How to Choose the Right Tool to Save Money

Selecting the right savings tool is a crucial step in managing your finances effectively and working towards your financial goals. Whether you’re saving for emergencies, a major purchase, or long-term investments, the money management options available can seem overwhelming. However, by following a few essential tips, you can make an informed decision that aligns with your needs and objectives. By prioritizing these factors, you can select a savings tool that empowers you to reach your financial aspirations efficiently and confidently.

Define your goals

Defining your goals is the first step in choosing the right savings tool or asset accountant. This involves identifying what you want to achieve with your savings and understanding your financial priorities. Here are some simple steps to help you define your goals:

  • Identify Your Needs: Determine what you are saving for, whether it’s an emergency fund, a vacation, a new car, or retirement. Understanding your specific needs will help you choose a savings tool that best suits your goals.

  • Set Clear Objectives: Clearly outline your goals in terms of timelines and target amounts. For example, you might aim to save a certain amount of money within a year for a vacation or accumulate a specific sum for retirement by a certain age.

  • Consider Short-Term and Long-Term Goals: Differentiate between short-term and long-term goals. Short-term goals may require easier access to funds, while long-term goals may involve investing for growth over a more extended period.

  • Prioritize Your Goals: Determine which goals are most important to you and prioritize them accordingly. This will help you allocate your savings and resources effectively.

Defining your goals lays the foundation for effective financial planning. You can streamline your savings strategy by identifying specific needs, setting clear objectives, differentiating between short and long-term goals, and prioritizing them. This clarity enables you to choose a savings tool tailored to your objectives, maximizing savings.

Compare fees and accessibility

When choosing a savings tool, comparing fees and accessibility is crucial to ensure you’re getting the most out of your money. Here are some simple steps to help you compare fees and accessibility:

  • Understand Fee Structures: Different financial advisory tools may have various fees, including account maintenance fees, transaction fees, and withdrawal penalties. Make sure you understand all the fees associated with each option before making a decision.

  • Consider Account Minimums: Some savings tools may require a minimum balance to open or maintain the account. Be sure to check if you can meet these minimum requirements and if there are any consequences for falling below them.

  • Evaluate Accessibility: Consider the ease of use in accessing your funds as needed. Some savings tools, such as traditional savings accounts, provide convenient access to your money through ATMs or online banking. In contrast, others, like retirement accounts, may impose restrictions on the timing and methods of fund withdrawal.

  • Compare Interest Rates: Look at the interest rates offered by different savings tools. Higher interest rates can help your money grow faster over time, so it’s essential to choose a tool that offers competitive rates.

  • Consider Convenience: Think about how convenient it is to manage your savings tool. Does it offer online banking or mobile apps for easy account management? Can you easily transfer money in and out of the account?

Comparing fees and accessibility among savings tools is crucial for optimizing your financial resources. By understanding fee structures, account minimums, accessibility, interest rates, and convenience factors, you can select a tool that maximizes your savings potential while providing convenient access to your funds. This informed approach ensures effective money management tailored to your needs.

Consider risk and return

Taking into account risk and return is crucial when selecting a savings tool. It involves evaluating how much you’re willing to risk in exchange for potential gains. Here are some simple steps to help you consider risk and return:

  • Understand Risk: Risk refers to the possibility of losing money or not achieving your desired returns. Different savings tools carry varying levels of risk. For example, savings accounts and certificates of deposit (CDs) typically offer lower returns but are considered low-risk because your principal is usually protected.

  • Assess Your Risk Tolerance: Determine how comfortable you are with taking on risk. Some people may prefer safer options even if they offer lower returns, while others may be willing to take on more risk for the chance of higher rewards.

  • Evaluate Potential Returns: Consider the potential returns offered by different savings tools. Higher-risk options like stocks and mutual funds have the potential for greater returns over the long term, but they also come with greater volatility and the risk of losing money.

  • Balance Risk and Return: Find a balance between risk and return that aligns with your financial goals and comfort level. Choose a savings tool that offers a risk-return profile suitable for your needs and investment timeline.

Carefully assessing risk and return enables you to make informed decisions about your savings strategy. Understanding your risk tolerance, potential returns, and finding the right balance between them empowers you to select a savings tool aligned with your financial goals and timeline. This ensures effective money management.

Advantages of selecting specific savings tools

Choosing specific savings tools offers several advantages tailored to individual financial goals and preferences:

  • Higher Interest Rates: Certain savings tools offer higher interest rates compared to traditional savings accounts, allowing for faster accumulation of savings.

  • Tax Benefits: Retirement calculators can estimate potential tax savings and the long-term growth of investments in retirement accounts like 401(k)s or IRAs, aiding in maximizing savings over time.

  • Investment Growth: Investing in stocks, mutual funds, or exchange-traded funds (ETFs) through brokerage accounts or retirement accounts can potentially generate higher returns over time. This allows for greater wealth accumulation.

  • Risk Management: Different savings tools come with varying levels of risk. So, you can choose options that align with your risk tolerance and investment objectives, ensuring a balanced and diversified portfolio.

By selecting specific savings tools, individuals can optimize their savings strategies and work towards achieving their financial goals efficiently. Ultimately, the chosen savings tool should empower you to manage your finances effectively, maximize your savings, and work towards a secure financial future. By implementing these tips, you can embark on a path toward financial stability and success.

 

12 Advanced Life Hacks That Everyone Needs to Know

Because who doesn’t want to do things a little bit easier?

I think we can all agree that life is made a little easier with some easy-to-use life hacks. These 12 tips have gotten me through holidays, financial topics, skincare problems, college crises, and so much more. So, if you’re looking for some behind-the-scenes hacks that can help with your daily life, read on.

1. You can save money on a coffee order by ordering a grande iced vanilla latte with caramel drizzle ($4.95) instead of a grande iced upsidedown caramel macchiato ($5.25) since it’s the same recipe.

2. Using aloe vera gel as a buffer between your skin and a topical drying acne cream can reduce the burn of chapped skin while your skin adjusts to a harsher medication (usually in prescription medications).

3. If you want to leave your house to work or study but don’t want to spend money at a coffee shop or cafe, your local library has quiet places to work – and most even have private rooms you can reserve.

4. For students, using a picture of your schedule as your lock screen for your electronics can save time and confusion while trying to get from class to class.

5. Using a pencil holder/cup to store remotes is usually cheaper than purchasing an actual remote control holder.

6. A candle jar lid can make a great last-minute coaster.

7. If you have a long document (essay, book, proposal, etc.) and need to remember something from it, highlight it in a bright color and/or increase the font size so it’s easier to find when you’re scrolling.

8. Use a paper clip as a bookmark to show exactly where you stopped reading.

9. Create a separate folder in your email for receipts/order confirmations from online orders you’ve placed so you have all of them in the same spot without littering your inbox. You can also do this for offers and coupons you get from stores that you want to save.

10. Buy birthday and Christmas presents throughout the year so you’re not rushing the week before.

11. When traveling, cover the top of a liquid-filled bottle with saran wrap before screwing on the top. This will help stop any leaks that may happen when your bag is being tossed around.

12. Fill your carry-on bag with heavy products while traveling (books, shoes, electronics, etc.) so that your checked bag will weigh less. Not only could it save you from paying extra money, but you’ll be able to handle your heavy (and maybe more valuable) products yourself.

Whether traveling, shopping, cleaning, or anything else, these hacks will help you save money, travel easier, clean more efficiently, and overall save you some time and effort. Try some out and see how much easier your life may get!

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About the Author

Emmie Pombo is a latte and tattoo-loving Tennessean who specializes in mental health and beauty writing. She holds a degree in Journalism and a certification in Makeup Artistry and Airbrushing. Follow her on Instagram, Facebook, and Twitter.

Sole Trader Savings: Managing Money As A Home Business

Managing your home business efficiently is crucial in ensuring the success of your business going forward. For many small business owners, managing the finances of the business is an ongoing challenge but with the right approach to financial management, you can take control of your business so that you can reach your goals.

 

For your business to gain a solid financial footing, you need to ensure that you have enough cash flow available to manage the day-to-day needs of your business. Mismanaging your finances can be detrimental to the future success of your business. To stay on track towards your business goals and to give your business every chance of outperforming the competition, you need to learn how to manage your business finances properly.

 

Let’s take a look at some useful tips to help you to manage your home business finances more effectively.

 

Create A Emergency Fund

As a business owner, you need to remain flexible and be able to adapt to changes in the marketplace. Customer trends, dips in the market, natural disasters and other unforeseen events can wreak havoc on your business if you are not prepared. Having an emergency fund in place to help you to get through those difficult times will help your business to survive and emerge stronger during unexpected downturns. Use an online savings account to manage your contingency fund to earn interest on your emergency savings and enjoy even more peace of mind, knowing you are covered should the worst happen.

 

Track Your Spending

Many home business owners fail to monitor their spending correctly, which can quickly lead to overspending. Nowadays, there is a range of business tools, software packages and online platforms that can help you to monitor your spending so you always know where you stand. Tracking your expenses will allow you to plan for the future with more certainty and make better decisions for your business going forward.

 

Invoice Management

Invoicing may not be the most glamorous aspect of running a home business but it is essential in keeping your finances in check. Put systems in place to help you to manage your invoicing more efficiently to ensure that you are paid on time and you don’t miss any payments from your clients. Sending out invoices in a timely manner and following up regarding payments will help to ensure that you always have enough cash flow available day-to-day.

 

Negotiate With Suppliers

To keep your business costs to a minimum, it’s important to reassess the agreements you have in place with your partners, suppliers and vendors. You need to ensure that you are getting the best deal possible so that you can deliver the best possible product or service to your clients at the most competitive price. Negotiate a deal with your suppliers that will benefit your business and help you to save money, without affecting the quality of your product or service. Remember to weight up cost, quality and quantity to find a deal that offers you the best overall value and not simply the lowest price.

 

Keep Meticulous Records

Keeping accurate financial records is essential in managing your business finances effectively. Having access to up-to-date, precise financial data will allow you to plan for the financial needs of your business moving forward. You will also be able to identify areas of your business that need investment and those areas where you might be overspending. Proper record-keeping is also important when it comes to submitting your financial reports to the ATO at the end of the financial year, helping to ensure that the process is as smooth as possible and that your business is tax-compliant.

 

Manage Your Home Business Finances With Confidence

To ensure that your business continues to thrive moving forward, you need to ensure that you put steps in place to help you manage your finances properly. Taking the right approach to managing your small business finances will allow you to plan for the future needs of your business with more confidence, accurately assess the financial performance of your company and allow you to work towards your financial goals with more certainty.

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How To Save Money Without Compromising Your Lifestyle

Photo by Alexas_Fotos, CC0 1.0

Everyone wants to save money wherever they can. However, you might think that you have to compromise on your lifestyle or make sacrifices in order to make money. However, that’s not completely true. Keep reading down below to learn about the ways that you can save money without completely compromising your existing lifestyle.

“Figuring out a budget or a disciplined financial plan can be hard, but never impossible. Understanding what is going in and what is coming out of your account each month can help you figure out how much money you should be budgeting. It can be hard to understand how much you can spend in one category without seeing how much you already are spending there on average. Here at Ascend Finance, we not only help people get out of debt but also make sure they are on the right track to stay out of debt”. Stated by Ben Tejes, CEO and Co-Founder of Ascend Finance. Ascend Finance specializes in Chapter 7 bankruptcy and Chapter 13 bankruptcy.

1. Lose That Stuff That You Never Use and Never Will Again

If you have tons of stuff laying around or you’re paying for a storage space somewhere, then get rid of all of that stuff. If you don’t feel like throwing it away, organize a yard sale, that way the stuff will be used by someone else and you can make some extra-cash out of it too. This is going to save you both space and money!

2. Switch to A Less Expensive Cell Phone Plan

If you’re not someone who uses their phone all of the time, then why would you be paying for an expensive phone plan? Switch to a less expensive one and you’ll save a ton of money.

3. Go Exercise Outside of The Gym

Who says that you have to go to the gym to get exercise? It’s super easy to exercise outside without an expensive gym plan to pay for.

4. Unplug Any Devices Around Your Home That Are Plugged in Without Being Used

If you have devices around your home plugged in all of the time, then this is causing an unnecessary drain on your power bill. Unplug them when you’re not using them!

5. Go Do Something in The Community to Help Someone

Rather than spending an afternoon spending money on something, why not go out into the community and help someone? Do something good and you’ll get paid back ten-fold.

6. Go for The Customer Reward Programs at Stores

If you shop at a lot of stores all of the time, then make use of that money. Sign up for customer reward programs that reward you for shopping.

7. Check What Coupons Are Available Before You Head to The Store

When you go out shopping, be sure to do a quick Google search to see what coupons are available before you go.

8. Freeze Extra Portions of Your Meals

When you make your meals, think about making extra portions that you can store in the freezer or fridge to eat later.

9. Go for A Maintenance Run Every Once in A While

To save on everyday costs you can buy products and devices to perform a task for which you have to pay outside. For instance, a washing machine or an espresso maker. A maintenance run is when you take some time to go around the house and do basic maintenance on these devices and appliances. This will ensure that they keep running for a long time.

10. Ask Your Employer About Extra Benefits You Could Be Taking Advantage Of

Check with your employer to see what kind of benefits you have not been taking advantage of at work or which could be added on.

11. Go to The Library Instead of Buying Your Books

Instead of buying expensive books, just go to the public library and rent them out! This is going to save you a ton of money in the long-run. This will help you save up money to pay back that loan you took out.

12. Make Shopping Lists Whenever You Go Out

When you go out shopping, always make lists. This will keep you in line with whatever you really need to buy, rather than what looks good in the moment.

13. Build Up an Emergency Fund

Always be building your emergency fund for those times when you might need it. You’re going to be much better off when you have this fund.

14. Never Shop for Groceries When You’re Hungry

If you’re going grocery shopping, make sure to eat before. Shopping when you’re hungry is just going to make you go for those unhealthy foods.

15. Shop for Your Insurance Options

Paying for insurance can be super expensive, so it’s much better to shop around and see what deals you can get before choosing.

16. Stop Hitting the Theatres and Go for A Netflix Subscription

Never go to the theatre again when you have a Netflix subscription on your side!

17. Pay All of Your Bills on Time

If you pay all of your bills on time, then you’re not going to have to worry about late penalties that cause your bill to be higher than it needs to be.

18. Buy Things in Bulk Whenever You Can

Buying your items in bulk is a fantastic way to save money in the long-run.

19. Chat Via WhatsApp Instead of Texting

Instead of paying for texting that you’ll never use, go for Whatsapp. You can use this service over WiFi or with your data to message your loved ones and friends.

20. Take Care of Your Body

Taking care of your body is going to save you serious money in the long-run when you don’t have to take as many trips to the hospital.

Each of these points is going to help you save some serious money. Which are you going to implement in your life?

6 Unbelievably Fun Ways for Couples to Save Money

It’s no surprise that saving money isn’t easy. Unplanned expenses somehow always arise, the value of the dollar is consistently dropping, and hey, Chipotle is just always on point. How can we compete with that?

Unfortunately, saving money is a must, especially for young people in college looking to come out with a mountain of debt. (Yay us, right?) And we all know that being in a relationship means a full heart, but an empty wallet.

All the dates in an attempt to “woo” one another, the over-the-top anniversary presents, and the first vacation together – it costs A LOT to be coupled up.

But that doesn’t mean you can’t save money just as efficiently. Can you believe that it may just be fun? Here are six different ways for you and your honey to start expanding that bank account.

  1. Keep a sex jar

    The more you smash, the more you save! The sex jar works like this: every time you bang, give oral, or whatever turns you guys on (that’s just not my business), put a dollar, or whatever you choose, into your jar. The extent of your sexual activity will certainly determine the amount of your savings. However, it may just be the most fun way to hold on to a couple bucks!

  1. Go on less expensive dates

    Well, wait a second, Megan, I’m obsessed with that extremely overpriced steakhouse downtown. Are you saying I can’t go there now? Nope, I’m definitely not trying to deprive you of that porterhouse. However, it can get costly if you’re getting it more than a just a few times in a given month. Don’t get me wrong, a nice expensive treat is my favorite thing too, but I challenge you to widen your horizons and seek out some different date night ideas.

    Maybe hiking, hitting the state park, or having a picnic is the way to go sometimes. Our dinner dates get boring after a while (or is that just me?), and who doesn’t like to change it up every now and then? If it means more moolah in your pocket, why not give it a shot? The possibilities are endless!

  1. Move in together

    If you’re in a committed, long-term relationship, it may be wise to consider moving in together. It’s not only a huge step for the both of you, it could save you money in the long run! Think about how much you each are paying in rent each month. If you split the rent of one place, you’d already be saving a bunch. That’s not to mention, that you only need to pay one internet and cable bill now. *Is cable still a thing?

  1. Eat at home

    Instead of your fancy steak dinner, yeah I’m bringing that up again, trying cooking a homemade meal together! That means more bonding time for you (and finally learning how to cook), and less dough wasted. (See what I did there?) Buying food at the grocery store is so much cheaper than eating out, and it’s healthier too! Bring this idea to the table and see what you can come up with. You never know how creative you can get with your home-style dishes until you try it. Maybe there will even be a food fight.

  1. Go thrifting/DIY together

    I love buying things second hand. It gives my home some history, which I love. Know what I also love? Less cash spent on virtually the same thing at Home Goods. (It’s really not as cheap as people say.) Thrifting can become a great hobby for you and your significant other. Saturday and Sunday mornings are primetime to find great pieces (furniture, clothing, and other useful things) for next to nothing.

    If you’re not totally into the “new to me” feel, there are still other things you can DIY to save money. Pinterest has a billion and one ideas for DIY household cleaners, make-up remover wipes, and essentially everything else. At the beginning it may not seem like you’re saving money, but trust me, if you keep up with it, it will pay off!

  1. Limit your air conditioner/heater use

    I promise I’m not crazy, just hear me out. Cutting back on your electricity/gas use can save you up to a hundred dollars a month! Doesn’t that sound wonderful? I get that it’s super hot out right now. (Literally, even Maryland is a nightmare.) But, some smart bastard created fans, which suck way less energy – so crank ‘em up! If you still can’t handle the heat, who says clothes are mandatory? Walking around naked is not only super empowering, it can save you money!  Another way you can start saving at home is by going solar. Adding solar power to your home can help offset your monthly utility costs, allowing you to save thousands of dollars over the lifetime of your solar energy system.

    Flip-side, because in just a few months we are going to be frozen over again, having less heat in the house just means you have a license to cuddle 24/7. Uhm, hello?! Sign me up, already!

The fact that money rules the world sucks, but at least saving it can be made into some fun. I hope you try to incorporate one of these into your daily money saving plan, because real budgets are for adults!

(It’s going to be the sex jar one, isn’t it?)

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5 Ways to Save Money Without Really Trying

Saving money doesn’t come naturally for some, and there are certainly people who are much better at it than others. While some of us our frugal/thrifty types always in search of a bargain, others spend money like water and burn through it quickly like a bad drug habit.

Living comfortably is always nice, and drowning in debt or the feeling of being constantly broke is not good for one’s mental wellbeing. And if you’re a college-aged kid, then you already know the feeling of being broke all too well.

1. Establish the big difference between your wants and your needs

This step is a major. Establishing the difference between things you really want and things you actually need is huge. Yes, Starbucks is amazing. But at $4 a pop that adds up quick if you’re making daily coffee runs to fulfill your caffeine urge to splurge. Including the gas it takes to get you there if it’s not within walking distance. Although the old-fashioned 99 cent coffee might not be your favorite it’s still coffee and can satisfy your need for it. $4 a day adds up quick, and in a matter of 30 days that’s roughly $120 a month spent on luxury coffee that you don’t actually need.

2. Online shopping can be your worst enemy

The convenience of online shopping is almost too easy. With the superbly simple one-click techniques à la Amazon, online shopping can open a world of pleasure and excite us with the packages we receive at our door as a result. But with ultimate convenience comes a price. Online shopping is particularly sneaky by how it draws us in and zaps our bank account/credit card with the click of a button. And why we are thrilled with our new items, we aren’t too thrilled when that credit card statement comes in the mail soon after… or your parents who handle the bill for you while “your off applying yourself at school”. Do yourself a favor and stay far, far away.

3. Don’t try and live beyond your means

If you don’t have a ton of extra money there’s nothing wrong with that. By being realistic about your financial situation, whether your employed or not, this will help for your idea of proper budgeting. Buying something on credit that you really can’t afford isn’t the best idea. And it’s really going to suck when you realize living like a 20k millionare is going to come back and bite you in the ass once you’ve maxed out your available funds and credit cards to pretend to be something that you’re not.

4. Remember, you have legs

Okay, while taking a cab to get to and fro is nice, if something is within walking distance then remember those two things that hold you upright and get you from Point A to Point B just fine. As a result you’ll burn some extra calories and save yourself some change in the meantime.

5. Ramen Noodles really aren’t that bad

Going out to eat on a regular basis is a huge spending habit for most people. If you’re not crazy about the idea of cooking that’s fine, but be smart about where it is that you go out to eat. Think ahead by hitting up the grocery store at the beginning of the week so you’re not stuck in a crunch with no food options to whip up. And those 20 cent Ramen Noodles aren’t going to wreck your stomach the way that Taco Bell value menu food will.

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