Top 5 ways to Manage Your Finances

Manage Your Finances

Money is a very important asset because you can buy most things in life if you have enough money. For this reason, you need an excellent plan to help you make money, grow your money and save your money. If you do not have excellent money management skills, you will not go far in life. Below are top 5 ways to manage your finances.

Spend Wisely
Making money is not as difficult as keeping your money. This is why spending wisely is vital for people who want to achieve financial success. Do not spend your money before you get it and never spend money without a budget. Buy only the things you need and avoid impulse buying. Remember that any money you spend on frivolous things does not come back to your wallet or bank account.

Avoid Credit Cards
This may sound odd because we live in the plastic era and most people have one or two credit cards. The problem is that credit cards lead to debt and debt leads to financial trouble. Pay cash for all your transactions and do not use credit cards unless you really have to do so.

Save Extra Money
If you earn a salary, you know exactly how much you expect every month. If you run a business, you also have an idea of how much comes in every week or every month. However, there are times you get some extra money. When this happens, do not go on a shopping spree. Save the extra cash and your money will grow.

Invest in Stocks
Stocks and bonds are excellent investment ideas. Invest a percentage of your earnings every month on safe stocks and bonds. In future, you will get a nice nest egg plus excellent returns on investment.

Have a Standing Order
Have an arrangement with your bankers every month so that a certain percentage of your salary goes into a dedicated account. This money is your strategic reserve so you should not touch it unless you have an earth-shaking emergency.

Final Word
Money is a vital commodity so you should find a way to enjoy a healthy financial position. Carry out the 5 tips above and you will not have any regrets.

How to start a not-for-profit business

not-for-profit businessStarting a not-for-profit business can be very simple. Making it a successful entity is where lies the secret.

First of all, what is your mission? This step is very important because it is what will guide every other action of your future organization. So you need to be able to put what inspires you into words, so that others can be inspired by the same dream of yours even if you are not present in the room and work hard to build and expand your original dream beyond dimensions you couldn’t even imagine in the first place.

Second, you need to make sure you are resolving an unique need. It is a not-for-profit but it also is business after all, and although you are acting motivated by a passion point of view, you need to be cold and have facts supporting your passion, otherwise you will eventually fail. So, accurately knowing what are the community needs and how much this need is actually necessary is very, very important.

Once you have done your research, it is time to prepare a business plan. Not-for-profit doesn’t mean no profits; if your organization is not profitable, being exclusively reliant on donations can jeopardize the long-term existence and the future of your creation. In order to be able to help others, you must first make sure your organization can help itself. The profit can be put aside for a rainy day or used upon expanding the organization. A good business plan will also research thoroughly all possible government grants. There are two important moments of financing your organization: first there is the start-up phase, and second there is the ongoing, everyday activity phase. It is important to knowingly quantify your capital needs in these two very diverse moments.

If everything so far seems feasible, remember you also need to file the proper paperwork in order to incorporate, and also register your not-for-profit status at the IRS and your state too. Registering with the IRS is extremely important, since this is also how donors will receive their tax write-offs. You will need to keep good records, since your organization’s tax forms will be made public. Anyone willing will be able to know know how much you and every other employee make.

Speaking of transparency, another very important issue is how you will measure the impact your organization has in your community. You need to measure it and communicate to others what you are doing. This is important because what gets measured, gets managed, done, and improved. This is also how you get new and repeat donations.

Last but far from least, remember how important the right people are. Selecting a good initial group of board members and volunteers can make or break your organization, so please make sure to select the right people for these important positions, otherwise your entire vision and planning may be ruined just because of one bad apple.

Benefits of Being on the Receiving End of Financial Consulting

Financial Consulting

As an individual, it’s imperative you have all your financial plans relating to work and personal life well thought out. Having a structured financial plan gives you a clear picture of your current financial status and how things would likely shape up in the future. But financial planning cannot be DIY’ed. Proper financial planning needs a professional financial advisor. If you cannot hire one, you can at least seek the services of a financial consultant every now and then. In this article, we will talk about the benefits of financial consulting.

Financial Consulting is Not Just Investment Planning

A financial consultant not just helps you with investing funds. From planning for retirement to budgeting, to planning for educational funding and saving, to managing insurance and taxes, a financial consultant can help collate and make all the financial aspects of your life work in harmony.

Customized Service

A professional financial consultant or adviser would invariably have several years of tools, training and experience behind him where he would have served several different clients and countered multiple scenarios. Thanks to this rich experience, a financial consultant can easily assess your requirements and offer suggestions that reflect the best financial industry practices and are right for your specific requirements. Moreover, a financial consultant can find your mistakes and ensure you don’t repeat them going.

Financial Planning

A financial consultant could assist you with financial planning, which is most important. When planning, the consultant would help you amass the data needed to set up a financial baseline. He would also comprehend all variables affecting your household wealth. For instance, a consultant can help you understand how your savings rate, investment returns, taxes and inflation would impact your financial plan.

Benefits Easily Outweigh the Costs

Some individuals stay away from financial consultants and resort to cheap financial software due to the costs associated with professional advice. However, most do not look into the likely expenses they may incur due to poor or inefficient financial planning. Generally, a couple of recommendations made by the consultant would help you generate enough savings that would easily pay for a wholesome professional financial plan.

Why You Should Get Travel Insurance

Travel InsuranceWhen most people plan a holiday, the last thing on their minds is insurance. What kind of insurance you may ask. Well, isn’t it plain to see: travel Insurance! So as you’re hurriedly packing your bags, take a moment to reflect on your impending trip. Is there a real risk that your journey may not proceed exactly as planned? Like a tornado warning resulting in ALL flights getting cancelled. Or, worse still, being caught up in one, and having to be emergency evacuated in the middle of a tantalising lunch. In a few words, things happen! All the more reason why you should get travel insurance.

There isn’t an exhaustive list of reasons why travel insurance is so important. However so, it doesn’t hurt to remind each other from time to time about any uncertain stumbling blocks.

  • Lost or Stolen Possessions. Insurance reimburses you for any possessions lost or stolen in transit.
  • Cancelled flights. Rough weather, faulty aircraft and air traffic jams are the norm rather than the exception. With insurance you can pay for overnight accommodation or reschedule at no extra cost.
  • Cancelled trips. You fall sick suddenly thereby forcing you to cancel. You’ll need to recover all the travel expenses to date otherwise it’ll be an utter waste.
  • Health emergencies. Your bungee jump goes wrong and you’re hospitalised for a week. All those expenses will be covered by travel insurance.

Discuss Your Itinerary

Put the centerpiece on your long awaited vacation by sitting down with your travel insurance agent before jetting away. One common trap people fall into is to just sign without a care in the world. Like, why bother? For as long as I’m “covered” what’s the big deal? Well, sorry to blow your bubble but the dig deal is that you may have paid way too little for the nature of your holiday, which apparently includes dangerous activities like bungee jumping. On the other hand you may have paid too much if your going to be sun bathing and partying the entire week.

So sit down with your agent and talk details instead of where to sign.

What to Know about the Most important types of insurance

Types of insuranceIn life nothing is guaranteed to last forever. If you own property, there are chances you might lose it due to unplanned events. This makes it important for you to insure the things you own with companies that can help you regain what you lose. Below is a discussion on the Most important types of insurance policies that people need to consider.

Property insurance policies

These are policies that cover the loss of property to certain causes. The things that can be covered include homes, vehicles, boats and shops. All these things can be lost due to unplanned events. The insurance companies give you the terms of agreements for you to read. Once you are convinced the terms are good, you can sign a contract and start paying a monthly subscription.

Cover for theft

This type of insurance protects you from theft. When property you own is stolen, the insurance company will step in to help you find it or replace it. For tracking services, the company can insert tracking devices in the property so that they can remotely locate it. If the goods are not recovered, the company will replace them or help in purchasing new ones.

Accident cover

This cover guarantees you to get back your property in case it is damaged due to accidents. Houses and vehicles are the most items covered under the policies. The cover company will replace the property lost in the process or offer repairs if the property is not totally damaged.

Natural disaster cover

You might lose your property in the process of natural occurrence. The cover companies will help you recover the property and get back to normal living. Losing a home due to floods may inconvenience you. The company will step in and find you shelter as you wait to get a plan to work out of the problem.
People insurance

Getting personal insurance is also important for every person. No person can tell the future and hence the insurance companies step in to offer help in case of any problem. Some of the problems you might experience are accidents and death. There are policies that cover health and life. They help you get treatment when you fall sick. Some medical bills may be too much for you to pay for. Depending on the cover you pay for, the company will come and clear the bills for you.

Conclusion

Life is unpredictable and you need a plan to be prepared for anything. Getting the Most important types of insurance will protect you, your friends and your family. Do well to read the terms and conditions carefully. You do not want to get surprises on the day you are claiming your compensation.