8 Things Small Business Owners Need to Know About Finance

Managing Finances for A Small Business

Figuring out how to manage finances is one of the most challenging things you’ll face as a small business owner. Often, people get into the business world because they have an exciting idea or product to share. The chances are that you won’t have a lot of experience with accounts, taxes and cash flow too.

While learning as much as you can about money matters can seem like an exhausting process at first, it’s something you can’t afford to overlook when you start bringing your company to life. Knowing these 8 simple things about finance will help to keep your organization on track.

1. Sometimes You’re Going to Need a Loan

When you first launch a business, sometimes it’s tempting to try and do everything by yourself. The last thing you want is to be in debt before you’ve ever started making a profit. However, the truth is that most people simply don’t have the capital required to handle the demands of a business without a little support. A loan can be the most useful tool you have when it comes to starting your business, and even overcoming cash flow problems. Just make sure that you compare your options so you can ensure you’re getting the best interest rates.

2. Have a Billing Strategy

No matter how good you are at staying on top of things like cashflow, there’s nothing to say that your clients will be just as efficient. Most companies will have at least one customer that always seems to be late when paying their bills. Too much cash tied up in your unpaid invoices can quickly lead to cash flow problems. With that in mind, it’s important to make sure that you have a billing strategy in place. The good news is that there are tools online you can use to automatically invoice clients and send them reminders when they’re late.

3. You Need to Pay Yourself

When you’re running a small business for the first time, you might find yourself trying to put everything you earn back into the company. Any extra capital is a great way to help your business grow, but you also need to look after yourself and your family too. Remember that you’re playing an important role in your company, and you deserve to get paid for your work. Don’t focus on everyone else and forget to look after yourself.

4. You Need to Spend Money to Make It

This phrase might sound like a cliché at first, but it’s true. If you want to make real progress in any industry, then you need to be willing to invest in yourself and your business. With that in mind, make sure that you take risks from time to time, and invest in your growth. This could mean that you need to take an extra loan out at some point so you can afford to buy additional equipment, materials, or pay for staff, but a good risk analysis will help you to see if it’s worth it in the long-term.

5. You Must Remember to Look at ROI

Speaking of investing in the long-term, it’s a good idea to have a way to track your return on investments. Every time you start pouring money into projects for your business, make sure that you set up a measurement system that will show you which of your strategies are good for your future, and which might not be worth the effort.

6. You Need to Constantly Monitor Your Books

Monitoring your books might be an obvious task for financial health in your business, but it’s something that people often forget that they need to do regularly. If you’re the kind of person who might leave managing cash flow to the end of the month, try setting up an hour in your schedule each day where you can look at your incoming and outgoing expenses and make some crucial notes. The last thing you want to do is neglect your accounts.

7. It Helps to Establish Good Habits

Make sure that you do everything you can to develop good financial habits – even if it just means that you block aside some time at the end of each week to check that everything is running smoothly in your business. Running a small business often leaves you strapped for time, but your financials aren’t something you can afford to cut corners on. Start building good habits for your finances now.

8. You May Need Help

Finally, don’t expect to become a professional accountant overnight just because you’ve decided that you want to run your own business. If you don’t know anything about taxes and deductions, and you don’t have time to learn, then invest in an accountant or bookkeeper to help you. You’ll thank yourself for it in the long-term.

 

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The Benefits of Having a Personal Loan: When Do You Need One?

 

There is nothing unlimited in this world. All things are finite, be it the material things or the ones that are more metaphysical. Because of this fact, we need to find ways on how to avoid becoming short of the things necessary to survive, grow, and thrive in this life. So save time by knowing where to go for what you need.
Not having enough of something we need to expand our life style or cause, constraints us from being more productive, and it stops us in our tracks from improving our standard of living. One of the best examples of this issue is not having enough money, or a project being under-capitalized.
We all know how limiting this feels, however, not to worry because there are personal loans that are specially designed to save the day, and your time.
In this article, we’re going to talk about the benefits of having one. We’re also going to tell you when is the perfect time for you to get a personal loan. Once you’re done reading through, you’ll find it easy to compare the best personal loans available.

 

 

Easy Application Process

One of the best things about personal loans is that they’re easy to get. They are different from other loans because the process of applying for one isn’t that complicated.

There are even some personal loans that will only take you as little as 24 hours for you to get the money. That’s how cool these loans are, making them perfect if you need to have emergency funds ASAP.

Few Documents Required

Another cool thing about personal loans is that you don’t need to present a lot of documentation. This is what makes this type of loan fairly easy to get.

Compare that to the piles of documents required in getting a car loan or a home loan. There are some personal loans that only require you to submit a few basic documents, just like your proof of income and proof of address.

This is one of the reasons why most people prefer applying for personal loans. There’s much less risk involved in the part of the lender, that’s why they don’t need a lot of documentations.

loan application in business folder showing financial investment concept

Multipurpose

Personal loans can be used for a wide variety of purposes. The money might either be used for emergency reasons such as medical and miscellaneous expenses.

Or you might need it to fund your latest home improvement endeavor. You can also use it to upgrade your car or to buy the latest gadgets.

Whichever you want, you have the freedom to spend it on whichever way you like. The flexibility of this type of loan is what makes this a perfect choice for people who need money to fund whichever project they need to spend it on.

No Collateral Needed

You don’t need to worry a lot if you’re unable to pay your personal loans. Why? It’s because there are no collateral needed.

The collateral is the asset or property that you’re going to surrender to the company if you are unable to repay the loan. In the case of personal loans, you don’t need any of those.

This makes it a very attractive choice for borrowers because there’s no risk of you losing your properties.

Shorter Loan Tenure

Compared to other types of loans, personal loans usually have a shorter amount of loan tenure time. There are personal loans which can be repaid in as fast as 12 months.

However, if you need more time to repay the loan, you can opt for the ones which have a longer tenure time. There are those that can be repaid for as long as 60 months.

The Perfect Time to Get a Personal Loan

The perfect time for you to get one is if you are avoiding risking a large or valuable asset. Remember, you don’t need to offer any collateral when applying for a personal loan.

This makes sense if you don’t have any assets to use as collateral. These personal loans also have a far smaller interest rate compared to other loans. So if you want to save up on interest, then this is what you need to get.

 

Final Thoughts

Having a personal loan is indeed the best way to borrow money. Not only do you not have to risk any property, but you also get to save money thanks to the lower interest rates. You also have total control as to when you want to pay it because you can pay them within a year or as long as 60 months.

With all of these being said, having a personal loan is indeed one of the best, if not the best way to acquire and borrow money to fund whatever endeavor or project you need to spend on.

 

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How to improve your personal finances using a checklist

Personal Finance Checklist

Revamping your entire financial plan may seem like a gigantic task, so it’s easy to become overwhelmed. But by breaking your fiscal dreams into smaller, more manageable goals you’ll be setting yourself up for success while gaining some confidence about your money-making decisions with each item you cross off. Making a checklist can by the key to getting your money – and long-term goals – in order. Here are a few examples of simple changes that can make a major impact.

Start small.

One of the biggest mistakes people make when they’re trying to make a substantial change in their life is focusing on objectives that aren’t easily attainable. This is an easy way to sabotage yourself, because the task seems so large you can’t possibly reach it. Think about restructuring your budget in the same way you would expect to start a diet or exercise plan. You wouldn’t expect to be able to run marathons within the first couple of weeks, so why would you hold your finances to a similar standard? Like with most goals, the little things add up. Instead of backlogging every purchase you’ve made in the last six months, start today by tracking all of your extra expenses such as movie nights, eating out, and entertainment-related costs like cable TV or your Netflix subscription. No detail is too small when it comes to money management and financial stability.

Streamline your payments.

Consolidating or organizing all of your bill payments is another simple task to add to your checklist. Determine the bills that you pay regularly, their frequency, amount, and whether or not they can be paid online. If possible, set up all bill payments to withdraw from your bank account automatically and keep track of your email or online confirmations. This can usually be done either through the servicer or your bank. By automating the process, you’ll reduce the amount of time you spend each month gathering paperwork and information. You’ll also simplify your own record keeping, since you should be able to locate most of your payments with just the click of your mouse. Even better, you won’t have to worry about accruing late fees since you know exactly when your account will be debited for each bill cycle.

Pay yourself first.

Having a comfortable savings account is one of the most important steps towards financial security. As part of your monthly, bi-weekly, or even quarterly checklist, send a portion of your paycheck to your savings account each time you get paid. Depending on your personal goals, income, and expenses this amount may vary. However, don’t underestimate how quickly even $10 or $20 per paycheck can add up over time. If possible, set up an automatic deposit so you’ll get used to receiving a lower amount. This is one line item that will give you a bit of satisfaction every time you check it off your list.

Keep your budget balanced.

Keeping your overall budget in order is usually one of the most daunting tasks, but breaking it up into smaller sections will make it a breeze to get through. Make a list of all income sources, everything you spend money on regularly, and for at least one month track all of your expenses to get an idea of how much you should allot for miscellaneous spending. Once you have your list, break the expenses into categories such as utilities, travel, housing, food, insurance, loan payments, and childcare. Your static expenses are those that are consistent for every pay period, and your flexible expenses are the less predictable ones such as car repairs or additional medical costs. Based on what you typically spend per month, you should be able to outline how much is needed to put towards extra expenses on top of your static ones. Being able to check off when each of these obligations are met will give you some peace of mind, and you won’t have to second guess whether you paid that bill or not.

Money Management for Retirement.

Money management is a huge part of most of our lives, and many of us have areas that we’d like to improve. Whether you’re saving for a dream vacation, college, or retirement, keeping track of your goals and when they are met is a valuable tool that you can use for all of your financial plans – no matter how big or small.

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Transferring Your Skills Into Income

 

Earning extra money on the side has rapidly become the mainstream whether through the gig economy, consulting, or side hustling. In fact, nearly four in 10 Americans have a side hustle, according to Bankrate.com. And while you could just do some odd jobs here and there to earn extra cash, you can take it a step further and transfer your skills and interests into sustainable, consistent income. The trick is figuring out your strengths and skills and identifying the right opportunities along the way. Here’s how to get started.

Play to Your Strengths

Just because your former colleague is making a killing at project management doesn’t mean it’s necessarily a good fit for you. Take an assessment of your strengths from organization to leadership and start brainstorming ways to transfer those skills into income. For example, someone highly skilled at marketing and promotion may be well suited to help online entrepreneurs launch their info products. Another idea is to walk budding business owners through the process of gaining organic promotion through outlets like Instagram. The more you can focus on your natural superpowers in business, the more likely you are to find the right work opportunities.

Research Opportunities that Fit Your Skills

Of course, making up a list of strengths doesn’t always reveal a clear path to income generation. This is where researching existing opportunities from franchises to direct sales businesses comes in. Consider where your skills and strengths lie. If you’re skilled at sales and networking, selling products could be a perfect fit. Meanwhile, a passion for creating healthy snacks and smoothies while running your own team could lead to a franchise opportunity. It’s always wise to really research the validity of those companies — from Amway to Smoothie King — to find the best fit. Always look for proven business models with a track record for success that fits your schedule and lifestyle.

Keep it Flexible

It can take some time to match up the right skills with an ideal opportunity. While you launch that side business selling products to consumers to flex your entrepreneurial sales muscles, look for new ways to improve your business skills along the way. Take online classes or courses at community centers and stay flexible to new ideas and interests. You might discover that your interest in sales pairs well with your interest in healthy living and teaching others about the products you love to use.

Shadow a Mentor

Partnering with a mentor is also a powerful way to identify your skills and find a path to income. Ask a former colleague, supervisor, or someone in your community to help you on your journey. Make sure to choose someone who has proven success in areas you’re interested in. Try meeting once or twice a month and working through your ideas and questions. Your mentor can help identify how your skills in bookkeeping or copywriting can directly lead to opening your own business or consulting on the side. From there, you can work with a mentor to figure out how to fill in the gaps from start to finish.

Ask Your Network

Your own network has valuable insights to your skills and strengths. Meeting up for a coffee date with a friend or colleague and asking for help in identifying your skills and brainstorming income opportunities can spark new ideas. You may discover that you never thought much about your ability to come up with ideas quickly and how small businesses would value that skill in marketing and advertising.

Your skills are valuable with the potential to make real money, but it can take a little detective work to put all of the pieces together. Start by playing to your strengths and researching proven business ideas and models to help put money in your pocket.

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What Millennials Can Learn from Boomers about Retirement Planning

Boomers retiring by the tens of millions each year.

How many times have you heard it said, “If I only knew then what I know now…” about everything from financial planning to raising kids? It’s likely that you’ve heard it at least several times a week and now even millennials are becoming tuned in to the problems besetting boomers as they age and retire.

The world is a much different place than it was, even a generation ago, and so it would be wise for the younger generation to look at some of the trials and tribulations of boomers as they begin retiring by the tens of millions each year.

Insufficient Planning Delays Retirement

One of the major problems that many boomers face is that they didn’t plan sufficiently for their future. They assumed their Social Security check along with that 401k or other retirement investment would be sufficient to provide for them in their senior years.

Back a few generations, there simply weren’t the resources to plan well for retirement and today’s retirees are learning that they should have planned better. Today there are financial products that are aimed at growing wealth for your senior years and these are the products millennials should be investigating when seeking to invest in their own futures.

Unexpected Rises in the Cost of Living

What it all boils down to is that no one really expected the cost of living to skyrocket as it has. Some attribute it to the cost of production, keeping prices rising while others attribute it to higher taxes and the increasing cost of fuel and food. For whatever reason, the cost of living has far surpassed the rise in wages and this is something no one could have foreseen but perhaps should have planned for anyway.

Avoid Borrowing against Retirement Savings

Another one of the big mistakes boomers made, almost across the board, is to have borrowed heavily along the way against their retirement savings. This is a big problem that millennials should learn from. If at all possible, don’t delete those savings! Find a way to finance what you need to pay but leave that money where it is so that it can continue growing.

You know what they say about good intentions, so don’t be caught in the ‘intend to replace it’ trap. Chances are you will never replace that money once it has been spent. Just as you think you’ve got your head above water, another crisis surfaces and so it goes. Put that money away and forget it’s there. That, perhaps, is the biggest lesson you can learn from boomers.

The Logic of Downsizing Early

When it comes to downsizing once the nest is empty, altogether too many people fail to liquidate assets early enough. That big six bedroom home you live in and raised your children in may be sentimental but now that it’s paid off, sell it, buy a smaller property and invest the profit made from the sale.

Too many middle age people hang on to the family homestead thinking to save it for the kids, or to have a place for them if they need to come home. It’s time for grown kids to be grown kids. Think about your future by downsizing as soon as the nest is empty. Can you imagine how that amount of money can grow over the course of a couple decades until you are ready to retire?

Diversify Your Investments

And one final thing which millennials should learn from boomers is that they failed to diversify their investment products early enough. Altogether too many people lost their savings with the economic crisis of a decade ago and now those boomers simply don’t have enough time to recover their losses.

By diversifying your retirement investments, you can have that added bit of protection if one market should fail. The last time it was real estate that led to a global crisis. What will it be next time around? No one knows so diversify, unless of course you are a fortune teller and can predict the future.

The intelligent millennial will take a good look around them and fully understand the predicament most boomers are in now as they face retirement. It is always good counsel to be told to learn from your elders, in both their triumphs and failures, but never more so when planning for retirement. Don’t fall into the same trap your parents and grandparents fell in. You can learn a lot from boomers if you care to open your eyes. Plan now and live comfortably later – a great investment strategy altogether.

 

 

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The Ultimate Moving Office Checklist

Office Relocation Can be Difficult

Office relocations are by no means straightforward. There is a lot pinned on ensuring the process is smooth so that business can run almost as normal throughout the move. If you have been charged with organising the moving project, then you might be feeling the pressure. Follow this ultimate moving office checklist to keep you on the right track!

Recruit Your Co-Workers

The move cannot be a one-man project so it’s a good idea to appoint reps from each department to help break down the process into manageable chunks. The number of reps will depend on how big your office is with the aim of minimising the pressure left on one person. The departments should meet independently to coordinate a comprehensive plan of everything they need and want in the new office, and this information should be passed on to the project leader. Note, even if you’re looking at hiring a company to complete the move — there’s still a LOT to be done before the team shows up on the day and after they leave at the end of the day!

 

Keep everyone in the loop about the moving plans where necessary to reduce anxiety, allowing everyone to focus on their work, knowing how the plans are evolving,so everyone is informed.

 

Get A Feel For The Space

It’s hard to plan a full-scale office move if you have no idea what the space you’re moving to looks like. Get a hold of a floor plan of the new place and work out what the measurements are. The floor plan will act as a guide to planning how to organise and decorate the new space. As well as desks, chairs, and computers, you need to consider other things like carpets, lights, blinds, or partitions to break up the space. When you’re planning, use different colours for each department to mark out the use of the space, and add more detail by adding different numbers to correspond to the space for individual employees.

Think About Finances

Taking into account all of the needs identified by each department and the requirements established from the floor plan, devise a budget that is broken down into categories for different expenses. This should include costs like moving and setting up equipment, purchasing new furniture and decor, and updating your marketing materials or stationery with the new address.

Mark Your Calendar

Constructing a calendar of deadlines for each task is vital to keep the project flowing and on-track. Using shared online spreadsheets with your plans will allow you to keep everyone informed of their roles so no task runs behind schedule.

Moving Services and Safe-Keeping

Booking a removal company should be done as soon as you can so the moving process doesn’t slow down, and so you can take your pick without having to compromise because you are late to the party. Pick your company carefully based on pricing and reviews and whether they are able to provide you with any other help you’ll need. If you have equipment or furniture that you’d like to keep but don’t want to clutter your office space, you can use a self-storage unit for long-term safe-keeping. This is also a great option for storing things mid-move while you’re packing up so they don’t get in your way or damaged.

Send Out Notifications Of Address Change

Your clients, suppliers, utility providers, bank and insurance companies will all need to know about your change of address as soon as possible. Any business cards and marketing material will also need a makeover to reflect your new location. To catch anyone who tries to contact you at your previous address, a postal redirect and call forwarding to your new premises is necessary.

Pack Everything Up

In the few weeks leading up to the official moving day, delegate packing tasks amongst members of the office. Ask all your employees to take home their personal possessions to help declutter the office and make the packing task simpler. All of the packing boxes should be labelled with what’s in them and where they are to go in the new office. Colour code the boxes according to department and note the employee number where necessary.

Preparatory Set-Up

Streamline the move-in by installing electric cabling and data points, functioning bathrooms and kitchen, lighting and heating before all your office equipment and furniture is moved in. With everything set-up and installed prior to move-in day, it will be a simple case of linking things up come move in day.

Last Steps

  • There are a few final steps you’ll need to take before moving day.
  • Firstly, avoid last-minute panics by collecting the keys or access codes for the new building and office.
  • Next, make sure you know where the removal company can park on the day.
  • And finally, create a comprehensive itinerary for the day which you should give to all your team.

The Move

Moving day may be strenuous so minimise the strain by preparing yourself. Packing a moving day kit is a good idea – fill it with a first aid kit, snacks, and water to keep your energy levels up. Hand your movers your contact details and your floor plan with the colour codes for the labelled boxes. On arrival at the new office, have your camera at the ready to take pictures of the premises, looking out for anything to report to the landlord. After the movers have unpacked everything, ask the representatives from each department to check over their sections, making sure everything is in place and undamaged. Organise cleaning services to attend to your old premises before you return the keys.

Run A Trial

When moving day is over and your employees have returned to work, trial working in the new office space for a couple of weeks – ask for feedback from the employees on the facilities, the layout, and the feel of the office. Make changes where necessary to achieve the ideal working environment. This moving office checklist will help you construct a smooth moving project, addressing any issues along the way!

About the author

Carol is a freelance writer for Storage Vault Coatbridge and is absolutely bonkers about storage and productivity. If not writing lists, press releases or blog articles — you can find her exploring the Scottish highlands with her Macbook and notepad looking for inspiration and adventure.

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Debt Settlement- Overcoming Business Debt and Moving Forward

Business Debt : How To Avoid Common Mistakes

People begin their businesses with concepts and set up teams that work hard to accomplish their objectives. However, increasing competition, uncontrollable economic circumstances and cash flow problems can make it difficult to pay your debts.Even the most efficiently run businesses are susceptible to financial challenges. Debt settlement can help your business lower its payables and save money through negotiations with your creditors. Embark on giving your company the rejuvenating start it needs with an evaluation of your current debt situation.

Business Debt Payments

Business debt can be a complex and intricate topic, which it is necessary for business owners to be aware of their choices and debt management opportunities. Many business owners are tempted to delay payments when they are dealing with unforeseen expenses or slow sales. This is a habit that can develop rapidly into a major problem for the company.

  • Lack of proper financial management can lead to the failure of a business and compel companies to shut down. If you do not deal with your debt problems your risk downgrading your credit rating as the payment history of your business is tracked. Other companies will have access to this information and are unlikely to offer credit terms to businesses that do not have a favorable credit history.
  • When you are considering business expansion or investing in new and modern equipment, a questionable payment history will make it much harder for you to obtain a loan from lenders such as banks. The financial consequences of neglecting your debt payments can be dire. Click here for business debt settlement.
  • As debts pile up, the ability of the business owner and employees to focus and be productive will be compromised. From dodging creditors’ calls to struggling with different payments, this type of working environment is bound to disrupt staff productivity and motivation.

Dealing with Debt

If your company is dealing with late payments, you can prevent the situation from becoming worse by consulting debt settlement specialists who will help you manage your business debt issues successfully. They will understand your needs and provide an assessment of your company’s debt situation that is geared towards protecting the future of your business.

Regardless of how challenging your business debt may be, debt negotiation and settlement can help to resolve the debts that you owe. You will also be able to improve the cash flow of your business and enhance capital reserves. Debt settlement is one of the ways to get your business back on track. Settlement allows you to get rid of the debt challenges that businesses face on a daily basis.

Conclusion

Corporate debt is affected by aspects such as late fees and interest charges. It may become more difficult to pay debt with your current situation and if you do not address the issue promptly or keep waiting, circumstances can become overwhelming and settlement will be more challenging.

Avoid bankruptcy and restore your business finances by settling debt through effective negotiations. Your debt problem requires a worthwhile resolution such as settlement that will revive cash flow while eliminating the burden that is interfering with your business operations.

 

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Millennials See Banks Differently from Other Generations

Millennials Are the Fastest Growing Customer Base.

Millennials are the fastest growing customer base. Their number, education, and exposure make them a target for businesses who are looking to woo clients. The story is no different in the banking industry where financial institutions consider them an asset that must be had.

Think about it; it has been predicted that millennials will represent about 75 percent of the global workforce by 2025, per Bankingly.com. Millennials also make up a more significant portion of the labor market. They may not be as wealthy as the boomers, but more workforce means more money at their disposal to contribute towards bank deposits. The millennials have it all, it seems. So it makes sense that they are a target for anyone who is looking to generate customers.

However, this generation tends to have different expectations from boomers when it comes to the financial services sector.

Understanding their Reasons and Preferences

It is no secret that consumer taste changes with each passing generation. For millennials, this means a preference for online banking over more traditional financial institutions. After all, they are a generation who practically live on their smartphones. Millennials are tech-savvy and consider their phones the new wallet because they expect digital convenience in all aspects of their lives.

The Bankingly report claims that 71% of millennials would rather go to the dentist than go to the bank. Also, around 33% of millennials are of the opinion that they do not need a bank. A further 53 percent of them believe that their banks offer the same products as any other.

This makes millennials more open to switching banks since they don’t see any differences between these financial institutions. Instead of sticking with brick-and-mortar banks, millennials prefer mobile banking. Baby boomers, on the other hand, prefer to stick with older banks due to concerns over the safety of their financial data. Such diverging attitudes create a huge problem for financial institutions.

With the boomers retiring, millennials are expected to fuel future growth for the banking industry through loans, mortgages, retirement accounts, etc. Nonetheless, it appears that banking needs of millennials are influenced by their lifestyles. And this creates uncertainty regarding what the future holds for older banks.

Two Main Reasons Millennials

  • The global financial crisis: The global financial crisis has made millennials skeptical of banks. The 2007 global financial crisis made it hard for older millennials who came of age at that time to secure jobs and pay off student loans. Also, they are educated enough to know that the global financial crisis was due to the greed and fraud that pervaded the banking industry at the time.
  • Millennials expect digital convenience: As mentioned earlier, millennials demand digital services because they seek convenience. The American Bankers Association reports that millennials are three times more likely to open a new account with their phone than in person. This causes them to lean more towards banks that offer digital services than the more traditional ones.
  • Millenials Are Distrustful of the Traditional Banking System World Wide. They Expect The Digital Convenience , Faster Service From Mobile Apps and Tablets For Their Banking Needs

 

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Three ways to manage your money more productively

 

Managing your personal finances isn’t as easy as it seems. Rising prices and an uncertain economic climate makes the challenges even greater, which is why it’s important that you take steps to get a firm handle on your money needs, assessing your situation, and making the appropriate changes. The key is simplification, and with the right steps, it’s much easier to manage your money more productively and safely. If you’re looking for ways to keep your finances organized, here are the top three tips that might just keep your wallet full and your financial worries at a minimum.

Record your expenditures

It may sound almost redundant in the days of online banking and mobile phone consumerism, but making a note of what and where you are spending your money can be hugely beneficial. Being able to see just where you’re spending your money (and the amounts) will go a long way to giving you a much greater insight into your monthly budget. Budgeting needn’t be a complicated process, and it doesn’t have to mean denying yourself treats either. It’s more a case of simply knowing how much money you have coming in, and how much is going out. It sounds basic perhaps, but far too many people have higher outgoings than income, and that’s where the problems start. Look at your list of purchases over the last month and see if there are any regular buys which are simply not necessary, and make adjustments to ensure that your money coming in is not overshadowed by the money that then goes out over the course of the month.

Use a personal finance advisor

Having a personal financial advisor is essential if you’re looking at investments or are wondering about your future. Depending on your needs, the right financial advisor can help you to manage even the most complicated of situations and is very well-placed to help you make long-term targets. The right financial advisor will start with a fact-finding check that will cover the full scope of your situation and give them a greater insight into your potential financial growth. There are a variety of financial advisor types, and finding the one that best suits your situation is the first step to a better, more stable future. Look for specialists in your area of interest, and browse a dedicated portal like Buffert (Buffert.se) so that you are better able to take advantage of a dedicated level of experience and insider insights. Those insights will not only mean that you gain access to better advice but also give your finances an extra layer of added protection as well.

Balance your rent/buy costs

It can be very tricky to weigh up the cost benefits of either renting or buying goods and services. Buying items is often (but not always) cheaper in the long-term, whether it’s property, a car, or an entertainment system in your living room. Is it worth spending money on a lawnmower if you only use it for two months of the year? That’s where your initial cost analysis will come in handy. Check your expenditures and make sure that you are not paying out for something that you simply don’t need. Taking the lawnmower as an example, it might be much cheaper to rent one from a local garden center (or even a neighbor). Cost analysis is essential when it comes to making a final decision between renting and buying, and the larger the cost value, the more important that decision becomes.

 

Money Matters

When it comes to your money matters, the most important thing is being honest with yourself about your current situation and where you want to be in the coming years. Having the facts will make all of your decisions considerably easier, and you’ll stand a much better chance of being able to build a comfortable bank balance that will protect your future.

 

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5 Efficient Ways To Save Up Money To Travel

Travel Fund

People often find themselves questioning how best to quickly save up money to get out and travel the world and we don’t blame them! Saving money is hard enough, but add in a desperate want to explore the hidden gems of the world and a lack of money to get there and it can be frustrating! Luckily, saving up to travel doesn’t have to be difficult, nor does it need to be a long process. With the right frame of might, you can save up all the money you need and jet off in as little as couple of months – well, once you have completed your E111 renewal application, of course! From having a dedicated travel fund, to resisting buying those clothes you want, but really don’t need, we’re here to explain efficient ways you can save up money to travel in more detail below.

Have A Dedicated Travel Fund

When you have a dedicated travel fund, you will save up money to travel much quicker than if you put the odd couple of pounds aside in your purse, and if you really want to travel, you won’t dip into your saved funds! It doesn’t matter whether you decide to open a savings account or simply start a money jar to get you started, when its staring at you, you’re far more likely to put the cash you need aside in order to travel.

Spend Less On Lunch

A great way to save up money to travel is by spending less on your lunch. These days, it’s far too easy to pick up a meal deal on your way into work, and whilst a £3.00 meal deal seems like a good deal for a sandwich with your favourite filling, packet of Walkers crisps and can of coke, the cost can add up quicker than you can eat it! Think of it this way, if you buy a £3.00 meal deal for every working day of the week, you are spending approximately £60.00 a month on your lunch alone, which could cover the cost of your flight depending on where you plan to travel to! The moral of the story? Make your own packed lunch!

 

Two businesswomen having lunch

Stop Buying

Saving up money to travel can be as simple as to stop buying. Whilst you will (obviously) need to buy groceries, you can save a tonne of money by restraining yourself buying the latest gadgets or clothes. The next time you want to buy something, ask yourself: do you really need it? More often than not, the answer will be no. It takes a whole load of courage to put something you really want – but don’t need – down, but when you step on board that plane, you’ll be more than happy that you did!

Cancel Subscriptions & Memberships

It’s a given. Almost all of us are subscribed to websites, such as Netflix, and have gym memberships we try our utmost to avoid no matter what we promise ourselves in the New Year. In order to save up money to travel, get rid of any subscriptions you no longer need and any memberships you can simply do without, because, let’s face it, if you haven’t already used your gym membership card, it is highly unlikely that you will in the next few months!

Write A Shopping List, And Stick To It!

The next best way to save up money to travel is to write a list when you go shopping, and stick to it! It is far too easy to walk into your local supermarket and pick up the latest offers, snacks that tickle your fancy and food you simply don’t need to buy. In order to avoid impulse purchases, a grocery list is the perfect way to save money that you can put towards travel and it save time because you will know exactly what you will be having for dinner before you step through the sliding doors.

There a countless ways you can efficiently save money to travel, these are just some of them. From cancelling unwanted subscriptions and costly memberships to spending less on lunch by quitting the meal deal fad and making your own packed lunch, saving up money to travel really isn’t as difficult as you may think.

 

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