No matter what stage of life you are in at the moment, saving money is always beneficial, even if you are saving small amounts at a time.
There are so many ways to start saving money that can help you begin including, budgeting apps, learning the 50-30-20 rule and more. You will be able to find a method that works for you and your finances.
It is important to have a separate savings account before you start so you can keep your savings safe and you could even earn interest.
Why you should save...
There’s a cliched saying in business that you need to speculate to accumulate. As trite as that expression may be, there’s more than a grain of truth in it. Spending money to get more back than you put in is what every business owner is trying to do. For example, if you’re going to invest in a finance tracking app, you want to make sure the monthly cost is less than the value it provides over time. The same principle applies to everything you do within your business, including hiring people.
As the great David Brent once said in The Office, “investment in people”. He might not have known a lot about business and finance, but he knew enough to say that people are an important investment for any business. That’s why you need to hire the right people. You might be lucky and have a deep pool of talent in your local area or, indeed, the country.
International Recruitment Requires Careful Consideration
However, what happens when you need to look further afield for talent? That’s when things get trickier in a variety of ways. In this context, the variable we're most concerned with is cost. There are certainly benefits to employing people from overseas. From introducing different workplace practices and ideas to creating links in new markets, foreign workers can be a boon for any business. However, as we’ve said, the long-term value needs to outweigh the costs for it to be a smart move.
Employing people from outside of the UK requires a sponsor licence. As noted by immigration lawyer Reiss Edwards, a sponsor licence “enables UK companies to hire foreign workers” by issuing “Certificates of Sponsorship (CoS)”. There are a variety of requirements and standards a company has to meet to receive a sponsor licence, including:
• Your company must be genuine, operating lawfully and be based in the UK
• Your company must not present a threat to immigration
• Your company must have a suitable and reliable HR system capable of meeting the reporting requirements of a sponsor
Already, you can see that there are costs involved in this process. For starters, you might need to engage the services of immigration lawyers, such as Reiss Edwards, to help with the application process. Then, you need to cover the administration and HR costs associated with holding a sponsor licence. Beyond these costs, you need to decide if you want to hire people on a temporary or permanent basis.
The Costs of Recruiting Foreign Workers
Credit: Towfiqu barbhuiya on Unsplash.
The application fee for each is £536 if you’re a small business. However, if you’re a medium or large business, a temporary worker application costs £536, while a permanent worker application costs £1,476. Alternatively, you can pay £1,476 for a dual sponsor licence if you’re a small or large company. You also need suitable employer’s liability insurance that covers your business for at least £5 million. You also have to factor in CoS costs of between £25 and £239, depending on the type of licence you hold.
Finally, there’s the salary and benefits you need to pay someone to relocate from overseas. In short, there are a lot of obvious and not-so-obvious costs when it comes to recruiting people from abroad. That’s not to say the expense isn’t worth it. You may well find that foreign employees have a positive return on investment (ROI).
But, as it is with all things in business, you need to think carefully before you take the plunge. The way you do that is by researching what’s involved in hiring people from overseas. This, in tandem with guidance from qualified experts, should help you calculate if the benefits do outweigh the costs.
Futures trading involves traders buying or selling contracts to trade assets at a predetermined price in the future. Traders should know about futures trading as it enables them to make profits from price changes in other markets, such as commodities, stocks, and currencies.
This article will look into the foundations of live futures trading and why every trader must have a clear comprehension of this sector at all levels.
5 Things Every Futures Trader Should Know
Trading futures can be complicated, but it can also be rewarding with the right knowledge and strategy. Here are five critical facts about trading futures:
1. Establish a Trade Plan
Futures trading necessitates establishing a trading plan. This involves choosing the objective of profit and exit strategy ahead of starting a position, which in turn manages risks and gives a clear path to your trades.
A well-defined trade plan can guide your decisions, helping you avoid impulsive actions based on market fluctuations. This is an active approach to trading that improves profitability while reducing losses.
2. Protect Your Positions
One way of securing your positions in futures trading is to have an exit strategy ready. This could be done by placing stop-loss orders that automatically sell your future contracts once they reach a particular price. It will help you minimize losses should anything wrong happen when the markets go down.
As such, it is a defensive measure that creates a safety net and facilitates effective risk management while allowing for continued ownership of assets.
3. Narrow Your Focus
It is important to narrow down one’s focus in futures trading and concentrate on a few select underlying assets and markets instead of trying to trade in many.
This would enable the trader to have a better understanding of the market dynamics, trends, and patterns, thus making informed trading decisions. This can lead to missed opportunities as well as mistakes due to spreading oneself too thinly.
By concentrating on fewer markets you may be able to fine-tune your strategy for trading so that it becomes more profitable.
4. Pace Your Trading
Trading futures is not to hurry into trades and well-thought-out decision-making. It’s about effectively managing your energy and resources to prevent burnout and maximize performance.
Trading is an intense and stressful practice. However, if you fail to pace yourself, you could make snap judgments that would result in a loss.
Pacing yourself helps keep your mind clear for better choices and sustains trading activities over time.
5. Think Long and Short
Thinking long and short in futures trading means being open to both buying (going long) and selling (going short) positions.
This flexibility allows you to profit from both rising and falling markets. It’s about not being biased towards a particular direction and being able to adapt to market conditions.
This strategy can provide more opportunities for profit and help diversify your trading portfolio, reducing risk and increasing potential returns.
Conclusion
Knowing the ins and outs of futures trading is your ticket to managing risks and broadening your trading options. Keep in mind the importance of staying consistent and disciplined.
If you wish to trade future contracts without much effort, then consider the Dhan Trading platform which is easy to navigate through and allows you to make well-informed decisions easily.
In today’s complicated financial environment, many families in Illinois fall victim to unexpected expenses and emergencies as this state is prone to economic fluctuations that usually affect personal budgets. Life is unpredictable, and the unexpected can refer to unforeseen travel expenses due to a family emergency, emergency car repairs, or sudden medical bills that make an individual’s savings impossible.
Under such circumstances, cash advances, also called payday loans, become an essential financial lifeline. For Illinoisans, knowing about and utilizing online payday loans in Illinois is vital in such desperate times.
How Cash Advances Serve as Emergency Financial Solutions
Emergency advances are loans intended to be merely short-time lines of credit to assist people who had unanticipated and essential bills presenting themselves a few days before receiving their monthly salary. In contrast to regular credit lines, they are just speedy transactions with lower requirements for eligibility, and they extend their helping hands right from fair to even the worst categories. This is also why financial assistance borrowers depend on them, making them the first to get the number-one lifesaving funds. This is why the Armageddon Mafia can be described as a ready version of the Armageddon Mafia, which helps them face emergencies.
One of the main features of cash advance services that makes them attractive is the speed and ease of procedure. Candidates can access funds within seconds, the same way business hours will be gone, and the bureaucracy will never be completed again on time. However, it may be too late for emergencies that need money to be arranged at the last minute.
Lenders fully grasp that some cases might be emergent, and clients ought to take advantage of the time window for loan application approval. Additionally, when Doctors have to pay bills urgently if they do not want to curtail treatment or quickly repair damages before they become more significant problems, payday loans are a short-term financial predictability and reliability stop-gap.
Furthermore, the capacity to instantaneously obtain a preferred amount of cash in such a mode is sailing. Different from the other types of credit, which may require security, a high credit rating, and a complex background check, payday loans to address these issues ensure we have the fastest and simplest loan process possible. Aside from other requirements, housing qualification usually requires proof of personal income, active bank account, and personal ID. Such integration ensures a wide range of people, as many may need to be financially included due to old past credit errors or limited credit history.
In addition, the Illinois legislation is intended to save consumers trouble with certain risks connected with payday loans. The interest rates, fees, and maximum loan amounts are highly regulated to stop the debt inflation accompanying unmodel lenders. This is preserved so that borrowers can have the support they need by borrowing their funds quickly, while at the same time, the rate set by the law is significant to perimeter the cost of borrowing.
Managing Financial Emergencies with Strategic Use of Payday Loans
Utilizing payday loans in emergencies with a single-minded eye on the immediate condition will probably provoke long-term misfortunes from another financial institution. Payday loans, in most cases, are drafted such that borrowers pledge repayment by the day their next paycheck is due. Therefore, instead of using payday loans as part of long-term financial plans, they may be temporary assistance in dealing with short-term urgent crises.
Borrowers should also ensure that they understand the provisions and clauses of their borrowing contract. In Illinois, payday lending legislation is the state law that protects borrowers by restricting the amount to be borrowed and the charges until they reach their paychecks. Being aware of such rules is an advantage for borrowers who want to avoid loans from predatory lenders and avoid being caught in the chains of financial hardships.
Attributing strategic ability to payday loans means believing in the know-how to use them and how. They should only be used when you are positive about being able to pay the loan back on time, as it saves you a ton on extra fees and avoids a cycle of debt. What is more, you should borrow quick cash only for emergency needs and not for non-essential purchases.
Conclusion
Sometimes, advance dispersals or "payday loans" are employed to help Illinois residents with financial crises. They are the perfect solution for such a crunch time, and they often help us meet the financial need gap until other resources are accessible or until the next paycheck. These tools, however, also come with a caveat: they should be used responsibly and with the knowledge that any financial institution may provide strict terms and conditions as governed by their respective state laws.
Suppose any Illinois state resident got caught money-wise during an emergency. In that case, correctly choosing payday loans will lead to a favourable solution without an additional problem burdening it. Recall the main thing is that during this period, payday loans should be borrowed to become a part of the overall financial strategy that involves budgeting, savings, and emergency funds. Many people look into the options on the Internet when they need money fast. Therefore, any information regarding online payday loans in Illinois could prove the most crucial help at a tough, trying moment.
The problems you’ll face after being injured in an accident aren’t purely physical, as the financial ramifications can be just as much of a millstone around your neck. Securing your settlement check marks a pivotal moment, yet many find themselves unprepared for the intricacies involved.
So with that in mind, here’s a tactical guide to get you through the thicket of legal thorniness and post-settlement money management.
Looking for Legal Guidance
A whopping 95% of personal injury cases are settled before trial, and 90% of those that do go before a judge end up with the victim being vindicated. This is only possible if you have the right legal representation on your side. Here’s what this involves:
Seek Legal Consultation Early
Time is pivotal. Connect with a legal professional promptly to ensure your case is handled with the urgency and attention it deserves.
Understanding Your Case Value
Every case is unique. A lawyer will help decipher the complexities of your claim and provide a realistic outlook on potential settlement figures, which in turn will ensure that your expectations are realistic rather than inflated.
Strategic Negotiation Tactics
Settlements aren't simply handed over; they're strategically negotiated. Your attorney’s skill in this arena can drastically affect your compensation amount.
Understanding the Settlement Timeline
The period between reaching a settlement agreement and receiving the actual payment can be significant, so it's vital to set realistic expectations - on average, it takes 6 weeks to receive a settlement check after an agreement has been reached. There are other elements at play, including:
Location
Different regions have different rules regarding settlement timelines. For instance, if you’re based in Texas then one of the many details you need to know about legal settlements is that the post-agreement paperwork needs to be completed in 60 days, but some cases can have the deadline reduced to 30 days. In either case, that’s a decent chunk of time you’ll be left in limbo.
Anticipating the Wait
Factor in this waiting period when planning your financial recovery. A clear timeline helps manage personal cash flow during this gap and staves off some of the less helpful temptations that you might have when you know that a major payday is on the cards further down the line.
The Process Post-Agreement
After settlement, several procedural steps must occur: as mentioned, documents are signed, but there’s also the aspect of insurance companies processing payments, and attorneys ensuring all liens and fees are accounted for.
Contingencies that Could Extend the Timeline
Be aware of potential delays such as bureaucratic hurdles or disputes over the finer points of the settlement which can add weeks - or sometimes months - to your wait.
Financial Planning with Settlement Funds
Once the settlement check firmly lands in your hands, the focus shifts from anticipation to action. History tells us that people who suddenly stumble upon financial fortune can end up in dire straits, which highlights the need for prudent planning. Several strategies work well here, such as:
Map Out Your Financial Recovery
Begin with settling outstanding medical bills and any debt incurred due to injury-related income loss. Then, establish an emergency fund for future unexpected expenses.
Long-Term Wealth Management
Consider consulting with a financial advisor to explore investment opportunities that align with your recovery goals and risk tolerance. Also, set aside funds for long-term needs such as ongoing medical care or adjustments to living arrangements if necessary.
Sudden Wealth Syndrome
Resist the urge to make impulsive purchases. Adjusting to sudden wealth requires discipline and strategic thinking - especially if the impact of the injury on your ability to function as normal has been significant, and major lifestyle changes are necessary.
Final Thoughts
It’s true that if you’re injured in an accident and a legal pro agrees to take on your case, the chances of getting a settlement are high - because lawyers in this field only accept cases they are confident in winning.
However, with delays in settlement payments likely and the post-settlement financial state of affairs you’re faced with being even more complex, you need good guidance throughout, as well as an understanding of all we’ve discussed here to keep your affairs in order and step over the plentiful pitfalls you face.
Using a finance app can often be a helpful way to keep on track of your money wherever you are and in a specific way for your needs. Tracking your money shows you how much your are spending and can support you in making a change.
There are many options for free budget apps as well as paid for ones which can help you keep track of your spending and get control of your finances.
Hyper Jar
This app is free to use and download and includes a physical card to use. Upload money onto the card and use it to budget.
The app uses a system of ‘jars’ to budget, you create your categories and how much you put in each one. For example, your grocery jar could have £100 in it and your fuel jar will have £50 so you know this is all you’re supposed to spend on these things.
Hyper Jar includes a feature of linking specific shops to your jar, such as Aldi to your grocery jar and the money will automatically come from this jar when you spend here. You can earn interest when you commit to certain brands too!
You can use their shared Spending jars feature to help balance your finances with a partner or housemate. This also works if you wish to track you kids finances and help manage them.
Using this card allows you to travel without having transaction fees.
There is no option to withdraw cash from an ATM using the Hyper Jar card.
Emma
The standard version of this app is free.
This will link your banking apps so it can analyse the information and patterns to determine and suggest where you could make cut backs.
You are able to set up a monthly budget with Emma and the app will remind you to stick to it.
With the Emma Plus version, which costs £4,99 a month you can link 4 accounts, and have a fraud detection feature, bill reminders and a balance feature so you are reminded how much you have left to spend in your budget.
With the Emma Pro option, which costs, £9.99 you can link unlimited backs, track your net worth and any changes along with create custom categories for your spending patterns.
With Emma Ultimate, which costs £14.99 you can include any business accounts your might have and are able to become more specific with your needs. This is a great option if you have business finances to organise as well as other business finance apps.
Snoop
The app is free however if you want to try out some more features the cost will be £4.99.
Snoop will track all your regular bills and alert you when they are higher than usual and offer your cheaper options to switch to.
The app will also keep an eye out for insurance policies and cheaper phone deals. Once the app knows your routines and where your shop it can suggest discounts and voucher codes for those places saving you money wherever you go.
If you pay £4.99 for Snoop plus this will give you more features such as, tracking your spending from each payday and then create unlimited custom spending ports as well as refund alerts.
Snoop will be helpful for offering cheaper options for your regular items and spends which will save you money each month.
Why does Council Tax rise?
Rises are driven by the scale of the financial pressures that authorities are under.
The Council’s Network reports there will be a collective funding gap of £1.1bn over the next 2 years even after the rises in council tax.
Financial strain on the authorities
Four councils have been forced to declare effective bankruptcy including Birmingham, Woking, Slough and Thurrock. Because of this, the Independent report that they have been given special dispensation by the government to raise their council taxes by up to 10%. Thurrock plan to put the cost up by 7.99%.
When a council has gone bankrupt that area may experience some cut backs including bin days becoming more irregular and street lights being dimmed.
Councils are struggling to balance their budgets due to high inflation and high demand for care services. The government had supplied £600m extra to local government for 2024/25. With £500m of this for social care which will make a substantial difference to the local services.
The rate of inflation is effecting various areas of living for households and businesses including phone contract prices rising to the price of rental properties.
As well as the high prices creating hardship on households, the authorities are also struggling to make ends meet causing them to increase the cost of council tax.
How much are council taxes going up?
Most councils plan to raise their council taxes by the maximum of 4.99%. Band D council tax is raising to an average of £2171 which is an increase of £106 from last year or 5.1%.
Each year in March or April providers will increase their prices which in the past have added a substantial cost to peoples phone bills.
In 2024 the average increase has been around 7.9% on top of customers’ bills.
Why?
The prices always rise according to the Retail Prices Indec (RPI) or the Customer Price Index (CPI) as well as an additional 3.9% to offset the inflation rate and rising business costs for the provider
This year the RPI was 4.9% and the CPI was 4%.
Which Providers increased their prices?
You should have been given a warning 30 days before the prices increased. Providers are also legally allowing to raise prices mid-contract.
EE – 7.9% increase
O2 – 8.8% increase
Sky Mobile – (Out of contract) 3%
Talk Talk – 4% increase
Which Providers have not increased their prices?
Lebara Mobile has not increased any prices. Often the smaller providers will not rise their prices.
Others will keep their prices stable if you are in a contract or deal with them already.
GiffGaff – For those mid-contract prices have remained the same
SkyMobile - For those mid-contract prices have remained the same
Tesco Mobile – If you are signed up to a Clubcard deal will stay the same
What to do if your bills rise?
Unfortunately if you are mid-contract and your bills rise there is little you can do as exit fees are often high. You should review your contract to determine if exiting would be worth it or not. Also check to see when your contract ends to make sure you can shop around before it ends.
Uswitch has estimated this will have people paying £24.23 more on mobile phone bills.
The cost of living crisis continues to affect households with rising prices in various areas of life.
Your mortgage is going to be a huge financial investment and something new to factor in to your budget and financial abilities. When deciding what mortgage to borrow both yourself and the lender will have to evaluate your current financial situation including any existing debt to decide what repayments you can comfortably make.
Before you start the mortgage application process you should know how much to expect.
Mortgage to Income ratio
It is sensible to keep this ratio as low as possible to ensure you will be able to sustain it. If you miss payments or cannot make the re payments you could have increased interest added on as well as more severe consequences such as repossession.
Using no more than30-40% of your post-tax income for your mortgage is a popular method for home owners and mortgage lenders too.
Lenders will generally prepare to lend 4.5 times your annual salary.
For Example…
If your annual salary is £50,000 and you have no debts then your maximum mortgage will be £255,000.
If your annual salary is £30,000 and you have no debts then your maximum mortgage will be £135,000.
If you are applying as a joint holder with somebody else then the lender will review both finances and your mortgage loan could be higher.
Why Pensioners have to pay income tax now
The 2024 budget has stated the the triple lock system will be secured which allows the state pension to increase in line with inflation so that pensioners are able to afford the rising cost of living. This rise has now set the state pension to, £11,502 from now.
The tax threshold is remaining steady at £12,570, so those who only receive the state pension will have no changes. Those who receive this as well as an additional private pension of £1,068 or more will be pushed into the tax bracket and have to start paying income tax.
Pensioners worry for their finances
Clarke and Peacock estimate that around 650,000 pensioners will now have to pay income tax.
The financial worries for pensioners now increase with the added tax and being able to afford the cost of living is already difficult on their low incomes.
Many worry about what they will have to do for this new rule. HMRC have stated that there will be no need for self-assessments as this is an automatic payment. However, the likelihood of incorrect tax codes means that claiming back overpayments will make contacting HMRC a necessity. This is a frustrating and worrying time for pensioners as they have to navigate their new finances.
Each year the government reviews the minimum wage and in April each year they are updated.
This year there will be a rise which will increase over 1 million people who are on the minimum wage currently.
The House of Commons Library states that the rates are provided in regulations made by the secretary of State with parliamentary approval and is based on the recommendation of the Low Pay Commission (LPC).
The new Minimum wages
For those who are over 21 the minimum wage will rise to £11.44 which is a £1.02 increase.
For 18-20 year old the new minimum will be set to £8.60 which is a rise of £1.11.
For 16-17 years old their new rate will be £6.40 which is a rise of £1.12.
The rate for apprentices will be £6.40 which is a rise of £1.12.
What is the average living wage needed in the UK?
The UK Government update the minimum wage rates each April to suit the economic situation and inflation at the time. However, does this allow people a liveable wage and is there a gap?
Statista discovered that the average voluntary living wage is £12 across the UK, in London this rises to £13.15.
In 2023 the Joseph Rowntree Foundation found that of the 14.4 million people roughly living in poverty, 8.1 million of these were working adults.
Their date found that for a couple with two children if they were living in poverty they would need an extra of £6,200 a year to reach the poverty line.
Despite the minimum wage increasing there is still a worry as inflation is not slowing quick enough and rental prices are rising faster than the growth of wages.
How does this compare to other countries?
The parliament reports their comparison with 25 other OECD countries and the UK were reported with the 8th highest adult minimum wage in 2022. This takes into account the varied cost of living in each country.
If you are already receiving your pension or you are keen to keep on track of your pension plan options then you might be wondering what the triple lock system means.
Triple lock pension
This is the system which maintains the rising pension payments so they stay in line with the rise of inflation and cost of living. The triple lock pension ensures that the state pension pot rises with the average earnings growth, inflation or 2.5%, whichever one is highest.
This systems allows pensioners who are relying on the state pension to be able to afford rising prices without worrying.
The BBC reports that Jeremy Hunt has promised that the triple lock system will remain apart of the conservative manifesto if they win the next election.
This promise is no surprise as pensioners are a large portion of the conservative voting demographic.
The state pension cost £110.5bn in 2022-23 which is just under half of the total government spending's on benefits.
The Office for Budget Responsibility estimates this will grow to £124bn this year.
How does this affect me?
If you are currently receiving state pension or are going to start in the near future you can feel secure knowing you state pension allowance will continue to rise in line with the cost of living prices.
This also mean that the cost of paying for these benefits is going to increase each year as more people reach retirement age than the young working population.
The new triple lock system could mean paying income tax for many pensioners.
