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. 

Starting trading as a part-time trader is a very challenging task. Many people start working as a part-time trader and end up losing a huge amount of money. If you take the time to focus on the core concepts of trading, it won’t take much time to learn about part-time trading. It is not that hard. But starting anything new is always very challenging. People often fear starting something new as they don’t know how to manage things. To make things easier, we are going to focus on some of the key steps that will allow you to become a successful trader. If you can follow the rules mentioned in this article, you can trade as a part-time trader also.

Start observing the market

You must have the ability to observe the market from a trader’s point of view. Very few traders in the Forex market analyze the market dynamics without any emotional attachment. They become emotional and take trades. But the top traders in the UK take the trades with managed risk and they focus on the core factor of discipline. By analyzing the price dynamics, you can create a simple trading module which will help you to make a profit in the long run. Though it will be a little bit complex at the initial stage once you learn to focus on the core factor of the market, you will be able to make some serious changes.

Analyze the price data

You must analyze the price data with a high level of precision. Taking the trades with high risk and trying to win to recover the loss is not going to work. The professional analysts at Saxo capital markets always place emphasis on quality market analysis as it gives them a clear clue about the potential price movement of the instrument. Things might be tough at the initial stage but once you learn to take the trades with managed risk, you will fail to survive in trading. Some of you might have good knowledge about the price action trading module. But the price action trading system is very hard to learn and you might not be able to make a consistent profit.

Start practicing more

You need to practice a lot to become a professional trader. Without practicing the core details of the market, it will be tough to secure consistent profit.At times, you might think demo trading is nothing but a waste. But if you take the time to focus on the core factor of discipline, you will know trading is nothing but following the strict guidelines. The blessings of the demo account are enormous in human life.

With sticking to the demo account it is important to make a consistent profit. After you gain the confidence to trade in the demo environment, you can start taking the trades as a part-time trader. The part-time traders should never trade the market with aggressive steps. Taking too much risk to secure a big profit is a very big mistake.

Prepare a robust trading plan

You must prepare a robust trading plan to become a profitable trader. Unless you can trade this market with discipline, you can’t do anything as a part-time trader. A valid trading plan should allow you to take trades in the most complex situation. Most importantly, it will help you to make money in any market condition. Before you take the trades in the market, you should be careful enough with the execution process.

Conclusion

Elite traders always take trades with a low-risk profile. Some of them are part-time traders. Still, risk management factors are the most important issues for placing the trades. Take the time and try to improve your skills. Focus on the core factors of the market and you will slowly learn to take trades with discipline.

Managing your business someday is undoubtedly a dream for many to achieve and an already achieved dream to maintain.

There can be good and bad days while running a business, but the way you deal with these times is what would define you.

It can be a daunting task to establish a business, and an even more challenging one to steer clear of all bad debts on the way. These petty debts can soon be the downfall of your potential empire.

Tips To Avoid Bad Debts

You can help your business thrive if you follow the right approach and the correct steps as mentioned, you can prevent your business from plummeting into bad debts if at all.

Here are 5 tips that you need to follow never to catch a bad debt –

1. Pick Your Clients Wisely

Initially, it might sound tempting to pick any client that approaches you as a more extensive client base could help you quickly climb up the ranks.

However, it can cause low morale, less customer satisfaction, and reduction in client numbers as you won’t be able to cater to everyone, leading to something more on the contrary.

So picking your clients intricately is paramount. Collaborate closely with your sales department to create just the profile you need from a client, and look for those specific qualities in clients that approach you.

After selecting your client, conduct credit reports/searches on the company as-well-as its directors. Look up their websites and social media accounts.

Consult their clients and inquire them about your potential clients. Keep an eye out for red flags in their finance department and learn all you can about their financial health.

2. Establish Payment Terms and Penalties

You need to set clear and distinct payment terms for your clients. You must structure your payment terms to encourage prompt payments.

You also need to ensure that your terms of trade depict the time after which you would charge interest on overdue amounts as-well-as the rate of interest.

Make your client wary that they could also be charged a recovery fee and legal fees sustained in recovering the debt.

Your terms of trade can only be applicable if the customers sign their acceptance before supplying them any credit.

You can also email your customers about the terms at the commencement of each year as a reminder.

Khatabook is an India based company that allows you to maintain your personal as well as business ledgers.

Their platform provides gst customer care so you never have to worry about GST forms being misfiled or wherever you would require assistance.

3. Establish Control

After choosing clients wisely, conducting financial background research, and establishing payment terms, you now need to establish tight credit controls.

Tight credit control establishment would go a long way in avoiding bad debt. This way, you can avoid or limit your odds of landing into bad debts by following these steps –

• Intricately go through all business and reference checks before offering credit to new clients.
• Make them agree to personal guarantees and sign all credit application forms.
• Always own credit control documents.
• Set reasonable yet fair credit limits.
• Payment conditions must be clear in your terms of the trade agreement.

Before you make any deals with your client, make sure to have all of these checked out. It would be an absolute disaster to do business with those who don’t comply with your terms.

4. Ask Money Upfront

Ask for money upfront before you decide to provide any goods or services if you genuinely are confident about what you are offering. Numerous clients under-value their products and services with the thought of upsetting their customers.

This would deliver a serious message to your customers that you make no relaxations or exceptions about your services and payment.

Be persistent on upfront payment for any products being delivered. Build and tweak your system to comply with this idea.

You can download the Khatabook app online to find assistance with GST forms and regulations. The cgst full form is Central Goods and Services Tax, whose information is all provided on their platform.

5. Comply With Your Terms

You need to get serious and stop supplying customers who don’t pay their accounts on time. Establish it clearly that they require your goods and services so you can be paid swiftly.

This might lead to a few unsatisfactory customers, but it also mitigates the risk of being a victim to bad debt.

Also, stop supplying products to customers in a plethora of their credit limit. This would provide you with the opportunity to reevaluate the creditworthiness of your customer before elevating your debt exposure.

If you claim that you would charge interest as-well-as penalties for non-payment, then do not be lenient but instead, charge them. Make sure that your customer knows about the addition of such charges.

Final Words

It is essential that while running a business, you be wary of fraud customers or merely those who are lazy in paying you correctly.

While you might not want to say a no to many clients, it would be the best course of action to consider if their profile doesn’t match with what you had anticipated.

It is also essential to keep track of all payments and ensure that your customers pay on time to avoid falling into bad debts.

Designed to help people maintain their health and remain financially sound should a major illness arise, the realm of health insurance sure has changed over the years. However, the concept remains the same: Policyholders pay a premium amount on a set schedule in exchange for certain health coverage benefits after any deductible amounts are met at the patient’s expense.

What Exactly is an Insurance Premium?

In short, a premium is the total price of an insurance policy. This is typically an amount calculated after an assessment of several factors about the policyholder are factored in along with the base price of the policy.

Factors that help determine one’s health insurance premium include:

• Age and location of applicant
• Number of policy participants
• Type of coverage ranging from basic to premium policies
• Health history and pre-existing conditions
• Whether it is a company sponsored policy that qualifies for group discounts.

How to Pay Less for Health Insurance

Essentially, the healthier you are and the younger you are, the less your health insurance premiums will be. You can help lower costs of policies through minimizing risk factors. Risk factors that are red flags that typically increase premiums include:

• Smoking
• Heavy Drinking
• Chronic Illnesses
• Hazardous Jobs
• Poor Credit Score
• Insurance Coverage Gaps

Insurance premiums may go up and down due to a number of factors, including a policy holders change in status concerning these issues.

Why Insurance Premiums Fluctuate

Even if no factors beyond your age and location change, health insurance premiums may rise and fall periodically. Increases tend to follow periods in which insurers have had more claims than losses they had anticipated. It will be rare to see rates go down unless you start qualifying for additional discounts after years of being a customer.

Trading broadly means buying and selling various products in the financial market, such as, stocks, foreign exchange, contracts for difference (CFD), commodities, indices etc. With the launch of high-end trading platforms, a novice can also engage in trading. However, as in the case of any market where prices fluctuate an unwary trader may lose a lot of money. 

The goals of a trader differ from that of an investor. An investor puts his money in buying financial assets that has the potential of giving him/her high returns in the long run. On the other hand the trader looks at medium and short- term gains.

Trading in currency market

The currency market is the most fast-paced market among all types of financial markets. It is open24 hours 7 days a week. So, one can easily imagine how dedicated the trader in forex must be not only to reap profit but also to prevent disaster by being unmindful. As if the volatility of the currency market is not enough, the crypto currencies like Bitcoin (BTC), Ethereum (ETH) etc. have added a new dimension to trading.

Trading in Bitcoins

Trading cryptocurrencies like Bitcoin has gained popularity due to the massive profits that can be gained by an intelligent trader and also the advantage of trading in crypto-currency. 

The major advantage of trading in Bitcoin is that there is no central bank, which can change its value at will. It is completely decentralized and it is not subject to geopolitical influences like inflation and interest rates. Trading in bitcoins can be done without taking into account global boundaries. As bitcoins are not controlled by banks and all transactions are recorded on the public network, the transaction cost is also low. Trading in cryptocurrencies like Bitcoin is safe for the trader as it operates in a well-regulated market, which ensures the security of the trader against fraudulent practices. 

Trading Tips for the Beginner

The person venturing into currency trading must take well informed but small steps forward. At first he/she must identify a proper state-of-art technology driven trading platform, which provides all modern tools for making profitable decisions. The extremely volatile nature of trading in crypto currency demands that the trader should be able to access the market dynamics on the go.  However, the obvious but one of the most useful trading tips is to use leverage trading with utmost care, as an error in assessment/ timely action may be catastrophic for the trader.