Tuesday, January 25, 2022

How To Save Money On Car Expenses

 Car expenses can be costly. They can eat up a huge chunk of your finances. 


No matter if you are looking to buy a new car or save money on your monthly outgoings for your car, it can help your finances if you know the best tips to save money on your automotive bills. 


Hence, here is a guide to help anyone save money on their car expenses. 


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Compensation help

Getting advice from car accident lawyers will help recover physically and financially. After a car accident, you might be asked to pay fees or you might suffer from physical pain. Either way, a lawyer will help you get the support you deserve in order to regain financial and physical health. Going through hardship can add extra stress to your life, which is unnecessary. 


A lawyer will ensure to keep your life as stress-free as possible after an accident so that you can recover and get back to normal life with little to no complications. 


Hence, you will be able to avoid paying huge fees and also attain compensation, should you be entitled to it. 


Regular maintenance

To keep the costs of your maintenance low, it helps to get regular services. Just like our own personal health, the health of our car can become complicated the longer you leave it without being checked over. 


Your car could be experiencing underlying issues, which could result in huge bills if you leave them unattended. Therefore, regular car maintenance will ensure that your car maintains its health. 


Furthermore, regular maintenance will also help your car stay in its best condition and therefore, help you attain peace of mind that nothing will suddenly go wrong with your car. 


Tune your vehicle often

Poor tuning of a car can result in poor fuel economy, which will result in you spending more on fuel. 


Hence, it is useful to tune your car often to maintain its fuel economy so that you don’t overspend on fuel. 


Change its filters

Dirty and dusty air filters can result in poor engine health, which can shorten the lifespan of your car.


Changing the filters every few months will maintain the health of the engine and ensure that the car doesn’t give up on you sooner than you expected it to. Issues with the engine can be very costly, which is why it is important to keep it in good health. 


Get the right tires for your car

The tires on your car could be increasing the amount that you spend on fuel. Poorly made or worn down tires can soak up your fuel quicker than you think.


Therefore, get the right tires and ensure that they are inflated correctly in order to maximize your fuel. 


Buy used

Although it can be a great feeling to buy a brand new car that has zero miles on the clock, it can save you a lot of money by buying a used one. As soon as a car leaves the garage, the price of it will depreciate. Therefore, it can save you quite a lot of money by buying a car that is just a few months old. 


It is important not to buy a car that is too old, as this could incur more issues. Hence, buy one that is only a few years old so that you can get the most out of it and save money. 


Buy small 

Smaller cars often cost less to run, due to smaller engines and parts. The smaller your engine, the less it will cost to fill up and run around. Likewise, smaller parts can be more affordable, especially on mass-produced cars. 


The main benefit of a smaller car is that they are much lighter, which will improve their gas mileage. 


Don’t get talked into the extras

Although the additional extras for a car can be tempting, they are sometimes a huge waste of money. When you buy your car, the dealership will likely sell the upgraded trim level, more luxurious interior detailing, and better tires. However, sometimes these will simply enhance the look of the car and not its value. 


Therefore, avoid being talked into paying for the extras and purchase the standard base model of the car you are interested in. 


Research insurance

Insurance can be expensive, especially if you are new to driving or want to purchase an expensive car. Whether or not your car is fancy or affordable, it will help you save money on your car expenses if you research and shop around for car insurance. 


The longer you spend shopping around, the more deals you will find. You will want to opt for high coverage insurance to ensure you can get help should anything go wrong with your car. 


But, avoid buying for unnecessary add-ons, such as extra credit, as these will cost you more and you will likely not need to use these services. 


Carpool trips

If you often take the same trips as your friends or work colleagues, then why not use each other’s cars and head to and from the location together? All jumping into the same car can save you all money. 


You can carpool and take trips in turns so that it is fair. 


Switch to electric

Electric and hybrid cars either use little fuel or require no fuel at all. You can save a lot of money on fueling your car by switching to electric vehicles. Instead, you will run them through an electrical charge. EVs can be charged at home or at electric charging stations, which are sometimes free or will cost much less than gas.


Some places also offer grants when you buy your first electric car, which will reduce the overall cost when you purchase it. Hence, you will save money on the cost of the car as well as running it. 


Should you often find that your car expenses are too high or more than you thought they would be, use these tips to lower your outgoings and make a difference to your finances. 







Tuesday, January 18, 2022

You Need To Plan For The Future Now, Or You Could Run Out Of Time

 One of the things that you are going to need to do is plan for the future. If you do this sooner rather than later, then you are going to put yourself in a far better position in your life. You want to know that you know where you are going and what you are doing, which direction you should be heading in and so on. Having all of this information is going to help you guide your life financially, which will be a huge help in your daily life. Also, it will give you peace of mind that if anything unexpected does happen, you have got a plan. In this article, we’re going to be taking a look at some of the things that you need to do to plan for your future before you run out of time. Keep reading down below if you would like to find out more.


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Savings


The first thing that you are going to need to think about is savings. You are going to need to think carefully about savings because they are not always going to be guaranteed. It’s for this reason that we highly recommend while you can, so that when you can’t it’s not going to be the end of the world. Ideally, you should always have some kind of savings tucked away for emergencies. It’s tough because we know that you want to have savings, but actually saving can be tough, especially when you have a whole list of expenses that you need to pay.


What you should do is try to make sure that you budget so that you can put away a certain amount of money per month. Of course, this is going to be before any unexpected expenses and assuming that your financial situation is not going to change throughout the month. If it does change, then you can adjust the amount that you have decided to save accordingly. Really, when it comes to saving, the general rule that you should follow is save what you can, where you can. This is true, even if it means that you only save a couple of pennies in a week.


Plan For Big Purchases


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You should also be planning for any and all big purchases in your life. For example, a house and a car are two big purchases that some people are going to make in their life. Both of these are massively expensive, and they may require some financial aid if you don’t have all the money. This is the case especially when it comes to houses as these are a huge expense that you likely won’t be able to cover on your own in the beginning. It’s for this reason that we recommend you think carefully about planning for this kind of purchase.


You want to know what your options are when it comes to mortgages and financing. You want to know how much you are going to have at certain points throughout your life and you want to know how much you want to have before you start looking. If you think in these terms, you might find it easier to manage.


Set Some Goals


If you want to plan for the future, then setting goals is going to be a good idea. It will keep you on the right track, ensuring that you are getting to the point you want to be at. If you don’t meet the goals at any given time, they can always be pushed back. Just try to remember that if you try to do something that is supposed to take a year in six months, you might fail but you will be a lot further along than you would be if you would have blindly accepted that it was going to take a year. 


Sometimes this is the right outlook to have, and other times you need to ensure that you are setting realistic goals. Discuss these goals with your partner, see what they think and come to a decision together. It’s important that you are in this together, so that you can meet the goals that you are setting.


If You Want To Invest


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Something else that we encourage you to think about is investing. More people than ever are looking to invest in things like stocks, but also real estate and other things. Investing is a fantastic opportunity to make more money if it pays off, but you have to accept that there is a risk here. There are some investments that are seen as generally safer than others, but you still need to be careful. You should never use money that isn’t spare to invest, as this is going to be counterproductive. If you lose this money, then you are not going to be in a good position which is what we are trying to avoid here.


Some people like to invest in stocks because you can either leave your investments as they are and just leave them to gather money, or you can hire someone to manage this for you. This is good for people who are looking for a more long-term investment. Do your research before you make a choice and we’re sure that it will pay off.


When You Pass Away


When you pass away is not something that you or those around you like to think about, but it’s a practical thing to be considered. While it’s not the most pleasant thing, you still need to have a plan in place for what is going to happen to what you own when you are no longer with us. For example, you need to go through the process of estate planning so that you can be sure all of your wishes regarding your money and property are going to be followed.


You have got to be thorough, and update this regularly if you accumulate more things since the last time that you wrote an update. Of course, we know that it is somewhat morbid to plan for the time in which you are not here, but it’s important that it gets done. You also need to know that it doesn’t matter how old you are, this is important. If you have money or property, you should have a plan. 


Clear Your Debts


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Clearing your debts is going to be one of the most important things that you can do for your life. If you are in debt right now, then we don’t want to see you fall into the cycle any more than you already may have. The cycle is where you are up to your elbows in debt, and you can’t manage to get yourself out. There are a lot of people who are in this position right now, and it can be massively hard to get yourself out of there. One of the things that you can do is call the people that you owe money to and try to set up a more reasonable payment plan for your finances. Try to keep in mind that at the end of the day the lenders just want their money back. If you are struggling to pay it and you approach them with a reasonable offer that gets them their money back, even if it’s a little slower than planned, they will likely accept it. It saves them chasing you, and shows that you are reliable.


Don’t Forget A Pension


You also don’t want to forget about saving for when you get older. This should be separate from your savings as these should be able to be used for an emergency or when you want to do something like go on holiday. A pension is there for you to live on so that you can cover your everyday expenses without having to worry. A lot of companies have pension schemes that you will automatically join when you work for them, but make sure that you check this out. If not, then we recommend starting your own private pension just to be on the safe side. The more you have, the more comfortable you are going to be in your old age.


We hope that you have found this article helpful, and now see some of the things that you need to think about when it comes to planning your financial future. If you don’t take matters into your own hands sooner rather than later, you could end up running out of time. You never know what is going to happen in life, and you have got to be prepared from all angels. It’s not dramatic to say that having a plan is one of the best things that you can do when it comes to finances, because then you know where you are headed. You also know that everything is sorted in case anything were to happen to you. 


Don’t wait until the last minute to start planning for your future. We wish you the very best of luck, and hope that this has helped you in some way.


Sunday, January 16, 2022

Five Reasons To Save For Retirement

 It might not seem the most important thing right now, but retirement isn't as far off as you’d imagine it to be. Saving for retirement might not seem like the most important thing in the world compared to all of the other bills and things that you want to save for. The problem is that without forward thinking, life will pass you by in a blink and you will be in retirement with no savings behind you before you know it. 


Whether you are near to retirement or you’re still in your early 20s, you have to consider the fact that without your savings, you could run into a little bit of an issue when it comes to finishing work. If you don't have any savings, how do you plan to live the rest of your life? This is something that needs consideration early, and whether you are saving to move into senior independent living apartments one day or you are saving to support yourself in your home, saving is always worth it. So, when it comes to it, you need more reasons to get started on your retirement savings. Are you ready? Let’s go!

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  1. You might live longer. The way the world is going, people are living longer than they ever have done. This is always good news to hear because who wouldn't want to enjoy the rest of their lives if they can? This means that your money needs to last you longer, too. Saving now ensures that you have enough to last you.

  2. You’ve got things to do! Most people have a bucket list that they save for their retirement and those bucket lists often require cash to complete. Whatever you have on the bucket list, you should ensure that you have the money to cover it as well as your living costs.

  3. You can’t predict the future. No one can predict what’s going to happen in the future, and that means that you need to be prepared for any eventuality. If you’re going to get to retirement age, you need to know that you can cover yourself for the years you’re retired.

  4. You might save money on your tax bills. If you make extra payments into your pension pot, you could save money for your retirement and reduce your annual tax bill. 

  5. You can add more. You will get a small pension from the government when you get older, but you can add more to that. You don't have to deal with just the bare minimum - you can add more as you need to. You can add more savings and build it up and whether you pay it directly into your current pension pot or you open a new savings account, you can grow your money for your retirement.


The years you spend living beyond your working life need to be considered as important, and that means that you should consider saving as early as possible to make room for what you want in your future!


Friday, January 14, 2022

The Best Ways To Save On Family Expenses

 Having a family means needing to pay out on a regular basis, and that is something you can’t really get around if you are in this situation. Fortunately, however, there are things you can do to ensure that you are saving some money on all kinds of family expenses, and as long as you have put some of these in place you should find that it makes the financial side of things considerably easier and less stressful. Let’s take a look right now at how you can save on family expenses in your own family.


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Look For Family Deals


So many things have family deals, specifically for those who are in a family and might be struggling, so it is a good idea in general to keep an eye out for these. For instance, there are often coupons and vouchers for everything from food to vacations that you can make use of, and doing so is certainly going to ensure that you can save quite a lot of money on the whole. It’s a good idea to look out for these wherever and whenever possible in order to keep your finances intact even as you spend money on necessities and essentials.



Prepare For Emergencies


Sometimes you have to pay money out very suddenly because of an emergency situation. The thing about emergencies is that you can never know when they are going to happen or what exactly they will be, but you can at least generally prepare for emergencies by having an emergency fund that you can dip into whenever necessary. Whether it’s for a funeral, cremation or simply to fix up the house after some storm damage, it’s good to have that money to dip into as and when it might prove necessary to do so.



Make Use Of Lists


A very simple, straightforward and yet powerful thing you can do to make your family expenses a lot less burdensome is simply to make use of lists. This includes, for instance, making a list when you go grocery shopping. Just having a list that you can refer to is going to ensure that you won’t go over budget - as long as you stick to that budget, that is. You might be amazed at how much money you can save this way, so it is certainly something you are going to want to think about.


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Try An App


There are also a lot of apps that you can consider using, and these can be deceptively powerful for saving money as well. There are budgeting apps, general finance apps and more to help you with saving money and looking after your pot and your family all at the same time. You might need to try out a few apps before you land on one that really works, but it is worth the trial and error involved, especially in the long run, as you will end up spending so much less this way. Be sure to try out a few before committing.


The Newbie's Guide to Buying A Car

 

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If you are looking to purchase a vehicle for the first time, it can be quite overwhelming. Perhaps you have only recently passed your driving test? Maybe you have had the same car since your parents first bought you one, and now you want to upgrade to something a bit better? No matter what situation you are in, if you feel a little bit overwhelmed by the thought of purchasing your own car, don’t panic, as we are here to help. We have put together this guide, which is filled with great advice to help you when purchasing your own vehicle. So, let’s get right to it.


  • Choose a reputable seller - There is only one place to begin when it comes to purchasing a vehicle, and this is with buying from a reputable seller. Take the time to choose a company with care. Make sure they have a long-standing and impressive reputation in the industry, as is the case for companies like Hoffman Ford. By teaming up with a business like this, you can have peace of mind knowing that they have provided reliable and quality cars for many people before. It is always a good idea to go for a seller that specialises in the type of vehicle you are considering. By doing this, you know that they have the expert knowledge that is required to help you find the perfect car for you.

  • Used or new? - Not only do you need to consider the seller you are going to buy from, but one of the big decisions you need to make is whether you should go for a used or new vehicle. There are pros and cons associated with both, and ultimately, it is all about what is going to be right for you. If you go for a new vehicle, you know that there will not be any miles on the clock and so the car should be reliable. However, you can typically get more value for money if you go down the used route. This is because cars will decrease in value considerably from the moment they are driven out of the showroom. Therefore, you do not suffer the impact of depreciation as much if you go for a used vehicle. Nevertheless, you will need to be incredibly careful when buying a used vehicle to ensure that the car you get is the same car as what is being advertised. 

  • Make sure you consider your needs carefully - In addition to the points that we have mentioned so far, it is critical to think about what you really need from a car when shopping. While a car may look good, this does not mean that it is going to be the most suitable vehicle for your requirements. There is a lot more to picking an auto than simply going for the one that best suits your sense of style. You should think about what the vehicle is mainly going to be used for. Are you looking for the perfect car for the school run and traveling to work every day? Or, do you want a family vehicle that will be suitable for taking long trips? Maybe you are someone who travels around the country every day for work purposes? Whatever your situation may be, you need to consider this carefully so you can make sure that you end up with the car that is right for you. For example, if you are going to be traveling a lot, you may want to consider a vehicle that is easy on fuel so that you do not end up with massive fuel bills. If you are going to be taking a lot of family trips, you may be looking for a car with plenty of space. 

  • Consider your insurance policy when looking for a vehicle - Next, we advise that you carefully consider what impact your choice of car is going to have on your insurance plan. Some cars are more expensive to insure than others. This could be because they are expensive or it could be because they are not considered very secure or they go at a faster speed than other cars. Either way, the last thing you want to do is purchase a vehicle only to discover that the insurance expenses are extortionate and you cannot really afford them. This is why we highly recommend that you take the time to research car choices in regards to insurance so that you can plan your budget effectively. 

  • Spend some time reading reviews that have been left by others and don’t forget to do a test drive - Last but not least, you need to carry out some due diligence when looking for the ideal car. There are a number of different things that you can do in this regard. Of course, you need to test drive the vehicle to make sure that you are happy with the way that it drives and that you feel comfortable in the car. This is also a good opportunity for you to make sure that everything is how it seems with the vehicle. Aside from this, we would recommend that you take the time to read some reviews online that have been left by others so that you can find out what they have to say about the make and model. If there are any common issues across the model in question, you should be able to pick up on them. 


As you can see, there is a lot that needs to be considered when purchasing a vehicle. We hope that the tips and advice that we have provided above will help you to find the car that is right for you, your needs, and your budget. After all, the last thing you want to do is buy a vehicle to find yourself being frustrated by the lack of space or the poor fuel efficiency. This is why you always need to do some careful and considered research before you purchase an auto. 





Tuesday, January 11, 2022

How To Renovate Your Home Using Fix And Flip Loans

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Renovating a property is a massive financial investment, even when you expect to resell the property. If you require any form of financial assistance, you probably know just how complicated the whole loan process can be, from working out your credit score to finding the right lender. An option available is getting a hard money loan. Unlike traditional mortgages, hard money loans come with a less stringent approval process. The details below will show you how you can renovate your property using Fix and Flip Loans.  


So what exactly is a hard money loan? It is a specific asset-based loan financing used primarily for real-estate transactions. While companies or private investors typically use it, individuals can also take advantage of a hard money loan, especially when it offers several advantages. One main advantage here is that, unlike other traditional loan types, a hard money loan does not come with complex, stringent processes during its approval process. Beyond the comparatively quicker approval rates, it also comes with fewer requirements and is ideal for short-term purposes.


Examples of hard money loan borrowers


  • Property flippers: Property flippers take advantage of hard loans to fund various property projects while using the projects as a form of collateral.

  • Wholesale funding: because of how easy it is to access hard money funding, many people take care of wholesale flips. 

  • Renting and renovation: Others can use hard loans to secure quick funding for various renovation projects. 


When it makes sense to use a hard money loan to renovate your house

Although hard money loans come with shorter terms, they usually have higher interest rates than traditional loans. While many people may shy away from using hard money loans for home renovations, it may offer an excellent financing solution in many situations. These include the following:


  • If your renovations make up for the cost: At first consideration, a hard money loan may sound 'expensive'; however, if you manage to calculate the total cost to match your expenses. For instance, your hard money loan attracts about $5000 in interest over 5 months, and you expect to sell your home within three months; you can deduct the $5000 from your expected sales. If you'll still have some profits left after the deduction, then a hard loan makes sense. 


  • If you don't qualify for a mortgage, your chances of qualifying for a mortgage are pretty slim if you have low credit scores and a high debt ratio. Many banks and traditional lenders already have very strict requirements for home renovations, especially concerning investment properties. Because hard money loans focus on the property instead of the borrower, it is easier to get the approval you need to renovate your home, as the latter will serve as the collateral. 


  • Fix and flip: If you're considering purchasing a home at a lower price to fix and sell, then a traditional loan might not make sense as it'll take too long to approve. Hard money loans will give you quick access to the funds you need to finish the purchase and renovation process within months.


7 Tips for Navigating Taxes as a Small Business Owner

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Being a small business owner is tough, and it’s even more difficult trying to figure out how to navigate taxes. There are so many questions when it comes to being a small business owner, and even bigger questions if what you’re doing (such as a side hustle) is even considered a small business. In general, taxes can be daunting and overwhelming. There’s a whirlwind of information online about small business owner taxes, but the information is mostly confusing, right? Taxes can be very confusing but they can be navigated, whether you’re wanting to learn all of this yourself or hire a professional such as a bookkeeper or an accountant, it can be managed. These tips will help you out as well.

Look into hiring a professional

This professional would be an accountant, bookkeeper, or even a financial advisor. But in general, it’s best to hire a professional to help you out. When it comes to taxes, it’s a very serious matter and it can’t be messed up. But you also want to make sure whoever you hire is going to be the right professional for your business. You wouldn’t want to hire someone who has worked for corporations when you’re just a single-person business, right? So make sure to do thorough research on who may be the best for you.

You’ll be working with this professional a lot, as the income and spending are going to be tracked, monitoring gross and net profits, as well as cash flow.  It’s best to find an accountant or some other financial professional to help you out even before you open up your business. From day one of your business they’re going to be helping you out, not just during tax season. The importance of accounting and bookkeeper are crucial to the survival of a business. They will also be able to help you out in the case that you’re needing to see a tax attorney. Never underestimate hiring a professional, as they can make your job easier and less stressful.

Keep records

An essential preparation for your business would be keeping records of everything. You’ll want to keep records of everything through the year, even before you start up your business you’re going to have to have records as well (such as buying needed items and tools for your business). Your records need to be accurate and you need to ensure that your tax return is correct as well. 

If you don’t have records then this could lead you to deal with being audited.  While it’s very important to hire a professional to help you out, you should also look into purchasing some accounting software that’s user-friendly, inexpensive, and can help you out in tracking income as well as expenses.

Seek advice from professionals

It’s best to hunt for a good accountant that can be of assistance to you. A good accountant is going to help you out by providing advice that will allow your business to thrive. You’ll want to seek advice for multiple aspects of your business and even personal expenses such as retirement. The plans that you have for your business are very important, and it’s just as important to get yourself a good accountant that can help you navigate through all of this confusion, give you words of advice, and help you out.

Look into hiring a payroll company

If you’re a small business owner that has employees, then it’s best to look into hiring a payroll company to assist you. However, you’re going to want to make sure that the company is reputable as well. Some business owners will hire a small or lesser-known payroll service in the hopes of saving money. While this can work out sometimes, there have been multiple cases where these smaller payroll services were remitting payroll taxes for the company. You want to avoid this at all costs, so make sure you’re looking into payroll companies and reading their reviews. The IRS tends to check quarterly to see whether or not payroll taxes have been paid.

Understand how to classify your business

No matter what size your business is, the industry, or anything, you’ll have to know how to classify your business. This is something that can be a bit complicated and even downright confusing as well. If you fail to properly classify your business then you may then be at risk of overpaying taxes, and who would want to do that? There are multiple classifications and you’ll need to figure out which one your business is. It’s best to look into talking to an accountant as well as an attorney to best determine what your business is classified as.  

Let’s say that your small business is only you, and you haven’t hired anyone else, you’re not outsourcing work either, and no one other than yourself has invested in this business. In this case, you’re most likely going to be the Sole Proprietor. While this example will make it seem simple, there are other classifications for a business that can make it seem more complex.

Keep your expenses separate

It’s best to keep your business expenses and your personal expenses separate from one another. On the off chance that you were to get audited by the tax authorities such as the IRS, you’ll want to avoid having your personal and business expenses mixed in. It doesn’t matter if your business expenses were reported correctly either. 

It’s best to have a separate bank account and even a separate credit card for your business. This is going to make everything easier, plus this is also going to keep the tax authorities from looking at your personal expenses as well. It’s less of a headache if you have everything completely separate from one another.

Claim all income to tax authorities

The IRS will get a copy of 1099-MISC, so you’ll want to make sure that this is going to match the income that you have received. Make sure the income report to the IRS matches the amount because if it doesn’t and the IRS notices, then it will be flagged. It can get very confusing but if you hire a professional such as an accountant, they’ll be able to help you navigate this. 


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