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Money Management

Cutting Expenses in 3 Places You Might Not Even Notice

Spending less and saving more isn’t exactly most people’s idea of a good time. However, if you truly want to control your finances, you also need to control your spending. This means finding ways to build up savings. Luckily, there are a few places that you can cut spending and probably not even notice the difference.

Reexamine Your Insurance Policies

Insurance can be expensive. However, since there are many insurance companies out there, it can be possible to find lower rates on your existing coverage. Look at your policies and figure out what you are spending each month. By examining your policies you can determine if there are any ways to spend less. Often, savings are possible when you combine automobile, homeowners and other policies. You may also be able to switch to a lower priced insurance solution while still getting great coverage. Each insurance company calculates their rates differently, which means that some companies can offer better deals in certain situations than others. Consider using a rate comparison service to compare insurance rates and see if you can find some simple savings.

Lower Your Utility Usage

Turning off the lights and using less water can add up. You may find that if you focus on reducing your energy consumption that you will really notice a difference on your monthly bills. Consider turning off the lights more often, switching to energy efficient light bulbs or reducing the amount of time you water your lawn. You can also adjust the thermostat a little or put it one a timer so it doesn’t have to run all day. These little changes won’t affect your life much, but could result in a little extra money each month.

Buy Generic

Grocery store and other generic brands often work and taste just as good as their more expensive counterparts. Try a few new generic products and see how you like them. If they don’t meet your needs, you can always switch back to your favorite the next time you purchase this item. However, if they are just as good as the other products, you can enjoy their savings. Try a less expensive version of a couple products next time you hit the grocery store. Odds are you won’t even notice the difference.

These simple tips are great ways to spend a little less and save more without compromising. Often getting in control of your finances is simply learning to evaluate options more rather than sacrificing the things you love.

Money Management

Can You Afford A Car? Important Things To Consider

Many people believe that they need a car. Most households in the western world have two or three cars. That means that some households have more cars than they do people. You might think that you need a car to be a functioning human being, but can you afford one? It is all well and good to say that you need a car, and then to buy one on that basis, but what will that do to your finances? If you are on a low income, you will find it hard to pay for a car on a monthly basis. That means that the vehicle will put a strain on your day to day budgeting. If you are considering buying a vehicle, you should think about the consequences of doing so. Before you do anything, you must first decide whether it is the right decision for you and your family. So, can you afford a car?

Car

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Finding a car to suit your needs

Finding the right car to suit your family’s needs can be tricky. You need a car within your desired budget, but also one that fulfills all your needs as a family unit. Many people think that getting a car is a simple process. It is not. When you are looking for a car, you will find that it is almost impossible to find one that is ideal for you and your family. You need to look for vehicles that fit your needs. For example, if you have a large family, you need a car that will allow you to transport them around the country. If you have a baby, you need a car that comes with all the latest safety requirements. The problem is that you can’t find a car of this nature on a small budget bracket. That means that when you are choosing a car, you will have to reach a compromise. What is the most-important thing to you about getting a car? Before you decide whether you are going to get a car, you should sit down with your partner and talk things through. If you don’t have the finances for the car you need, you might need to reconsider getting a vehicle at the moment.

The rising cost of fuel

The cost of fuel is on the rise. That means that people are finding it more and more difficult to run their cars. If you don’t have much money, you need to consider whether you can afford to pay for fuel. When you decide to get a car, you will need to take into consideration the monthly fuel costs. That means that you will need to work out whether you can afford the fuel on a monthly basis. If you realize that the fuel is going to be too expensive for your family, you can’t get a car. You will need to pay car insurance and tax whether you’re using your car or not. That means that even if you can’t pay for fuel to run your car, you will still have to pay for extra expenses. How much money do you and your family spend on public transport? If that amount is less than you would spend on fuel, you should consider not getting a car. Public transport is a pain and at times it can be unreliable. That said, it is an awful lot cheaper than running a car in general. That means that you and your family can save loads of money by using buses rather than a car.

Hiring a car for rare occasions

If you decide not to get a car, you should consider the occasions when you will need a car. There are certain times, when your family will need to have a car. For example, if you’re going on vacation, you might need a car so that you can drive your family around. Hiring a car might be a good short-term solution for you and your family. You can get some great prices on cars if you shop around. Getting a car for a short period, rather than buying a vehicle will mean that you can have a car when you need one, but you save money in the long run.

Getting a car on finance

Most people can’t afford to buy a car upfront. There is nothing wrong with having to get a car on finance. When you get a car on finance, you take out a loan. That means that you pay off your car loan in monthly installments. If you are considering getting a car on finance, you should look at the many offers available to you. Finding some deals on car leasing online might mean that buying a car becomes more affordable. Make sure that you look at your current budget. If you have space in your budget for another expense, you can factor in how much the car will cost you.

Insurance and taxation

Insurance and tax are the two most-expensive things for people who own cars. When you are deciding whether buying a car is the right move for you, you need to think about how much these two things will cost. It is illegal to run a car without paying for insurance and tax. You could face serious legal repercussions if you fail to pay for the two things. If you can’t afford the payments, you shouldn’t own a car. You can see how much each payment would be before you buy a car. Look at insurance policies online for various vehicles. Doing so will give you a rough idea of how much money you will need to spend each month on tax and insurance.

Deciding whether to get a car or not is no easy decision. Everybody has different financial constraints. That means that some people can afford cars whilst others can’t. There are ways to make owning a car cheaper, but in the long run, you will need finances to sustain owning a vehicle. If you are unsure about whether you should get a car, you should make sure that you take the time to think about your decision.

Money Management

Serious Saving – The Only Way To Safeguard Your Future?

Many people associate “saving” with “scrimping” – but is it really necessary to cut out on luxuries to build up your savings? Obviously, avoiding outgoing expenditure is an easy way to guarantee you have some money leftover to put into your funds – but an equally important part of saving is what you actually do with your money once you’ve set it aside.

The olden days of storing wads of £50 notes under the mattress are long gone, as savvy savers know they can take advantage of the huge number of savings products on offer to the general public. With the advent of the internet, it’s easier to compare savings accounts, and switch providers, than ever before.

Simply relying that your current account bank offers you the best long terms savings plan may be a costly mistake – with just an hour’s research, you could save hundreds or thousands by checking interest rates against the competitors. Sometimes there are factors to consider beyond high interest rates, such as easy access, initial deposit requirements or support for additional services like loans; regardless, looking at the market as a whole will help you.

The most efficient products to consider will be online savings accounts and cash ISAs. The latter can be especially high-yielding as these savings will be entirely tax-free for that financial year. However, there are limits on how much you can deposit (currently £5,640 – though with a stocks and shares ISA you can invest up to £11,280), which means if you are planning to invest significant amounts you will have to expand your portfolio.

Taking control of your savings accounts may not be the most entertaining thing you could spend your time doing – but if you think about how much enjoyment you could get out of the money you save, you’ll see how it is easily worth it.

Money Management

Estimating the Worth of Your Personal Injury Lawsuit

If you have been involved in a slip and fall, a workplace or an automobile accident or any other kind of injury, and considering filing a personal injury lawsuit, you may well be thinking if it would really be worth the trouble and the expense. You will only be able to answer that question by figuring out the cost of the injury, not only in monetary terms but also in terms of physical and mental damage, besides any need to punish the conduct of the defendant.

Monetary damages in a personal injury case are paid to the person who is injured by those who have been established legally as having been responsible, the defendant. If the defendant is insured, then the insurer will need to pay. If the compensation cannot be mutually settled between the plaintiff, the defendant, and their lawyers, it will have to be decided by a court of law after a trial. Some of the common types of personal injury damages:

Compensatory Damages

Most often, damages arising from personal injury are termed as compensatory, which means that a sum of money is decided upon to compensate the plaintiff for the loss incurred due to the accident or injury sustained. While reimbursements for damage to property or for medical bills are straightforward, it can be quite difficult to put a dollar value to the suffering or pain or inability to perform certain things due to lingering physical limitations. Some common compensatory damage types:

Medical treatment: You can expect the damages awarded for personal injuries to include the cost of medical treatment, whenever the accident has resulted in a physical injury. The bill can be settled directly by the defendant or the insurer to the hospital or the plaintiff can be reimbursed the amount of actual medical treatment received. In case, there is any medical care that is expected in the future, then the amount is estimated and paid to the plaintiff.

Income: If due to the accident you have not been able to attend to your work and this has resulted in the loss of salary or wages, the amount that you have lost will be included in the award. In case, the injury is estimated to affect your future earnings, then the award will also include the amount of future income expected to be lost. Typically, Atlanta lawyers term this as the plaintiff’s loss of earning capacity.

Loss of property: In case, any assets belonging to the plaintiff have suffered damage due to the accident, the award is likely to include a reimbursement of the amount required to repair or replace the asset as per the fair market value of the damaged or lost property.

Pain and suffering: If you had experienced pain and discomfort of a serious nature during and after the accident, then you can ask for a suitable compensation. Emotional distress leading to anxiety, fear, or even loss of sleep is also eligible for compensation.

Loss of enjoyment: If due to the sustained injury, you are not able to enjoy recreational activities, hobbies, and fitness workouts, you can ask for the award to include compensation for loss of enjoyment.

Loss of consortium: When the injury suffered due to the accident prevents you from enjoying a normal relationship with your spouse, including sexual relationship or companionship, then you may be eligible for appropriate compensation. Some states may also include the loss of relationship with a child in the damages.

Punitive Damages

In addition to the compensatory damages, if the circumstances of the accident point to a complete lack of care and caution on the part of the defendant, you may be eligible to be awarded punitive damages. The real objective of the award of punitive damages is to punish the defendant monetarily so that it acts as a deterrent to not only the defendant but also sets a precedent for others to keep in mind. In the past, there have been a number of cases, where punitive damage awards have been in millions of dollars due to the nature of the accident and the extent of its fallouts.

Conclusion

Since the fallouts of accidents leading to personal injuries are many, you need to carefully assess the damage that has been caused and file a lawsuit that includes the necessary compensation. Consulting a competent personal injury lawyer is the best course of action.

Author bio; Nick Wayne is among the most reputed Atlanta lawyers in the domain of personal injury cases. He has successfully led the fight against large corporations that cause damage to individuals with their careless behavior.

Money Management

Recovering From Holiday Personal Finance Mistakes

The holidays are over. Did you stick to your personal finance goals? Now it’s time to look at your finances and your holiday spending and evaluate how you did. Some of you will find that you were able to navigate the holidays successfully. Others will find that they used those credit cards or spent more than they should. If this is the case, now is the perfect time to start recovering from those mistakes.

Figure Out what Went Wrong and Plan for Next Year

If you did make some mistakes this year, figure out why it happened. Maybe you didn’t save enough during the year to cover your holiday expenses or maybe you bought things that you shouldn’t have. What will you change next year? Should you start saving now for the holidays? Take this opportunity to learn from your mistakes so that you can have a financially successful holiday season next year.

Create a Debt Elimination Plan

If you did use those credit cards, now is the perfect time to start thinking about how you will pay them off. Look at your budget and determine how much extra money you can use towards debt repayment. While you may not want to shave $100 a month off of your entertainment budget, this might be what you have to do to fix your mistakes. Remember, moments of indulgence will result in years of repayment and sacrifice.

Think About Returns

While no one wants to think about taking back holiday items, it is possible that you could make a few post-holiday returns to remedy your situation somewhat. While you can’t return gifts you gave out, you can consider returning items that you bought for yourself or your immediate family that you can’t afford. While it might not be fun to part with that new game system, it might help you learn to think before you buy in the future. Is it really worth paying 30% interest on something that you don’t need?

Now that the holidays are over it is time to start thinking about the future. Learn from your mistakes and pick the pieces if you did make mistakes. It is never too late to turn a new leaf and start making better financial choices.