliances.

Until you’ve achieved that or the repair bill is greater than the emergency fund, you may have to rely on credit. Unsecure personal loans with no credit are available to anyone who has documented income, so they’re an option if your separation had a negative effect on your credit report. Services like simplepersonalloans.co.uk offer a fast and easy way to get a few hundred or thousand pounds without having to sell stuff or beg family and friends for money.

Once you have an emergency fund, set bigger goals like paying off debt, putting some money back for the kids’ education and starting to save for your own retirement. Or you can start planning how you’ll increase your income. Look for free ways to do this like getting a mentor, attending networking events, asking the boss for overtime or a promotion, or reading books related to your field.

Check Your Credit Report

You should start monitoring your credit report. If your ex isn’t paying jointly held debts or runs up credit cards in your name, the sooner you can respond to it, the better. Challenge inaccuracies on the credit report, because the credit score could affect your ability to get a new apartment and may even get in the way of getting a new job.

Conclusion

Money is often the number one concern of single mothers, but it doesn’t have to be this way. Follow our advice to get control of your financial life, breaking the stereotype that you have to be broke, stressed and desperate. You can make it better.

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