There are many points in your life where a higher credit score works to your advantage. Buying a house, applying for car finance, or renovating are just a few worth mentioning. Having a higher credit score can help to boost the chance that you will be approved for better financial products and interest rates.
This means it is important to look after your credit score, and improving it where you can, let’s have a look at how below:
Use A Credit Card Often But Very Little
When you use credit responsibly by using it a little but often it can help to build your score. If you keep your credit card active and only spend small amounts each month, it will make you look more attractive to lenders and ultimately improve your score. You need to show that you are responsible enough to pay it back.
Keep Your Credit Utilisation As Low As Possible
If you want a good credit score, you need to avoid using too much of your available credit. If you keep your utilization to below 30% you should show that you using credit sensibly, and you still have it available for when you need it the most. When you monitor your score, you can see how much you are using.
Make Sure You Correct Any Mistakes
Your credit score depends on the information that is included in your credit report. If this isn’t right, then it’s likely your credit score is incorrect. This could mean that your score shows lower than it should be. You can make sure that the information is right by using things like an address search, and free credit check tools. If you spit any mistakes, make sure you correct them as soon as possible, in some cases, this will mean filing a report.
Limit Your Credit Applications
You may be tempted into applying for credit after credit especially if you have been turned down. However, if you have been turned down you are better off waiting to apply for more credit as too many applications can lead to your score been damaged. Typically the applications stay on your file for 12 months, so try to limit the amount you make in one 12 month period.
Always Use An Eligibility Checker
You can, of course, avoid getting rejected by checking if you are eligible first. Or from using a ‘soft search’. Lenders are able to see some information about your history, but it doesn’t have an impact on your credit score. An eligibility checker will give you an idea of how likely you are to be accepted from credit before you make an application. In theory, this should prevent you from having too many hard search applications on your credit file, these do have an effect.
These are just a few of the things that will help you to keep your credit score where it needs to be as well as improve it if it needs it. Is there anything else you would linclude? Please share them in the comments below.
When it comes to money-saving and enjoying a debt-free life, plenty of options come your way. But, choosing the right option that fits your needs can help you to achieve financial freedom goals. What are the right options? is a big question for many. Because the choices vary from individual to individual due to income, expenditures, lifestyle, and circumstances. Therefore, you neither enjoy a stress-free life nor come up with a bad credit score.
Considering your concern, here we have mentioned 8 smarter ways for every user to enjoy financial freedom;
1. Grow Your Emergency Fund
When you are planning to enjoy financial freedom, the first step is to start planning for your emergency fund. These funds could contain such amounts that help you to pay your monthly expenditures for at least up to 3 to 6 months. During COVID-19 pandemic millions of people lost their jobs due all over the world, because of many reasons. So, if you are well prepared with your next 3 to 6 months financial backup plans you can live a peaceful life.
Even if you plan to change jobs, emergency funds help you all the way until you will get the best job. Above all, in the event of family emergencies such as an accident or serious illness, you don’t have to look after others for funds.
2. Repair Your Credit
Keeping your credit score improved is the best trick to enjoy financial freedom. Wondering how? A good credit score helps you to raise funds from financial institutes at any time. You just need to fill their online application form and will get funds transferred to your account in a short time. But, if your credit score is not so good, you can choose a credit repair services company. The experts at a credit repairing company analyze your credit report, find and repair inappropriate factors which are harming your score. Once you are able to achieve a good score, you can plan well for new savings and credit.
3. Invest into Your Retirement Provision
Saving for retirement is essential to keep you stress-free in later stages of life. Therefore, to plan for later life, you need to start working from today with an investment plan. Look for the best investment plan for your retirement needs and begin by paying at least 15% of your current income.
Keep in mind, there are various IRA plans that help to meet different needs. For instance, if you want to buy a home you can invest in a lump sum policy that provides you a fixed amount after an interval. Otherwise, to meet your recurring needs, there are multiple options such as monthly income, half-yearly or annual income. You can choose the best IRA plan to secure after retirement life.
4. Set Up A College Fund For Your Kids
Every parent dreams to provide the best education to their children. Therefore, if you too want to plan for the same. Then start saving for your kids’ education from the day they are born. Otherwise, paying a hefty amount for education could be troubling when you don’t have enough funds. For this, you can open a 529 college savings plan or choose an Education Savings Account (ESA) to save money.
Choosing an ES account serves you mental peace and keeps your children’s future secured. Even if you wish, you can also participate in various government schemes that help you to save funds for children’s education.
5. Keep Building Your Wealth
Once you have plenty of funds in 401(k) and Roth IRA provisions, you can move ahead with the next step. You can start giving money to others in the form of an inheritance to your family. It serves you mental peace that you have done enough for your family. Even with your future secured you are able to secure a spouse and children’s future too. You can also buy properties for your kids and their families. If you love to do noble causes, open at least one orphanage center for the help of others. Creating wealth and distributing for others serves you a great relief.
6. Have Discipline When It Comes To Spending
Self-discipline is extremely important when it comes to spending. Some people start shopping just by watching something new on their favorite store or website. But, when you are planning for saving, overspending should be avoided that breaks your bank accounts. Even at the end of the month, do not forget to check the bank and credit card statement to learn a lesson. Once you will build a habit of reading statements you will start saving more and cut down additional costs for unwanted stuff.
To avoid overspending, you can also look into the amazing ways to reuse your old clothes. Try this tip till you are facing financial crises, once things will be fine, you can start buying. But must be within the limit.
7. Create A Zero Budget For Few Months
Creating a zero base budget, for many, is a new concept. Let me explain to you, a zero-based budget means when expenses must be equal to income. Exceeding expenses can let your balance in negatively. Where more income serves you fruitful results. So, trying to take your expenses into balance can go with opting for zero balance. Once you are able to successfully create zero balance for a few months, boost your income and plan for savings. Remember, zero balance budgets are known for money management, debt payoff, and enjoy financial freedom. So, try this for a few months.
8. Invest A Percentage of Your Income in Stocks
Investing money in stock might be a new concept for some, whereas others are earning huge profits every month from the stock market. If you feel you have enough funds in savings after deducting, kids’ education, retirement funds, and others, you can invest a small portion of your income into the stock market. If you are not good at sharing market knowledge, take assistance from financial experts. Depending on your needs and expectations, experts guide you for the best offer with the US and international share market.
Hope the above information gives you an outlay to achieve financial independence in your life. So, without wasting time, first of all, start with a zero base budget, then move towards repairing your credit score. Create an emergency funds account, invest in retirement and if possible buy some shares. When you are planning for kids’ future, set a different account for their higher education and give something inheritance.
Imagine this, you were driving on the highway and were enjoying your road trip with friends and following all the traffic rules to keep everyone in the car safe. And suddenly, out of nowhere, another car crashed into yours, leaving everyone with some serious damage. You weren’t at fault but still had to suffer just because a reckless driver wasn’t responsible enough. Got the chills? Well, it is one of the many scenarios of wrongful injuries.
According to renowned legal experts, a typical wrongful or a personal injury case consists of a scenario where a person becomes a victim of someone else’s negligence and mistakes. Be it slipping on someone’s porch or bitten by a dog or a fatal car accident; it is really devastating to recoup the losses.
And when someone gets injured due to someone else’s fault, recovering from it is stressful and financially draining. So, why do you have to suffer just because someone out there wasn’t careful enough? That’s right; you don’t have to.
Here’s how filing a suit can help you win justice for yourself.
Let’s get started!
What are the compensations that can be claimed?
First things first, before filing a case, you should be aware of literally everything. This includes the compensations you are liable for to make a full recovery from an accident.
According to renowned legal experts, if you succeed in winning the case you filed against the accused, the jury awards the victim money, known as damages. This money can be used in paying all those expensive medical bills and compensate for all the lost wages. If you have any other doubts, you can read more here and clear everything out.
In fact, this monetary amount can also be used to compensate for any physical disfiguration or disability caused due to the accident. That’s a relief!
Who can help you in the process?
When you meet with an accident, you have to deal with a lot of people and look after a lot of procedures. From claiming the insurance to paying the bills, everything feels a bit tough to handle on your own. Plus, maybe you would feel that you might be able to speed up the compensation process without a lawyer because it is a clear case of sheer negligence.
But the law doesn’t work that way. The jury needs proper evidence and a strong case to award you what you truly deserve. And that’s where an experienced lawyer can help. He/she will not only listen to you but will also ensure that they make a strong case to compensate for all your losses. In fact, they’ll also conduct a thorough investigation and collect all the proofs to support their arguments and statements.
And let’s be honest, you’ve suffered so much, and the last thing you want would be to risk your chances of getting justice. So you take your time to recover completely and leave the legal matters to the professionals.
Accidents bring a lot of pain and misery with them. And everything seems to elevate when you have to suffer because of someone else’s actions. Thankfully, filing a suit can help you get what you deserve. Don’t worry because justice will prevail at any cost!
Do you know in every 43 seconds, one hit and run accident occurs in the U.S.? According to the AAA Foundation for Traffic Safety data, the highest number of such accidents was reported in April 2018.
That’s not it!
On average more than 1800 cases of hit and run cases are reported in the state. And approximately 65% of the people involved in these accidents are either pedestrians or cyclists. These statistics are shocking. Right?
Generally, an accident leaves a massive impact on the mind of the victim. But to think that the driver at fault left the accident spot, makes it unbelievable and disappointing. As a matter of fact, human beings can’t have control over everything that happens. Perhaps that’s the reason why a car crash occurs. However, one has control over the steps to take after the collision.
Having said that, it is inhumane to leave the things as it is and drive away. That’s why you should take the matter into your hands and fight for what is right. If you are worried about what you should do? Then, no need to worry! Just scroll down, and you’ll learn about the steps to take!
Call the police
First of all, you need to report the accident to the police. Don’t make the mistake of going after the driver at fault. Instead, stay at the location and wait for the police. However, if possible, you should try to note down the number of license plates. It’ll help the police while investigating. In the meantime, you should also call for medical help. If the victims are severely injured, it is better to take them to the hospital.
Get in contact with the insurance company.
It might not look like a priority at the time of the collision. However, the truth is that IT IS. You should call the insurance company as soon as possible and inform them about the hit and run case. This way, they’ll start the insurance claim right at the instant. Eventually, removing the financial burden off your shoulder.
Hire a lawyer
Usually, the driver at fault runs away because they are afraid of the consequences. But, that’s not a moral thing to do, especially when it is a life and death situation. That’s why it is better to hire a lawyer to get justice. If you are not convinced, you can click here to learn more about a lawyer’s need in an accident. Nonetheless, keep in mind that it is always better to deal with civil claims than a criminal case.
Collect the evidence and the mobile number of witnesses
The next thing to do is to collect the pieces of evidence. Take photographs of the location, vehicle, and all the damage that has been done. Along with that, get the number of witnesses. They have seen what has happened. Thus their statement will play a crucial role in providing you justice. Also, try to remember the car model and the direction it came from.
What’s done is done! You can’t change that. However, you can be practical and take the next step to get the justice you deserve. Keep in mind that the law is for your safety, so you should take its help without fear!
A plush vehicle is one of the most significant investments that one can make in their life. Therefore, it needs to be managed and maintained with all the love and concern possible. For this, car owners often go for auto insurance safeguarding themselves from paying for external damages in the future.
The concept of auto insurance for commoners
Unarguably, most car owners tend to look for the cheapest car insurance plan to save a few bucks. Where they may consider it as a wise decision, the reality narrates a different story. Cheap auto insurance can be a massive trouble for you to safeguard your vehicle. While you may be bragging about saving a few bucks on your insurance plan, you can’t see what difference it will make in your life and vehicle’s value when leading to an unfortunate accident.
Here, full coverage auto insurance can be of great help. You may find it a bit more expensive than the other auto insurance covers, but it’s worth buying for sure. Don’t know why? Let’s figure it out.
What is a full coverage auto insurance plan?
There are a lot of people who are entirely clueless about the full coverage auto insurance plan as most people tend to settle for a cheaper plan. It is a type of car insurance that covers the vehicle completely. It covers the comprehensive, liability, and collision coverage for the damaged vehicle. One who wants to avail the maximum range out of this car insurance must have ample proof of the accident or collision.
The full coverage auto insurance plan is a financial term that illustrates the coverage of a vehicle’s different parts. Some of the most common aspects covered under full coverage auto insurance include – property damage, bodily injuries, collision, uninsured motorist, comprehensive, and PIP. One of the major perks of having this coverage is you get the maximum financial protection without putting your vehicle at risk.
Here are details to the full coverage auto insurance
Liability insurance – Liability insurance tends to cover the damages made when you are the fault. It ensures financial help to the other vehicle damaged in the accident or collision. It is the only part of the overall car insurance that you are supposed to carry lawfully.
The remaining segment of the full coverage auto insurance
It encompasses the first-party benefits which are missing from any other type of car insurance available in the marketplace for you. It ensures to cover personal injury protection, collision insurance, and comprehensive insurance too. The basic or additional amount for the full coverage auto insurance depends on factors, including – vehicle type, vehicle age, age, and the collision or accident you met with.
The last word
Most car owners believe relying on full coverage auto insurances is saving money for the long run. When involved in an accident or external damage, vehicles can cost a hefty amount disturbing your entire financial cycle. And if you desire to reap the maximum benefits out of it, make sure to consult a reputed and trustworthy car insurance agency.
When someone’s negligent or voluntary actions cause you a loss or suffering, the incident is legally termed as personal injury. The losses and suffering could include physical injuries, medical expenses, personal property damages, and more.
In simple words, a personal injury claim is filed when someone’s negligent actions cause you injury and damage.
Now, it is noteworthy that you hold the right to file the claim with your own insurer or with the liable party’s insurance company.
In the state of Illinois, the courts follow a fault system. It means, the court can only grant a claim if someone is at fault.
Can You File Personal Injury Claim Anytime?
Of course, you’re here either because you have sustained injuries or someone you know has. Regardless of that, you must understand that you cannot file a personal injury claim, just anytime. Or better said, you cannot delay filing for a personal injury claim for too long.
In Illinois civil courts’ Statutes of Limitations nominates plaintiffs for two years to file a personal injury claim. During this period, the plaintiff may receive medical care, or get other repairs done.
However, for personal injury lawsuits, the Statutes of Limitations is only 1 year. Meaning, if you are to file a lawsuit you must do so within a year of your accident. In some cases, you may be allowed to file even after the time has run out. The courts would then consider the time from the day you discovered the injury or the losses.
How Do Courts Decide Fault/Negligence?
The state of Illinois is a fault state, as already mentioned. Expert Chicago Truck Accident Lawyers explain that personal injury claims can only be processed if somebody is at fault for the injuries caused. Besides, if the plaintiff is found more than 50% at fault, the claim may then be automatically dismissed.
The civil courts in Illinois also use modified comparative negligence doctrine to decide the fault, when there are multiple defendants.
Depending upon the fault that a party shares, the compensations to be paid are reduced or increased. For example, if you are found 10% at fault for the injuries you sustain, your claim would also be reduced by 10%.
Are There Any Other Limitations?
In several states, the compensations that plaintiffs can receive are usually capped. Most of these limitations are only capped on non-economic damages, such as pain and suffering.
Though Illinois is a ‘fault’ state, there are no caps on any type of personal injury claims.
Like every other state, Illinois also protects its citizens against any civil or criminal act. Several laws, both civil and criminal, define personal injury acts. And likewise are firm in serving rightful claims to the victims. That being said, personal injury cases are still a complex decree of the legal system. And likewise, require professional assistance for justified implementation.
All of us have at least one dream that happens to be a life goal as well. Do you know any magic tricks to achieve that? Honestly, there is none. But there’s definitely something that can help you pave a path to accomplish that.
And one such criterion is to create a financial plan. Your financial plan can act as a guide through your life, helping you be in control of your expenses, investments, and income. For example, strategic financial planning will help you send your child to college. Contrary to this, if you don’t keep in mind your current and future goals, things might get quite dreadful.
If you are still not convinced, here are a multitude of reasons that will help you understand why financial planning is vital.
Increases The Overall Savings
It might be possible for some people to be able to save money without any financial planning, but for most of us, it is the most efficient way of increasing our savings. Once you create a detailed financial plan, it tells you exactly how much you spend and how much you earn every month. If you control your expenses consciously in order to save and know exactly where your money is going, it will be easier to save every single month, thereby enabling you to increase your savings in the long run.
Improves Your Investment Strategies
If you have a proper overall financial plan, it will consider your objectives, risk tolerance, and personal circumstances for investment. According to the experts at Invest4life.com.au, financial planners can help give you the knowledge of making the best decisions possible in terms of investment.
Investment strategies can be quite risky, and it is helpful to take the advice of a financial planner who can expertly guide you. Investment in the right places can help you achieve your long-term financial goals.
Helps You Save For Emergencies
How often have you run out of money when an emergency comes up? Maybe you need money for medical bills or even for fixing your laptop or car. When such unexpected situations hit, you always wish that you had saved for such days. A good financial planner always keeps an emergency fund on hand, which should ideally be equal to six months of your salary. It can help you pay for various expenses and even help you out if you have recently lost your job.
Builds Better assets
Financial planning doesn’t only require cold hard cash. You can even have a nice “cushion” that is in the form of assets. It is important to determine the real value of an asset before buying it. There can be many liabilities that you need to take care of before it becomes an actual asset. Once you have understood your finances completely, this is a relatively easier thing to do. Remember to build assets that do not become a burden in the future, rather something valuable.
Financial planning is quite important if you want to maintain a good living standard and look out for your future and long-term goals. Go ahead and get the help of a financial advisor now.
According to a Federal Reserve study, most Americans earn money through multiple sources. These usually include W-2 earnings, unemployment benefits, investment dividends, retirement benefits, and more.
With multiple sources of income, it is no wonder that many taxpayers make mistakes when filing taxes. The most common one is filing taxes for the wrong income.
Essentially, you’d wish to know what income sources to include when filing taxes. Relax! We’ve got your back.
In this article, we’ll be giving you a ballpark idea about what does taxable income mean, along with the filing procedure, and some other information. So, keep reading, if these are the questions that come to your mind when thinking of income tax.
What is Taxable Income?
Did you know that not all of your income is taxable? Yes, a portion of your income is not included when calculating taxes, usually known as tax deductions.
This brings us to the question at hand- taxable income is the portion of your income that comes under tax laws, and is included when filing income tax.
To better understand this, you need to understand how income is defined and how taxes are calculated.
IRS Calculates Income Tax
IRS defines any debits into an account as income. In other words, regardless of where you receive money from in your account, it will be considered as income as per IRS. It also includes income in the form of assets, property, or services.
A lot many people often mistake their earned wages, compensations, and other sources of regular earning to be included in income tax. Well, truly speaking, this is not at all the right approach.
This is not only true for earned wages and compensations but a lot of other income sources too.
Typically, IRS would collect taxes if your income falls under any of the following types:
Canceled or Forgiven Debt
Dividends on Investment
Real Estate Gains
Copyright and Patent Royalties
Other Support Benefits
Virtual Currency Gains
Apart from these, if you win any assets or money from gambling or lottery, it must also be included in your income tax report.
How to File Your Income Tax?
By now, I would have a ballpark idea about what income you should include when filing for taxes. However, you’d still need to understand the filing procedure. Perhaps, we can offer you a rough outline for the same too.
Calculating your taxes is a never-ending process. Year-round, you need to keep an eye on what money is coming into your account, where it is coming from, and what should be included in income tax returns.
Taxes on different income categories are calculated differently. It is better to work with an accounting attorney to get a better idea about it.
Besides, calculating your taxable income, you also need to calculate the deductions to be made. As already mentioned, not all income is taxable.
Usually, retirement income, student loans, charities, and freelance expenses are not included in tax calculations.
When filing income tax, including the right income and deducting only what’s necessary can save you from IRS troubles, in the long run. That being said, since tax laws are quite complex, it is better to work with a tax attorney you can rely on.
“Because I could not stop for Death – He kindly stopped for me –The Carriage held but just Ourselves –And Immortality.
– (Because I could not stop for death by Emily Dickinson)
According to these lines, death is not something that can be delayed or ignored; it will come to you, embrace you, and will accompany you until you find immortality. Basically, death is inevitable, and that’s the ultimate truth of life. Everyone has to bear it one day or the other.
And there’s nothing “morbid” talking about it. Most people might fear death because of the burden of responsibilities they carry on their shoulders. Now that you are retired, and about to enter the late senior years, there’s one last chore that you need to do.
Yes, you guessed it right. We are talking about streamlining the legal affairs so that your family members and friends don’t have to worry about it after you are gone. That’s the least you can do to ensure that everything related to the estate you owned will work just the way YOU wanted it. Also, after you are gone, the last thing the family and friends would want is to look after the legal formalities.
But, if you have no idea about what to start with, then stop worrying about it. This article contains everything you need to keep the legal affairs in check after the demise.
Prepare a Will
Imagine this, you just passed away, and your children and everyone you know are fighting about who will get what from the estate. Wouldn’t that be heartbreaking? So, in order to avoid all the conflict, fights, and manipulation, we’ve got a go-to solution that everyone should know about. And that is to draft or prepare the Will.
It is the best way to ensure that everything is done according to your choice. It is a legal document that contains some crucial pointers about how you wish to manage the wealth after the demise. You can put in things like who’ll inherit the property, or who will get what from the estate, or who will have a power of attorney, and who needs to be kept out of the decisions.
Preparing a Will is considered of utmost importance. In fact, according to renowned lawyers, a Will can help in reducing the payable amount of Inheritance Tax on the property, money, and assets you leave behind. It also becomes significant if you have children or someone who depends on you financially. Or it can also be beneficial if you want to donate or leave something to people who do not belong to the immediate family.
Basically, it gives you the power to decide what will happen to the wealth after passing away. Plus, it will also ensure that all the legal proceedings are taking place smoothly and no one has to suffer the legal tensions.
Consider establishing a living trust
For those who don’t know about what a living trust is, let us clear that up for you.
Suppose you want someone to manage your assets and estate. So, what can you do to legalize that responsibility?
Well, the answer is pretty simple. A document needs to be created in which all the details are mentioned such as, who will be the one to manage the assets. That designated person is known as the trustee. A living trust is prepared to allow for the easy transfer of the estate or assets. It is also an agreement in which it is clearly mentioned that a trustee holds possession of your estate and is legally designated to distribute it the way you or the trustee sees fit.
According to the state law, “When a settlor passes away, his/her assets flow to the beneficiaries as outlined in the trust. Unlike a will, a living trust becomes incapacitated after the death of the settlor. This means that during the lifetime of the settlor, trust doesn’t have to clear the courts to reach the intended beneficiaries.”
Thus, it is just like putting your trust in someone else who will be in charge of the estate and all the assets.
Make a “When I die file.”
Life is full of uncertainties, and after reaching a certain age, the stakes are a bit higher. So, it would be best if you kept everything organized to ease the confusion that will follow after the demise. For this, the lawyers suggest their clients keep a file that contains all the necessary documents, passwords, and codes. You can also put in some letters for the family members and friends.
Here’s a checklist of things that should be incorporated into the file.
Marriage/divorce and birth certificates
Your Will and living trust
Passwords of your phone, social media accounts, and safe
Bank account details
Letters to loved ones (if you want)
Now, you might be thinking that you know about the basic things to put in the “When I die file,” but what is Ethical Will? Well, it is a type of letter to the younger generation where you instruct them to follow your legacy or family values. Actually, this practice dates back to the time when according to the Old Testament, Jacob orally delivered the first one to his sons around 3500 years ago. So, in a nutshell, it is good if you delivered yours to the generation that comes after so that the family legacies or values carry on after you are gone.
The final words
Keeping the legal affairs streamlined is beneficial for your family and friends and keeps you at ease that everything is managed the way you wanted. The idea is to make things easier on everybody because when you are gone, they’ve already lost enough, and it’s the least you can do to ease their pain.
And after you step into the afterword, the only thing that will matter is the love your family members bear for, and by streamlining your legal affairs, you showed them yours.
There are plenty of things you can do to build your financial health on a long-term basis, and indeed, this isn’t something that you should ignore — if you have a long-term strategy, then in the future, you’ll be able to reap the rewards of your efforts.
However, it’s not as if all things related to boosting your finances have to take years. There are things you can do right now that’ll put you on the right path, and the good news is that these things won’t necessarily require much effort!
In this blog, we’ll run through a number of things you can do that will boost your finances without having to exert all that much effort.
It’s always nice to see the savings account moving in the right direction. The problem is that sometimes it takes a conscious effort to transfer money from your primary account to your savings.
Why not simplify the process by setting up a direct transfer? Each month, a set sum, decided by you, will move into your savings. You won’t even notice it since it won’t have been in your account in the first place (if you set the transfer up for the day that you’re paid).
Switch to a Lower/Higher Rate
Interest rates can have a significant impact on your financial health. While it’s good to have a credit card (to build your credit score), if you’re not paying off the balance each month and have overly high interest on your cards, then you’re just giving money away.
Why not look at transferring the balance to a card that offers a more favorable rate. You can usually get an attractive introductory rate that’ll slash the costs.
For your credit cards, you’ll want to have the lowest rate possible. For your savings and other investments, you’ll want to have a higher rate, so look at switching that too. Both of these processes can take all of thirty minutes.
We tend to just assume that whatever price we’re paying for the services we need is just the price we have to pay. But it’s unlikely that you’re locked into any deal for a long period of time. For things like your insurance and cell phone plans, it’s worthwhile shopping around to see if there’s a cheaper option out there.
The good thing about these kinds of things is that prices are always coming down. If it’s been years since you last switched supplier, then there will almost certainly be a cheaper option out there.
Even if you don’t want to switch companies (for whatever reason), you can think about talking with your existing supplier to see if you’re on the best rate — they’ll likely be happy to cut your bill if it means that you’ll stay with them.
Review the Mortgage
There are some things that have a bigger impact on our finances than others. Your mortgage, if you have one, will be your most significant expense. But are you on the best deal? These days, it’s easy enough to remortgage your property. You might not save money, exactly, but you’ll change your financial landscape, which might put more money in your back pocket.
That’s if you’re a homeowner, but you’ll have options if you rent, too. The coronavirus pandemic has led to a significant fall in rental prices, especially in those places that may have been in a bubble. Your landlord might be happy to lower your rent by 15%, just by asking.
Put Your Assets to Work
Many people are asset-rich, cash-poor. For example, if you own a home, or a car, or have investments. While you won’t want to give up any of these things, it’s worthwhile looking to see if there’s a way to put your assets to work.
And here’s a big hint: there nearly always is! For your house, you can look at renting out a room; if you like to be around people and don’t mind sharing your space, then having a tenant can be an excellent way to bring in some much-needed cash. For your car, you can either rent it out, or offer carpool rides to places you were traveling to anyway. And if you’ve invested in cryptocurrencies, then you can use a site like HodlRate.com to find an account that’ll pay you interest on your holdings.
All of these options don’t detract from your assets; they simply make sure that you’re getting as much worth from them as possible.
Ask for a Raise
We tend to think that our salaries are set in stone, but that’s not the case, and they’re not forces of nature, either — they’re set by the employer. If you’ve been in your role for a while and know that you’re performing well, then why not look at asking for a raise?
The secret among employers is that most are happy to give their employees raises; it’s just that they don’t tend to go around the office offering them out. They know that it’s much cheaper to give a member of staff a bump in their salary than it is to find a replacement. Just by asking, you might find that you’re getting much more in your pay packet each month.
We can often fall into acquiring many expenses just through the course of living. Once we reach adulthood, we get our first monthly expense, and then in the course of several years, we find that we have, well, many, many expenses.
Some of them are necessary, of course, but not all of them are. If they’re no longer serving you, then why keep them around? Simply reviewing your costs and either eliminating them or finding ways to reduce them can make a small but noticeable difference to your financial landscape.
The Money Pit
We all have some spending habits that we know we don’t really need. For example, if you’re continually eating at restaurants/ordering takeout food, then you might be spending a significant portion of your weekly earnings on something that you just don’t need.
Or perhaps you’re buying too many clothes, records, whatever — the result is the same. If you can identify the luxuries that are really eating into your finances and find ways to reduce them, then in a few weeks or more, you’ll find that your bank balance looks much better.
If you want to really give your bank balance a boost on a short-term basis, then you could consider taking a spending break. This requires greater effort than the other tips on this list, but it also has a bigger impact. It works like this: you simply stop spending on everything but essential purchases.
We can spend a lot of money on coffee, alcohol, lunch, and things like that. While there’s nothing wrong with that, it can be worthwhile stopping for a week or two. You could feasibly raise a couple of hundred dollars this way. The key to succeeding is to remember that it’s only a short-term thing — those small pleasures that you enjoy will be back in your life sooner rather than later.
Sell Unused Goods
Finally, why not dig through the drawers and see if there’s anything you could sell? If you’re a homeowner, then you’ll probably have hundreds of dollars’ worth of goods just sitting there at your property. If you’re not using them, then sell them to someone who does want them. Depending on how much stuff you have, this could equal effectively the same as a months’ worth of pay.