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  • 5 Easy Tips to Avoid Getting In Debt

    5 Easy Tips to Avoid Getting In Debt

    Keeping financially afloat can be increasingly difficult as wages remain stagnant and the cost of living continues to rise. Regardless of whether you’re supporting an entire family or just yourself, being fiscally responsible and staying out of debt can be tough. Since there will be always be payments to be met, avoid going into debt to ensure that the bills are paid on time. Read on for five simple tips to maximize your earnings and avoid falling into debt.

    1. Learn the Rules of Personal Finance

    Personal-Finance

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    “Personal finance” covers a broad range of terms and topics that most people may not understand. Interest rates, service fees, overdraft protection, and a host of other terms used by creditors can be confusing without the proper education. To really get a handle on your finances and avoid the pitfalls of financing and loans, make sure to educate yourself by reading up online, seeking the advice of a debt settlement company, or taking local financial advisory classes.

    2. Practice Better Budgeting

    The recurring monthly expenses most adults are faced with include mortgages, car payments, utilities, insurance, and personal lines of credit, such as loans and credit cards. Drawing up a detailed budget of these expenses can help you determine how much money you are actually spending each month. It will also help you determine where you might be able to cut back in order to save money.

    3. Stick to Payment Schedules

    Nothing makes debt worse than missing a payment. Most companies hit you with stiff penalties and fees if you are even a few days behind. Consequently, interest rates are also likely to go up. Make sure to carefully plan out all of your recurring bills so you are aware of exactly when to make payments. Draw up a calendar, schedule email reminders, or create automatic payments to help you stick to your payment schedules effectively and efficiently.

    4. Use Cash Over Credit

    Cash-Over-Credit

    Image: Source

    One of the leading causes of debt is caused by a dependence on credit cards. With the “bill me later” philosophy that these cards offer, it can be easy to forget just how much you are spending until it accumulates into a mountain of debt. While it may be easier to use your credit card for small purchases at the coffee shop or other minor expenses, it’s best to avoid doing so if you’re the type of person who is unlikely to keep close track of your balance. Keeping even $40 in cash on-hand for such incidentals is useful, as it can encourage you to cut down on credit card use and help you to avoid high interest rate charges on your card.

    5. Set Goals for Larger Purchases

    Small, spontaneous purchases like food and entertainment are one thing, but when considering larger purchases like a car or computer, plan well in advance.

    Taking just a small part of each paycheck and setting it aside can help you prepare for those large expected purchases. It can also help you create a reserve in case something unexpected happens. Just be sure to stick to your budget plans instead of splurging on a spontaneous purchase too early, which will only increase your debt woes.

    If you’re already in debt, using these tips will help you rectify your spending habits and help you get out of debt. For further assistance with your debt, consult with a debt settlement company and seek professional financial advice.

    By actively using these strategies to avoid getting in debt (or falling even deeper into a current debt), you can rest assured of your eventual financial freedom. Start planning today to maximize your earnings, get out of debt, and maintain a savings account that can be a buffer when you someday need it.

    Article by:
    Albert Krav is a financial consultant and a freelance finance writer from Nashville, Tennessee. With over 10 years of experience in the financial sector, he has helped countless clients overcome their debt and achieve financial freedom. When he is not busy with work, he enjoys tending to his garden and hiking with his dog.

  • Top Tips For Travelling The World On The Cheap

    Top Tips For Travelling The World On The Cheap

    Do you want to travel the world but think it’s expensive? Would you like to find a way to make full-time travel more affordable?

    Money is often the first issue on the agenda when it comes to travelling. How can I start travelling the world when I don’t have much money? This problem and how to overcome it is probably the most frequently asked travel related question.

    If you often find yourself asking this question, you need to know that you don’t have to be rich to travel. In fact, you can travel full-time on less than $14,000 per year! Let’s repeat that: YOU CAN TRAVEL FULL-TIME FOR $14,000 A YEAR (or Less!).

    1. Save on airfare

    Shopping online for cheap flight tickets can be a boon to your budget, but only when you know where to look for the best deals. Don’t just rely on major airfare search engines to book your flights. Many of these sites actually don’t carry the best airfare deals.

    To find the cheapest airline tickets, airfares and discount air tickets, you should carry out a series of internet searches to find the different airlines that fly to your proposed route. Start by finding the website for your proposed departing and/or arriving airport to identify the airlines it caters to, including all of the budget airlines. Try to find airfare deals being offered by these airlines.

    Other ways to save on airfare include: ensuring you don’t exceed the limit you for checked bags that you’ve pre-paid for, making sure that you’re arriving at and departing from the same airport when booking connecting flights, being prepared to fly from other airports or terminals entirely, and ensuring that you have enough time to hustle for airfare deals to your new departure point.

    2. Work for accommodation

    Accommodation is, without a doubt, one of the main factors in determining the cost of your travel. To cut back on this expense, consider taking on work-trade gigs available in your destination. Working in trade for accommodation will not only help you save money, but also get a chance to meet like-minded people, work with locals and immerse the culture, and make friends for life. A number of online platforms exist that you can use to find such work-trade gigs. These include: WWOOFing, Work Away, Help Exchange, Organic Volunteers, House Carers, and Caretaker’s Gazette. Some of these have a membership fee, which is negligible when compared to possible cost savings.

    3. Take advantage of free accommodation

    Aside from working in trade for accommodation, you can make use of hospitality exchange or accommodation sharing programs that connect you with like-minded travellers and allow you to stay as a guest in somebody’s home free of charge. This can be a great way to make and meet an instant local friend, but you’ll need to observe common etiquette like bringing a gift for your host, helping out with household chores and so on.

    Some online resources where you can find hospitality exchange or accommodation sharing programs include: Hospitality Club, Servas, Global Freeloaders, and Couch Surfing.

    4. Consider taking on travel friendly jobs

    Depending on your expertise and experience, you can take on a travel-friendly job to finance part of your travel expenses while meeting new people. Some of the jobs you can undertake while you travel include: online jobs, freelance writing, photography, travel nursing, cruise jobs, tutoring, etc.

    5. Take advantage of travel-friendly volunteer opportunities

    Volunteering may end up making your getaway more expensive, rather than helping you cut costs, if you’re not careful. But there’s no denying the fact that you can volunteer inexpensively (or even for free), and get a once in a lifetime experience meeting local communities and making friends.

    Only consider volunteer opportunities that are travel-friendly or those that come with packages. You can find such opportunities in volunteer travel resources like Transitions Abroad, Idealist, Voluntourism, Compathos, Personal Overseas Development, Conservation Connect, and Continental Divide Trail Alliance.

    6. Try to Integrate into the local community

    Remember you are not a tourist, but a full-time traveller. Try to embrace the place you are visiting and be proactive in making new connections and friends who can help you have fun, explore the local culture, and plan the next stage of your trip. There are many places where you can find an opportunity to interact with locals and make important connections, including local stores, pubs and restaurants, libraries, sports stadiums, and headquarters of international organizations like Toastmasters and Rotary (it can be more helpful if you’re a member).

    7. Avoid splurging on souvenirs

    Don’t waste your money splurging on multiple souvenir pieces; but you can buy one to remind you of the place.

    Remember you aren’t a tourist!

    8. Save money on food while travelling

    Food and drinks are the other main factors in determining the cost of your travel. While it’s not advisable to limit yourself (since it can compromise the quality of your travel experience), you need to determine what is important to you in terms of food and drinks and budget for it accordingly. Are you a foodie or a beer person? Or, do you prefer self-prepared meals? Scrimp on those food items you don’t really need and so you can have money to treat yourself to your favourite meal or drink. Avoid those overpriced meals found in hotel restaurants, and choose popular local eateries. Apart from getting affordable meals, it will give you an opportunity to meet locals and explore local cuisine.

    9. Be flexible, open minded and ready to allow your travel plans to evolve with you

    Be adaptable and try to go with the flow to save money. Opportunities of many ilk tend to crop up when travelling, including volunteering, work and free accommodation; and being flexible with your travel plans will allow you to take advantage of such opportunities.

    10. Make use of travel planning tools and apps

    Apart from using these tips, look at your possible expenses and budget carefully before finalizing your travel plans. Travel planning tools and websites, such as Trip Cost Calculator, Tripbase, CompareTravelMoney and others, can help you with budgeting, particularly when it comes to estimating the cost of accommodation and food.

    11. Travel slow and see more

    Since travelling is a part of your life (and not an occasional undertaking), travel slow so you can have enough time to make lasting connections that can come in handy in your future endeavours. Choose a few destinations and try to stay at each place for a while getting to know people, the language and the culture. The longer you stay, the more you’ll learn about surviving and travelling on a budget in that particular destination.

  • 7 Signs You’re Ready to Buy Your First Home

    7 Signs You’re Ready to Buy Your First Home

    For-saleFor most people, purchasing a home is their first big investment. You likely haven’t bought anything as expensive or as big of a commitment as a house before you purchase your very first home. Which means, if you’re like most, you’ll be hesitant to do so. Maybe the purchase makes you slightly nervous, or you might be unsure if you are ready to transition from renter to homeowner.

    However, everyone is different and has varying situations. There is no standard “right time” that one can use. But, if you’ve been pondering the idea of homeownership, there are several signs that tell us you might be ready.

    Below you’ll find 7 telltale signs that you’re ready to take the leap and buy your first home.

    1. You’re ready for the big commitment.
    If you believe you’re ready to become a homeowner, consider if you’re ready to essentially be your own landlord. All home maintenance now falls in your lap, and, depending on what they are, they can be costly.

    Also, with homeownership comes more financial responsibility in terms of paying property taxes, possible HOA fees, and mortgage and loan payments, not to mention the additional costs, such as inspections, moving fees and the time/money you’ll spend if you end up selling in the future.

    If you’re ready to take on all of this, then you’re at least one step closer to buying your home. However, if you’re not ready for all this commitment, it’s not a great idea to buy a home.

    2. You have adequate funds.
    Secondly, while you might be ready for the commitment, you obviously need adequate funds to purchase a home. This means, at the very least, you need to have enough money for a down payment.

    Oh, and an expert tip for your loan is to get pre-approved by a mortgage broker. Look for one with excellent reviews and try to stay away from banks, as independent brokers are more motivated to help you with all of your specific needs.

    Let’s take a look at the big picture for a second. The less you owe on your house, the less you’ll have to pay off. Which, in return, means less interest will be added to your loan payment. But the loan is separate from your down payment.

    If you can put a large amount of money toward a down payment on a home, you’re starting off on the right foot. While a lot of people find it hard to use a large lump sum for a down payment, rather than a nice car or fancy trip, think of it as an investment. That money will go toward your equity, and you’ll see it when/if you sell your house at some point in the future.

    While a good starting point for your down payment is about 5 percent of the total cost of the home, ideally you’d like to have at least 20 percent of the total cost saved up for you down payment. This is because if you make a down payment of 10 percent or lower you will have to pay a monthly private mortgage insurance fee, which protects the lender in the event you default.

    3. Owning could cost the same or less than renting.
    In some cases, renting can cost just as much as a mortgage and associated fees. You may be tired of paying high rent and believe it’ll be more beneficial to own at the same costs. If you’re paying high rent prices, it is better for those payments to go toward your own home equity. Look up interest rates and the cost of mortgages, and talk to a financial advisor/bank to look at your options.

    4. Low interest rates are available.
    It’s a new homeowner’s dream to have a low interest rate on their mortgage loans. In the long run, it can save you a ton of money. If you’ve been considering buying a home and the interest rates are low – as they are currently – that’s a great time to take the plunge.

    5. You’ve created a budget.
    A budget is the number one way to keep track of your finances and clearly illustrate what you can and cannot afford. Even if you think or know that you have money for a down payment, be sure to take a good, hard look at your finances.create a budget

    Then create a budget that you plan to stick to. Be sure you include the amount that the household brings in, and subtract all the bills and necessities. That number is where your down payment and housing expenses will come from.

    6. You plan to stay in the area.
    Perhaps you’re ready to commit, you have the funds for a down payment, and the price of renting is about the same as a mortgage payment would be. Great! But, if you don’t plan to stay in the area for about five to seven years, you might want to reconsider buying a home.

    While you certainly can purchase a home for the short term, it’s not the best move financially. With the exception of a plan to keep the property and rent it out, that is. When you consider all the costs that go into the home – your down payment, mortgage payments, repairs, maintenance, and renovations – to turn around and sell it after just a couple of years doesn’t make much sense. You are very unlikely to break even.

    7. It’s a buyer’s market.
    Just as when interest rates are low, when the market you’re looking in is experiencing a buyer’s market, that is another great time to take advantage of. A buyer’s market refers to a time when the demand for houses is low, and there is plenty of inventory in the market. Homes in a buyer’s market don’t tend to move too fast and, while they are often priced high, buyers can usually negotiate a lower price.buyer-market

    Purchasing a home is a huge milestone in your life. As exciting as it is, it can also be nerve-wracking and confusing. There are many parts of the home buying process that aren’t as fun as shopping for the perfect property to call yours. For inexperienced buyers, it helps to have the professional help of an experienced real estate agent on their side.

    If you’re looking to take a permanent residence in the Atlanta and surrounding metro areas, rely on Janet Elliot for all your first-time buying needs. With over 28 years of experience, she offers insider knowledge of the area and its neighborhoods. Plus, she uses her expertise to make the home buying process as stress-free as possible.

  • How to Protect Your Business From Security Threats?

    How to Protect Your Business From Security Threats?

    Small businesses usually don’t include the problem of security in their immediate to-do lists. Perhaps because young entrepreneurs think that because they are still a small operation, they will not be targeted. However, this is not always true and safety measures should be taken into consideration. Smaller businesses are becoming more attractive targets because larger companies have their security rammed up. Also, security attacks can come from within a company, so threats are not limited only to attacks from the outside.

    What can you do in order to protect your company from disastrous attacks?

    Always Be Alert

    Opening and closing hours are the periods when you need to be conscious about your surroundings the most. Always be vigilant and alert, and pay extra attention both to those outside and inside the company. It is during these times that people usually try to take advantage of any distractions in order to make a security bust.

    Limit Access and Take Care of Your Data

    Businesses should secure all of their information before any breach in security happens. The information you have about your business, as well as the information you get from your customers and associates should be well secured and protected, because mistakes may cost you time and money. What precautions should you take in order to prevent sensitive data leakage? Provide your employees with their own usernames to use when logging on to the company network and remind them not to share their passwords. Also, limit your employees’ internet access only to actions and websites they need in order to perform their tasks.

    Use Firewalls

    Firewalls should be activated on all computers connected to your business network. Their purpose is to disallow communication with other networks and contain communication within your company. Limiting unauthorized access will most certainly increase the security of your business.

    Proper Lighting

    In order to improve security for both the employees and the business, there should be bright lighting installed on all the doors and parking lots. Security guards, or the police, should be able to see the business area clearly, so make sure it is visible from the street. Businesses and offices not visible from the street are the ones that burglars often target.

    Conduct Audits

    Reduce security risks by performing audits of all the data and information stored in your employees’ computers or profiles. Besides the softcopies, do audits on the hardcopies of their files stored in their drawers. Set up a schedule for shredding all of the paper documents with business or client information. This protects your customers’ private information, as well as your company from liability.

    Security Company Help

    Hire a security company to install quality security monitoring in your business premises. Don’t consider this a waste of funds because it could pay for itself the first time it gets triggered (and is actually quite affordable). Choose an affordable security company you can be comfortable with, since there are a lot of them ready to provide security to your company.

    Emergency Plans

    Develop emergency plans so to be prepared for situations such as theft, floods, fire and such. Have the necessary documents outlining steps to follow in case of any eventualities of this kind. Performing emergency drills regularly is usually required by insurance agencies. Employees should familiarize themselves with evacuation plans, which should be displayed in areas where they will see them often. Include important telephone numbers for the emergency services and the police department.

    Don’t let things happen just because you weren’t prepared. Even thought it might seem daunting, planning security measures from the beginning can save your business. Thus, being vigilant is the best way to protect your business. If you are unable to manage it by yourself, consult a professional for help.

  • Planning to open your boutique here is what you need to know

    Planning to open your boutique here is what you need to know

    When you have decided it’s time to open your own store of fashionable clothes and accessories try to get as unique as possible. Niche shops flourish based on their exclusiveness in the era of online marketplace where you can buy A to Z. So let your creative thoughts shape your business into a beautiful piece of store. Fashion never fades there is something new which is trending, dressing styles or accessories, all you need to is tap the market that will be ready to buy your product.

    After sorting out all your ideas here is what you need to know the reality of starting a business

    Research and learn

    Do researches over the existing business models and draw conclusions from what you learnt from them. Talk to people involved in the same line of work. Get feedback from your friend or families over your products. It is always good to listen what people expect from a product and their feedback, it will give the room to improvise. We may be extremely good with our skills but who knows we may lack in one or two. Take classes if you want to
    be sure.

    Finances

    If you are going to quit the 9 to 5 job and start your venture remember the transition is not going to be easy. It will take time for your business to pick up and you may be short on cash in occasions. So plan ahead and save money before jumping into the hot water. You can also consider not giving up your job and start doing the business, of course juggling them both is tough but it will give you a sense of security. If you are going to take up a loan, plan how you are going to repay it.

    Wholesale

    Contact the wholesale dealers who can supply goods at the rate you wish to buy them Check out all of them and purchase from a quality dealer.

    Platform

    Where are you going to sell your goods? You can open a brick and mortar store or go completely online or try them both. If you’re planning to open an offline store, list out all the places where your business can flourish. A good locality with potential buyers surrounding should be your final spot. Your store should go in sync with surroundings you are in. Check out what is trending in your locality what actually people in that location buy.

    In online market you can start your own website or sell in the existing ones like Amazon, e-bay etc. Do u know according to a recent survey by PowerReview almost 31 percent of online shopper hit Amazon first to search about what they want to buy and 38 percent of them Google it. After choosing your platform plan your finances accordingly, a store will require rent setting up cost and maintenance. A website requires a web development team and you have to pay for Amazon for an inventory in their store.

    If you feel a brick and mortar is too much an investment in the beginning, you can try pop-up shops or become a vendor in city’s artisan market. This will give you enough opportunities to connect with your customers’ face-to-face apart from selling over the internet.

    Reputation

    What makes you stand apart from the group is reputation. There are big companies and well established brands to grow-up here you need to have quality goods. Nothing speaks louder than quality of products in any business. Apart from this you have to offer something new that only your brand can give to your customers. It may be unique designs or funky looks or exotic color combinations, it may be a small thing initially but this how brand image building is done. It makes your customer to come back to you over the time.

    Connections

    Establish good connections, talk to your customers or make a conversation with your fellow vendor at artisan market. Nothing works like well established connections with people. Talking to your customers will let you know how they feel about the product and it creates appositive outlook for your brand. Good customers with word-of-the-mouth advertising can do wonders to your business.

    Accounts management

    Calculating your expenditure and spending takes considerable amount of time. You will be staring at excel sheets to find out where your money is going. Get a get help for this or make sure your good at doing it. When you are in a job your employer will take care of you taxes but now you need to pay taxes. You need to have clear idea of your profits and losses.

    Registration and legal work

    If you have decided to operate a brick and mortar store you should obtain commercial license and get registered as a legal business. Take legal help if you are not an expertise in this domain. Reading through those endless pages of documents is an uphill task.

    Advertisement

    It is not possible to invest a lot in budget in the initial stages. Try to get most of the attention through social media and bloggers. Pamphlet distribution may sound a little too old but works well for those who are on a constrained budget. Apart from this what works the best is the recommendation of your customers, a good will among your buyers. Once you have attained it there is no more worrying about advertising or recognition.

    Pricing

    Price your stocks in a reasonable manner neither high nor low. You need to make reasonable amounts of profits to keep the business running. Not everything that is sold cheap is going to garner attention; a product priced appropriately shows the true sense of your business. Even if you are ready to sell for cheap prices at some point you need to shift gears and make profits, this will be bumpy if your customers don’t like the price hike. Instead create customer loyalty programs and coupon codes where there are discounts for recurring customers.

    Shipping orders

    When you have an order and delivery system through online market, then you need to have a little bit of assistance to handle the packing, dispatching and maintenance of stock related works. Get a member of your family or friend to help you out if hiring someone is not viable to you. Alternatively you can choose platforms which help eCommerce sectors in delivery system.

    Keep upgrading

    You may have developed an excellent brand but to stay in any industry change is inevitable. Today’s fashion is tomorrow’s boredom. Things change so adopt as fast as possible

    Don’t give up

    Yes it is going to be tough and you will face hardships. But it is all worth for your dream venture. Also don’t give up easily. You may not taste success instantly but with dedicated hard work and proper resource you are definitely going to make a mark. No great brand that exists today was an instant hit they worked their way through tough times.

    So all the best to all those folks out there planning to become the next big fashion designer, hope all your dreams come true.

    Anand Rajendran, CEO of Uptra ConsultancyServices, a leading provider of legal services, including company registration. He is the Head of Communications at Uptra Consultancy Services, India’s largest online legal services facilitator.

  • Is Your Lack of Community Involvement Hurting Your Business?

    Is Your Lack of Community Involvement Hurting Your Business?

    Each year, millions of businesses, from small to independent, make the smart choice of getting involved in their community and trying to make a difference. If you aren’t involved in your community, why not? Some business owners claim they don’t have the time or money to help out. Most business owners will agree that running a business is more than a full-time job, which leaves little time for anything else, and requires a watchful eye on finances and avoiding “frivolous” spending (and it’s hard to say “yes” to everyone who asks for a charitable donation). Regardless of your excuse, your decision to opt out of community involvement can actually end up hurting your business.

    The Benefits of Community Involvement

    As a business, whether you support your community with financial donations or with a more hands on approach, your involvement is beneficial to the community that surrounds you and ultimately supports you. From a financial standpoint, some businesses don’t feel like they can afford to be charitable, however, most (if not all) financial donations can be a deduction at tax time. Even if you get involved in other ways, you are not only making your business more visible, but you are more likely to be supported by your community (potential customers and clients) and your employees may be more committed and happy, as well.

    Ideas for Getting Involved

    The opportunities for getting involved in your community are endless. You can sponsor an event or even volunteer at an event in the community such as a festival, parade, or sporting event. If you can’t get out and about in your community, you can start a donation box at your business or host a charitable event in your workplace. Depending on what your business has to offer to the community, offering free advice or knowledge through a workshop or mentoring program can also be a great way to give back to the community. Instead of a financial contribution, you may be able to donate products or services. Whatever you chose to do, will set you apart from other businesses in your community and may boost your confidence and purpose as a business.

    How Lack of Involvement May Hurt

    One of the wonderful things about being a business owner is the independence and ability to make your own decisions about your business. While getting involved in your community is strictly optional, it’s unwise to pass on getting involved. Failure to getting involved can affect your business’ reputation and your potential customers and clients may be more interested in supporting a business that gives back to the community, which can ultimately affect your profit in the short and long term. Additionally, if you’re a business that doesn’t give back to the community or has no interest in getting involved, your employees may be embarrassed to work for a “seemingly selfish” company and may even affect the morale within your company. Volunteerism and community involvement is a popular action that is sticking around, it would be a shame to pass up all the ways it can benefit your business.