7 Tips To Streamline Your Personal Finances

Streamline Your Personal Finances

Are you tired of feeling overwhelmed and stressed out by your personal finances? You’re not alone. According to the American Psychological Association, money-related stress is a major source of anxiety for 72% of Americans. And financial stress is something that can affect all areas of your life – mental and physical health, relationships, and even job performance.

With such a widespread impact, it’s no wonder that more and more people are looking for ways to streamline their personal finances and alleviate some of the stress associated with money management. Thankfully, there are plenty of simple yet effective tips you can follow to take control of your money. Let’s take a closer look at them.

Minimize the Use of Cash

While not using cash entirely may not be feasible for everyone, it can be a useful strategy for some people to streamline their personal finances. Even though cash transactions are the most frequently used payment method in the country, they can be cumbersome and less secure than digital payments, as they require you to physically carry and exchange money. In addition, cash transactions can be more difficult to track, which can make it harder to keep track of expenses and create a budget.

By using credit or debit cards, online bill pay, and mobile payment apps, you can simplify your finances and have more control over your spending. Digital payments can also help protect against fraud and theft, as they offer stronger security measures than cash.

Utilize Financial Apps and Tools

A recent survey by Mastercard revealed that nine out of ten of their users across America and Canada use financial apps to manage their finances. Apps like Mint, Personal Capital, and You Need a Budget (YNAB) can help you track your expenses, monitor your investments, and create a budget. In addition to mobile apps, there are also various online financial tools available, such as budget calculators, retirement planning tools, and debt repayment calculators. Consider using these tools to gain a better understanding of your finances and make more informed decisions about your money.

Maximize Your Savings

One of the easiest ways to build a strong financial cushion and prepare for future expenses is to maximize your savings. You can do this by setting up automatic transfers to a high-yield savings account, so money automatically goes into it without you even thinking about it. You can also reduce unnecessary expenses, such as eating out or shopping for non-essential items, to free up more money for savings which is vital during a recession.

Another strategy is to take advantage of employer-sponsored retirement plans or individual retirement accounts (IRAs) to save for retirement. By saving as much as possible, you can achieve your financial goals more quickly and with less stress.

Consolidate Your Debts

Consolidating your debts means combining multiple debts into one payment, typically with a lower interest rate or more favorable repayment terms. This simplifies your finances and can save you money in interest charges. Some common ways to do this include balance transfers, personal loans, and home equity loans.

Balance transfers involve transferring credit card balances to a card with a lower interest rate, while personal loans offer lower interest rates than credit cards. Home equity loans allow you to borrow against your homes’ equity. Consolidating your debts can help you pay off your debts faster and more efficiently, allowing you to get your finances back on track which is even more important in these high inflationary times.

Review Your Insurance Policies

Taking another look at your insurance policies may help your finances by ensuring that you have adequate coverage at the most affordable rates. You can compare policies and premiums from different insurance providers to find the best deals.

You can also adjust your coverage amounts or deductibles to meet your current needs and budget. Doing this regularly can also help you identify any gaps in coverage or outdated policies. This is critical so you don’t end up paying more than you need to for insurance and are fully protected in case of an emergency or unexpected event.

Monitor Your Credit Score

Finally, you can simplify your finances by keeping an eye on your credit score to stay informed of your creditworthiness. This can also help you identify any potential errors or fraudulent activity on your cards. You can access your credit report for free once a year from each of the three major credit bureaus (Equifax, Experian, and TransUnion), or sign up for credit monitoring services to receive alerts of any changes to your score.

A higher credit score can lead to better interest rates and loan terms, potentially saving you money in the long run. Staying on top of your credit score can also help you take steps to improve it over time and ensure your financial health.

Automate Your Bill Payments

The simplest step you can take right away is setting up automatic payments for all your recurring bills, such as rent, utilities, insurance premiums, and other monthly bills. The payment amount will be automatically deducted from your bank account or credit card on the due date. This will not only ensure that your bills are paid on time without you having to lift a finger, but it will also reduce the risk of missing a payment or incurring interest charges.

How To Avoid These 7 Budget Disruptors In 2023?

Budget Disruptors

Budget busters are quite different from your regular monthly expenses. These are extra, unexpected indulgences that get added on top of the essential things you need to get by. Whether you’re new to adopting a cost-conscious lifestyle or hoping to brush up on the latest budgeting strategies, here are some of the notable budget disruptors you should be mindful of and how you can deal with them.

App Purchases

App purchases are easy to make without thinking about how much they cost. And once you’ve spent money on apps, they’re even easier to justify because it’s just a couple of bucks. Of course, who can resist when an app feels like it’s just a dollar? You’ve probably downloaded apps that you thought were free, only to be greeted by the dreaded “Buy Now” or “Upgrade to Premium” button.

Sift through your mobile apps to ensure that your purchases aren’t subject to in-app purchases. If you are on a budget, be mindful of how many apps you upgrade in a month.

Buying Coffee Every Day

While it’s true that coffee can be a delicious, life-giving force, it can also have an insidious way of taking over your life if you’re not careful. For one thing, it’s expensive—at $5 per cup at a typical coffee chain, you might spend $30 or more per week on coffee alone. That’s a hefty amount to be forking over for the privilege of staying awake.

Instead of going down this slippery slope, take advantage of free coffee from your office. You can also invest $20 in an insulated travel mug that keeps your coffee hot for hours. Not only will this save you money by limiting how much you spend on coffee each day, but it can also have positive effects on your health.

Credit Card Interest Charges and Fees

It’s easy to fall prey to an exorbitant credit card bill when you don’t know how to avoid the extra fees. Interest charges are often the most common and least-understood culprit of high credit card bills. Besides, many people don’t know they’re paying thousands of dollars in hidden expenses because credit cards levy extra fees for late payments, returned checks, foreign transactions, and so on. Even if the economy is roaring like it was in 2017 and 2018, for instance, this is not something to write home about.

The easiest way to avoid these charges is to pay off your balances in full each month. If this isn’t possible, try to manage your balance to stay as close as possible to zero. And no matter your situation, be sure to track your credit card activity regularly so that you know exactly what’s going on with your accounts.

Movie Rentals and Streaming Subscriptions

As the cost of cable continues to rise and the availability of content on streaming services increases, more and more people are choosing to watch movies or shows with a digital subscription. The convenience of watching whatever you want from the comfort of your home is hard to beat. Based on this, this change in viewing habits can be costly.

Always return all movie rentals (Redbox) on time. If necessary, set a reminder on your phone to notify you when the due date is approaching. You can also switch to cheaper streaming services for entertainment.

Flash Sales

When you’re on a budget, taking advantage of a flash sale can be tempting. For example, a website offers a product you want at a meager price—such as $40 off an item that normally retails for $200. You might even justify it by saying, “It’s a one-time thing, and I need the product, so I’ll just buy it now.” But then you get home and realize that the budget you set for yourself was actually $100—and now you have to make up the difference.

The best way to combat this is to set your budget before shopping. Don’t let extraneous items squeeze your budget to the breaking point. Think of flash sales as something fun to browse—but always set your budget first. This is even more important in times of high gas prices and runaway inflation.

Eating Out Too Often

Eating out and ordering in can be a way of life for many people, but staying mindful about your spending is essential. Every time you eat out, you’re paying for the labor involved in preparing and serving your food and any costs associated with utilities & maintenance. So even if you’re not eating out every day, it can easily slink into your budget, whether grabbing lunch during your break or treating yourself to a night out with friends.

Reevaluate your habits. Instead of going out for lunch daily, pack a healthy sandwich or salad at home and bring it in a lunchbox. Order a less expensive item from the menu, such as soup or salad—instead of ordering an entrée or appetizer to save money on dinner.

Charitable Donations

The appeal of charitable donation buckets at stores and shopping centers is undeniable, but often you don’t know where that money is going or how much of it will actually get there. While donating a few dollars here and there might feel good, it can add up to a significant amount over a year.

Don’t feel pressured into giving money to charity just because the cashier in the mall wants you to. If you have already budgeted for charitable donations, then that could be enough. You should look at legitimate charities such as The Knights of Columbus or the American Legion, for example.

Bonds Versus Treasuries: What’s The Difference?

Bonds and treasuries are both forms of debt securities, but they have some key differences that are important to understand. Let’s start by breaking down what these terms mean and how they work.

Bonds are like IOUs issued by companies, municipalities, and other organizations. When you buy a bond, you’re essentially lending money to the issuer in exchange for a promise to pay back the principal plus interest at a later date. The interest rate on a bond is known as the coupon rate, and it’s usually fixed for the life of the bond.

There are several types of bonds, including corporate bonds, municipal bonds, and government bonds. Corporate bonds are issued by companies to raise capital for things like expanding operations, financing new projects, or refinancing existing debt. Municipal bonds are issued by cities, states, and other local governments to fund infrastructure projects like schools, hospitals, and roads. Government bonds, also known as sovereign bonds, are issued by national governments to pay for public projects and fund their operations.

Now, let’s talk about treasuries. These are debt securities issued by the federal government to finance its operations and pay for public projects. Like bonds, treasuries pay interest to investors, but the interest rate on a treasury is usually lower than the rate on a corporate bond because the government is considered a safer borrower.

There are several types of treasuries, including Treasury bills, Treasury notes, and Treasury bonds. Treasury bills, or T-bills, are short-term debt securities with maturities ranging from a few days to one year. They are issued at a discount to face value and are redeemed at face value when they mature. Treasury notes, or T-notes, are intermediate-term debt securities with maturities ranging from two to ten years. They pay interest every six months and are issued at face value. Treasury bonds, or T-bonds, are long-term debt securities with maturities ranging from 20 to 30 years. They pay interest every six months and are also issued at face value.

So what’s the difference between bonds and treasuries? The main distinction is the issuer – bonds are issued by companies, municipalities, and other organizations, while treasuries are issued by the federal government. This means the risk associated with investing in bonds and treasuries can vary significantly.

Bonds issued by companies and municipalities are generally considered to be riskier than treasuries because the issuer is more likely to default on its debt. The risk of default is generally higher for bonds issued by smaller, less established companies and municipalities, but it can also be a concern for bonds issued by larger, more established organizations. To compensate for the additional risk, investors typically demand a higher interest rate on corporate and municipal bonds.

In contrast, treasuries are considered to be safer investments because the federal government has a track record of consistently paying back its debts. The risk of default is extremely low for treasuries, which is why the interest rates on these securities are usually lower than the rates on corporate bonds.

Another difference between bonds and treasuries is the duration of the investment. Bond investments can range from a few years to several decades, while treasuries generally have shorter maturities. The duration of a bond or treasury can have a significant impact on the risk and return of the investment. Longer-term bonds and treasuries are generally considered to be riskier because they are exposed to changes in interest rates for a longer period of time. If interest rates rise while an investor is holding a long-term bond or treasury, the value of the investment may decrease. On the other hand, shorter-term bonds and treasuries are typically less sensitive to changes in interest rates and may be considered less risky as a result.

One fun fact about bonds is that they can sometimes be used as a way for companies or municipalities to show off their creativity and sense of humor. For example, in 2013, the city of San Francisco issued a bond called the “Poop Bond” to fund the construction of a new wastewater treatment plant. The bond received widespread media attention and was ultimately successful in raising the necessary capital.

Treasuries have also played a significant role in history. During the Revolutionary War, the Continental Congress issued “Continental Currency” to finance the war effort. These early treasuries were not backed by any physical assets and quickly became worthless due to rampant counterfeiting and inflation. In contrast, modern treasuries are backed by the full faith and credit of the federal government and are considered to be a safe and stable investment.

In conclusion, bonds and treasuries are both forms of debt securities that allow investors to lend money to an issuer in exchange for a promise to pay back the principal plus interest at a later date. The main difference between the two is the issuer – bonds are issued by companies, municipalities, and other organizations, while treasuries are issued by the federal government. Understanding the differences between bonds and treasuries can help investors make informed decisions about which securities are right for their investment portfolios.

6 Ways to Make Money Using Your Car

Make Money Using Your Car

There are numerous ways to make passive income these days, and your car is another way you can earn extra money. With that said, there are a few things to consider before you get started. For example, if you are an independent contractor using your car to earn money, you are responsible for paying your taxes. If you happen to earn over $400 in a year, you will be subjected to self-employment tax.

You also need to factor in that all your car-related expenses would be from your own pocket. These include vehicle repair, fuel costs and maintenance. Find out how much your realistic income is going to be because many times things are not as glamorous as it seems. Side hustles may include increasing mileage on your car, which can also result in wear and tear. The value of your car is also likely to depreciate over time.

That being said, there are many ways you can make substantial money using your car. Below are listed some of the most popular ways to do so.

Become a ridesharing app driver

You can become a driver for a ridesharing app. You need to drive people from one point to another and you earn most of the proceeds from the app. Based on this, you do need to pass criminal background checks, and driving record tests, as well as meet the criteria for age and the quality standards. In addition, you need to pay most vehicular expenses such as insurance, gas, repairs, and maintenance.

If you want to be profitable in this venture, it is best to operate during peak hours rather than a 9 to 5 schedule. For example, weekday rush hours and bar closing times over weekends are the best times to operate. Many drivers earn as much as $25 per hour. There are several ridesharing apps available such as Uber, Lyft, Wingz, as well as local alternatives in your area.

Operate as a food delivery person

There are many apps these days that enable doorstep food delivery. These include apps such as Uber Eats, DoorDash, Postmates, and Grubhub. The modus of operation is similar to a ridesharing app. But the difference is here there are no passengers – you just need to deliver the food. Typically, the peak hours here are during lunch and dinner.

If you already have a 9 to 5 job, then dinner time may work best for this side job. With that said, keep in mind you will have to wait for the food prep staff to prepare the meal before you can deliver it. This process may not always be smooth sailing. Try to register with several food delivery apps, so that you have multiple sources of income which can help you cope with these inflationary times.

Deliver other types of goods

You can also deliver other goods such as groceries, as is the case with the Instacart app. You will be known as a full-service shopper, where you receive the customer’s order on your app, visit the grocery store, assemble the order, and then deliver it to the customer’s doorstep. Shipt is another app that delivers not just groceries but also household goods and pet supplies. Their membership model encourages customers to order frequently. That means, you will have a steady order supply to earn money from.

Amazon Flex is another option where you can earn as much as $25 per hour, and get to deliver the goods in your own time. You can distribute your time across multiple apps so that your earning potential is higher which can help you deal with these gas prices that are superhigh and hurting so many people (EVs will not be practical for another 10 years).

Advertising on your car

If you own a new car and usually do longer commutes, wrapping your car in removable advertising decals is a great way to earn money from advertising. The advantage is that you don’t need to put in extra miles on your car from what you normally drive. Stemming from this, you do need to meet the advertiser’s requirements on the number of miles driven.

Rent your car

Another excellent money earner is to rent your car, especially if you don’t use it as often. Give it for rent on a short-term basis to locals who don’t have a car and to tourists who don’t want traditional rentals.

Help others move

If your car has a sizable backseat and trunk, then you can use this space to help other people move. You can use the car to deliver furniture if space allows. Otherwise, you can also become a DIY mover and advertise your services on social media.

5 Things You Must Know to Take Control of Your Budget

Control of Your Budget

Managing your finances can be extremely rewarding, but also challenging. If you’ve never tried to budget before, then it can be hard to figure out how to make it work for you. That’s because many factors affect your budget, which can seem quite complicated. But once you break out of old habits and learn to focus on the things that matter most, it’s possible to have fun with your money and save up at the same time. Below are some tips for mastering the budget game.

Know Your Numbers

The first step in budgeting is figuring out where your money is going now — and what you can cut back on. You can’t control your money if you don’t know where your money is going. Start by tracking your spending for a month or two so you have an accurate picture of your income and expenses. You can do this manually, like write everything down in a notebook or use free apps to help keep track of your spending and see what areas of your budget need tweaking.

If you get paid weekly, write down each paycheck every time you get one — don’t wait until the end of the month to do it all at once. This is especially important if you have an irregular income. If you only get paid once per month, once per quarter, or something similar, then write down each payment along with any other transactions. You’ll also want to ensure you’re getting the most out of any credit cards or rewards programs.

Set a Goal for Yourself

Once you know how much money is coming in and going out each month, set a realistic monthly savings goal. For example, if you want to save $500 per month, then plan to spend $500 less than what comes in each month, assuming there are no unexpected expenses.

If possible, try to set aside extra monthly money, say $100, which goes straight into savings without being touched until the next month rolls around. This will help build up your savings account quickly without taking away from other priorities like paying off debt or contributing toward retirement accounts.

Set aside Sinking Funds

A sinking fund is an accounting measure used to allocate funds for an ongoing project. The money is put aside for a specific purpose, such as paying off debt or paying for something in the future. It allows you to set aside money always to have it available for your project. They can be used not just for savings purposes but also for working towards a specific goal, such as saving for college funds because society spends enough on K-12, it just cannot afford to pay for peoples’ college pursuits.

The alternative approach would be to put extra money towards the debt monthly, but in practice, this may not happen because people overspend their normal limits and have nothing left to add to their debt repayment plan. A sinking fund is a way you can pay down your debt and have extra money built up in reserve if you ever fall short on funds which can happen in a high gas costing, inflationary environment.

Anticipate Irregular Expenses

We set budgets for the many things we purchase throughout the year. But one of the most critical areas to budget for is irregular expenses. Inconsistent expenses are just that – not every month or six months, but only once a year, such as saving for festival gifts, vet visits, or medical check-ups.

It is essential to plan for these as they can seriously impact your cash flow and should not be overlooked. Forgetting to add these into your initial budget could make a difference between having money in your account and not.

Automate Money for Savings

Saving money can feel like a challenge. It’s hard to remember to do it every day and don’t even think about saving in between paychecks or on paydays. By automating your savings, you can ensure that you’re saving and setting money aside for emergencies or larger goals like retirement. Saving money on an automatic deposit can seem daunting at first, but once you get into the routine of saving on auto pilot, it becomes second nature. Once you’ve taken the first step of linking accounts and setting up automatic deposits, all that’s left is sticking to it and ensuring that each account has enough money in it so that transactions are completed successfully and without error.

7 Tips to Ensure Financial Stability During Retirement

Financial Stability During Retirement

How will I afford my expenses in the post-retirement years? That is the one question that crosses everyone’s mind at some point in their lives. A large number of people do not have a plan for their retirement. Having insufficient retirement funds is one of the biggest financial worries of more than 50% of the population. 

But it is never too late to start. Even if you are in your 50s, you still have 10-15 years to ‘tighten the reins’ and save for your retirement. It will give you much-needed peace of mind and keep you from all the hassles during any emergency.

If you want to be financially stable during retirement, here are some valuable tips: 

Start saving as soon as you can 

The earlier you start, the more benefits you have. It is true for every investment. You need to start saving as soon as possible because each penny saved will add significantly to your retirement savings pool. Moreover, the power of compounding will start working to boost your savings exponentially with the passage of time.

Remember that around 30 percent of working adults say they have no savings for retirement funds. But this number declines as they move towards their retirement age. The cue here is to get started whenever you think it is feasible and not keep delaying your decision. 

Be debt free

A debt at any stage of life can be harsh on savings. It is when you are close to your retirement age. When your savings are scarce, having debt can be a substantial financial strain. The interest burden on the debts can hit your ability to save. As you approach your retirement age, ensure that you do not have any outstanding debts. If any, whether that is vehicle loans, credit cards, private loans, etc., make a special and aggressive effort to pay off the debts before you retire.

Diversify your portfolio

The age-old adage tells us that we should not put all our eggs in one basket. It holds for saving for retirement as well. You should not put all your savings into one account. Having only one form of investment increases the risk of losing all your savings in an emergency. It is advised that you invest in a diversified portfolio.

Asset allocation plays a crucial role while planning your retirement. You should also have some liquid cash handy when you need it. You should consider your risk tolerance and years in retirement before finalizing an investment.

Consider potential retirement costs

Life after retirement can be full of surprises – there could be runaway inflation and high gas prices, for instance. You may have to incur costs that you may not have planned for. As a result, it is always better to keep a certain buffer amount to cover your expenses. You should also consider the potential expenses in old age, including dental and other medical costs, long-term care charges, income tax, etc. Proper financial planning allows you the freedom to lead a peaceful post-retirement life.

Plan your expenses

It is good to reassess your financial profile and savings and make adjustments if required. Consider downsizing or relocating to a city with a lower cost of living. For instance, while traveling the world can be an enrapturing idea post-retirement, going on vacation during the off-season can save you a significant amount of money.

Keep earning during retirement

A report by Provision Living states that more than 20% of the retired population continues to work – probably even more so when the cost of goods are so high. It adds that it is not due to a shortage of money but because they enjoy their work. Post-retirement, you can take up work you always wanted to take up. It can be either a part-time or full-time job as per your preference.

Retirement time is a golden opportunity to leverage the skills, talents, or hobbies you have always wanted to try out. It can be anything ranging from teaching music to church work on Sundays. In addition to having a purposeful time, it will also add up to your savings.

Work with a financial planner

You can always benefit from expert advice. Financial planners are aware of the unique challenges that retirees face. They can chalk out your investments and expenses and suggest ways to optimize them. Also, if you are not experienced in financial planning, you can always consider working with professionals. They can guide you in choosing your retirement plans customized to your needs.

4 Financial Milestones You Must Accomplish by Age 30

Financial Milestones

A popular perception amongst millennials is that they stand a fair chance of becoming millionaires at some point in their lives. The American dream is still alive even despite the problems this country is facing now. Most believe that they will retire by the time they reach the age of 60 or thereabouts. However, for accomplishing these ambitious and admittedly optimistic goals, it is crucial that you first attain specific financial milestones grounded in reality.

In this post, we will discuss 4 realistic milestones that you need to accomplish by the time you reach the age of 30, so that you are set for a strong and growth-oriented financial future. 

Goal 1: Strengthen Your Skill Set

Compared to all the other goals, you might find this one the most enjoyable. Your 20s are meant to invest in yourself, whether that involves saving up for further education, traveling or experiencing the myriad facets of life. You have fewer commitments at this stage and can easily pursue activities that interest you the most.

Start by listing your goals, whether you are considering a trip to an exotic destination, attending an upcoming music festival, or gaining admission to a top university. With that done, you need to start saving. The importance of developing the discipline to keep some money aside from each paycheck that you receive cannot be emphasized enough. Living within your means is critically important.

You might even consider an arrangement in which your savings are directly taken out of your paycheck, which deters you from overspending. Whenever you receive a raise, increase the amount of your savings until you reach a point where about 15% of your income is kept away for your financial security. 

Goal 2: Keep Your Debt Under Control

On an average, personal debt has scaled new heights in recent times. More than 50% of Americans admit that debt reduction is a top financial priority for them today. 

Interestingly, a study found that there was a much higher probability of people accumulating from $5,000 to $25,000 as debt rather than personal savings. This can be because of college loans which can be paid off with dedication. 

Considering all this, it is vital to start early in managing your debt, whether it is for car loans, student loans or credit card debt. Keeping your debt under control gives you a better grip on life and helps you focus on achieving greater success in every aspect of your life and career.

Goal 3: Begin Saving For Your Retirement

Even if you aren’t able to do anything else before reaching the age of 30, this one counts as one of the key goals. Don’t fall short of contributing enough to your employer’s 403(b) or 401(k) for maximizing the employer match. 

While 66% of millennials are engaged in jobs that include a retirement plan, just 55% of them (in contrast to 80% of Boomers) are qualified for participating in an employer’s plan, a study has found. Workers may fail to be eligible for such a plan due to not having been employed long enough or not working enough hours to be able to qualify.

Taking advantage of your employer’s plan makes for good financial sense. When you’re in your golden years of life, these efforts at frugality will stand you in good stead. The earlier you begin saving, the longer your money will compound, resulting in a comfortable retirement saving. 

Goal 4: Acquire the Knowledge and Habit of Investing

You’ll get an idea of the power of investing when you open your first employer-sponsored savings plan like 401(k). However, there are other opportunities available to invest as well for those in their 20s and 30s. 

Although it may be somewhat premature to start consulting with a financial advisor, there are quite a few robo-advisors that specifically focus on millennials with less demanding fees and minimums. For a small monthly fee, you can start investing in good retirement products through reliable investment apps. 

These apps and robo-advisors can help you open an IRA and select a low-cost portfolio for you in accordance with your risk appetite and investment goals. You can begin investing with very small amounts in a Traditional IRA, Roth IRA or SEP IRA. 

Another option for low cost investing is the Robinhood platform – which has a mobile as well as web app. Robinhood allows you to trade in stocks for free and offers a Gold service as well, which comes for a small monthly fee. Robinhood has also launched Robinhood Crypto, which allows users to trade in Bitcoin and other virtual currencies – for which no commission is charged.

Long-Term Strategies To Amplify Your Retirement Savings

Retirement Savings

In order to plan for retirement, it is always better to start saving early on so that you can maximize the benefits of wealth compounding over time and help combat the tough environment all Americans are living in now via supply chain, inflation, high energy costs, and so forth.

However, even though you might have started saving later on in your business or professional career, it might be reassuring to know that there are plenty of folks out there in the same boat as you. The fact is, it is never too late to get started and there are certain steps that you can take to enhance your retirement savings.

The following tips are worth considering, regardless of your present stage in life, so that you can improve your savings for when you need them most – at the time of retirement.

Start Your Savings Mission Today

This is especially important if you have decided to start putting money aside for retirement. If you can start saving as much as possible now, you can leverage the power of compounding in your favor. The earnings flowing from the financial assets created from your savings, using compound interest, can be reinvested in order to generate even more earnings.

However, as experts say, it’s critical to start saving right away once your mind is made up. At the time of retirement, the strength of your financial position is directly related to how early on in life you began saving.

401(k) Contribution

In case you qualify for a traditional 401(k) plan that your employer offers, it might permit you to contribute pre-tax money, which could be a distinct advantage. Suppose that you fall in the 12% tax bracket and have decided on contributing $100 per month (assuming that your pay period is monthly).

Since your contribution comes from your paycheck prior to federal income taxes being assessed, your take-home pay is reduced by only $88 (subject, of course, to further deduction by way of applicable local and state income taxes as also Medicare tax and Social Security). This implies you can invest more of your income without feeling the pinch as much in your monthly budget.

Take Full Advantage Of Your Employer’s Match

If your employer is willing to match your contributions towards your 401(k) plan, make sure that your contribution is sufficient to give you full advantage of the match. For instance, an employer might offer to match 50% of the contributions of employees subject to a limit of 5% of salary. What that essentially means is if your earning is $50,000 annually and your contribution towards your retirement plan is $2,500, your employer is obliged to pitch in an extra $1,250. Basically, that is free money which should not be ignored which is awesome in this inflationary and high energy cost environment.

Reduce Your Spending

Take a good look at your budget. You may want to negotiate a reduced rate for your car insurance or bring lunch to work instead of visiting a restaurant. The idea is that you should explore avenues to reduce spending without adversely impacting your personal or family’s well-being. The money thus saved can then be set aside to enhance your retirement savings.

Set Your Goal

Determining how much money you need to have available when it is time to retire can not only be revealing but also rewarding. Such an exercise can help you better appreciate why you are saving and the ultimate goal towards which you are progressing. As you continue with your savings discipline, you should be able to feel a sense of satisfaction that you are well on your way to a financially secure life of retirement.

Put Away Extra Money

Have you unexpectedly come across some extra money? Be sure not to spend it or spend as little of it as possible. Each time you get a raise, take your contribution percentage a notch higher. Set aside at least a half of the extra money for your retirement plan. And although you may be tempted to use that salary bonus or tax refund to splurge on a smartphone or a vacation, resist that urge and instead make do with small pleasures that will leave most of the fund intact. You can then use the new money to take bolder steps for improving your retirement savings.

Go Slow On Social Security As You Approach Retirement

This is a very crucial step. Each year that you are able to delay receiving a payment from Social Security, prior to reaching the age of 70, the amount that you receive in future will be higher accordingly. Hence, if you go slow on Social Security, the monthly benefits will accrue quickly and lead to a much better income as retirement approaches.

7 Simple Ways to Earn Extra Cash And Boost Your Income

Earn Extra Cash

Having some free cash on hand is always an astute idea, even when times are good. No one wants to be caught flat-footed with no way to get the bills paid. It’s not that hard to earn some extra money in a very short period, but it takes discipline and planning. Here are some strategies to get started:

Sell Used Things on Amazon

If you aren’t using Amazon to sell old stuff, then it’s time to get started. Not only does Amazon have a massive audience of more than 250 million active users, but it also serves as the world’s largest online retailer of everything from electronics to clothing.

If your home is cluttered with products you no longer use but still have value, you can resell them for more cashback into your bank account. With Amazon, you can create listings for your items for free and choose from several pricing options.

Become an Expert on JustAnswer

With so many people looking for answers to questions on the internet, it should come as no surprise that there’s a whole industry built around answering them. On sites like JustAnswer.com, you sign up to be an expert in a specific field and are then authorized to provide answers to particular forms of questions from website visitors. 

JustAnswer is one of many sites that bring together people looking for expertise with experts who are willing to share their know-how. No surprises if you’re really knowledgeable about your topic – you’ll make good money.

Find Gigs on Fivver

You can make money on Fiverr, no matter what type of skill you have. $5 per gig is one option, but there are other ways to bring in revenue as well. Fiverr Pro gives you access to the top freelancers on its platform. Regardless of the service you provide, there’s probably a demand for it on Fiverr.

This offers fantastic flexibility for freelancers who want to scale up their services and earn a quick buck. Whether you’re good at writing blog posts, social media marketing or coding HTML and CSS, chances are you will find something that may help you earn some free cash.

Be a Dog Walker on Rover

If you love animals and want to make some free cash easily and quickly, dog walking is one of the best ways to do it. Free up your weekends and earn a few extra bucks walking dogs when you’re not busy. Rover.com makes it easy to be one of those dog walkers and get paid for doing so which can help you whether the storm of inflation and high energy prices.

The pay generally ranges from $15 to $35 per hour based on your experience as well as any certifications or additional training you may have. Of course, this will vary with the dog’s size, how long the job takes, how far you’ll need to travel, and all other factors involved.

Sell Pictures on ShutterStock

Are you a professional photographer? Or maybe an amateur with a good eye for photos? If so, you can make money on both sides of the camera. Sell your photos on sites like ShutterStock and iStockPhoto to earn passive income. For another option, you can check out companies that are looking for photographers to cover various events. You can find a lot of them through Craigslist or by Googling.

Take Online Surveys on Survey Junkie

The secret to getting free stuff and earning a bit of extra cash is always trying new things. That’s why Survey Junkie is a fun site that allows surveys to fit into your schedule. Answer a few short questions online and let them match you up with surveys that suit your needs.

As an online survey taker, you can take advantage of all that free time and make money in your spare time from home! It’s simply an easy way to make unexpected cash without doing much work which cannot come at a more perfect time as costs for goods and food at the supermarket are high and increasing.

Debit Card Cashback

While credit card rewards programs are becoming more enticing, consumers may be missing out on free money that’s right under their noses: cashback debit cards. As a member of these banks and credit unions, you will receive cashback based on the amount of money you spend each month. Take time to compare the best cashback debit cards and choose the one that fits your spending habits, type of shopping, and financial goals.

5 Tips to Become a Multi-Millionaire

tips become multi millionaire

Who does not want to be a millionaire? Our capitalistic society has always incentivized the aspiration to make it big, and attaining millionaire status remains a quintessential benchmark of unabashed success.

But the harsh reality is that becoming a millionaire (and more so, a multi-millionaire) is going to be more of a necessity than a mere aspiration, in the foreseeable future. Research studies reveal that millennials might have to continue working well past retirement age if they do not accumulate somewhere between $1.8 and $2.5 million in their working lives. Inflation does not help!

Remember, the biggest reward in becoming a multi-millionaire is not just the money that you earn. It is the combination of knowledge, skills, clarity of thought, ambition, passion, and determination that can help you become a multi-millionaire.

Let me share with you some simple tips that can help you propel towards achieving your dreams of becoming a multi-millionaire. These tips, if followed diligently, can turn you not just into a multi-millionaire, but the kind of person who improves others’ lives while doing influential work.

Be Enterprising

Almost half of the world’s richest people are entrepreneurs. You can open the doors to unlimited earning potential when you hire people and leverage their time to build your own business, instead of trading your own time for money by working for someone else.

Even if you are a part of a new business venture, and not the founder, you can reap tremendous rewards as early employees can often pick up equity in a startup to counterbalance their low salaries.

Be Proficient

Excellence commands a premium, so if you are the best in your field of work, you can demand a hefty compensation for your skills and knowledge. Even though you might still be trading your time for money, that money can be substantial enough to make you a multi-millionaire.

CEOs of large corporations are millionaires many times over, making over fifteen million dollars a year on average. That amounts to a staggering 271 times the annual pay of an ordinary American worker who takes home $58,000 on average and is less than you think when gas prices are high which they are now and have been since the summer of 2021.

So, if you are passionate about what you do and also do not want to take on the risk of entrepreneurship, mastering your craft with complete dedication will pay in the long run, taking you to the top of the corporate ladder and turning you into a multi-millionaire.

Be Far-Sighted

Think long term whenever you are making any business or investment decision. Focusing on minor short-term goals is akin to missing the wood for the trees. Before any major decision, ask yourself how much would it matter five years from now. If it would not, do not give it much thought.

Be Willing to Learn

Do not be like most people who put in the time but not their best effort. You cannot hope to fulfill your dream of becoming a multi-millionaire if you work merely for the paycheck at the end of the month.

Strive to constantly punch above your weight; giving it your best shot. If you closely study the most successful people in the world, they are the ones who do not let their passion wane or dim, year after year. And that comes through very clearly, in the quality of the work they do.

Be a passionate learner ready to gain from developing your mind and constantly updating your knowledge and skills. This will not only help you earn more money, but will also improve every facet of your life.

Be Goal-Oriented

Use pursuit of profit as a means to an end, and not the end in itself. The pursuit of happiness is much more than keeping going after more, without realizing whether it is a worthwhile goal or not, in the larger scheme of things.

Keep your ultimate goal in mind, and then work backward to see what you need to do in order to attain that goal. Set parameters and targets for both work and personal life, writing them down to understand more clearly what you need, to live a life full of money as well as joy and abundance.

In terms of your monetary goals, you must calculate the money you need to put aside for emergencies in addition to the money you require to maintain your lifestyle. There are several ways to invest and store your savings, including a mix of bank, cash, crypto, gold, or whatever else you feel comfortable with.