Money

6 Money-Saving Strategies to Retire Wealthy

by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
Money Saving Strategies

With all the chaos that comes with economic hardships, it can be challenging to plan long-term. For many people, it’s easy to save money when times are good but much harder when home prices are rising in states you may want to move to, fuel costs are increasing, wages are not keeping up, and jobs are at risk because of new policies.

When it comes to retirement, it’s essential to start thinking about your financial future while you’re still working. That way, when the time comes, you’ll be prepared for any bumps in the road. Here are some simple yet effective strategies that will help you save for a wealthy retirement:

Work on Your Spending Habits

Reviewing your recent spending history can help you determine where you’ve been overspending, so you can better identify the places to cut back. Study your bank and credit card statements.

Many banks and financial institutions offer sophisticated spending reports that can help you determine which costs you can reduce or eliminate. If you’re working with a financial advisor, they will be able to help you review your spending history in detail and come up with a plan for both saving more money and reducing your costs.

Save the Promotion Money

A decent raise means you can buy a little more each month. But if your salary is already much higher than average, avoid the temptation to make big purchases. Put any money from a raise in your retirement account, rather than spending it on a significant purchase that’s likely to depreciate or become obsolete faster than you can age your whisky. Bigger prizes require bigger paychecks.

Assuming your IRA is funded by a company-sponsored plan, you’ll owe income taxes on the money when it goes in, but not when you take it out – which is something to remember when one of those pesky TV commercials for luxury cars and other baubles comes on while you’re watching the game.

Make Retirement Investment Compulsory

As a busy working adult, you must take a proactive approach to your retirement. Don’t put off saving for the future. And once you’ve started contributing, it’s essential to do it automatically. Automated investing takes the guesswork out of how much you should be saving for retirement. You can have your retirement savings contributions withdrawn from each paycheck and deposited straight into your investment account with some services.

Diversify Your Investments

When you invest money in stocks, bonds, or mutual funds, it is imperative not to put all your money in one place. Instead of putting most of your savings into one investment, diversify your portfolio by putting some money into various investment types.

If you don’t do this, you risk losing everything if the stock goes down in value. A way to reduce this risk is by using safer investments like high-interest savings accounts. These complement stocks and bonds well while also providing some serious returns on your savings.

Compromise on Your Brand Purchase

Sometimes it happens: you fall in love with a product and feel comfortable sticking to it. After all, you can’t really beat the luxury. But unfortunately for your wallet, brand loyalty can cost you money. And we don’t need to tell you that buying brand-name products can be expensive.

People often go for the brand name without considering the actual price versus the quality (or lack thereof) of what they’re buying. But in most cases, the brand you’re buying is overpriced. Of course, you can’t really beat the luxury of premium brands. But don’t forget that even when quality is comparable, the price tag isn’t always that way.

Make Use of Money-Saving Apps

Most budgeting advice starts with the necessity of tracking your spending. Your first instinct is to whip out a piece of paper and start scribbling down your expenses. And you might go beyond the bare-bones (like, $3-$4 coffee at Starbucks) and break down more details (“$2 Octane tea every other Monday”).

Most people lose steam here, though, because it’s too much data to process. An app makes this easier because you can track all your transactions in one place. No need to sweat over whether you should track cashback, too, and it can do the math for you if you want an even more detailed breakdown.

Many of these money apps worth downloading can make you more aware when you spend money, empower you to make smarter spending decisions and even give you the chance to save or invest something in the future.

Final Word

Your retirement savings may not be your most important financial goal, but having your retirement savings grow into a substantial nest egg is critical. The way you save for retirement is one of the most paramount decisions you will make.

Money

7 Easy Ways to Earn Quick Money

by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
Earn Quick Money

Today you have a wide range of choices in terms of earning a quick income online as well as offline. Some freelancers work from home, entrepreneurs who can run their entire business from a laptop, and there’s a whole new world of digital nomads who don’t even need a location-based job. The Internet is overflowing with opportunities on how to make some quick money. Some methods are more likely than others to work. Here are seven proven ways you can earn some side cash quickly.

Online Surveys 

If you’re one of the many people looking for a way to make an extra few bucks on the side or looking to earn $1,000 or $2,000 a month, then internet research is for you. Simply put, online surveys and research help companies get direct feedback from real consumers.

For this reason, these types of jobs are typically used for marketing and testing new products and services. They’re also great opportunities to receive payments in the $10 to $100 range which can help you deal with this inflationary environment, higher costs, and higher energy costs. As with all jobs, not all sites or companies are the same. Understanding the different types of survey sites will help you choose which ones to sign up for.

Earn as an Interpreter or Translator

If you’re bilingual or even trilingual, you might be able to make some extra cash. Everyone needs translators and interpreters for their community at some point or another—from immigrants needing help with essential documents to ex-pats coming into the country. Not only will you be able to make money in whatever fashion you choose, but it will also be an opportunity for you to gain new insights into other cultures and lifestyles.

Drop-shipping

Doing drop shipping is an easy way to make money online because you are not required to purchase any inventory or warehouse any goods. Also, drop shipping does not require you to sign up for complex affiliate programs, websites or pay for advertisements on search engines. All you will need is a cheap domain, an e-commerce platform, and a seller account with a marketplace like Amazon, Walmart, Sears, and so on.

Become a Delivery Partner 

It’s not exactly a new idea that you can make money from your bike, motorcycle, or car, but more and more companies out there are employing drivers to carry out deliveries on behalf of more established brands.

They’re called gig economy companies because they casually offer their services with flexible schedules, so you’ll be able to earn extra cash whenever you have a free hour or two. With the vast seasonal demand for deliveries over the holiday period, plenty of seasonal jobs should go around.

Drive for Uber

Driving for Uber is an excellent opportunity to pad your pocketbook. You can make an average of $250-$300 per week driving for Uber. This may not be your dream job, but we’re sure it will provide you with some extra cash if you’re looking to rack up some extra dough. Plus, enjoy the convenience of being your own boss, the freedom to work when you want. All you need is a clean driving record, a reliable vehicle, and the desire to listen to music and meet new people.

Make YouTube Videos

If you want to cash in on the video craze, it’s easy to make money on YouTube. The trick is finding a niche that isn’t already overcrowded. You can start by searching for any subject on YouTube. This includes every kind of craft, from metalworking to crochet. Choose a topic you’re passionate about and focus on creating content that appeals to your target audience.

The more specific you can be, the better. The key to attracting subscribers is by offering helpful and engaging videos that give visitors things they want to watch over and over again. Once your channel hits 1,000 subscribers, you’ll be able to monetize your channels with ads.

Create Engaging Blogs

Whether you’re just looking for an alternative way to earn money or you want to create your own passive income stream, blogging can be a salient option. Turn your business skills into profit by sharing advice through a blog. You can touch on any topic, as long as it reveals a lesson that will help your readers.

As you hone your skills and explore the topics that interest you, blogging can become a fun and engaging hobby. Before long, you’ll find that blogging is an opportunity to share your knowledge with others—and perhaps even earn some money while doing so. 

Finance, Money

Investing With Little Money: 5 Ways to Get Started

by James Flores|Posted on | 2 minute read | Advertiser notice
Investing with little money

Wondering if you can start investing with little money?

Absolutely!

You don’t need to be a millionaire to reap big investment rewards. Even with little savings, you can try various ways to grow your money.   

We have prepared this guide to help you start investing as a beginner.

5 Ways to Start Investing with Little Money 

Follow the tips below to become a smart investor.

1. Save Money Using the Cookie Jar Approach

To begin investing, you need to save some money. Start by stashing $10 to $15 away in a cookie jar every week. Alternatively, you can put your savings in an online savings account.

You may increase this amount as you get into the habit of saving money so that you can move it into an investment vehicle ASAP.       

2. Get Help from a Robo Advisor

Robo advisors can take the guesswork out of investing. They ask some questions to determine your goals, risk tolerance, and expectations to help you create a low-cost portfolio of bonds and stocks. They also use smart rebalancing techniques to optimize your portfolio for taxes.   

Robo advisors usually charge an annual fee of up to $500 to start investing with little money. In return, they offer automated investment plans to increase your balance.   

3. Enter the Stock Market

Today, you can start investing in the stock market with just a dollar without having to pay trade commissions. You should consider investing in companies with partial shares, as it allows you to diversify your portfolio while saving money.

4. Put Your Money in Mutual Funds

Investing in low-initial-investment mutual funds is an excellent idea if you want to start small. Companies usually require you to automate the monthly payments between $50 and $100. You can do this through payroll savings. Discuss how to set it up with your human resources department.  

5. Enroll in Employer’s Retirement Plan

If you’re on a tight budget, you can invest 1% of your monthly income into your employer’s retirement plan. See if the company offers a matching contribution.  

These are only a few ways you can start investing with little money. The key is to just start somewhere. No matter how tight your budget is right now, it’ll get easier with time and you’ll be happy you took the leap.  

Money

8 Pragmatic Ways to Invest $10,000

by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
Invest $10,000

If you go out seeking financial guidance, the one piece of advice you will receive from everyone without fail is going to be about the significance of investments. But, does the word ‘investment’ evoke pictures of men in suits, stock tickers, and million-dollar deals in your mind? Does it make you wonder how and where to begin investing when you do not have a lot of money to spare?

So here we go – here are some useful tips on how you can start investing in a practical manner with a reasonable amount, say, $10,000.

Reduce Your Debt

If you are carrying a high-interest consumer debt, one of the most pragmatic investments would be to use the $10,000 to pay off or reduce that debt. Consumer debt or credit card debt, carrying a high interest rate, is the scourge of sensible wealth creation. If you are making minimum payments on your credit card outstanding bills, you will end up paying a staggering amount of money in compounded interest.

Savings Account

You can open a high-yield savings account that will earn you a significantly higher rate of interest than a regular savings account. An online bank that does not require a minimum balance in a savings account, would be the pragmatic and safe choice. You can start generating interest on your entire balance without taking any undue risk with your investment. With that said, these banks have a provision for insuring your account with FDIC insurance up to $250,000.  

Certificate of Deposit (CD)

If you can commit your funds for a specific period of time, a Certificate of Deposit (CD) may be a more practical investment for your $10,000, with a higher yield in terms of the interest which is ideal when energy costs are increasing as they are now. You must be aware that any premature withdrawals might attract a penalty, and you will need to stay invested for the precise number of months you agreed to, while making the deposit. You can choose the tenure for a term CD, which could be a few months and up to five years.

Real Estate

Investments in real estate are popular with investors because of their immense potential for wealth gain which is fantastic during periods of inflation which is the case in 2021. Although it might seem that investing in real estate requires a great deal of money and may not be feasible with just $10,000 in your pocket, there are new and affordable ways like crowdfunding to invest in real estate. With crowdfunded real estate investments, you can generate a passive income without worrying about property maintenance, tenant management, or litigation issues. Experienced real estate investment teams handle all the nitty-gritty like screening potential borrowers, managing renters, and repairing or upgrading the properties.

401k Plans

With 401k plans, you enjoy tax benefits as you pay taxes only when you contribute, thus reducing your taxable income. This is a Godsend to hear for many because taxes may be increasing on Americans who are already dealing with higher gas prices and higher costs of goods. With that said, it’s one of the easiest options to begin investing in a small or moderate way, and if your employer offers to make a contribution to match your first investment, you can start with an adequate amount that they are willing to match. Most 401k plans offer stocks, index funds, and retirement plans. 

Index Funds

The prices for individual shares, especially the blue-chip ones, may seem too high for you when you are thinking of investing just $10,000. To begin with, and with a moderate sum to invest, one of the better ways to invest is with an index fund. The funds keep costs low as they work in tandem with the market benchmarks, thus avoiding any speculative practices. The minimum threshold to invest in some of these funds is quite low, making $10,000 an adequate amount of money to begin investing with. The low costs, simplicity, and diversified portfolios make index funds a safe and pragmatic investment choice.

Robo-Advisors

There are fully automated Robo-advisor platforms that take into account your investment goals and your risk appetite to select a mix of funds for investing your money. If you want to invest your money without putting in the effort and time needed to ensure a balanced investment portfolio, this might be the pragmatic choice for you. Most of these platforms charge an advisory fee of around 0.25 percent per annum, and you can open an account for very little, sometimes as low as $1. 

Business Bonds

You can begin investments from as little as $10 in some of the small business bonds, which also yield a return that is higher than investments in most other brands. The lure of a higher yield also entails higher risk, so you must be clear about the extent of exposure you are willing to accept in pursuit of your pragmatic investment goals. Look for business bond investment propositions backed by collateral to cut down on the risk factor.

Lifestyle, Money

10 Wealth Creation Principles That Always Work

by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
Wealth

A lot of people mistakenly assume that true wealth is simply growing your financial net worth. If you think like that, you could not be more wrong. Wealth is a balanced and holistic concept. In this post, we have listed 10 principles that can help you in achieving true wealth in a deeply personal as well as a purely financial sense.

1. Be Deeply Motivated

You cannot sit back and let luck take over when you want to build wealth. Your motivation needs to come from somewhere deeper than regular external trappings. You need to find a cause that will transform your life and drive you to overcome all obstacles which keep you from attaining financial freedom. Internally driven goals can be:

  • Charity
  • Freedom
  • Growth
  • Leadership

2. Add Value to Whatever You Come Across

Everyone is better off when they add value to the world. Giving more will only help you in the long run. This is an important step in building true wealth. You can greatly improve your life when you help others get better. Exploitation may bring you initial riches, but they won’t provide fulfilment and happiness.

3. Don’t Compromise on Integrity

People think they need to sell their soul to get rich. That’s not true. You don’t need to do things that would prevent you from meeting your father’s eye. You don’t need to harm others, encroach on their property, or violate moral law despite what we may see the FBI doing and all those rioters undermining their own cities. You don’t need to lie, cheat, insult, or damage the environment in your pursuit of wealth – we’ve seen that too much in certain cities in America that many people have moved away from.

You don’t even have to stretch the truth even though we see that all the time in California and New York politics and the White House. Never compromise on your integrity for expediency. There is no amount of money that can replace a clear conscience, a good night’s rest and a peaceful mind.

4. Be Brave and Courageous

You need to have courage to be responsible and a self-starter. You need to be brave to develop new skills and walk new paths. Courage is needed to put extra efforts for standing out from the crowd. In short, you cannot build wealth if you don’t have what it takes.

5. Stay Disciplined

Wealth is an accumulated mass of many small things that are compounded together over a person’s lifetime. Your daily habits play an important role in making and breaking your success. Investing, reinvesting, saving and growing your business and financial intelligence are vital to building wealth. You need to be consistent and persistent in your efforts. You risk falling prey to procrastination without discipline in your life.

6. Don’t Indulge in Conspicuous Consumption

Wealth is not instant gratification. Instead, you become wealthy when you invest your today’s wealth for a more comfortable tomorrow. You should consider living modestly in terms of time, energy, and money. Happiness is not directly related to material trappings. They only keep one from fulfilling their purpose. You have a decision to make every day – consume today or be wealthy tomorrow.

7. Create Supportive Environment

Life has an endless stream of distractions that can sidetrack your plans for building wealth. You can overcome these distractions with focused, persistent and consistent action. The best way to do this is by creating a support system which helps keep you focused on your financial goals.

Your relationships, family environment, financial habits, work environment, and daily rituals should be designed proactively for keeping you interested in creating wealth. They should support and reinforce your plans.

8. Build Wealth by Applying Leverage

You cannot get wealthy on your own. You cannot build wealth by trading time for riches. You need to work smarter instead of harder. These are a few principles of leverage you need to apply:

  • Marketing Leverage
  • Network Leverage
  • Knowledge Leverage
  • Financial Leverage
  • Time Leverage
  • Systems and Technology Leverage

9. Make Your Wealth Work

Wealth is not a one-off standalone concept. It is similar to a business entity. You need to run your money the way you would run a business. Use competitive advantage, accountability, accurate record keeping and leverage to get where you want.

10. You Don’t Possess Wealth

You need to understand that you are a steward to your wealth and not the owner. You would eventually need to move it to others. Money comes with tremendous responsibility. You need to ensure that you create maximum benefit for others who come across the wealth created by you. This can be done using your temporary stewardship wisely.

Money

9 Ways to Spend Your Money Wisely

by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
spending money

Are you expecting to receive some money? What are your plans for it? You can always splurge these surplus funds on a luxury trip or buy an expensive gadget. But there are smarter ways to spend your money which will give you both peace and happiness. These are a few options for you to consider.

1. Get Rid of that Pesky Debt

One of the best ways to employ money you didn’t expect is to use it to pay off your debts. This can be student loans, regular bills, or credit cards. Debt repayment is really the best return on money. Typical credit cards carry a 15% interest annually. You could save that amount and make your wealth grow by paying off the cards.

2. Spend it On Job Training or Education

You are the greatest asset to invest in. Job training and education are more often than not required for personal and professional growth. You may finally get that promotion you were eyeing by completing that certification. People that love their jobs and are satisfied with their career growth tend to be happier.

3. Build Your Emergency Nest

It can be a true nightmare to have to pay for a major expense when you least expect it. But, there is nothing you can do to prevent emergency situations. If you have a medical bill or a car repair, you will have to pay for them. You can use your additional money to create an emergency fund.

You should also think about making monthly contributions to the emergency fund. Tax refunds are the best way to jump start savings funds. Think about your emergency funds as buffers. You can also earn some interest by parking the rainy-day fund in a savings account.

4. Spend Freely on Hobbies

When was the last time you entertained yourself actively without looking at a screen or doing something where content was shoved down your throat? There are times when you want to Netflix and Chill, but you should consider using the extra money to pick up a hobby.

Think about whatever you like and invest in it. It could be purchasing a new music instrument, enrolling into language class, buying tools to finally build that tree house or new utensils for baking.

5. Plan a Vacation

You should have at least one decent holiday in a year. This is to keep you healthy and happy, both physically and mentally. Holidays are expensive. But, you don’t have to mess up your financial goals. You can utilize a little bit of the surplus fund or use the entire amount to pamper yourself and your loved ones.

6. Make the Money Work

You may consider investing in financial markets. You can create a comfortable retirement fund by starting right away. It is never too late to start planning for the future. Here’s a tip – never place all your money in individual stocks if you are not a diligent investor. Instead, you may want to play around using exchange traded funds and mutual funds to spread the risk a bit because in this violent world with crime going up – we are all already taking enough risk.

7. Buy Those Healthy Meals

Healthy food costs money. If you have the cash, you should consider taking a step in the healthy direction. Go organic. While you are at it, you may want to buy a gym membership as well. You will automatically start feeling better when you eat healthy. Health is something nobody really appreciates until they lose it. Using your money towards taking care of your health is a poignant way to spend it even when food costs are going up.

8. Go Have Fun

Live a little with your windfall. You are allowed to have fun. But, before you think about spending it on stuff, ask yourself whether you really need more stuff. Won’t you rather spend the money on experiences? Maybe take a rollercoaster ride at the local fun park or throw a party for your friends. You could also just use it at a spa to give yourself a memorable experience.

9. Visit Friends and Family

Satisfying relationships and happiness are correlated. But, it is expensive maintaining good relationships with family and friends. We all have family members or friends that moved away and never visited again. You still love them. You are still in touch with them through digital mediums. Why don’t you go visit them?

Finance, Money

Annuity vs. Mutual Fund: Which Makes More Sense For Retirees?

by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
investment options

Two of the most prevalent investment options for retirees are mutual funds and annuities. Like all financial and investment products, investing in either of these options comes with a set of benefits and drawbacks.

Let us discuss in detail and try to find out which one of these two investment options makes sense for you if you are about to retire.

What is an Annuity?

In an annuity, you can invest an amount of money, as a lump-sum payment or in parts, as a part of a contract between you and your insurance company. In return, you can choose to receive guaranteed proceeds either for a fixed tenure or for as long as you live. Whether the payments start immediately or after a fixed period, depends on the terms and conditions of the annuity you invest in.

Based on the likely rate of return, annuities broadly fall into two types of categories, namely, fixed annuities and variable annuities.

Fixed Annuity

A fixed annuity, true to its name, provides an assured return for the tenure of the contract. The insurance company guarantees reimbursement in advance, regardless of the market performance.

Variable Annuity

The variable annuity payouts are neither fixed nor assured. They may increase or decrease based on the market performance.

A key advantage of annuities is that investors defer taxes on interest, dividend, or capital gains for the duration of time their money is in the annuity. The taxation, at withdrawal, is only on the capital gains and not on the amount contributed towards the annuity. Also, as their name suggests, the annuities can be annuitized. You can make a guaranteed income stream for a fixed period.

Annuities are basically insurance products and not investment securities and hence the insurance companies provide the guarantees to back them. However, you should keep in mind that the Securities and Exchange Commission (SEC) regulates only the variable annuities and not the fixed ones.

Annuities are a useful means to defer taxes on investments and generate assured regular income in retirement which is even more vital in a rising cost and energy environment because of new policies.

What Is a Mutual Fund?

In a mutual fund, investment companies collect money from investors and invest it on their behalf. The money goes into a mix of investment securities and money market instruments to maximize returns.

You can set up and use a 401(k) account, a brokerage account, or an individual retirement account (IRA) to invest in mutual funds. Investment specialists and money managers run mutual fund portfolios and are responsible to generate the maximum possible returns for their investors consistently.

There are several types of mutual funds, each based on its investment strategy and the nature of securities that it invests in:

  • Equity Funds invest entirely in stocks
  • Index Funds imitate the investment mix of a market index, and their performance is directly linked to that of the index
  • Exchange-Traded Funds trade on stock exchanges
  • Money Market Funds invest in debt instruments
  • Fixed Income Funds invest in bonds
  • Balanced Funds invest in both stocks and bonds
  • Sector Funds invest in a particular sector
  • Global Funds invest in overseas markets

Annuity or Mutual Fund: Factors to Consider Before Investing

Here is a comparison that may help you choose between the two types of investments:

Safety

If you do not foresee having a steady income post-retirement, a fixed annuity may be the best option for you. In a fixed annuity, the insurance company guarantees to pay you a particular amount until the end of your contract period. Variable annuities do not guarantee a specific amount, but some may have a minimum rate of return guaranteed by the insurance provider.

With mutual funds, there is no guaranteed income. The rate of returns on the money you invest varies a great deal depending on the market performance.

Expenses

Annuities have some of the highest associated expenses among the investment products.

Mutual funds, especially index funds, are very low on expenses.

Tax-Deferral

Tax on any income from annuities is deferred until the time of withdrawal. On withdrawal, only the capital gains are taxable.

In mutual funds, you are liable to pay taxes on dividends and capital gains. However, if you invest through an individual retirement account (IRA) or a 401(k) account, you are liable to pay tax only at the time of withdrawal.

Return on Investments

Mutual funds may offer variable returns based on market performance, while annuities offer assured returns. On the other hand, there are many charges and fees associated with the annuities, which, when deducted from your gains, tend to make the returns on investment much lower. 

Liquidity

With mutual funds there is no lock-in period, making it easier for you to sell and exit anytime you wish. 

With annuities, however, there can be a lock-in period, as long as 10 years sometimes. Any early withdrawal can attract high surrender charges which hurts even more in a slow growth or no growth economy.

The Bottom Line

If you are looking for absolute safety, annuities are the best option for you. But if you do not mind some added risk with the potential to earn higher returns, you should invest in mutual funds. 

Money

9 Worthwhile Ways to Spend Your Money

by Benjamin Roussey|Posted on | 3 minute read | Advertiser notice
Spend Your Money

It can be tempting to spend all your money on a fancy new something or a big night out. However, there are several smarter ways of spending the cash you have. You may want to consider the fact that the way you spend your money may affect the level of your happiness. You may think that buying that large screen TV or a bigger car is a worthwhile purchase, but it may not provide you the most smiles for your buck.

These are a few worthwhile ways of spending your money.

1. Pay off Your Debt

The best way to spend your money is often the easiest and something that will help you in the long run. You should pay off your student loans, credit card debt, and other bills which may have increased during the Covid-19 or Wuhan virus pandemic. Debt repayment often offers the best return on money. You need to know that the typical credit card may have a 15% interest in a year. This may not seem like the most exciting way of spending your money, but you would appreciate this in the long run. It is a win-win situation to not think about paying more interest while reducing your debt.

2. Spending on Hobbies

Passive forms of entertainment will only get you so far. You may want to relax in front of the TV (Bosch, 24, Ray Donovan) sometimes, but you shouldn’t be habitual of it. Try spending more on yourself and in developing hobbies. You can always buy board games, tools, or a musical instrument to get the creative juices flowing.

3. Spending on People You Love

Money can buy a lot of happiness as long as you know the people you want to spend it on. Satisfying relationships, happiness and gifts are strongly correlated. It can be expensive maintaining relationships with family and friends. For instance, if your family doesn’t live close to you, you could seriously drain your savings visiting them which is not good when energy and food prices are increasing because of current policy. Being invited to an offbeat wedding is another way of losing a lot of money.

4. Spend on Job Training or Education

You are the greatest asset you can invest on. Job training and education are often essential for getting the job you want. This may also help in seeking promotions at your current work. You may find this obvious, but if you are satisfied with your job, you would anyway tend to be happier.

5. Purchase Sporting Goods

Exercise and happiness go hand in hand with one another. It is scientifically proven that exercise releases endorphins and other chemicals in the brain that makes you feel good. Additionally, being physically fit is just going to make you feel better on top of regular prayer.

6. Taking a Vacation

Everybody requires a decent holiday at least once a year. This is to ensure that you break the monotony. However, you should know that holidays can get expensive really quickly. Your financial goals may get messed up if you don’t plan for the vacation. However, holidays are one of the best ways to spend your money on.

7. Eating Healthy

Healthier food is definitely more expensive than regular food. But, this is an expense that makes sense. You would feel better when you eat healthier making the additional payment worthwhile. Health is something you would miss only when you are not longer fit. It is better to be proactive and take care of yourself.

8. Saving for an Emergencies

Another way you can make use of extra cash is by creating an emergency fund. Life doesn’t always work out the way you hoped it would. By creating an emergency fund, you can have access to quick cash whenever you need it. The minimum amount you should put in your emergency fund should be at least $1,000. The average person needs this kind of money if they are without work.

9. House Remodeling

Investing in your home will bring you the same happiness that investing in yourself would. A house is one of the largest financial assets that a person may own. You could use any money you have saved up to beautify the outside of your home. You could also add energy efficient features to your house. Improving your home is a sound investment and will increase the quality of your life. This can improve your financial future by boosting the resale value of your house and perhaps even make a friend or relative a little envious along the way! Nothing wrong with that!

Finance, Money

3 Things Money-Saving Experts Believe Are Worth Splurging On

by James Flores|Posted on | 2 minute read | Advertiser notice
Things worth splurging on

Saving money doesn’t require you to live a life of deprivation or becoming a stingy spender, thinking a million times even before spending on essentials. What’s the point of earning money when you can’t live a comfortable life?

Financially sound people are smart spenders. They know where to become thrifty and what things are worth splurging on. To help you learn the art of smart spending, here we’re highlighting some of the things that even money-saving experts believe deserve to be splurged on:

1. Things That Can Improve Work Performance

Whether it’s something as simple as a planner or as extensive as a good laptop, career counseling, or courses to improve or learn new skills, experts believe that anything that can help improve your performance at work is worth spending on. For people who work from home, this could also mean investing in high-quality home office furniture and a reliable and efficient internet connection.

2. Services That Help Save Time

In today’s fast-paced world, most of us struggle with hectic schedules. In such a scenario, it’s worth paying for services that you may not consider necessary to make sure you invest your time and effort where it’s needed the most. These may include getting groceries delivered to your home, sending your clothes for laundry, or hiring a house cleaner.

3. Good Experiences

No material possessions can give you the pleasure that comes with good experiences. Invest in experiences that make you feel happy, relaxed, and help improve your health and well-being. These may include traveling, going to a spa, joining a club where you get to spend time with like-minded people, or getting a gym or sports club membership. In today’s highly stressful life, it’s worth splurging on experiences that make you feel alive, happy, and relaxed.

Whether you’re a thrifty spender or on a savings spree, don’t hold back from spending on things that can improve your health, well-being, and quality of life and help make it a little less stressful. Consider them investments rather than expenses and splurge on them if and when required.  

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 Photo by Karolina Grabowska from Pexels

Lifestyle, Money

4 Budgeting Tips You Need to Follow

by James Flores|Posted on | 2 minute read | Advertiser notice
Budgeting tips for beginners

Do you hate budgeting because you think it robs you of your freedom to spend your money?

Well, you’re not alone. But it doesn’t mean you’re right.

By making you create a spending plan for the month, budgeting actually ensures that you’ll always have enough money to spend on things you want. It is the best way to stay out of debt or pay off what’s due on you.    

Here are some practical budgeting tips to help you get started.

1. Start from Zero

If you want to stay on top of your personal finances, creating a zero-based budget is the way to go. This means you should get a big fat zero when you subtract your expenses from your income. Simply put, you must assign each dollar to something before the month even starts.

Start by calculating your monthly expenses and subtract the amount from your income. If you get a negative value, bring your costs down. You can start a side hustle or sell some items if you need extra money. In case you have a few dollars left, they can go into savings.

2. Set Your Priorities Straight!

No month is the same as the last, which means you’ll have to figure out a spending plan for each month. Some months you’ll be spending on home and car maintenance and other routine expenses, and other months, you may be saving for special occasions or vacations.

When you set priorities for a month, giving and saving should always come first. Then come food, shelter, utilities, clothing, and transportation. Once these categories are sorted, move on to others.   

3. Pay Your Debt

One of the most important budgeting tips is to set aside your debt amount first. Pay off what’s due as fast as you can so that you can have complete control over your money.   

4. Create a Plan and Stick to It

To eliminate stress from the equation, pick specific dates for your expenses. Follow the plan religiously and track your progress. If you’re afraid of overspending, try the envelope technique and use cash for each category.

Budgeting doesn’t mean you can’t spend as you will. With these budgeting tips, get ready to manage your money in a smarter, more efficient manner!