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Day: March 2, 2018

Business Penny Pinching Ideas

In business, every penny counts so here are our 10 ideas for cost cutting measures:

1. Advertising – Your business could work on joint advertising with adjacent businesses, so that the costs are split between you. You’re still getting full advertising but at a percentage of the cost. Directory websites are another viable avenue for advertising, endorsement and referrals.

2. Think recycled – Buy recycled ink cartridges or refills, rather than new ones. Also, consider reconditioned office equipment to reduce expenditure.

Around 40{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of print-outs are destroyed or discarded within 24 hours, so printing sparingly saves money and trees.

3. The bills – Check out the best deals available, although it’s easier to stay with the same company, often you can get a better deal elsewhere. When you tell your existing utility company or phone line provider about a competitor offering a better deal, they will often match or better it rather than lose a customer. Plus, bills can often contain errors so it’s worth checking them to make sure that you’re being accurately charged.

4. Insurance – Again, while it might seem like unnecessary hassle, switching between insurers can be a cost-effective measure, whether it’s personal, health or corporate insurance.

5. Temporary staff – It could be that business is seasonal or that it has peaks and troughs in activity. Temps could be used in peak times while a permanent core staff can work the whole year. This way, you cut the wages bill whilst ensuring that you always have adequate staff cover.

6. Couriers and shipping costs – This is another instance in which shopping around will benefit your profit and loss. Don’t get lazy, it could cost your business extra and you don’t want the courier to get complacent. Consider making any off-site storage on-site too.

7. Wining and dining – If you have to wine and dine clients, does it have to be at the most expensive venue in town? Instead of a meal included meeting, could you transfer to a coffee or in-office situation, which will mean less outlay? It sounds really frugal, but the pennies mount up to save you pounds. Saving £20 a week this way, will add up to a very healthy £1040 in a year.

8. Collection not delivery – This isn’t always practical, but if there is a delivery charge attached to a purchase and you could pick it up, do so. For items like stationery, crossing through town and loading up your own van may be cheaper than paying the supplier’s delivery charge. Of course, this only works on routes that aren’t likely to cost you more in petrol. You could always try to negotiate a waiver of delivery with companies that you make regular purchases with.

9. Outsourcing/cloud sourcing – Certain functions within a business could be outsourced; content writing, IT, web design and customer services lend themselves well to outsourcing and cloud sourcing. You can hire an expert for the time and work that’s required, rather than …

How to Define Personal Finance

In the modern world, personal finance is more important than ever. A person’s entire life revolves around the decisions they make about their money. The media would have one believe that big banks are what make the economy function or fail, but the truth is that individuals should be much more concerned about what they can control, namely their personal finances.

For many people, personal finance simply means keeping their checkbook balanced and having enough money in the account to pay the monthly bills. This is a great start, but only a start. Other important decisions affect a person’s financial well-being. Everyone eventually have to rely on the decisions they made in the past to provide them with suitable income in their golden years. Decisions like this are just as important as keeping the checkbook organized.

The old-fashioned bank is the financial institution most likely to play the greatest role in a person’s daily personal finance strategy. Banks offer a variety of ways to help one manage their money. Most people need only concern themselves with four main types of financial accounts. The first two account types, checking and savings, shouldn’t be anything new to the average person living in the modern world. Checking accounts offer the most convenience and easiest access to your money.

Savings account also allow you access, but are designed with long term savings in mind. These accounts pay interest, but it’s usually very low and shouldn’t be viewed as an investment. Money market accounts are similar to savings accounts but have a few restrictions. In return for a higher interest rate, banks usually require a minimum deposit to open one of these accounts and the number of transactions that can be made on the account per month is limited. Though not actually an account, certificates of deposit (CDs) offer some of the best returns on one’s money. The longer one invests the money in the CD, the greater the return on one’s capital.

Before knowing the best account type or types to use in a personal finance strategy, a person first must analyze his or her own financial situation. It is important to consider one’s sources of income as well as one’s personal liabilities such as mortgage, car payment, credit card bills, daily living expenses, etc. Once all this information is gathered, a plan can be formulated. If one discovers a budget surplus, this money can be invested in money market or CDs. However, if the bills are barely being paid, it makes no sense to put money into a savings account just to have to remove it the following month.

The goal of all this information is not only to stay out of the red in your personal finances, but to also accrue a sizable savings surplus. By examining one’s daily spending habits, extraneous expenses can be removed and more money can be saved. The savings can then be put into money market or CD accounts and earn interest. The old saying that a …

5 Reasons You Need to Work on Repairing Your Credit Score

Imagine your credit score as the ultimate test. It's fluid, based upon factors you may or may not fully understand and the end result can shape the rest of your life. Here are the 5 most important reasons you have for repairing your credit score.

Student Loans

Student loans can be a lifesaver to anyone dreaming of a college degree and better career. The problem is that, like with most financing, you can be denied for some loans if you have a poor credit history. Federal loans will generally not look to your credit score, in part because most loans will be taken out by students fresh from high school and with no credit history. Private student loans, however, can and will check your credit. Like federal loans, they are not disposable in bankruptcy, and can come with a series of severe controversies. You'll want to ensure that you get the lowest rates and most preferential loan you can qualify for.


Traditionally, owning a home is a great investment, but without good credit, many lenders will not work with you. Even worse, you may only qualify for high interest rate loans, or a mortgage that will only lend up to a certain percentage of the property's worth. This means you'll need to find extra cash to make the upfront down payment.

Emergency Credit

Sometimes emergencies strike and you may find yourself faced with expensive car repairs or dental surgery. While charging these on a credit card or taking out a loan may not be the smartest financial move, it may be unavoidable and good credit will help you qualify for financing when you need it.

Others May Be Watching

Some employers do credit checks on their employees and even on job applicants. While your credit-worthiness does not necessarily have any impact on whether you can or can not do the job, some employers feel that a bad credit score is a warning sign.

Landlords are also increasingly looking at credit scores to see whether or not you're a likely candidate for defaulting on the monthly payment and potentially forcing them to evict you.

Cheaper Everything

Good credit means lower interest rates for car loans, mortgages, credit cards and most other types of financing. Every dollar you do not pay toward interest is a dollar you can save or spend, which is enough encouragement to strive for superior credit, especially as lenders tighten their requirements for borrowers.

In conclusion, repairing your credit score is an excellent start toward achieving many of life's milestones, and preparing yourself for bumps along the road. Whatever hiccups exist in your credit history, efforts to fix the problem today can save you significant money over time and help you move on with your life. …

Three Ways to Make Money Investing

There are lots of different ways to make money in the modern world. It's not always as cut and dry as getting a job, or starting a new business, although those are viable ways of making money.

There is a lot of money to be had by investing, and there are a lot of different ways to look at it. You could invest in a handful of options, some of which are high risk, and some of which are low risk, but all of them can make you money with time.

Finding which ones will make you the most is a tough one to call, but there are three sure fire ways to make money investing, that have been proven time and time again to work.

Although we will look at three different things, it's important to understand that investing does take some risk, and there are no real 100{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} sure-fire investment options, but that's not to say there are not some "safer" routes to travel.

The first major way to make money investing is to look at mutual funds.

Mutual funds are relatively low risk investing options that come in different different types. There are roughly six types of funds to look at, and require a professional to help you organize and distribute your money. The minimum amount is usually around 1,000 dollars and yields various annual returns based on 1, 5, and 10 year periods.

When you open up the average mutual fund, you're investing in a variety of low risk, low yielding stocks. The return on investment fluctuates annually, but most often than not, you actually yield steady returns. You'll have to invest a large sum of money to make it worthwhile, but with the low risks, and quality, near guaranteed results, many investors find this to be a great overall option to take advantage of.

The second major way to make money investing is to buy gold.

Gold gets a bad name by many high profile money managers. It seems that a lot of people have a problem with the fluctuations in value of gold, but what they seem to neglect to mention, is that gold is never really at 0 value.

Sure, it's true that you're not going to pay your bills in gold, but it can be a solid investment strategy if you're looking for tangible investments. The price of this precious metal has reached over one thousand dollars an ounce and has been the target of many different companies, trying to invest, as the price could rise with economic hardships. This method of investing has a high investment point, but could reach to higher limits. Once again, it's important to understand that there is always a risk involved with purchasing precious metals, but on the contrary, gold has never been at $ 0 value.

A third way to make money investing is to look at CD Bank Accounts.

Certificate of Deposit (CD) accounts are offered by many different banks and are relatively low …