If you are struggling to manage your grocery bills while juggling a busy schedule, you are certainly not alone. Fortunately, that’s where subscription meal prep services offer a smart solution. 

By delivering ingredients directly to your door, they save time and often money, compared to traditional shopping. This post dives into how these services can economize your weekly meal plans. From cost comparisons to long-term savings, learn how making the switch can leave more in your wallet without sacrificing quality or flavour.

Stop Compromising Between Well-Planned Meals And Budget

Creating a family budget is crucial for long-term financial stability. However, this often forces a compromise on the quality or variety of foods and ingredients, leading to a cycle of repetitive and less nutritious meals. 

Meal prep subscription services can help you stop compromising between affordability and meal quality. Specialists in the sector and nutritionists can help you choose your daily meals so that you can be sure you are getting all the macronutrients, minerals, and vitamins needed for a healthy life, while also remaining in control of your spending. Ultimately, they offer well-planned, diverse menus that fit within your budget, ensuring you don't have to sacrifice food quality for cost. 

Reap The Financial Rewards Of Investing In Your Health 

Some of the most expensive chronic diseases to manage and treat - including heart disease, stroke, diabetes, cancer, and obesity - have been seen to be related to lifestyle choices and, in particular, nutrition. 

That’s where regularly consuming balanced meals can help you improve your overall health and potentially avoid the high costs associated with managing chronic conditions. Meal prep and delivery services can help you make the switch to a more nutritious diet in a way that causes no disruptions or significant changes to your life.

Combat Impulse Buys With Weekly Meal Prep Services

Frequent grocery store visits often lead to impulse buys, inflating your food budget without adding value to your meal plans. The solution? A weekly meal prep subscription. 

These services streamline your food expenses by providing exactly what you need, eliminating the temptation to grab unnecessary items. With this option, you can more easily stick to your financial goals and enjoy the satisfaction of well-planned, delicious meals without the extra cost and clutter of impulse purchases.

Design A Diet That Meets Your Unique Health And Financial Needs

Americans allocate an average of $779 on food monthly, with a significant portion, nearly $475, going towards groceries. Not only are such high costs difficult to bear for families, but, to reduce living expenses, they can cause you to start compromising on the nutritional value or quality of your meals. 

By embracing a balanced approach through meal prep subscriptions, you can design a diet that not only caters to your health needs but also aligns with your financial objectives. With these services, you can make every dollar count by investing in meals that nourish your body and your budget.

Access High-Quality Foods And Ingredients 

Millions in the US face challenges not only in getting enough food but in accessing high-quality, healthy options, according to Feeding America. This can lead to entire families making poor dietary choices, which, as we have seen above, can represent a significant risk factor for chronic diseases. 

Meal prep subscriptions step in to bridge this gap, delivering nutritious ingredients directly to your door. This ensures everyone can enjoy the benefits of a healthy diet, regardless of local grocery selections, by bringing better choices to the table without the hefty price tag or the hassle of sourcing them.

Avoid Wasting Money On Food Waste 

If you often find that some of your groceries end up in the trash or are left rotting in the fridge at the end of the week, you are not alone. Many find themselves discarding a significant portion of their groceries, especially perishables - the most expensive items in the basket!

This cycle of buying and throwing away can undermine your budget and have a significant environmental impact. If you are still in the process of planning your weekly food shopping spree down to a T, a strategic shift towards meal prep subscriptions can help you avoid food waste while you are fine-tuning your weekly grocery shopping. By delivering the exact quantities of ingredients needed for your meals, these services ensure that everything you purchase gets used. 

Gain Full Control Over Your Weekly Food Spending 

Undetected, inflation and evolving dietary preferences can inflate your grocery expenses, slowly draining your budget without you even noticing. This financial leak becomes evident over time, though the gradual increase in spending can be hard to track. 

Meal prep and delivery services offer a more transparent solution that helps you stay in control of how much you spend each week. By setting a consistent expenditure for your meals, you gain insight into exactly how much of your budget is allocated to food. This awareness can help with your financial planning without taking anything away from meal variety, nutritional value, and ingredient quality. 

Starting a family can be a momentous decision, and naturally, there is a lot more to consider than just the financial aspects alone. Even so, perceived financial barriers do hold many of us back from starting our family when we’d ideally like to, opting instead to work for a few more years and put together a bigger safety net for you, your partner, and your future children to fall back on if it’s needed. 

So how can you develop and maintain spend-savvy strategies as you prepare to start a family or whilst your children are still in their early developmental years? In this article, we aim to position you and your family for financial success so you can build healthy habits and inspire your kids to do the same as they grow older. 

Budget for your finances (i.e. mortgages and loans)

All families can expect to take on a certain amount of debt. Your major sources of debt will take one of two forms: a home loan, and a car loan. The home loan is self-explanatory, so let’s focus on the car loan. 

You’ll need a car to get your family around, whether for school, work or extracurricular activities. For big or even growing families in particular, investing in a reliable people mover is simply non-negotiable. And when you consider the improved safety ratings on newer vehicles, splurging on a new car feels extra sensible, to say the very least.

As you’d expect, car loans allow you to make smaller payments in either monthly or fortnightly sums. A complementary benefit of this type of loan is it typically improves your credit score for future financial decisions. In other words, taking out a car loan and managing it well may help you apply for larger loans (like a home loan) later down the line.

New car loans are typically available for vehicles that are up to three years old. If you’re looking to buy a secondhand vehicle, however, there are even used car loan options that are on offer for older models of up to twenty years old.

If you want to reduce your carbon footprint, you can even apply for a green car loan, a pure electric vehicle that reduces carbon emissions and cuts running costs. 

Consider making voluntary superannuation contributions

If you’re saving up for your pension by investing with a superannuation fund, then consider making top-up contributions wherever possible. Top-up contributions are contributions that are made to your super balance. This is especially a good idea if you’re working part-time, casual/contract or taking leave from the workforce. 

The benefit of investing in your superannuation now is simply that a greater investment today will naturally grow ever larger tomorrow. Now compound that with the next thirty-odd years, and you’ll have a nice little nest egg waiting for you come your retirement years. Small savings make a big difference, especially when that difference can mean increasing your retirement savings in the long haul. It might feel like a long, long time away, but starting early can certainly do no harm.

Create a family financial plan

Financial planning is all about making your goals as a family both actionable and achievable. If you have your hopes set on owning a home one day, or if you’re considering starting a business or taking a financial leap, family financial planning is an essential tool that will mark the steps you need to take to get there. This type of planning is all about setting goals and seeing them through. 

You can start by calculating your family budget so you’re on top of your expenses. Then determine what your financial goals are as a family - in particular, think about your long-term family goals, such as saving for university funds or paying off debt. Then allocate your goals to a percentage metric, such as the 50-30-20 rule or another money-saving strategy, and divide your savings amongst these percentages. 

Build an emergency fund

Following on from the previous tip, building up an emergency fund should be a priority for all new and expectant parents. This fund accounts for any unprecedented, unruly events, such as property damage or medical emergencies. This will save you from financial stress, or even tripping into debt as a result.

Thankfully, most diligent lifelong savers should already have a sizable emergency fund to their name. If that’s the case, then all you need to do is combine your assets with your partner to make sure that your family has access to those collective funds.

Once the funds have been combined, consider keeping your emergency fund in a separate savings account. That way, you can accrue interest on your fund and it can thus grow itself – a game changer for busy parents! You don’t need to fork out hundreds of dollars, either. Start small and build your wealth over time. 

Invest in insurance 

Insurance is important and should be considered and evaluated by every family to protect loved ones and their financial assets. 

There are different types of insurance. Below, we’ve compiled a list: 

• Life insurance ensures your family’s financial security in the event of your death is covered with a lump-sum payment. Both partners should consider this insurance type.

• Income protection insurance replaces your salary in the event of illness or injury which prevents you from working.

• Health insurance helps cover medical expenses and offers subsidies on pharmaceutical products.

• Home and contents insurance protects your home and assets from damage or theft-related incidents.

Manage your debt

Although it’s easy to procrastinate or forget about handling debt, managing your debt will lift the financial weight from your shoulders. Debt is a common challenge for young families, but it doesn't have to be a life-long plough through the trenches. 

When managing debt, ensure that you prioritise paying off high-interest debt (anything above the average interest rates for mortgages and student loans, for example) such as debt from a credit card. By eliminating the beast of your debt, you’re minimising interest costs. 

Assess your existing loans and explore refinancing options. This will make all the difference between paying higher or lower interest rates, the former of which could burden you with hundreds of thousands of dollars. 

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It is a fact of life that families must navigate the highs and lows of financial stability. By implementing small daily financial habits into your family’s life, not only are you advocating for your family’s financial independence, but you’re teaching your children to do the same. 

It can be difficult to stick to a budget, especially when prices are rising. In fact, according to FINCAP, over a third of adults in the UK (39%) currently don’t feel confident managing their own money. There are, however, many ways in which to learn how to manage your budget, and many of them don’t require any specialist knowledge or experience in spreadsheets, setting reminders, or working out complex budget formulas. Budgeting apps are easy to access, and can be on hand (or in pocket!) to allow you to consistently budget better. Here, we take a look at how you can leverage the technology you already have to secure a brighter financial future.

What Are Budgeting Apps?

In essence, budgeting apps are software applications that have been designed to assist people in managing their money effectively. There are various features that can be found in budgeting apps, such as income trackers, expenses management, and savings and they can be accessed easily from both Android and iOS devices. Together, these can give you a quick overview of your financial health, and some even provide tips and guidance as to how to make improvements.

How Do They work?

You will have to give the app a fair few details about your financial income and expenditure to get started. Putting in your income and expenditure manually is an option with some budgeting apps, whereas others connect directly with your bank feed to assess your financial position. They can then give you an insight on setting up a budget for your household as well as reminding you to stick to it.

There are various additional features within budgeting apps that you may want to make use of, including:

• Debt management features – some budgeting apps will show you how to pay off your debts, and can help create a plan to get you debt free.
• Financial goal setting – It may also be possible for you to set financial.saving goals within the app, and track your progress towards them. This can also help you keep motivated when budgeting.
• Expense tracking – Tracking your expenses is a vital feature within budgeting apps. If you can see in real time where your money is going, you will be able to get a better handle on it. In some cases, you can set spending limits, so that you don’t overspend.

Is It Okay To Use Free Budgeting Apps?

There are some free budgeting apps available on the market catering to various different types of users. Some popular choices include Plum,GoodBudget and Spending Tracker. However, while these have free versions, you may not benefit from some features included with the paid-for versions.

Are Budgeting Apps Trustworthy?

As with any app that you give your financial information to, you need to make sure it is trustworthy. When researching which budgeting apps to use, consider those who are transparent on how they process your data in accordance with the latest legislation for data protection. Also, choose one that takes cyber security really seriously. Encryption protocols, secure login, and a detailed privacy policy are all things that you should look for.

In addition to this, it would be wise to check user reviews and ratings. Use an independent review website to do so, as this will provide a better picture of the experience of those using the apps. Trustworthy budgeting apps only usually require access to vital financial data, and should not ask you for information outside of this. If they do, it might be best to question whether this is the app for you.

How To Get The Best Out Of Budgeting Apps

Once you’ve chosen the app you want to use, entered your details and set up your goals, the app won’t do everything for you. It’s important to recognise that you will have to review your spending and saving, and update it where necessary. If you know you will struggle to remember to do so, opt for an app that notifies you of significant budget events, or that reminds you to review your spending each month. However, once you’ve set reminders it is likely that it will become second nature to keep on top of your budget going forward.

In short, if you’re considering using a budgeting app for your personal or household finances, it could be wise to research what’s out there before you download one. Getting the right app for your needs could help you manage your money better, leading to a brighter financial future.

That’s why it’s important to have a solid process in place right from the get-go to ensure you’re achieving your financial goals, whether that is hitting a savings target or improving your credit score.

Stick to a budget

By creating a budget to track your monthly income and spending, you’ll automatically feel more in control of your money. Identify exactly what is leaving your account every month, from bills and subscriptions to how much you’re spending on groceries.

To start saving more money, be sure to double down on your spending habits and be strict with yourself so you’re not tempted to go over your budget. You can even try a “no-spend” challenge and test yourself. That way, you’ll have a little bit of money left over, which you can easily transfer into your savings account.

Set up an emergency fund

Having an emergency fund available is always a good idea. Unfortunately, things happen that are out of our control and can often involve us having to spend a lot more money than we anticipated at the start of the month.

Emergency funds are crucial if you’re trying to save, as they prevent you from having to dip into your savings on a rainy day. This fund should be easily accessible so you can use it when you need it most.

Pay your bills on time

Paying your bills on time will help you avoid any late fees, which could impact your ability to save as much money as possible.

At the start of every month, be sure to put the money for your bills aside before anything else. It’s good practice to set up a separate bank account that can be used to pay your bills automatically. That way, you probably won’t even notice that the money has left your account.

Trust the process

Building up a good savings pot isn’t going to happen overnight. It’s important to have self-discipline so you can achieve your financial goals as quickly as possible.

Staying focused on your goals is the key to your saving success. However, don’t deprive yourself of a few treats now and then. It’s fine to go off-track once in a while, but be sure to stay determined to feel the full benefit of your efforts.

But how do you know how much to budget for data management?

There are a few critical factors to consider when determining your data management budget. First, you need to consider your organization's size and the amount of data you generate daily. Second, you need to consider the type of data you're dealing with and the level of complexity involved in managing it. Finally, you need to consider your organizational goals and objectives regarding data management.

With all of these factors in mind, let's look at how to determine what budget you need for good data management.

Organizational Size and Data Generation

It's data governance and data management best practice to have a clear understanding of how much data your organization generates daily. This data can come from various sources, including transactions, social media, web traffic, eCommerce data, and more. Therefore, it's important to clearly understand your organizational data size to generate an accurate budget for good data management. 

There are several ways to determine your organizational data size. One way is to calculate the total number of bytes generated per day. Another way is to calculate the average file size per day. Additionally, you can use data compression ratios to estimate data size. 

Once you understand your organizational data size, you can begin to generate a budget for data management. The amount of money you'll need to spend on data management will depend on various factors, including the type of data you're managing, the size of your organization, and the number of data sets you're working with. 

If you're unsure where to start, a few online resources can help you determine a data management budget. You can read data governance and data management blogs for tips, advice, or a point of reference. The Data Management Association offers a data management maturity model to help you assess your data management needs and create a budget accordingly. Additionally, the Open Data Center Alliance has created a data center operations and planning guide that includes information on data center budgets. 

When generating a budget for data management, it's essential to keep in mind the future growth of your organization. As your data size increases, so will your data management needs. Therefore, it's essential to create a budget that takes into account future data growth. 

Organizational size and data generation are just one way to determine what budget you need for good data management. By taking the time to understand your data needs, you can create a budget that will help you effectively manage your data. 

Type of Data and Complexity

The type of data and complexity is one way to determine what budget you need for good data management. If the data is more complex, it will require more time and resources. Therefore, it is important to consider the data type when planning a budget for data management.

There are two main types of data: structured and unstructured. Structured data is easier to manage because it is organized in a specific way. Unstructured data is more difficult to manage because it does not have a specific structure.

The amount of data also affects the budget for data management. More data requires more storage space and processing power. Therefore, it is important to consider the amount of data when planning a budget for data management.

Finally, the complexity of the data affects the budget for data management. Complex data is more difficult to manage because it requires more time and resources. Therefore, it is important to consider the complexity of the data when planning a budget for data management.

Organizational Goals and Objectives

Most organizations have a data management system in place, but not all systems are created equal. To ensure that your data management system is up to par, you need to understand your organization's goals and objectives. only then can you determine what budget you need for good data management.

Organizational goals and objectives vary from company to company. However, there are some commonalities between different types of goals and objectives. For example, most organizations want to increase sales, reduce costs, or improve customer service. Understanding what your organization wants to achieve will help you create a budget that supports those goals.

Once you know your organization's goals and objectives, you can start thinking about how much money you need to support those goals. The first step is to understand your organization's different types of data. This includes customer data, financial data, operational data, and marketing data. Each type of data has its requirements, so you'll need to ensure that your budget can cover all of the necessary costs.

After you've determined the types of data your organization has, you need to consider how that data will be used. Will it be used for reporting? For decision making? For marketing? Knowing how the data will be used will help you determine the appropriate budget.

Once you understand your organization's goals and objectives and know how much money you need to support those goals, you can start to look for ways to reduce costs. One way to do this is to invest in data management software that can automate some of the tasks associated with data management. Software like this can help you save time and money, which are important when trying to meet your organization's goals.

Another way to reduce costs is to outsource some of the tasks associated with data management. Many companies specialize in data management and can often provide you with a lower-cost solution than if you were to try to handle all of the data management tasks yourself.

Once you've determined what budget you need for good data management, it's essential to stick to it. Trying to cut corners on your budget can lead to problems down the road, so it's essential to ensure you're getting the most for your money.

Data management is an integral part of any organization, and it's essential to ensure you're doing everything you can to keep your data safe and secure. By understanding your organization's goals and objectives and knowing how much money you need to support those goals, you can ensure that your data management system is up to par.

Determining how much to budget for data management can be a challenge. But by considering the factors discussed above, you can develop a good understanding of what budget you need for good data management.

When looking at how to budget for a personal loan, tools such as a loan payment calculator can be a great first step to checking loan affordability, but that's not the only factor to consider. 

Personal loans can be a great way to borrow a large sum of money, but you need to make sure that the repayment plan fits your budget for it to be a good financial decision.

How much do you need to borrow?

Personal loans can be taken out for a variety of reasons, but generally speaking, they are used to pay for and spread the cost of a specific event, such as a wedding, or an expense, such as an unexpected medical bill that you wouldn't otherwise be able to afford at that moment. 

Before applying for a loan, you should have a figure in mind for the amount you need to borrow; that way, you can easily compare different interest rates and terms to see which offers you the best value.

How much can you afford to pay back? 

The overall amount of money you pay back will be that initial sum borrowed plus interest. This is why it's important to only borrow what you need; anything more could result in higher monthly repayments or taking it over a longer-term, meaning more paid in interest.

You need to look at your personal budget and come up with a realistic amount that you can easily afford each month as a repayment. It may be tempting to opt for a higher repayment amount so that the loan is repaid quicker, but if it’s not easily manageable, you could run the risk of defaulting on a payment which could then incur fees or hurt your credit.

Getting a fixed interest rate

The interest rate on your loan is the periodic finance charge you pay to borrow the money. If you always pay on time, the monthly instalment is calculated to cover your accrued interest and pay down a small portion of your principal balance. When you are looking for a personal loan, it is good to find one with a fixed rate of interest, as this means that your repayments will stay the same for the entire term of the loan. 

You might see variable interest rate loans advertised with special offers such as having a ‘fixed low rate for x number of months’—often called an introductory or ‘teaser’ rate. While this might sound like a good idea initially, the monthly repayments can jump and change month to month as soon as the fixed-rate term runs out. This makes it more difficult to budget successfully and runs the risk of some months being more than you can afford.

The bottom line

The best way to budget for a personal loan is to look at your expenses and find a comfortable amount that you have readily available each month to put towards the repayments. Once you have this, you can use the tools provided by reputable lenders to run the numbers on the amount you need to borrow and see what term you would need to take the loan over to afford the repayments. 

Notice: Information provided in this article is for information purposes only and does not necessarily reflect the views of [publisher] or its employees. Please be sure to consult your financial advisor about your financial circumstances and options. This site may receive compensation from advertisers for links to third-party websites.

However, the RBA has cited recent positive data on inflation and employment as justification for their decision. They believe that these indicators show that the economy is returning to normal levels of activity and that interest rates need to return to pre-pandemic levels in order to maintain financial stability. 

While some experts are concerned about the potential impact of higher rates on already indebted households, others believe that this is a necessary move in order to ensure the long-term health of the economy. Only time will tell whether or not the RBA's decision was the right one. 

But one thing’s for sure - with the ever-changing landscape of the Australian economy, it is time for people from all walks of life to better their budgeting skills, cut back on expenses where possible or seek out a financial advisor on the Gold Coast you can trust for tips on how to manage money during these uncertain times. 

What Impact Will RBA Rate Rises Have On Average Households?

The RBA has already lifted rates twice this year, and more hikes are expected in the months ahead. So what does this mean for average Australians?

For those with a mortgage, higher interest rates will mean higher repayments. This will put a squeeze on household budgets and may force some people to reconsider their lifestyle choices. For example, you may need to cut back on your spending or get a part-time job to make ends meet.

If you're looking to purchase a property, higher interest rates will also make it more difficult to afford a loan. As such, you may need to save a larger deposit or look at cheaper properties.

In the current economic climate, rising interest rates are inevitable. However, by understanding how they will affect you, you can make the necessary changes to keep your finances on track.

How Better Budgeting Can Help Mitigate Rate Rises

The rate rise highlights the need for households to be more mindful of their spending and budgeting. With interest rates expected to continue rising over the next few years, now is the time to start planning ahead and making sure your finances are in order. Here are a few simple tips to help get you started:

• Make a budget: Work out what your regular expenses are and track your spending over time. This will help you identify areas where you can cut back on non-essential expenditures.
• Save regularly: Put aside a fixed amount of money each week or month into a savings account. This will give you a buffer against future interest rate rises and unexpected expenses.
• Reduce your debt: If you have any outstanding debts, try to pay them off as quickly as possible. This will reduce the amount of interest you're paying and free up more money for saving in preparation for future rate rises.

What Budget Changes Should I Make When RBA Lifts Cash Rates?

When the Reserve Bank of Australia (RBA) lifts the cash rate, it's important to review your budget to make sure you can still meet your financial obligations. Here are a few changes you should consider making:

• Review your mortgage. If you have a variable rate mortgage, your repayments will increase when the RBA lifts rates. However, if you have a fixed-rate mortgage, your repayments will remain the same. Either way, it's important to review your budget to make sure you can still afford your mortgage repayments.
• Review your credit card payments. If you're carrying a balance on your credit cards, your minimum monthly payments will increase when the RBA lifts rates. Make sure you factor this into your budget so you don't get caught off guard.
• Review your savings goals. When interest rates go up, so does the interest earned on savings accounts. If you have money saved for a specific goal, such as a down payment on a house or a new car, you may want to adjust your budget so you can reach your goal sooner.

Making these changes to your budget now will help you stay on track financially when the RBA raises interest rates.

How A Financial Advisor Can Help Manage RBA Rate Rises

As the RBA starts to raise interest rates, many people are wondering how it will affect their finances. A financial advisor can help you understand how the rate rises will impact your specific situation and make recommendations on how to adjust your budget and investment portfolio accordingly. 

For instance, if you have a variable-rate mortgage, your monthly payments will increase as rates go up. This could put a strain on your budget, so you may need to cut back on other expenses or consider switching to a fixed-rate loan. If you're investing in stocks and bonds, rising interest rates can also affect your portfolio's value. 

However, with the help of a financial advisor, you can make changes to your investments that will minimise the impact of higher rates. In short, a financial advisor can be a valuable resource as you navigate the challenges posed by RBA rate rises.

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Become Aware Of How You Spend Your Money

Before you know what you spend your money on, you can’t budget properly. Checking your bank statements is one of the best ways to become aware of your spending habits. Nevertheless, most people never do it. Looking through your bank statements can be a bit intimidating at first, given the (probably) large number of transactions. Not only is it intimidating; the many transactions can also make it difficult to keep track of your expenses. But if you will spend a little time each month looking through your bank statements, you’ll be taking a critical step towards effective budgeting: knowing where the money goes.

By looking at your bank statement, you can see:

• What you spend money on
• What your loans cost
• Where you can improve

Many banks make it easy to get an overview of your transactions by grouping expenses into different categories like food, clothing, and transport. Check with your bank to see if they do so as well - and if not, whether they can help you set up a useful budget.

Start Building A Healthy Budget Today

Based on personal experience, budgeting can be a daunting task, especially for those who have a lot of expenses and a limited income. It also doesn’t help that there are so many places to keep track of your spending, from your bank account to your wallet. But sometimes it can help to just have a simple plan, with some simple steps to follow. Here are five ways to start building a healthy budget today:

1. Know what you spend by tracking your expenses each month
2. Identify non-negotiables - the things you will not negotiate on buying (or limiting yourself from buying)
3. Understand the importance of saving
4. Set up an account for automatic savings and, potentially, investments

For the last point, it’s useful to be specific about how much you will save and invest each month; how you will allocate your income.

How Should I Allocate My Income?

In the book Smart Women Finish Rich, the American financial author David Bach shares the advice that, to allocate your income well, there are three baskets you should prioritise putting your money into: the security basket, the retirement basket, and the dream basket. The final goal with your security basket is to be able to cover six to twenty-four months of expenses, in case of emergencies like job loss; the goal for your retirement basket is to secure your retirement by investing in a retirement fund, and the goal for the dream basket is to spend money on whatever you want to spend it on.

A big part of allocating your money correctly is deciding what you will spend it on (and not). Ingvild Aagre, financial writer at Lan for deg, says there are lots of people who have expensive loans that they could easily refinance to save more money. Other unnecessary costs include subscriptions you no longer use, as well as expensive coffee brands. Checking where your money goes will enable you to better see whether you can cut any expenses, she concludes.

Best Personal Finance Apps For Beginners

Personal finance apps are one of the best ways to manage your money. They are easy to use, have great features, and are designed keeping in mind the beginner level users.

Here are some personal finance apps that will help you manage your money right from the start:

Mint: It's definitely one of the most popular personal finance apps among beginners. It has a neat UI with smooth navigation and simple navigation between screens. It also includes budgeting tools, financial calculators, and lists for categorising your expenses.

Digit: Digit is an app that lets you effortlessly save and invest your money. It's used by many private individuals, but also many professionals, including real estate agents who want to maintain their client portfolios, and investors who want to track their investments & ROI (return on investment).

Acorns: Acorns is an app that lets you invest your spare change in a low-fee portfolio of index funds. It provides an easy way to save money while also investing for retirement or other major life events.

The most useful piece of advice we can give when it comes to budgeting is that, once you start, you need to go all in. Set aside a specific time each month to allocate your income, track your expenses, and keep track of how you’re doing financially. Your future self will thank you once your consistent effort starts paying off.

Managing personal finances can be a challenge for everyone. Sadly, people dealing with a chronic illness often experience a unique and tougher set of financial challenges. Experts define a chronic disease as a long-lasting condition that keeps reoccurring. Conditions like pulmonary fibrosis and fibromyalgia can significantly slow down your operations, making day-to-day life extremely difficult. Such conditions can significantly hurt your finances.

Effectively managing money while facing a chronic illness will make things a little bit easier and allow you to focus on your health and recovery. Therefore, if you or your loved one suffer from a chronic condition, here are tips that can help you manage your finances.

Consider Reverse Mortgage

Battling a chronic disease or injury is hard on its own, even without involving financial stress. Therefore, you should try to take care of your expenses and budget as soon as possible. By implementing proper organisational techniques, you can explore various prescriptions and insurance options for saving money in case of unforeseen health expenses. It would help if you supplemented your income so that it doesn't cause you too much stress.

Luckily, there are several ways you can generate income without the need to leave your home. One of them is a reverse mortgage. You can use a direct reverse mortgage lender to alleviate your current mortgage payments. This will come in handy, especially if your condition prevents you from working during your retirement years.

Stick to The Budget

Sticking to a budget is vital for everyone, especially if you are battling a chronic illness. Such conditions increase expenditure due to additional wellness and medical expenses. As much as most people find it challenging to create and stick to a budget, it is very important that you do it. Create time in a day or week and come up with a reliable budget you can stick to.

Sticking to a budget is vital for everyone, especially if you are battling a chronic illness.

Remember to keep track of every expense, from basic needs to your medical expenses. Make sure you create a budget and a savings plan that fits your expenditure. If your condition needs an out-of-pocket prescription, you should include it in your budget and try to save money in other categories. Furthermore, if you have a massive hospital bill that overwhelms your budget, request to settle it in installments. Remember to modify your budget accordingly to match the alternating expenses. Be keen on saving as much money as possible.

Get Professional Help

Since chronic conditions are often very unpredictable, it is a good idea to have people who can help you stay focused. As much as you can get such help from family and friends who are good with finances, getting the services of a professional financial advisor can help you safeguard all your bases, considering planning and financial organisations have helped many people.

Give them a detailed history of your chronic condition and let them advise you accordingly. Sharing your health history is crucial because it is vital to factor your condition into long-term financial planning. Financial advisors can help you plan your healthcare savings and other related aspects. Besides, they help with budgeting for long-term care insurance and disability coverage. A financial advisor will help you understand the crucial services you need in the future and ensure you are managing your expenses appropriately.

Plan Ahead

One way to manage your finances is planning ahead. It is important to plan for things before you need them. One of the most reliable ways to do so is by getting all the insurance you might need, like disability, health, and home. Even though you might not have a large estate, it is nice to have things like living wills, trusts and directives squared away so that you won't have to worry about them in the future. This is just a precaution in case your health changes.

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Coming up with a plan for the future when battling a chronic condition is one of the best things you can do not only for your loved ones but also for yourself. It is not always exciting to do it but handling all your financial bases will reduce stress and give you the peace of mind you need. This can play an essential role in your recovery.

Finally

Managing money is something anyone can struggle with, and it is more challenging when you are battling a chronic condition. Battling such conditions doesn't mean there is no way you can effectively manage your finances. As discussed, there are several ways for you to do so. Implement these tips for a better financial situation.

Annie Button offers her advice on debt management and how investment stacks up against simple repayment.

It is an interesting question that many people will have to face at some point in their lives: if you have some extra money, is it best to use it to invest in something that will hopefully give a profitable return, or pay off previous debts that you have accumulated?

As with virtually all matters of money, this is very much a question that can be answered only by looking at your personal circumstances. Your current budget and your plans for the future have a serious effect on the best moves to make with your money. 

Investing can provide you with a greater amount of money than when you started, which could conceivably make it easier to pay off debts in the future. But at the same time, large debts mean expensive interest payments, and these can actually hinder your ability to save extra money and continue investing. 

Here we take a look at your options when it comes to using extra money in the wisest way: should you invest, or should you pay off debts?

Not all debt is created equal

Debt is a real problem. In the UK, households have an average of over £60,000 in debt as of October 2020. And yet, this is an inevitable part of living. Without taking on debt, the majority of the country would not be able to buy a property or make major purchases such as cars. 

Sometimes, unforeseen events force individuals to take on debt - such as in the case of needing emergency repairs to a property. Credit card debt is also very common, with many preferring to make purchases and defer payment to later.

However, it is important not to lump all debt together. Some debts - such as mortgages or student loans - come at a relatively low rate of interest compared with others such as personal loans or credit cards. 

Without taking on debt, the majority of the country would not be able to buy a property or make major purchases such as cars. 

Pay off high-interest debt as a priority

Credit report providers Experian state that “prioritising the debt with the highest interest rate will save you more money and allow you to redirect funds to other financial goals faster”, and this is a good place to start. 

In general, it is always best to pay off any high-interest debt as soon as possible. This is simply because any investment that you might make needs to achieve a better return than the rate of interest that you are paying on your debt. This is clearly harder with high-interest debt. 

The value of investing

It can be very tempting to look at the extra money that you have available - whether it comes from savings, disposable income, or a financial windfall - and see the opportunity to turn it into more. 

This is especially true coming out of 2020, where many people have seen their financial situations change drastically. But is 2021 the right time to invest? 

Of course, everyone is facing uncertainty due to the COVID-19 pandemic and while this can be worrying it can actually make things interesting from an investment point of view. Typically the market responds poorly to uncertainty and challenges.

We are in a situation where the pandemic has caused shares in many previously profitable and successful businesses to fall dramatically. With vaccines now available, and a more positive outlook on the horizon, it may not be long before the stock market begins to stabilize. As such now could be an ideal time to invest. 

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Always get financial advice

No matter your financial situation, it is a great idea to take financial advice before making any move relating to investments or debt. As mentioned above, this really can come down to the specifics of your situation and a financial adviser can help with this. In fact, it can be advisable to look at specialists offering wealth management services.

“Wealth management is important,” says Jonathan Baggot of Numeric Accounting; “it is all about aiming to sustain and grow long-term wealth. The financial market is complex, so wealth management specialists have the knowledge needed to explain plans and schemes clearly and concisely while offering impartial and unbiased financial planning advice”. 

Final thoughts

Paying off debt is important - but making smart investments as early as possible is best if you wish to reach your financial goals. Everyone’s individual financial situation is different, so following the advice of professionals is a great way to make smart decisions. 

This is likely because of the common misconception that any form of debt is bad. While it's true that debts have negative effects, they are also good for several reasons.

Financially responsible consumers take out personal loans to purchase their dream home, finance their car or fund their education. Debts have positive outcomes if you know how to manage them responsibly. But it should be noted that debts, such as personal loans, are not for everyone. They can be a smart move, but only depending on your situation.

Nevertheless, knowing how you can benefit from a personal loan is an excellent place to start to decide if a loan is right for you. Here, we discuss the potential advantages of getting one.

Use It For Multiple Purposes

One of the notable benefits of personal loans is their flexibility. Unlike other types of loans, there are no restrictions on how you will utilise a personal loan. You can use the fund for almost anything. However, it's worth noting that not all purposes are financially healthy for you.

If you want to make use of personal loans to your advantage, here are some of the sensible options:

Emergency Expenses

It's always good to have a fund set aside for emergencies. But that is not always the case for everyone. Many people don't have the cash to cover unforeseen expenses like a sudden car repair or medical bill, based on a report. If you find yourself in the same predicament, you can use online installment loans from a direct lender to take care of financial emergencies immediately.

Unlike other types of loans, there are no restrictions on how you will utilise a personal loan.

Finance A Large Purchase

There are also instances when you have to fund a major purchase, such as buying a necessary household appliance or installing a new furnace. Paying for such a large purchase on a higher interest credit card can be too expensive. Taking out a personal loan can be your cheapest option without having to put up any collateral unless you have spare cash.

Consolidate Existing Debts

If you're having a hard time paying off existing debts with high-interest rates, you can consolidate them through a personal loan. With a low-interest personal loan, you can save money and reduce financial stress. Because instead of paying different loans with different due dates, you will only be paying one debt every month.

Save On Lower Interest Rates

Interest rates on personal loans are usually reasonable. In fact, their rates are typically much lower than credit card rates. If you have a good credit score, you can get as low as single digit interest rates on a personal loan.

Remember that the interest you pay on loan is the cost you pay for borrowing. Thus, the lower the interest rate is, the more money you can save. What's good about personal loans is you have various options to pick on since many lenders offer them. By shopping around different lenders, you can easily find the best rate for you.

Easy To Manage In Your Budget

Taking on debts can be stressful. You have to make adjustments in your budget to ensure that you can make monthly repayments on time. Else, you can incur penalties and more interest on your debts. But you can minimise this emotional toll with a personal loan because it has a fixed interest rate and predetermined term.

It means that you know exactly how much interest you'll pay and when you will be done paying off your debts. With a set rate and payment schedule, you can easily manage personal loans in your budget and stay in control of your finances.

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Boost Your Credit Score

Like any other loans, personal loans may be able to help you boost your credit score if you use them responsibly. Consolidating your debts in a single personal loan is the most obvious way it can help you improve your credit score. But then again, only if you make your payments on time and pay the full amount required.

Another thing is that replacing your credit card debt with a personal loan can also boost your credit score. Note that lenders may consider you a higher risk if your credit utilisation is too high. But since a personal loan is an installment loan, it is not factored in your credit utilisation ratio.

Avail Of Tax Benefits

There is no particular rule that allows you to deduct personal loans automatically on your tax bill. However, there are possible cases where you gain tax benefits under a personal loan. If you use the loan to invest in a business, you can claim the interest paid as an expense, which you can deduct from your taxable income.

You can also claim a tax credit if you take out a personal loan to purchase a home because the mortgage interest is deductible, provided that it is your primary residence. The same applies when you use the loan to fund a college education.

Wrapping Up

Personal loans come with certain benefits. However, it is always important to remember that it depends on how you utilise the loan. To ensure that you're making a sound decision. It would be best to consider your purpose in taking out the loan. Doing so can help you maximise the advantages of personal loans.

Annie Button outlines the most common financial failures of SMEs and how they can be averted.

Running a business is tough, regardless of what sector you work in. But if you’re not careful where your finances are concerned, you could be making the situation harder than it needs to be. These are some of the common financial pitfalls that many businesses slip into and how to avoid them. 

Failing to have a budget in place

A business budget is vital for managing future expenses and controlling your finances. But so many businesses operate month to month without any plan for the business’s earnings. 

To ensure that you’re not spending where you can’t afford to, or paying too much in one category, you should have a budget in place that is conservative – in other words, keep your income estimates on the low end of the scale and your expenses on the higher side, so that you’re not caught out at the end of the month. 

Too many people on the payroll

As a business, you want to grow and scale up – it’s a sign that you’re doing well and, for most businesses, it’s the ultimate goal. But having too many people on the payroll too soon could mean you’re overspending where you can’t afford it. Many entrepreneurs find themselves in need of help and they hire too many people too fast, which causes problems where the budget is concerned. 

A compromise to ensure you’re not doing everything yourself is to look into hiring people on a part-time basis or contractors. Freelancers are also an alternative that can help you save money without compromising on your business, as you will only be paying for the work they carry out rather than a full-time salary.

A compromise to ensure you’re not doing everything yourself is to look into hiring people on a part-time basis or contractors.

Suffering from a cyber attack

A cyber attack can impact your business in multiple ways, from its finances and operations to the reputation of your brand. Cybercrime can be incredibly costly to resolve, not just because of the remediation work required to clean up the system but also because of the reputational damage it can cause. 

There’s also the issue of compliance and adhering to GDPR regulations that could mean your company is fined for failing to protect customer information. 

It’s vital that you secure your network and make sure that staff have cyber awareness training, and by investing in proactive rather than reactive cybersecurity technologies. You should also enforce secure password policies across the business and use firewalls to protect data. It’s also a wise decision to back up your data regularly and have protocols in place should an attack occur. 

Failing to separate personal and private finances

A common mistake that can be detrimental to businesses is merging personal and private finances. It’s important to consider your business a completely separate entity from yourself from the start, as it can cause complications in the future if you don’t. 

You should set up a separate bank account where all money earned from the business is paid into and any business expenses are paid out of. Likewise, if you require a credit card, ensure that your business has a separate one so that it’s easier to track payments. 

Not saving for a rainy day

Issues with cash flow can be a real problem, even for successful businesses, if payments aren’t managed properly. And while it’s nice to believe that everything will run smoothly from day one, chances are there will be unexpected events or emergencies in the future that require funds to keep the business afloat. 2020 has possibly reinforced this point even more for so many businesses.

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To ensure you’re never in a difficult situation, it’s important to have money tucked away for such situations that you can lean on when times are tough, without having to resort to credit cards and loans. A good rule to follow is to assess what your basic responsibilities are and average out the cost, then put three months’ worth aside in a contingency fund. 

Final thoughts

There are so many potential risks when running a business and it’s all too easy to assume that your business won’t suffer if you cut a few corners. But ultimately, in order for your business to thrive and stay in good financial shape, it’s critical that you consider all eventualities and prepare for them accordingly, whether that’s having savings in place, protecting data from threats or being savvy about how you hire staff.