Investment For Your Future No Matter Your Current Stage of Life

When you hear the term investing you can think of images of a busy New York office with people on phones yelling “sell, sell, sell.”

While this can be something that is part of investing, it is definitely quite far from the truth for a regular and everyday investor.

When you invest your money responsibly, then investing is one of the best ways to increase how much money you have. 

No matter your age, being prepared and investing can improve your prospects for the future. It could be to make sure that you are financially independent or to make sure that you have things in place for your children.

So with all of that in mind, here are some of the things that are good to invest in for your future. Of course, as with anything, there are risks to some investments, but some are less risky than others.  

High-yield savings accounts

If you are looking to let your money do more for you, then looking out for a high-yield savings account can be the best way to go. It can offer you much more back than a traditional savings account or checking account. When you have some money to save, then it may as well make more money for you. Then you can accumulate your savings ready for the future or for an emergency fund.

Government bonds

If you don’t know what a government bond is, then it is a loan from you to the government, that pays you as an investor when there is interest over a set period of time. This can usually be over a long period of time such as thirty years, so it is a good thing to start doing especially when you are in your thirties. You can get a fixed income with this, which is why it can be a good investment that is practically risk-free. 

Trust loans

If you are looking for a way to reduce costs when it comes to inheritance tax, then you might want to consider looking into trust loans. This is where you establish trust with a provider. You get loaned money to the trust, which is usually created around a property. The trustee will then invest the money in the trust. The trustees then invest the money back, which is usually an investment, which will be of benefit to the beneficiaries of the trust. If you have older children and you are perhaps older yourself, then this would usually be a good thing for someone in your situation to consider.

Dividend stocks

A dividend stock is where you have a fixed income for bonds, as well as for the growth of things like stocks and funds. A dividend is a regular cash payment that a company pays to shareholders and will be usually from the most profitable and stable companies. It can be something that is good for a first-timer to a retiree, as you can choose how much and what kind of dividend you choose.

Credit Card Tips You Need to Know

Credit cards are often the most convenient way to pay for your purchase for several reasons, which is perhaps why more than 2000 million people in the U.S alone have at least one flexible friend.

Of course, it’s really easy to misuse your credit card and end up in unmanageable debt or paying off more interest than you really need to which is why we’ve put together some top credit card tips that you need to know.

1. Balance alerts can help you avoid overspending

When you’re spending on a credit card it is really easy to go overboard and maybe make more purchases than you can really afford. One thing that can help you to rein this impulse in is to set up balance alerts that will notify you when you are approaching a certain level of spending that you can set yourself.

2. Save money with 0% offers

These days you can compare credit card interest rates at the click of a button, which means that is it easier than ever to find those 0% deals By doing so, and by transferrin your valances to them if you can, you can stop paying interest, start paying off more of the actual debt, and get yourself into a much better financial situation, in no time at all.

3. Boost your credit score with mid-cycle payments

Something a lot of people do not realize about credit card companies is that they will report the status of your credit card account to the credit score companies every month. The credit score companies will then take into account the amount of available credit you are using to determine your score with a lower percentage of debt to available credit making for a better score. So, if you can make an extra payment in the middle of the month, or even just change your payment date to mid-month instead of the first or last of the month, you can use this to your advantage and potentially boost your score by lowering your debt burden.

4. Credit card bonuses often expire

It’s worth remembering that many credit card companies that offer finanical rewards also stipulate that those rewards must be used within 12 months. If you have been collecting rewards and you don’t want to lose them, it’s important that you redeem them before the expiration date. Setting up a reminder on your phone or calendar will help you to avoid losing what is effectively free money.

5. Pay off high-interest cards first

Although you need to make the minimum payment on each card each month, it is also important that you remember that paying off the highest interest card first will result in a smaller interest burden overall. So, once you have made the minimum payments, if you have anything left over, pay it towards the highest APR and see your debts slowly but surely come down.

Credit cards can be a useful tool but only if you use them right, so be careful.

Renting Your Home: 6 Important Tips To Consider

The housing market has taken a nosedive. Selling your house seems impossible, due to the unexpected crash.

So you are left with the option of renting your house, which is a good choice and one of the best ways to cut down your mortgage.

While renting out your home might appear like an easy task, you should note that a little mistake here or failing to consider some factors before renting your home could leave you with loads of regrets.

To guarantee your peace of mind and the safety of your property after renting your home, I’ll advise that you consider these 6 important tips first.

1. Find a good tenant

If you aren’t leveraging the services of a realtor, the job of sourcing for tenants will rest on your shoulders. Sourcing for tenants isn’t a big deal, provided you know how to market your property.

You can source for tenants by placing ads in local newspapers, both print and online. Furthermore, you can get the help of friends, relatives, and coworkers in spreading the news.

After finding interested tenants, request that they fill out an application form, stating their basic information, such as their name, employer, salary, former landlords, including references. You’ll also need additional info like their Social Security number and signed authorization to examine credit reports and criminal background.

If performing all these tasks seems burdensome and you have some money to spare, don’t hesitate to contact an online agency to provide background checks. However, before you hire an agency, ensure it is accredited by the Better Business Bureau.

You can conduct your background checks by:

  • Gathering credit reports: You can carry out your research via one of the credit reporting agencies, be it Equifax, Experian, or TransUnion, provided you are conversant with the rules of the Fair Credit Reporting Act or FCRA.
  • Inspecting criminal history: Rummage through state and local records online or find an agency that conducts tenant screening.
  • Checking references: reaching out to employers and speaking to former landlords

2. Figure out how much rent to charge

Whoever will rent your house wouldn’t do so for free, so before you consider putting those ads out, it makes sense to sit down and figure out how much rent to charge.

You can get an idea of rent charges by checking sources like newspapers, online resources or probably neighborhood rental signs. When fixing your rent charge, don’t go overboard. Ensure you are realistic about rent levels to find tenants fast. Even if the rent is lower than your mortgage payment, you must stick by it to encourage potential tenants to check out your home and rent it afterwards. 

3. Prepare your home for renters.

Would you rent a home with a faulty heating system, cracks on the walls, a disgusting toilet, and a terrible lawn? I doubt that. If you can’t spend your hard-earned money on such a home, then the chances are that your potential tenants wouldn’t want to as well.

Therefore, before renting your home, it is important that you put it in order to encourage potential tenants to consider your home. You can hire a property management company to ensure that your property is in optimum condition and raise your chances of finding good tenants.

4. Protect your rights with a lease

A lease is simply a contract containing promises between you and your tenant. To avoid misunderstanding of any sort, it is important that you have a written lease that contains each term of the tenancy. Without this important document, it will be quite hard to enforce its provisions should your tenant violate the terms.

A good lease adheres to fair housing, rental, tenant and insurance laws of your region. Worthy of note that these laws are different in all states, counties, and cities. Ensure you contact a professional for advice.

A lease should contain the following:

  • Lease term: A monthly lease allows you to sell the property easily when you decide to. An annual lease, on the other hand, offers more stability if you are retaining the property.
  • Security deposit: Usually one month rent or more
  • Rental due date and penalties for paying late
  • Repairs including who is liable for what
  • Routine maintenance and its responsibilities, like lawn care
  • List of tenants
  • Rules and regulations regarding how tenants should act
  • Pet rules
  • Who pays homeowner association fees
  • Eviction terms like destroying property, being rude, failing to pay the rent.

5. Leverage insurance to protect your property

The reason you insure your car is the same reason you should insure your house. In a world where unforeseen circumstances happen daily, insuring your property is the best way to protect your finances in the event of a catastrophe.

Due to the important role homeowner’s insurance plays in protecting your home, it makes sense to consider having one before renting your apartment. If you insured your house under a homeowner’s policy, ensure you update it to rental home insurance once you become a landlord. 

Unlike a typical homeowner’s policy, rental home insurance covers your home’s structure, legal and medical costs, including loss of rental income, if repairs are required. Also, since you aren’t liable for the tenant’s belongings, you should encourage them to consider renters insurance.

6. Prepare well for evictions.

So a tenant willingly destroys a few appliances in your home for the second time and refuses to pay. Fed up, you decide to evict the tenants based on the content of the lease created. But, the unapologetic tenant is stubborn and refuses to go; neither does he own up for what he does.

What do you do in this case? You certainly cannot go into their room, move their property and kick them out. You may end up regretting such action.

So what’s the way out?

In this case, you’ll need the help of an attorney who’ll help you take the matter to court. Should everything go as planned, the uncooperative tenant should be kicked out of your home and forced to pay damages. Mind you, going to court should be your last resort due to the costs of the process.

Conclusion

If you wouldn’t be leveraging the services of a realtor when renting your house, expect a few challenges. But you shouldn’t fret, as these challenges can be overcome with the right approach. Your top-most priority when renting your home is renting it to the right individual. Though renting your home to the wrong person will guarantee a rent fee, it might leave you with loads of regrets.

Is it Possible to Get a Home Loan with a Bad Credit Score?

The chances of seeing a bad-looking credit report isn’t a difficult task, irrespective of the reason. Whether these are a reason for your youth or the occurrence of an unexpected medical procedure, witnessing a credit dip isn’t hard, especially when you aren’t careful. 

Preparing to get a mortgage is challenging when you have less-than-optimal credit. But, just because you have a sub-optimal credit score, it doesn’t mean your dream of house ownership in Texas cannot come true. 

Reading on, you’ll discover what a bad credit score is when you’re looking forward to buying a new home. And how you can manage to buy a house, irrespective of a bad credit report. 

Stick on to discover more:

Bad Credit Score- What does this Mean?

To determine your creditworthiness, interest rate, loan qualification, a mortgage lender looks at your credit score, in addition to other factors. And, then he calculates the score based on factors like:

  1. Payment history
  2. The amount you owe
  3. Credit history length
  4. Credit Types
  5. New Credit

If your credit score is low, it may be difficult for you to get a mortgage. And, even if you do, the loan terms will be less favourable and rates higher. However, the good news is there are still ways to buy a house with a low/bad credit score. 

Buying a House in Texas with a Low Credit Score- Is that Possible?

If you have bad credit and still decide to buy a house, here are some steps that will help you increase your success rate. Some of these can be:

Speak to a Home Loan Expert:

Sit with a home loan expert and shed light on all the credit issues. The chances are excellent that you have a high income or there was damage to your credit score due to past mistakes. Or, maybe you were a victim of identity theft. 

The experts generally consider these factors and work diligently to propose alternative solutions. For instance, they may enlighten you about fha loans in texas, which work wonders even with a low credit score.

What’s even better is that this loan type offers low down payments, lower interest rates, and low-equity refinances. Thus, the Federal Housing Administration provides a government-insured loan with easy credit qualifying guidelines in an FSA loan. 

Thus, ensure having your financial and income documentation in place while explaining your credit issues. Things like these will help you build a strong case and facilitate the possibility of a home loan with ease. 

Apply Individually:

Is the credit scores of your spouse preventing you from qualifying for a mortgage? Or is it driving a higher rate of interest? 

If yes, then the best that you can do is apply for a solo mortgage. However, know that using without your spouse qualifies you for a smaller amount. It is because only the individual assets and income get factored upon. 

The intelligent thing for you will be to apply together if your spouse has low debt and a relatively higher income. Thereby, reach out to an expert to explore your options for loan availability in the best manner. 

Key Takeaways

Some other options might be liquidating your assets or asking your family for help. 

Know that these tips are sure to help you get a home loan in Texas without even worrying about your credit score. And, once you know all about it, move forward and find the paradise of your dreams. 

Key Money Decisions You Should Make Before Hitting 30

Being in your 30s is an exciting time. First, you’re just out of your 20’s where you could easily get away with making wrong money decisions. Moreover, it’s probably the time you’re planning to start a family and build a future. This means you have to get serious about one thing—securing your financial future.

You’ll have to exercise self-deprivation among other personal sacrifices if you don’t have a clear plan to attain this financial security. However, going the extra mile and making bold financial decisions is what will have a bigger impact on your wealth. Here are a few crucial money decisions you can make to secure your financial future once you attain 30.

1. Plan Your Retirement.

Planning for your retirement even before peaking your career is a smart investment move that’ll benefit you in the future. The 30s serve as a perfect time to think about all your plans and making smart money decisions out of each plan. What most people don’t know is that this is the time where you’re at the peak of your health, productivity and with fewer responsibilities.

So, why not leverage all these advantages and make something important out of it. You can begin by putting together measures that’ll help you curb emergencies. In addition, having at least one long-term investment that guarantees better future earnings helps too. All you have to do is ensure this long-term investment has some guaranteed returns. 

2. Build Your Investment Portfolio.

Creating an investment portfolio isn’t a preserve of the few. You can also build one, albeit with the right guidance. Investing in stocks and bonds comes off as a viable option, given its huge payoff. However, be careful as there are no short-term guaranteed returns in this investment. 

Stocks are also a good way to build your portfolio for the long term since you have time to recover from setbacks. But first, ensure you understand how the stock investment works and all other investment options available for you. Also, seek a financial advisor’s help in evaluating your investment needs, risk tolerance, and other investments that’ll be good for you. 

3. Seek Investments that Appreciate in Value

A good investment decision that’ll benefit you in the future appreciates over time. Such investments only operate by allowing what you already have to earn more wealth.  The advantage of this investment decision is that there are lesser demands, and you probably won’t spend so much on maintenance costs.

For instance, investing in real estate in your 30s is a smart money move that guarantees huge returns. It affords you the security of homeownership and the option of converting it into cash whenever need be. You can also decide to earn passively from it through leasing.

4. Buy Home If Capable

Buying a home is probably a lofty ambition when still in your 30s. But why not acquire one if you have the means to do it. Having a place you can call home is far much better than staying in a rented place. You will be a happy homeowner and an investor with an appreciating investment that you can easily sell and earn big whenever the need arises.

However, ensure your decision to purchase a home is based on a logical reason if you opt for mortgage financing. That way, you can approach mortgage lenders in portland oregon, knowing all the pros and cons that come with this financing option. The homeownership decision bears a significant impact on your future as it’s probably the biggest investment you’d make in your lifetime.

5. Have an Insurance Plan in Place

When in your 30s, you have a long way to go in life. This also means you have a long journey that’s highly unpredictable. For that reason, things that we do not wish for may happen along the way and turn everything around. That’s why getting an insurance plan – mostly life insurance is highly recommended. 

The earlier you plan on insuring your life, the better for you. First, it comes with lesser premiums.  You’re also better off having a medical insurance plan in place to shield you from the ever-rising medical costs. Having all this covered will afford you ample time to plan for your other finances and make sound investments.

6. Live Within Your Means

There’s no crime in living a comfortable lifestyle in your 30s. The problem only comes when you have to borrow to finance that lifestyle. And this begins when you keep your standard of living above your paygrade. Using borrowed money to finance a lifestyle is wrong money that only drives you deep into financial struggles. Furthermore, it amounts to borrowing money the wrong way, which has its fair share of disadvantages.

As you grow in your career and probably find more ways to create money, keep your expenditures on the low. You can choose to maintain your current lifestyle even if your income increases and instead add the extra income to your savings. Remember, borrowed money should only be used when you’re assured of financial gain. This might be investing in a business or any other income-generating project.

7. Make Yourself an Investment, too.

You have plenty of time ahead to accomplish a lot when in your 30s. So, look at yourself as a financial asset rather than a burden. This means investing in yourself and any other thing that’ll make you a better person. It could be investing in your skills or adding on the knowledge you have.

Investing in yourself also means making smart career choices. Seek to learn new experiences and skills that make you more attractive to the job market. If you’re an entrepreneur, look for seminars and training that’ll equip you with the right knowledge. Making yourself an investment pays off, and it should be a continuous process even when you attain 50 years.

Final Thought

Securing your future while in your 30s is all about making smart money moves. It involves making personal sacrifices now, knowing your future is secured once you retire. Use the above-highlighted tips and see your future turn bright. 

Steps to Take When You Become a Victim of Investment Fraud

Making active investments with your savings is an excellent way to meet your financial goals. With a well-balanced approach and a small amount of luck, you can make your money work for you. However, with all that excitement and knowledge, there are still many investors who fall into the clutches of investment fraud. 

For every investor, keeping their money safe should be at the top of their minds. And if you are not already aware, investment fraud is a serious problem, and far too many investors fall victim to these frauds more often than you would expect.

Here you’ll find the best ways to deal with investment fraud and to save your hard-earned money when your goal is to achieve financial freedom in the shortest possible time. 

Hire a Lawyer

As a stock market investor, you trust the stockbroker to act ethically and in your favor competently and efficiently manage your money. Sadly, your trust is not always compensated. Many stockbrokers intentionally mismanage your funds to serve their agendas at an investor’s expense. 

So when you are suffering from investment fraud, hiring a stockbroker fraud attorney can be your way out of this crisis. A stockbroker fraud lawyer will guide you through the legal process surrounding your investments further helping you in getting the compensation you deserve. So, when you need assistance when you are suffering from an investment scam, a stockbroker fraud attorney should be looking over your shoulder. 

Beware of Guarantees

If you come across an investment opportunity that assures you “guaranteed returns” on your investment, make sure that you stay away from it. Also, investment opportunities that use the phrase “you can’t afford to miss it” should immediately make you doubtful. Moreover, these types of investments involve a lot of risks and can further make you a victim of financial fraud. 

Even a financial vehicle that is considered one of the safest investment vehicles comes with a comparatively small level of risk and can’t always guarantee you a profit in a specific amount of time. However, to minimize the risk on your investment, you can compare your assets with similar products and find out what suits you best. Always remember that to get significant returns on investment, you might have to face a high amount of risk and when trying to find a short-cut investors often become a victim of fraud. 

Avoid Free or High-Pressure Investments

Two of the biggest signs that an investment opportunity might not be the one you’re looking for are those that come with high-pressure sales tactics and free offers. An investor should know that professional financial institutions or advisors don’t use such strategies, and you should always stay away from them if you ever come across them. It will help you keep your money safe and from falling into the trap of investment fraud. 

To Sum it Up

When you become an investor, it becomes critical that you take extra care of your money invested. For this reason, you should consider the ways mentioned above to minimize or cope up with the risk involved with your investments. 

Multifamily Investment Rules Every Investor Must Follow

If you want to diversify your real estate investment, multi family homes make a great option. They may cost a tad more upfront, but the long-term rental income and profitability potential make them worthwhile. The prospects look good even in the post-pandemic times because demand for these properties is still strong. You can easily find tenants with little work, so there are hardly any chances of the estate being vacant. But before you dip your toes into the opportunity, make sure you know the rules well enough. Here are the ones you must follow to keep your investment safe and lucrative over the years. 

Invest in strong multifamily real estate markets

It is a no-brainer because you must always stick with the strongest markets when investing in real estate of any kind. You can find lucrative opportunities in the multifamily domain across the country, from New Jersey to California, Illinois, Florida, and more. Research the options and pick the best ones considering your long-term investment goals and timelines. Do not confine yourself to local markets, but be open to exploring markets elsewhere if you want to make it big. 

Line up your financing early

When it comes to real estate investment, you must have your financing in place before going ahead. It applies to all kinds of properties, including multifamily homes. Thankfully, you can explore several multifamily financing options, such as conventional mortgage lending¸ short-term bridge loans, regional bank financing, and crowdfunding. You must understand what each of these options entails to make an informed decision when you go ahead. 

Collaborate with a specialist

Whether you are a newbie or a seasoned investor, it always makes sense to collaborate with an expert. Look for a multifamily investing specialist that emphasizes capital preservation and long-term wealth accumulation. A firm that offers pre-vetted investment opportunities is the best one to partner with. They perform due diligence on the track record, competence, and financial strength of sponsors, and you can go ahead with the deals confidently.

Plan for your expenses

Investing in these properties brings a host of expenses, so you must be prepared for them. You may come across unexpected maintenance issues at any point, and repair and renovation expenses can burn a hole in your wallet. Likewise, you will also need to pay for property management services if you live elsewhere. It is vital to set aside extra funds for these expenses so that you need not worry about such unpleasant surprises. 

Evaluate the potential investment 

As a rule, you must never seal a deal before evaluating a potential investment. In this case, you need to consider the monthly and yearly cash flow from the multifamily home. Also, determine the expected increase in the rental income down the line. These factors will help you decide the property’s worth and understand whether it is worth acquiring. It makes your portfolio future-ready, which matters the most in the real estate landscape.

Finally, it is crucial to start small and grow your investments as you learn the ropes and become more confident. As long as you have a reliable investment partner, you need not stress about making wrong choices. 

A Guide to Refinancing Your Mortgage

If you are looking to save your money on your monthly payment for a Mortgage, you should consider refinancing. Refinancing your mortgage means taking a new home loan to pay off your current loan. Refinancing can save you money when you move to a lender that offers a lower interest rate on a loan. However, before considering refinancing your mortgage, you should put all factors into consideration. Below is a guide if you are considering refinancing your mortgage.

Understand Refinancing

Before you dive all in, you should carry out your research and understand what refinancing entails. Refinancing comes with so many benefits but also tags some costs along as well. The refinancing process will be similar to the one you took while taking the Mortgage in the first place. However, this will include new terms, rates, and payments. Ensure that these terms and rates are favorable to you before you move on with refinancing your Mortgage.

Know why you want to refinance your Mortgage

Many reasons can prompt you to refinance your mortgage, but you should define your goal first. Are you refinancing your mortgage to take advantage of their high home equity? Or are you refinancing because you want to take advantage of lower rates and save money? Whatever your goal is, you should be as clear about it as you move forward.

Weigh your Options

Make sure that you put all your options on the table and do not go in blindly. There are several categories of refinancing. Some of these options include rate-and-term, limited cash-out, and cash-out. Go for the option that favors you and your credit score. There are many loan products in the market. Hence, you will carefully have to choose the type of loan you want. Consider shopping for a mortgage refinance rate with several lenders and go for the one that has the best options.

However, there is more to refinancing a mortgage other than the rates. Do not forget to look at cost and fees as you choose which lender to go with.

Prepare yourself

After weighing your options, the next step is preparing yourself. Preparation is key in every major step in life, and decisions on your Mortgage are one of those steps. Just as you did while applying for the first mortgage, you will have to prepare for this too. How is your credit score? Do you currently have outstanding debt? Will you be able to cover the closing costs? It is helpful if you consider these questions as you prepare yourself to apply for the mortgage.

Go for It

After all the necessary preparation, it is time to apply for refinancing your mortgage. This process will not be any different from the one you took when applying for the first mortgage. You will have to share your financial details with your lender. Such details may include income, debts, and assets.

Depending on the lender you choose, a home appraisal might be part of the refinancing process. Your attorney will need your attorney on the closing day as you seal the deal with your lender. Your attorney will explain and guide you through every document that you will sign. In case you have any questions, that will be the best time to address them.

Final remarks

You can never go wrong when it comes to refinancing your mortgage. It may be a long process, but with the right lender, it is all worth it. We hope that the steps above will guide you through your refinancing process.

9 Ways To Lower Your Company Operating Costs

SMBs don’t always have big budgets, but that doesn’t mean they have to struggle. There are so many ways to reduce your operating costs, supporting your company as it grows. Here are a few ways that you can reduce your expenses over time.

1 . Boost Energy Efficiency

Boosting your energy efficiency is an excellent way to lower your company’s operating costs. When you run a more energy-efficient company you’ll protect the planet and improve your business reputation. There are plenty of ways that you can boost your energy efficiency within your company such as:

  • Upgrade the insulation in your roofing and walls.
  • Use a renewable energy provider.
  • Ensure that your appliances carry an energy star rating.
  • Use energy-efficient bulbs for your lighting.
  • Implement policies to switch off devices when not in use.

2. Buy Second Hand Equipment

Purchasing second-hand equipment can save you plenty. You might consider using second-hand furniture, office decor items, or second-hand computers. MacBook Pros are expensive to buy new, yet there are plenty of second-hand outlets where you can snap up a good deal. Another way you can save on your hardware costs is by making repairs yourself. If your computer starts running slowly, check out some simple troubleshooting guidelines, there could be a simple fix.

3. Negotiate With Suppliers

Negotiating with your suppliers can help you to make a few savings. If you’re unable to get a better deal you might want to shop around. There’s every chance you’ll find a supplier offering cheaper prices. When you’re searching for a supplier, try using a Supplier Information Management System. These systems allow you to search for suppliers, using criteria such as rating, price, location, and so on.

4. Automate Your Processes

Businesses can reduce operating costs by automating their processes. For instance, using chatbots on your site means you won’t need to hire as many customer service staff. There are plenty of other ways that you can save time and money with automation:

  • Use accounting software to automate your financial processes.
  • Use AI to streamline your recruitment procedures.
  • Email marketing is useful to run cost-effective campaigns.

5. Inexpensive Marketing Strategies

Marketing is essential, yet it doesn’t have to be expensive. If you’re looking for a way to save money, there are plenty of inexpensive marketing strategies that you can try:

  • Use social media to promote your brand and target the right users.
  • Work with micro-influencers for a low fee.
  • Write your own SEO-optimized content.
  • User-generated content is another great way to save.
  • Take advantage of free online marketing tools.
  • Listen to the leading marketing podcasts to upskill.

6. Use Outsourcing To Your Advantage

Businesses have many different outsourcing options, whether it’s managed IT services, accounting, content, or graphic design. Companies can lower expenses by outsourcing, as opposed to hiring full-time in-house staff. Outsourcing can help businesses to save money in several ways:

  • Companies won’t need to rent out as much space for new staff.
  • Businesses can limit their spending on new software and hardware.
  • Less spent on staff training, and benefit programs, etc.
  • Managed services and freelancers are often less expensive than hiring in-house staff.
  • Projects can be executed on a one-time basis, using a pay-as-you-go model.

 7. Improve Your Time Management

Without great time management, businesses will waste both time and money. Companies should consider using time management software, to maintain productivity levels. Apps like RescueTime and Toggl are both useful time management programs for businesses. These tools have various features to boost productivity levels, from scheduling tools to productivity charts, and website blocking.There are several other ways that businesses can improve time management including:

  • Get rid of unnecessary meetings.
  • Take advantage of project management tools.
  • Create a task hierarchy to stay organised.
  • Ask staff for feedback, (their viewpoints may be helpful to improve time management).

8. Reduce Travel Expenses 

Travel costs can be incredibly expensive, it’s worth limiting travel to those occasions that are essential. By embracing concepts like remote work and virtual meetings, businesses can reduce the need to travel. Looking to put on a business event? You can drastically cut the costs by hosting your event online. Over the last year or so the popularity of online events has soared. Naturally, it’s harder to engage your audience, so businesses need to get creative. Before you arrange an in-person meeting or event, consider if it’s necessary and what value it will bring.

9. Free Business Resources 

Lowering your costs is all about getting freebies, here are so many free business tools that can support your operations. For some great ideas to get you started, try these suggestions:

For Project Management: Click Up is an excellent free project management tool. Using this software you can choose from various task views, including mind maps, and Gantt charts. You can also take advantage of chat pages, document view, and embed view. It’s a fantastic free tool to improve your PM.

For SEO: Using the free version of SEM Rush you can perform 10 searches each day using the keyword and domain database. You’ll have access to the ‘Keyword Magic Tool’. The free version also lets you crawl 100 website pages, with the site auditing tool. To support your SEO needs, SEMRush is a wonderful tool.

For Accounting: Wave is a great accounting tool for small companies, freelancers, and sole proprietors. Using the Wave features it’s simple to keep your finances organized. It’s easy to connect Wave to various bank accounts, for the purposes of expense tracking. With useful tools like these you’ll boost productivity levels and improve your ROI.

The takeaway 

Small companies have plenty of options when it comes to lowering their operating costs. With ideas like these, you’ll be able to make some smart savings and raise your productivity levels. There are so many free tools that can support your operations, and outsourcing will allow you to keep your employee costs low. Don’t forget to use budgeting and forecasting methods to review your finances over time.

Join The Millions Of Families Waving Goodbye To Money Stress

Part of being healthy is having a good relationship with money. But many families struggle in this area. They’d love to enjoy their lives more, but they find themselves continually worrying about their finances, fearing that they will never have enough money to get what they want out of life. 

The worst part of all this is how money stress can actually adversely affect your health. If you are worried about money all the time, it takes a physical toll on your body and can actually make some people sick. 

Fortunately, there are many ways that you can say goodbye to money stress and improve your overall mental and physical health. Here’s what to do. 

Talk About It With Your Family

The first step is to get money stress issues out in the open. Keeping it all bottled up and trying to deal with it yourself isn’t an option when so many people are responsible for your budget. 

Instead, bring it up at dinner time with everyone and talk about the major issues that your family faces. Discuss how it is causing you stress and the changes that the family needs to make to get into a better financial position

Give Up On Consumerism

The next step is to make a conscious effort to give up on consumerism. So many people are locked into a cycle of earning and spending money, but it isn’t improving their lives. In fact, acquiring more possessions is just creating stress and making their lives more difficult to enjoy. Families with children can very easily fall into this trap. 

Try instead to rethink what your family needs and how you spend your money. Do you have to spend a fortune every time you go out? Do you need new gadgets every month? Or would a simpler life serve you better?

Make More Sustainable Choices

Making your family more sustainable can dramatically lower your expenses and move you towards financial freedom faster. For instance, getting rid of the car and finding alternative means of transportation can save you a tremendous sum of money, especially if you have more than one vehicle on the drive. 

You can also lower your utility bills by joining renewable energy schemes – a concept that www.choosesolar.com explains. The basic idea is to buy the cheapest available solar energy without the need to install any solar panels on your home yourself. 

You can also change the food that you eat. Beans and grains tend to be much cheaper (and healthier) than meat and takeout. 

Clear Up Your Debt

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According to usatoday.com, millions of families experience financial stress because they are carrying a lot of debt. Sometimes, it is the result of overspending, but many times it is just the result of people believing that they are living a normal life. 

Taking steps to get out of debt can improve both your physical and financial health. Once you eliminate monthly interest payments, you soon discover that you have far more money than you imagined.