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In Finance

4 Money-Saving Tips for a Post-COVID World

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With incomes depleted, unemployment soaring and many people struggling to get by, careful money management is going to become even more of a priority in a post-COVID world. With that in mind, we’ve put together this list of  four money-saving tips to help you prioritise your spending when the bars, shops and businesses are back up and running.

Waste less food

The tightened budgets of lockdown have taught many people the importance of frugality. One area where we simply throw money away is in wasted food. Buying too much, not checking use by dates and failing to plan meals properly is costing the average family with children an estimated £700 a year in wasted food. However, new habits have formed during lockdown, including making smaller meals, throwing away less food and caring less about best before dates. This is one habit that people can easily continue when everything is back to normal. 

Spend less on commuting

Another important change brought about by the lockdown is the realisation for many employers that their staff are just as productive, and in many cases even more productive, when working from home. Commuting costs are one of the biggest expenses for many households. If office workers are allowed to spend more time working from home after the outbreak, they could save money and help to protect the planet. 

Think outside the box with money saving

There is scope to pinch pennies in just about every avenue of life. Small changes across this spectrum add up to significant changes at the end of the month. Check out this huge guide of 40 creative money saving tips that will help you save cash across your work, home and social life. 

Prioritise your memberships and subscriptions

The inability to live our lives as we normally would during the lockdown has helped to focus our minds on the memberships and subscriptions we really need, and those we can quite happily live without. For example, if you have become a regular park runner during the outbreak, perhaps you can cancel that expensive gym membership? Or, if your subscription to a newspaper, magazine or streaming service has helped to keep you sane, maybe that’s an expense you should keep?

Rethink those nice-to-haves

Another potential benefit of the lockdown has been the opportunity to have a break from our usual spending habits and to view them with a renewed perspective and clarity. If you have been dining out once a week, spending significant amounts on entertainment or regularly buying new clothes or the latest tech, the lockdown might have shown you that your spending was more out of habit than enjoyment. By cutting down on those nice-to-haves, you could save more of your income to help you achieve your long-term financial goals. 

What money-saving lessons has the lockdown taught you? Are you going to change your spending habits once the restrictions are lifted? Please share your thoughts in the comments below. 

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In Business

10 Hobbies Your Teen Can Get as an Alternative to Digital Devices While on Lockdown

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If you want to encourage your kids to significantly reduce their screen time, especially during this lockdown, we have listed some great alternatives for them to get into. 

10 Creative Hobbies in Place of Digital Devices That Your Teenager Can Get into During Lockdown

  1. Scale Model Building

This hobby can work well for your kids especially if they’re still into toys as they can make scaled dioramas for their dolls or action figures. It isn’t an expensive hobby. You can use whatever materials you have lying around the house such as cardboard boxes and glue or tape. The only limit is your imagination. Who knows, perhaps someday, your kids will find work in big 3D scanning companies.

  1. Drawing

Another simple and inexpensive hobby your teens can take up is drawing. It is a very simple hobby to get into. You only need paper and some drawing materials such as pencils, erasers, and pens. 

  1. Creative Writing

Creative writing is a form of artistic expression and release especially for those who have a harder time expressing themselves verbally. It allows them to create a world that they can freely move in and explore. 

  1. Baking and Cooking

A great past time for teens during this lockdown is learning how to cook and bake. While these are practical skills to learn, they also nurture creativity and artistry that could manifest in their mixtures, presentation, and plating. 

  1. Dancing

Dancing is fun, is a great way to exercise, and helps promote body awareness and control. More than the artistic and expressive aspect of dance, it also helps build discipline especially to those who take it seriously.

  1. Calligraphy

Like drawing, calligraphy is a fun and expressive way of using paper and pen. However, unlike drawing, it is focused more on lettering and writing done artistically. 

  1. Scrapbooking

If you have a teen that’s into arts and crafts and also sentimental, why not get them into scrapbooking? They can turn a simple page to bring to life important memories and milestones.

  1. Origami

Another fun hobby that’s inexpensive and engaging is origami or the Japanese art of paper folding. Some projects are great for beginners and then there are those that are ideal for the more advanced ones. 

  1. Doodling

Doodling is just like drawing and calligraphy combined although there is more freedom in expression. There are no technicalities involved. All your teen needs are the desire and time to fill a page in with as many scribbles and doodle as he or she sees fit. There’s really no science to this.

  1. Upcycling

Do you have a teen who’s into decorating spaces using old and outdated items? If you do, then upcycling is a great option for them to try out. Upcycling involves a level of greater creativity to take an old item and repurpose it to come up with something entirely new.

There is no shortage of ideas for alternative hobbies your kids can get into to minimize their screen time. These hobbies allow them to learn more about themselves and add on to their skillsets making them more well-rounded individuals which will benefit them in life as they grow older. 

 

 

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In Lifestyle

6 Ways to Prepare for Retirement

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After spending the most productive years of your life working and contributing to our economy, you can finally see retirement approaching in the distance. You begin to ask yourself questions and wonder what life will be like when you end your working days.

It’s that time, and you need to start being serious about your retirement plans. When planning for retirement, it’s essential to set goals, be realistic and consult professionals.

There are a plethora of things to consider when planning for retirement, we can’t go into all of them, but we’ve compiled six essential tips.

 

  • Imagine the Future

 

When preparing for your retirement, you need to sit down and picture yourself in retirement, what do you see, where are you, what type of accommodation are you in, who is around you?

When you have a clear vision of how you want to live during retirement, you can start creating a realistic plan on how to attain your retirement goals.

Estimate the resources needed to achieve your retirement vision, calculate where you are now financially and then estimate how long it will take you to achieve your financial goals.

 

  • Invest for Growth

 

The thought of investing in financial markets can be overwhelming for most people, but don’t let this scare you away from investing in stocks, bonds and a whole range of financial options.

Ensure that you’re investing for growth in the long-term; you might want to consider maintaining a healthy mix of mutual funds, bonds, stocks, and a range of other assets.

To make educated investment decisions, consider contacting a financial planner to assist you in handling the intricacies involved in investing for long-term growth so you don’t make mistakes that’ll negatively affect your retirement plans.

 

  • Downsize your Debt

 

As soon as possible, start making plans to ensure that your financial obligations are fulfilled before you enter retirement.

You might want to consider accelerating your mortgage payments, student loan repayments, and the like. The key is to enter retirement with as little debt as possible; ideally, you should enter retirement with zero debt.

By reducing existing debt and limiting new liability, you control how much of your retirement income will go to interest repayments.

 

  • Assign Power of Attorney

 

By assigning power of attorney, you’re ensuring that your estate is managed according to your wishes in the case that you’re unable to make decisions for yourself or you become incapacitated.

The person you transfer your power of attorney to will have the authority to make decisions on your finances, and this is just a measure to ensure that in the worst-case scenario, chaos doesn’t ensue.

 

  • Save

 

Your ability to save will be a significant determinant to how soon you can retire and is a substantial key to financial success.

Create a mandatory saving plan that automatically deducts a certain amount from your paycheck or bank account and diverts it into a retirement savings account every week or month.

By automating your savings, you don’t have to think about conservation, it’ll happen automatically.

Saving should be the bedrock of your retirement planning.

 

  • Estimate your Retirement Expenses

 

A lot of your spending during retirement will depend on your lifestyle; expenses such as health care may increase as we get older, while expenses like clothing will reduce.

If you plan on travelling extensively during retirement, your expenses might actually be higher than they are right now.

It would be best if you also considered future medical costs; look into expenses that wouldn’t be covered by basic medical insurance like non-routine health care or traditional alternative treatments.

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In Business

Seven steps to have a better business budget

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Budgeting your business is one of the essential elements of running a successful company. You might have recently ventured into the business or running it for years, but drafting the right budget and constantly reevaluating it ensures the long-term success of your company. Also, times when you need funding for your business, the alternative lenders may help you. However, spending that money and creating a business budget might appear more challenging.

The following are the seven steps to have a better business budget.

1 – Research industry standards 

You may seek to know how other companies plan their budget. You can visit the IRS website, talk to other business owners, or get information from the library. But also keep in mind to research small businesses like yours. Such businesses get more affected by industry downturns. So, by knowing about similar companies like yours, you can create your budget.

2 – Know the budgeting elements 

You must be aware of all the essential elements of a business budget. It must include your costs, revenues, and profits as well. When you are calculating your revenues and profit margin, you have to be accurate. Your profits are the sum left after subtracting your costs from the revenue. Also, your total expenses should include fixed, variable, and semi-variable costs.

3 – Involve your employees

You’re the business owner, but that doesn’t mean you should do all the worry. Your budget is inclusive of everyone in your company. So each employee should know about its principals. They may also provide some ideas to better the budget. Your employees should be wary of any changes in the budget. So it helps them know their duties when going forward.

4 – Pay yourself as well 

As a new business owner, you might want to save every penny possible from your budget. Yes, it’s essential to have backup financing, but, your budget should allow you to pay yourself as well. You need not feel guilty when paying yourself and consider allocating the money elsewhere. After all, you’re also an employee, and you deserve the payment too.

5 – Overestimate expenses 

If your business runs on a project basis, then you must know that each client is different. You never know when the project will go over your business budget. If you fail to anticipate the expense, then it can turn fatal for your business. Thus, you must always budget slightly more than your expected costs. So, in case you do go over, you can still keep your cool.

6 – Consider emergencies 

You keep backups for emergencies in your personal life, and you must do the same for your business. When the disaster strikes on your business, your insurance will take care of it. But, you may still have to pay for some overages. Also, note that your clients’ spending can affect your burins too. So, always keep some backup finances in case of an emergency.

7 – Constantly reevaluate your budget 

Your budget is never going to be the same. It will evolve and adjust as your company grows. Initially, the budget may get affected by new or fluctuating expenses. So, you must keep track of seasonal trends in business. It helps when you revise your monthly and annual budgets. It gives you a clear and updated view of your business landscape.

To put it all together 

Those were the seven steps to have a better business budget.You need to research industry standards and involve your employees in the budget. Also, know the budgeting elements and where to cut costs. By referring to the above steps, you can create the right budget for your business.

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In Home Improvement

Sell Your House Even if You’re Not Emotionally Ready

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Nothing prepares you for the possibility of leaving your house and relocating. Regardless of the reason, it is tough letting go of the place you call home. However, even if you’re not emotionally ready to leave, you have no choice but to do it. You have to sell your house soon for practical reasons. It’s a tough call, but it’s in your best interest.

It would help if you did other things

Selling your house is the first step in the process. You still have to do a lot of stuff after closing a deal. You still have to plan where to relocate. You will soon pack your things and leave. You also have to prepare your children since they will find it difficult to let go. Therefore, if you can put your property up for sale and close a deal soon, it would be great.

You still have time to process your feelings 

You need to hurry now since you have to deal with several tasks. You can spend time dealing with your emotions later once you have settled. Sure, your feelings matter, but you also have to be practical. If you wait until you become emotionally ready, it might be too late.

You have to show that you’re strong

If you show that you’re not ready, and you’re too weak, your family will feel the same. They rely on you. You must show how excited you are to relocate. You have reasons for leaving. Whether it’s a job offer or financial struggles, these are valid reasons. Therefore, it’s essential to show that you’re strong. You can process your feelings when no one is watching, or when you’re confiding in someone outside your family.

You will never feel ready

If you wait for the time that you become emotionally ready to let go, it might not come at all. You will always have a reason to say no to the idea of relocating. The moment you start to think about your friends and neighbors, you might want to stay.

Since you’re making a significant decision, you can’t allow your emotions to overwhelm you. Make sure that you think about the impact of your choice on the future of your family. Financial stability and security are your primary targets. If relocating will help you achieve these goals, you need to do it.

Speed things up

If you can’t wait to relocate, the best thing to do is to partner with a wholesale buyer. If you wait until the right person comes to purchase your property, it could take a long time. Partner with a wholesale buyer that will immediately offer to buy your house. Try to research more about the buyers in your area by typing we buy houses Boca Raton in Google.

You can move forward with your plans when you make your mind up soon and finalize the real estate deal. It will be a stringent process, but you can do it.

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