budgeting Archives -

Why Zero Based Budgeting is Effective

These days, budgeting is more important than ever if we want to live an enjoyable and memorable lifestyle without the stress of overspending. Zero Based Budgeting is a great option for people of all ages because it gives you full control over your spending and saving.

Why Should I Budget?

Budgeting seems like a boring concept to a lot of people, especially younger generations with little or no responsibilities. Sure, they might look at the price of things and complain now and again, but they don’t have the same financial pressures as a working household or family.

Still, budgeting can benefits people of any age and make life possible. Whether you have long-term or short-term goals, budget planning helps you to keep your finances under control and lead the kind of life you want to have without any regrets. A Budget is the best concept.

What is a Zero-Based Budget?

There are plenty of budgets to choose from, a master budget, an operational budget, and an estimated budget, to name a few. So what is a zero-based budget, and why is it a sensible option? A zero-based budget works with the money you have and allocates it intelligently.

Let’s say you have 100 dollars in your bank account. Break this value into line categories such as fifty for food, 25 for clothing, fifteen for toiletries, and ten for subscriptions. There are now zero dollars to allocate. If you want to spend extra, it needs to come from another category.

The Downside of ZBB

It’s hard to find any disadvantages to a zero-based budget; in this system, every dollar has a job to do, and you have full control over your money. Not only do you have categories for all of your financial resources, but you have ones for overspending or emergencies for unexpected events.

If there were any downsides to the zero-based budget, you might say that it’s too controlled and doesn’t have enough flexibility, but again, even that is inaccurate because money taken from one place needs to end up somewhere else. It might not be suitable for non-planning people.

The Upside of ZBB

The advantages of a zero-based budget are clear. This system allocates funds to specific categories like American Sports and Fitness Association meaning that you have a definite idea of your budget for certain items. If you’re in the supermarket, you know you have an amount to spend, and online shopping needs to be curbed.

Most people have a zero-based budget planned out on a spreadsheet on their computer, but you can also find apps that give you handy access to the budget when you’re on the go. After a few weeks on a ZBB, you will notice an adaptation, and you get to know how much to spend.

How to get started

Anyone can start a ZBB anytime; all you need is motivation and intention. A ZBB can be set up on a computer or on a smartphone, and all you have to do is choose some categories to work with and allocate funds. Once allocated, you can enjoy spending your money without guilt.

Budgeting Your Money After A Financial Change

Budgets are not static things – they need to be adapted and changed to reflect your income if they are going to remain effective.

The money we make and the money we have can change at the drop of a hat. With access to specialists, from a car accident lawyer to employment law, your financial situation can grossly improve.

You could have been injured in an accident, and an experienced personal injury attorney like Steven Halperin of Halperin & Halperin, P.C, could win you tens of thousands of dollars in a personal injury claim.

You could be made redundant from your job and receive a large payout, or you could win a significant amount of money on the lottery.

Even small changes in income need to be accounted for in your budget.

Pay rises, small winnings, and inheritance can all make a big difference to your financial status and, it is essential that this is reflected in your financial budget.

It’s also important to realize that your budget needs to be changed if you find yourself with less money coming in that you had before.

Whether you’ve made a significant purchase and have used up all of your savings, have lost your job with no redundancy pay, or have found yourself in a situation where you are spending above your means.

When To Reassess Our Budget

Changes in your income and spending won’t always be dramatic and, therefore, they can creep up on you over time.

This is why it is essential to reassess your budget regularly, even if it appears as though there has not been any change in your financial situation.

As a general rule, it is wise to reassess your budget every quarter (once every three months), as this will allow you to spot any adjustments that need to be made before they cause any significant damage.

Besides regular quarterly budget checks, it is also essential that you reassess your budget whenever you notice that your financial situation has changed.

For better or for worse, a rise or fall in your income will need to be allocated within your budget to ensure that you can afford your outgoings and are making the most out of the money that you have.

You should reassess your budget if:

You get a pay rise
You receive a significant sum of money
You are made redundant
You receive a legal payout
You inherit money
You win money
You spend your savings
You lose money
Or there is any other change in your financial situation.

Budgeting using the Balanced Money Formula

The Balanced Money Formula is a simple way to budget your money, splitting your expenses into three principal categories, Needs, Wants, and Savings.

Needs are things that you must spend money on, such as your rent or mortgage, food, transport to work, and loan repayments, etc.

Wants are the things that you don’t need but would like to have; this includes things like takeout food, new unnecessary clothes, vacations, and entertainment subscriptions.

Savings are self-explanatory and could be a general savings account, an investment, or money towards your retirement.

The basic concept of the Balanced Money Formula is that you should spend 50% of your income on your Needs, roughly 30% on your Wants, and the remaining 20% of your income should be put into your Savings.

A very simple way of budgeting, the Balanced Money Formula, is extremely effective and can be easily adjusted whenever your income changes.

It’s crucial to realize that these percentages are a guide, and if it turns out that you have far fewer needs than 50% of your income, then the excess money can be split between your Wants and Savings.

Similarly, if your Needs account for more than 50% of your income, then decrease the amount of money you spend on Wants and try to keep your Savings at the same value unless necessary.

Budgeting Your Money After A Salary Change

A salary change, whether up or down, will shift the balance of your income and expenses, and as a long-term change in income, it is important to factor this difference into your budget.

Start by working out exactly how much more, or less, you will be receiving per paycheck (after-tax) so that you know the figure that you will be working with.

Whatever number you come out with should then be split into your Balanced Money Ratio.

If it turns out that you have more money than you need to be allocated to your Needs and Wants categories, then this should be diverted to your savings.

If on the other hand, your income has decreased and you can no longer cover your Needs with your new income, then money will need to be diverted from your wants, and changes to your luxury expenditure will need to be made.

Budgeting Your Money After A Significant Payout

Whether you’ve just won a legal battle, have received a large redundancy payout, have won money, or have inherited a large sum from a family member, it’s important to factor these single payouts into your budget.

Before you do anything with your payout, it’s important to make sure that you have paid and covered any taxes or fees that need to be settled so that you know exactly what you have left to play with.

If you have found yourself sitting on a very sizable amount of money, then the Balanced Money Formula, may no longer suit your needs.

In this situation, it is worth investing in the services of a financial advisor who can help you make the most out of your payout.

If, on the other hand, the payout you have received is relatively small, though still significant, it can usually be split using your Balanced Money Formula.

If you are still taking a salary, then this should still cover your Needs, leaving the full payout amount to be split between your Wants and your Savings.

If you are no longer working, or are going to be living off of the payout amount for some time, then it is essential to split it into your Needs and Wants categories so that your expenses are covered before putting anything that remains into your savings.

Budgeting your money after making a significant purchase

Whether you have just spent your savings on a deposit for a house, have finally purchased the car of your dreams, or have booked a two week luxury holiday, it is always important to reassess your budget after making a significant purchase – especially if the money has been taken from your savings or it involves a new regular expense.

If you have used your savings

Savings not only allow you to buy expensive things, but they are also a very important buffer should you get into financial difficulty.

If you have spent your savings, then you no longer have this safety net to fall back on and could find yourself in debt.

When re-assessing your budget after using your savings, your focus should be re-building this buffer zone as soon as possible by diverting some of your expendable income from your Wants, into your savings.

If your purchase involves a new monthly expense

If your purchase involves a new monthly expense such as mortgage repayments, direct debits, or otherwise, then you will need to ensure that you add this expense to the Needs category of your budget.

If your income status has not changed, then updating the Needs category of your budget will usually mean allocating funds that previously would have been split between your Wants and Savings.

If you are also trying to rebuild your savings, then you may need to cut back significantly on your Wants in order to afford the additional Need as well as the extra payment into your savings account.

Other budgeting methods to try

Throughout this article, we have referenced the Balanced Money Formula as it is one of the simplest forms of budgeting and is easy to explain within these scenarios.

However, there are a number of other budgeting methods to try if the Balanced Money Formula does not work for you.

Some of the other budgeting methods that you may want to try to incorporate alongside or instead of the Balanced Money Method are:

The cash-only money method

Pay for things using cash rather than a credit card to help curb spending by allowing your brain to make the connection between each transaction and the exchange of money.

The zero-based budgeting method

Start from scratch each month to create a budget that reflects the expenses of each month.

And the priority-based budgeting method

Make a list of your expenses in order of priority and importance to help you see what is truly essential and what is an unnecessary luxury.

Use your money to pay for the highest priority items first, and if your budget is used up then do not purchase those that are left.

So there you have it – a quick guide to budgeting your money after a financial change.

Do you use the Balanced Money Formula to keep track of your spending?

Let us know your preferred budgeting method in the comments.

5 Realistic Ways To Free Yourself From Debt In 2020

It’s a common fact of life that the vast majority of people end up with some form of debt in their lives.

Some people might owe three-figure sums, while others might owe as much as the national debt of a small country!

You’re likely reading this article today because you want to free yourself from your debt.

But, you’re unsure of your options, or even if you have many choices.

The first thing to note is that everyone has choices in life – even when talking about dealing with debts.

The next thing to bear in mind is everyone – even you – can take practical steps to be free of debt.

Here are five examples of what you can do with your financial burdens:

1. Earn more money

If you’ve ended up in a situation where your salary doesn’t entirely cover your outgoings, one thing that’s within your power is to get a better-paying job.

When you earn more money, you can cover your debts and also pay them off quicker.

You might even find that you can earn more money by getting a second job or doing self-employed work in your spare time.

2. Set up a debt management plan

What should you do if you’re unable to earn more money?

One option is to organize a debt management plan. Confused how it happens? You can visit crosby-fox.com & resolve your doubts in no time. In a nutshell, this is where you agree to pay lower monthly installments to your creditors.

In a nutshell, this is where you agree to pay lower monthly installments to your creditors.

Debt management plans typically get set up with the help of debt charities and organizations.

But, it’s possible to organize one yourself if you’ve done plenty of research on the subject.

3. Look into a debt discharge program

You might not have heard about it, but there are debt discharge programs run by some companies that could work for you.

For example, some enable you to become a citizen of a different country while remaining in the U.S.

Programs such as DTSS’s Mark of Freedom help you to gain a better debt to income ratio and let you retake control of your finances.

4. Petition for bankruptcy

As you probably know, bankruptcy is a last-resort option for people that end up with unmanageable levels of debt.

The thing is, bankruptcy is a choice that thousands of people opt for each year.

Bankruptcy is a way of stopping debt collector calls and letters, and creditors from harassing you for payment.

Once you’ve completed your bankruptcy, there are no further payments that you need to make.

5. Sell all valuable assets

Last but not least, you could release yourself from the grip of debt by selling items of value that you own.

Doing so isn’t an easy decision as you might expect, but it means you can start a new chapter of your life.

Examples of valuable assets that you could sell include any vehicles, property, electronics, collectible and antique items.

Many people don’t realize they have things of value that can ultimately help them to clear their debt burden.

Budgeting for Irregular Income

It may be a popular belief that budgeting is only for those that have steady income, but budgeting for irregular income is encouraged!

Starting a budget plan can be beneficial for people from all different financial backgrounds. You may have commission-based employment, or contract work that can experience low hours.

Regardless of your current financial status, a budget can help you determine where you stand on your financial journey and help you obtain financial stability when you receive irregular income.

Getting Started on Budgeting for Irregular Income

While getting started on budgeting may seem like a daunting task, it is not as complicated as you might think–especially if you have the right resources. Budgeting can be broken down into a few simple steps for convenience.

Here are a few questions to keep in mind about budgeting for irregular income:

What is the Lowest Predicted Amount for Your Monthly Income?

One of the easiest ways to start budgeting is to estimate the lowest possible amount of income you receive, rather than calculate an average. By planning for the worst outcome, you can find a more flexible starting point for your lifestyle budget.

Go through your pay stubs from the past year and find your lowest monthly earnings. Use that amount as a guide for your budget plan. You want to start with a lower number, as it can be easier to add money to the budget rather than deduct it. For example, if you took out a title loan, you can add the funds into your budget at the end of the month.

Effectively Create a Budget Based Off that Number

Creating a budget is much simpler when you have an estimated income to go off of. Once it is established, the next step is to determine your expenses throughout the month. Your expenses can be separated into two different categories:

Fixed Expenses
Variable Expenses

Your fixed expenses will not change month to month. These expenses should be a priority, such as your rent, car payments, utilities, and any loan payments you may have.

Your variable expenses usually change throughout the month. These can be costs such as clothing, groceries, gas, and entertainment. Usually, when you are adjusting your budget, these are the expenses with the most variance.

Adjust Your Budget and Track Your Spending as Needed

As the month goes on, be sure to track your expenses and look out for any changes in income. One helpful tip for doing so is to carry your budget with you, either in a physical ledger or through an app on your phone. By having easy access to your budget, it can be easier to adjust or document your purchases.

The first few months will be a test drive for you, as it’s going to take time for you to get comfortable tracking your own finances and establishing a sense of responsibility.

Create a Safety Net within Your Budget

One of the most important steps in creating a budget for irregular income is to formulate a safety net for when business may be slower, or when you may have an emergency expense.

What you can do to secure yourself financially is designate at least 10% of your income into a savings account every month. This will ensure that you have a backup plan for when finances are tight!

Saving Money On The Most Important & Expensive Life Events

Life, if you want to live it well, can be costly. Happily, saving money on the most meaningful life events is possible. In fact, if you do the hard work ahead of time and learn what things cost and to save, you still do all the things that are most important to you. You can even read our strategic tips on this topic in the post below.

Getting a place together

When you find that special someone to share your life with it often feel as if the next natural step is to move in together. Of course, this usually means getting a bigger & more expensive place, especially if you’ve only been renting a single room or living with your parents so far.

In fact, the amount you can expect to pay for a home can differ wildly depending on the size and location of the property you want. To that end, you must do your research on the areas you want to live in before you start booking viewings. In fact, it’s also vital that you check your merged budgets to see how much you have available to spend on rent as well.

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Although it is worth knowing that you can often negotiate a discount on the monthly cost unless you are in a very popular or expensive area. You can also save money by getting a furnished apartment too. You can even buy preloved furniture pieces or even ask friends and family for donations when you move in.

You may even be able to save some money by buying a home rather than renting one. After all, they often cost around the same in monthly fees. While buying is also a great way to invest your money, and earn back a decent return over the long term. Something that can help you cover the other costs mentioned below

Engagement

Once they have lived together for a while, many couples decide to take the plunge and tie the knot. Of course, that means one person has to propose to the other, something that many people expect to come with an engagement ring.

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To that end, whoever proposes should budget for the ring ahead of time. After all, it used to be that an engagement ring was meant to cost at least three months of wages! Although as you will discover in this post on budgeting for the perfect ring, this is no longer necessarily the case. In fact, it’s less about how much you spend now and more focused around the style that the other person wants.

Luckily, this is something you can talk about well ahead of time. In fact, if the person being proposed to is happy with a vintage option, you may be able to keep the costs down even more. Also, many couples are now deciding to go and look at rings together, making the entire process a lot easier. Although, when looking at rings, it does help to have a good idea of costs already.

Marriage

The lifetime commitment that is marriage is often celebrated with a large party, something that can cost a vast amount. In fact, some USA couples spend upwards of $25,000 on their wedding day. The good news here is that there are lots of options that allow you to mark the significance of tying the knot without clearing out your bank accounts.

One is to hold a smaller wedding because such celebrations are often charged per head. That means the fewer people you have, the less you will have to payout. Another option is to elope rather than get married in your hometown. Couples choosing this usually go alone, or with just a few members of their families, and so the costs involved are significantly reduced.

That is not the only way you can save money on your wedding though. In fact, many people that want a more traditional big day choose to get crafty and make their own decorations and invites. The latter being something that can cost up to $75 per head, and isn’t even something directly related to the big day itself!

Having a baby

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Another one of the most expensive life events is when a couple chooses to grow their family and have a baby. In fact, it’s not just the pregnancy and delivery care that will need to be paid for, but all the baby basics as well. Which often include things such as nappies, food, wipes, strollers, and cribs

One way of ensuring that having a baby isn’t a life event that breaks the bank is to carefully work out a budget of what you can afford ahead of time. Something that will need to include maternity or parental pay for the person taking care of the child, rather than their full wage.

Additionally, there are some smart choices you can make to keep the cost of having a baby down as low as possible. Of course, the first is to get medical insurance that covers the cost of pregnancy and labor care, as this can save you thousands of dollars right away.

Next, don’t forget that breast milk is free. Then once Baby starts on solid food, making your own is much less expensive than buying the individual jars.

You can even get essential baby accessories such as strollers and cribs preloved for a knockdown price. After all, people only use these for a very short amount of time when their baby is young. Something that means they are often fantastic condition, but cost a fraction of the price they would new.

Summary

In summary then, despite some of the most critical events in life being ones that could clearly empty out your bank account, they don’t have to be.

In fact, if you are savvy about planning for them in advance, and educating yourself on the costs involved, you will be in a much better position to find yourself a bargain.

You can also use strategies such as making things yourself, buying preloved, and even getting donations from friends and family to help you keep the cost down. All why still experiencing the most meaningful events in life to the fullest capacity.

Can You Save Money From A Car Accident?

The screeching of tires, the crumpling of bodywork and the inevitable silence afterwards are the things you hear from a car crash.

They are often sounds you cannot replicate and they stay with you forever. It can be a traumatic experience to be involved in a car crash and so, there are plenty of ways you can receive help afterwards.

However, is it possible that you can still save money from a bad car crash? That’s what you’re going to be thinking if you’re financially minded because car crash repairs and the subsequent legal issues are very expensive.

In fact, it’s not only with car crashes, but with two wheelers and pedestrian accidents as well. For example, if you read about motorcycle accidents, you’ll come to know that repairs for it can sometimes be higher than car repairs.”

A whole lot has to be changed or brought back to how it once was including your car and your health.

Far too often people without any knowledge of cars will just take the word of anyone and pay out far too much than they needed to, to get the repairs done.

Here are some ways you can limit expenditure and get back to normal with a boost of cash.

It’s all about the body

Bodywork is one of the simplest parts of a car. Essentially, it’s the outer shell of the car that takes a lot of the brunt from a car crash.

The reason why some bodywork is expensive is because of the brand and model.

A more curvy car takes more time to build and the materials used for lightweight and high strength are also higher up on the sheet of expenses. Let’s start off with the more simpler part of the bodywork, the windshield.

The windshield is one of the easiest things to replace and also costs the least. A simple chip could be as little as $50, but a total replacement and fitting can be close to $1,000 depending on the car. The average is around $255 but if you buy a lesser quality windshield that is just as strong but less wind resistant, you could cut this price down by as much as 50%.
Door panel dents are perhaps the most common sight behind dented bumpers. Door panels shouldn’t cost that much because they are usually just flattened sheet metal. PDR or rather paintless dent repair is a small section of the car repair industry. They simply sheer off the paint and using a suction tool, pull the dent out of the panel. This can cost as little as $150. Don’t go for a door replacement until you have know your local PDR price range.
A smashed bumper should be easy to replace right? Well, it’s not just the bumper itself but the curved metal around it. This can be a simple fix by actually replacing the bumper and keeping the metal bodywork if that has not been affected. However where the really expensive bodywork parts are on a car, are the front and rear. This is because of the curves of the car. The general price can be from $300 to $800 for a repair and replacement service.

Call the manufacturer

it’s 2019 and we’re finally seeing the car manufacturers update their repair schemes.

It used to be that when you bought a car if you bought an insurance plan with it that the manufacturer wanted you to have, you would get it cheaper.

The insurance companies and the manufacturer worked out a deal that works for everybody. However, Volvo has just rolled out with something new.

They have just launched a post-accident guidance scheme which they hope will help drivers of their cars, learn what they need to do to get their car fixed.

The Volvo Car Accident Advisor serves as a go-to mobile app which will take the driver step by step through an emergency checklist.

They will be shown a list of repair services they can call up, advised on what to do regarding the safety of their person and go through a procedure to make their car safe.

How could this save money? Well for one they would offer a competitive service for car repair.

They can also check what parts are damaged using the computer chip in the car and sending information to your phone from it.

This will give you an accurate picture of what you need to repair instead of aimlessly wandering around and paying far too much to mechanics.

Although this has just been rolled out, you should check if your car manufacturer has their own smartphone app you can use to know what exactly needs repairing.

Doing a general examination at a local garage can cost up to around $200 or more.

The disappearance of wages

Car accidents are very financially troubling for a multitude of reasons but the two that you can most look out for will be your lost wages and healthcare costs.

If the car is totalled that will also be a very big loss but if you can no longer go to work and you’re losing thousands of dollars every single month for a long time, your bank account will be very sore.

However, if you have a case whereby you know it wasn’t your fault, you know the cameras have picked it all up and on top of that you have witnesses, then call a car accident attorney.

They can make a case for lost income as well as for physical pain. Who knows you might need surgeries, physical therapy and maybe pain relief in the form of medicine.

Emotional trauma is also something the attorney will look as if you’re not physically hurt you might still be suffering from mental health concerns.

The aim will be to get back all that lost income and make sure you’re still able to pay the bills and live your life normally like you would before the accident.

After the dust settles from a car crash, the financially savvy will begin to see where all the holes are and start plugging them. Lost income due to no longer having a functioning car should be a high priority. You can also see if the bodywork you need can be done cheaper by a paintless dent repair service.

When You’re Lucky Enough To Have Holiday Money Left Over

When going on vacation a lot of people tend to acquire more foreign currency than they hope will be necessary. After all, it is always better to have too much money instead of not enough. Or, perhaps you have simply come home with more money than you expected to? There is certainly no better feeling than to touch back on UK soil knowing you have had a fantastic vacation but haven’t had to break the bank.

However, the only concern is deciding what to do with the unused foreign currency when you get back. Do you simply hold on to it in the hope that you’ll visit the destination again? Do you try and convince your friends and family to visit the holiday location in the foreseeable future so they can swap some currency with you? No, there’s actually no need for such hassle.

Instead, you should sell the currency back. This is the best way to make the most of any unused foreign currency, no matter how much or little. Keeping that in mind, keep on reading to discover everything you need to know about selling back foreign currency…

There are lots of companies nowadays that will give you the option of selling back your foreign currency. Nevertheless, you, of course, need to choose one with care to ensure you benefit from good value. If you walk straight into a branch without doing any research you may find yourself in a position where you feel pressured to go for the exchange rate being offered.

Without doing prior research it’s difficult to know whether you’re getting a good deal or not. You do not want to leave the branch to discover you could have got a better offer elsewhere. Therefore, instead, you should take a look at the Internet and assess your options carefully first. One tip you can use, though, to minimise the money you need to exchange to begin with is to pay online for holiday elements in your own currency beforehand. If you check out these apartments in Jual Rumah Indonesia, you will see how you can pay online in your own currency, and this could save you a lot in the long run.

The general process you should follow when selling currency is as follows…

Find a credible travel money company.
Begin the process online by entering details, including the type of currency you are selling and the amount of currency you are selling. The company will then present you with their offer. If you are happy, you can move onto step three.
You will then select the branch you are going to take the currency to and you’ll agree on a date.
You will likely be asked for a few personal details to complete the process.
Go to the branch that has been agreed upon and you can sell your currency and complete the deal.

Those are the typical steps that are involved. They may differ slightly depending on the company you use. Nevertheless, all travel money businesses should follow a similar sort of process. It is always worth doing your research to make sure the company in question is credible and that they have a good reputation.

Read reviews that have been left by previous customers to get a good feel regarding the general feeling that surrounds the travel money business you are considering. If they have a bad reputation, this is something you should be able to pick up on with ease. Thus you will know to look elsewhere.

One of the most frustrating scenarios that can arise when selling back your travel money is arriving at the bank to discover you are not going to get the same amount that was quoted online. Unfortunately, this happens quite often. If you locate the small print on a lot of websites for travel money companies you will frequently discover that they don’t guarantee the rates that have been presented on their website.

Instead, you will be subject to whatever the exchange rate is on that given day. In a way, this defeats the purpose of setting up the sale online. Yes, it will be more convenient. However, you could still find yourself on the end of a bad deal. Because of this, it is highly advised to make sure you find a company that gives you the opportunity to secure your rate online. By doing this, you know exactly what deal you are being offered and you can be confident that this will not change once you arrive at the branch several days later.

Aside from this, another factor you need to take into consideration when selling back currency is the commission rate that is charged by the travel money branch. This is where you can potentially lose a substantial amount of cash if you are not careful.

Sometimes it can put people off selling their currency altogether, because they feel like they are losing out on such a huge amount. This is where your research skills come into play. You should spend time searching online to find low commission rates. You will even find that some of the better companies don’t charge any commission at all.

So now you know all about the best option you have available to you when you have leftover money from your vacation. We have already touched upon some of the points you should consider when choosing the best travel company to sell your currency to.

Commission rates and the ability to secure rates online are evidently the two most pivotal factors to bear in mind. And, as mentioned, it is always a good idea to read reviews that have been left by others. Nevertheless, there are some other key factors you should consider to make certain that everything runs smoothly.

One thing you will need to do is make sure the travel money company has a branch near you. The last thing you want to do is have to travel all over the country to find a firm to sell your currency to. Aside from this, the currency rate itself is obviously vital to make sure you get good value.

It is a good idea to do a bit of research online to get a good idea regarding the exchange rate for that given day on various websites. You will then get an understanding as to whether the company in question offers value or not. Are you in a rush to sell your currency straight away? If not it may be worth holding out until the exchange rate meets a level that you are happy with. There are some companies that give you the option to benefit from notifications every time the exchange rate gets to an amount you are satisfied with.

All in all, hopefully, you now have a better understanding in regards to the best route to take when you come back from your holiday with excess foreign currency. Whilst there may be several different options at your disposal, the best way to make the most of the money is to sell it back.

Nevertheless, don’t simply sell the currency to the first travel money firm you lay your eyes on. Instead, you will need to follow the tips that have been provided in this article. Make sure that the company has a good reputation and that you can secure rates online. Aside from this, a bit of research regarding commission rates and exchange rates will certainly help. If you do this you are assured to be satisfied with the UK currency you get back in return. It is the perfect way to end a vacation.

Claiming Cash That You Are Owed

There are various situations in life where you will find that others owe you money. Now, many people make the mistake of just assuming that this money will make its way back to them eventually.

But generally speaking, people are reluctant to cough up cash unless they are near enough forced to. This is why it’s important that you actively pursue owed cash.

Here are a few areas that you might want to focus on!

Clients

If you work for yourself, you may find that you are owed money from clients. The best way to get this without damaging professional relations is to send an invoice. If this doesn’t work, you can always follow up with a friendly payment reminder via email.

If time goes on and someone is still avoiding payment, you probably won’t want to work with them again anyway, so could always pursue legal action to receive a payment.

Compensation

There are certain situations in life where someone else will hold authority over your overall health and wellbeing. When you are at work, an employer has responsibility to ensure that you are safe and well while in their commercial property or carrying out tasks for them.

If you are in public spaces, on the roads, or anywhere else, other relevant authorities will have to cater to your safety and wellbeing. If you do experience an incident, you should contact a relevant lawyer like a personal injury lawyer or a car accident lawyer.

They will be able to draw together a case and claim compensation on your behalf.

Money from Friends and Family

Generally speaking in life, it is best to keep to the policy of “never a borrower nor a lender be”. But every now and then we will lend money to close friends or members of our family.

Now, it can be extremely difficult to claim money back from people who you have a personal relationship with, as you won’t want to jeopardise your relationship for the sake of cash. They will also be able to use excuses with you that simply wouldn’t roll with professional lenders.

They will pull at your heart strings and you will generally let things slide because you have their overall happiness and wellbeing in mind.

However, there are ways to get the money back. Note why you need the money. Tell them how them not paying you back is affecting you.

These are just a few different situations where you may find that people owe you money. Hopefully, the above information will help you to claim back what’s owed to you as quickly as possible!

5 Essential To Consider Before Buying Your Next Vehicle

Anyone that has ever bought a car knows that there is a lot to consider before you make your financial choice. In fact, it can be highly confusing and even a little frustrating, because just as you think you have considered all the factors, you discover another one to think about. Luckily, you can avoid this if you check out the comprehensive guide below.

#1 Cost

For most people, the overall cost of the vehicle is something that cannot be ignored. After all, it does not matter how much you love a particular make or model, if you haven’t got the money, or can’t get the credit to cover it you will have to go with something else.

However, it’s also worth noting that the way in which you purchase your vehicle can affect the cost. This is because you can use credit and end up paying more over the time you are paying it off, yet still be able to meet the monthly payments, and so work it into your budget.

#2 Running cost

Closely linked to the cost is the economy of the vehicle that you wish to buy. This may include the monthly payments, but also the cost of fuel, and how much its uses, as well the other fees such as MOTS, servicing, maintenance, road tax, and insurance.

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Here it’s worth noting that the better fuel economy your vehicle has, the better for you wallet it will be because you will get more miles to the gallon.

#3 Age

Next, when researching your next vehicle purchase, it’s essential to consider whether to buy new or used car with your hard earned money. There are two extremes here, with some folks only ever going for brand new vehicles that they can drive off of the forecourt, while others will only ever purchase vintage cars.

Although, many people find that the most economical approach is something in between, which usually entails buying a used car that is still in good condition.

#4 Fuel

Closely linked to the model and the economy factors is the fuel type for the car you are going to buy. Traditionally this used to be a choice between petrol and diesel.

However, as all new petrol cars come fitted with a catalytic converter since 1993, the choice has widened. Of course, that doesn’t even account for the additional options of hybrid and fully electric cars that we are now starting to see on the market as well. The latter being something that will have a definite impact on your vehicle choice if you are concerned with the environment and the potential benefits of this sort of vehicle can provide.

#5 Make & model

Lastly, and for some folks most importantly, the make and the model of the car is crucial to their choice. In fact, some people will only invest in Japanese makes like Mazda because they are known for their longevity and reliability. Others prefer cars built in their native country because they feel they are better supporting the home economy.

Then, when it comes to make, the reviews and the status of the latest model all come into play. Something that you can find out more about here and that should help you to make the right decision when buying your next vehicle.

The Secret To Good Budgeting Is Expecting The Unexpected

“It won’t happen to me!” We’ve all thought it. It’s okay to admit it. Whenever we see someone who’s been adversely affected by an accident or an injury. Whenever we’ve seen someone lose their job or seen their business go into administration. Whenever we’ve seen someone adversely affected by completely unforeseen circumstances, we always assume “It won’t happen to me”.

We sympathize with them, sure. We want to do what we can to help them, absolutely, but something in our psyche refuses to accept that it could just as easily happen to us. That reassuring little voice in your head keeps on repeating “it won’t happen to me”.

Our day to day life carries with it a degree of familiarity that can lull us into a false sense of security. We can kid ourselves that the current status quo will go on uninterrupted forever.

But deep down we know that this isn’t the case. The unexpected could strike at any time and shatter out insulated little bubble of complacency.

When that moment comes, having budgeted will make all the difference between being able to weather the storm and being completely caught adrift in an ocean of panic.

Budgeting made really, really easy

We all assume that budgeting is hard. It isn’t. We just tell ourselves that it’s hard so that we don’t feel guilty about not doing it. There are lots of things that we should all be budgeting for but probably aren’t. But we’re about to make budgeting really, really easy for you. Just download one of these household budget templates and make sure that you stick to it, month in and month out. If not, any of the following could strike at any moment and plunge your household into potential financial ruin.

Firing or redundancy

In a capricious economy and a time of geopolitical uncertainty where entire industries seem to rise and fall almost overnight… how stable is anyone’s job, really? Adequate budgeting can insulate you from the risk of losing your job to firing or redundancy. It can help you to bide your time and look for a new job that you want and that will actually further your career rather than leaping into the first dead end job you’re offered out of financial desperation.

Accident, injury or disability

If you’re injured or have an accident in or outside of work that renders you permanently or temporarily disabled, effective budgeting will also help you to find the finances for hiring a lawyer to help to push your disability insurance claim. Failing to budget can leave your finances decimated by such a misfortune, especially given the lengthy nature of a disability insurance claim. A good lawyer can advise you on how to handle the process quickly and help to ensure that your claim is approved.

Unexpected household expenses

Finally, we never know when our cars might need a new exhaust gas release valve or our refrigerator may go on the fritz. Proper budgeting can help you attend to these quotidian mishaps without having to resort to credit cards or loans which can mire you in debt.