The February half term is here and many families are planning trips and days out for the week ahead. Trying to find activities that the whole family will enjoy and that won’t put a strain on your bank account can prove quite difficult.
We have found free activities you can do at home or lower cost days out to plan for the week. Spend time with your kids without worrying about the cost.
Go Camping!
Finding a pitch to go camping can be a low cost plan for a one night stay or more. Find campsites near you using Pitchup. Pack lots of layers in the car and head over to spend a night under the stars. You could find a campsite which will host events for the kids but if not, take a stroll around the countryside and see what wildlife you can spot. Reserve a campfire to roast marshmallows,
To make this even more budget friendly, you can pitch your tent in the garden, make some s’mores and tell spooky stories for the night. The kids will love the idea of making a bedroom in the garden and you don’t have to spend a thing.
Make a den inside!
The February weather may make you lean towards more indoor activities and we don’t blame you! Why not try out den making? Push the chairs and sofa’s together, bring down all your sheets and work as a team to build to ultimate den. You can create a name for the new kingdom and give everyone a role to defend the land, get the kids working together and spark their imaginations.
Host a mini Olympics!
Set up an obstacle course and make them jump through hoops, literally. Set it up outside, or in the house if you’re brave and select fun prizes for them to win for each round. This could be chocolate or it could be choosing the movie the family watches that night.
The egg and spoon race, beanbag race (using pillowcases), set up a course around the house and see who gets to the finish line first, use chairs and soft cushions to slow them down and make them jump over them.
This will be great entertainment, for you and the kids and will result in very tired children by the end of the day. Keeping them active, engaged and entertained.
Visit your local farm park!
There are farm parks all across the UK and usually with low entry costs too. Take the kids to visit the animals and learn all about farm life. This is a great way for kids to learn and being around animals is always positive, they could even feed them.
Craft days!
Getting messy and creating something fun is usually a hit and you can do this at home for a low cost. Visit your local Hobbycraft or other craft store and pick out something fun. At Hobbycraft you will find ceramic money boxes which you can paint. For £5 you can choose from a wide variety of characters including a dinosaur, a fairy, a car, an octopus and more and it comes with the paint and the brushes already. Lay down a sheet on your table at home and let them get to work. Once they are done they will have a creation of their own, and a place to keep any pocket money too.
You might also find that the Hobby craft near you is hosting workshops that are only £5-8 to join in on activities like canvas painting and making clay animals.
Make a photo album!
Let your kids create a book of memories that you can all enjoy looking back on. Help them pick the photos and add them to a book. Write notes for each picture and go wild with creativity. Even with the finger marks, the bad spelling or the smudges, this will be something you can look back on as your children write messages about each memory in the photo.
Some of it might contain sensitive or confidential information, like client data or financial records.
You could spend hours shredding it yourself, or you could take a smarter route: mobile shredding. In a world where time is money and security is paramount, mobile shredding offers a perfect blend of convenience and safety.
The Dilemma: Busy Schedules and Stacks of Paper
If you're a busy professional, your calendar is probably jam-packed with meetings, deadlines, and a to-do list a mile long. The last thing you want to do is take time out of your day to shred papers.
Worse still, if those papers aren't disposed of correctly, you could be risking data breaches, identity theft, and even hefty legal fines. That's a lot to juggle!
Time is Money: The Efficiency of On-Site Shredding
Let's get real: time spent shredding is time away from doing what you do best, whether that's managing your team, meeting clients, or strategizing for the future. Services like mobile shredding take the hassle out of the equation, allowing you and your staff to concentrate on your core job tasks. Just schedule a visit, and the truck takes care of the rest.
Dollar and Cents: The Financial Benefits
You might be thinking, "Sure, it saves time, but what about the cost?" The truth is, doing your shredding isn't free.
Factor in the time employees spend, the wear and tear on your office shredder, and the costs of disposal, and you'll find that mobile shredding is a financially savvy option. Plus, many providers offer different plans, so you can find one that fits your budget.
Don't Risk It: Reducing Liability with Professional Shredding
Improper document disposal can lead to a world of trouble, including potential legal penalties. Mobile shredding companies adhere to strict industry standards to ensure your documents are securely destroyed. Many even provide a certificate of destruction as proof that your papers have been properly disposed of.
Flexibility Is Key: Catering to Your Unique Needs
Whether you need a one-time shredding service for a big project or a scheduled service to keep your document flow manageable, mobile shredding services are flexible enough to meet your needs. Plans can be customized based on volume, frequency, and type of materials.
The Eco-Friendly Bonus: Shred and Save the Planet
Think shredding is bad for the environment? Think again! Most mobile shredding services recycle the shredded materials, turning your unwanted papers into something useful while reducing your carbon footprint.
Making the Switch: How to Choose a Mobile Shredding Service
Choosing the right mobile shredding service is crucial. Look for companies with strong reviews, industry certifications, and transparent pricing. Remember, you're not just hiring them to destroy papers; you're trusting them to protect your sensitive information.
Let the Shredder Come to You
When it comes to managing your time and money efficiently while also ensuring top-notch security, mobile shredding is the way to go.
With the convenience of on-site service, flexibility to meet your specific needs, and a focus on security, the ROI is clear: Mobile shredding is an investment that pays off in spades for busy professionals and institutions.
It's like unlocking the door to freedom and adventure! But before you hit the open road, there's an important decision to make - rental car insurance. It's a topic that can confuse even the savviest travellers. While insurance is essential for protection, it doesn't mean you have to break the bank. You can explore some savvy tips to save money on rental car insurance without compromising coverage. Buckle up; you're in for a ride!
Understanding the Basics: What's Rental Car Insurance?
Before you delve into the money-saving strategies, get a grip on what it is all about. When you rent a car, the rental company will usually provide you with insurance coverage to protect against potential damages, accidents, or theft during the rental period. While it's an added layer of security, it often comes with a hefty price tag.
Know Your Existing Coverage:
Believe it or not, you might already have this insurance without knowing it! Many car insurance policies and even some credit cards offer rental car coverage as a hidden superpower. So, before you opt for the rental company's insurance, check with your car insurance provider or credit card company to see if you're already covered. This little-known fact could save you a significant amount of money and bring a smile to your face.
The Power of Credit Cards:
Did you know that some credit cards offer such insurance as a perk? It's like a gift from the financial heavens! You may automatically receive rental car coverage if you use the right credit card to pay for the rental. However, not all credit cards offer this benefit, so make sure to check with your credit card issuer before relying solely on this option.
Shop Around for the Best Deals:
Saving money on it is all about the art of comparison. Just like shopping for the perfect outfit, don't settle for the first option that comes your way. Take the time to shop around and compare insurance rates from different rental companies. You'll be amazed at how much money you can save with just a little effort.
Leverage Your Existing Policies:
If you have existing insurance policies, such as auto or homeowner's insurance, explore the option of bundling your car rental coverage with these policies. Insurance companies often offer discounts for bundling, which can result in substantial savings. It's like getting the best value meal at your favourite fast-food joint - a winning combo that excites and satisfies you.
Supplemental Liability Coverage
Liability coverage is another important aspect of car rental coverage. It protects you in case you're at fault in an accident and must cover damages to other people's vehicles or property. Depending on your existing coverage, you may consider supplemental liability coverage from the rental company. It's like finding the perfect balance between protecting yourself and your wallet.
Read Before You Sign:
When picking a car rental coverage option, it's essential to read the fine print and understand what's covered and what's not. Some insurance options may have exclusions or limitations that could leave you vulnerable in specific situations. Being well-informed ensures that you make the right decision for your needs and budget.
In conclusion, rental car insurance doesn't have to be a budget-buster. You can save money without compromising coverage by understanding your existing coverage, leveraging credit card perks, comparing options, and bundling policies. Consider your emotions on the road and strike the right balance between protection and risk.
As you embark on your rental car adventure, cruise with confidence, knowing that you've made a savvy decision that leaves you feeling secure and empowered. It's time to hit the road with a smile and a little extra cash in your pocket - the perfect recipe for an unforgettable journey.
This year began with the Royal Mail ransomware case. The malware ceased international shipments for two weeks.
Total financial losses for businesses that relied on the service and the Royal Mail itself
are still uncertain.
Behind this case is the known ransomware group LockBit which tried to extort the company for $80 million.
New variants of ransomware, with even more sinister capabilities than sole file encryption, can completely lock companies out of their networks and obtain sensitive data.
They’re paired with the threats of data theft and leaks as well as other types of attacks to force the victim into paying the ransom.
On average, the cost of ransomware for the affected companies is estimated to be $4.54 million. This number doesn’t even include the price of the ransom itself.
Let’s break down why ransomware cases are so costly and what companies can do today to protect themselves from a possible attack tomorrow.
The Hidden Costs of Ransomware
Some of the factors that contribute to the high cost of ransomware are:
● The ransom itself (if paid) or rebuilding infrastructure/retrieving data
● Falling behind with work (ceased operations and lost revenue)
● Hiring experts to strengthen security
● Investigation of the attack
● Compensating users following the data breach in the case of a class action lawsuit due to data theft
● Damaged reputation
Most ransomware cases are strictly financially motivated. The threat actor targets the business to demand ransom (mostly in crypto since it’s more challenging to trace it back to the criminals).
Whether or not the company pays the ransom will depend on which parts of the systems have been affected, whether the documents are sensitive, and if it can get back access to parts of its critical infrastructure.
It’s advised not to ever pay the ransom (and with that fund and support criminal activity) because there’s no guarantee that hackers will keep their end of the deal.
At the time of speaking, it’s not illegal to pay the ransom in many states. However, new research suggests that the number of companies paying the ransom is decreasing.
What happens when the company doesn’t pay the ransom, though?
The simple truth is that it differs from one case to another. Some might lose files that have been locked while others will have to rebuild their entire infrastructure.
Regardless of how the business handles ransom, they have to go through the expensive remediation phase where the experts remove the malicious software from the system and improve the security.
Recovery also involves the investigation of this criminal case and possible lawsuits if the data of the users has been compromised in the attack.
All of that combined can halt the regular operations of a business and cause major revenue losses for the company.
Even more, the attack can cause reputational harm for the company.
As customers find out about the case, they take note of how the business handled the crisis. Did they do everything possible to protect user data? Communicated transparently? Refused to falter under the pressures of the criminals’ demands?
While reputation is not something that can be easily gauged, for high-profile cases it’s possible to observe the stocks before and after the attack.
Protecting Business Finances Against Ransomware Attacks
Steps a company can take to protect its network against possible ransomware include:
● Investing in a specialized tool that can uncover malware
● Properly manage data
● Do regular cybersecurity hygiene
● Introduce phishing awareness training
Cybersecurity solutions for ransomware are designed to recognize the patterns (fingerprints) of this file-locking malware and block it before it can infect documents or parts of the infrastructure.
The latest anti-ransomware solution is also automated and works non-stop to detect signs of malware. This is essential because the early discovery of the hacking activity can cut the costs of expensive security incidents, such as data breaches.
Since most versions of ransomware target the data of a company or individual, it’s necessary to take extra steps to enhance data security. Invest in solutions that can catalog and allow visibility into where your data is at all times.
Also, doing regular backups of the files can aid workers to resume their jobs even if the system is infected with malware.
In security, hygiene is maintenance — doing regular updates, patching up flaws, and strengthening the network in its weakest points. Daily improvements remove the vulnerabilities that can be exploited by malicious hackers.
Phishing attacks are gaining popularity, which is why training employees to recognize suspicious emails is a great first step in the line of defense.
Ransomware Brings Unexpected Costs — Be Prepared
Regardless of how you look at it, the cost of ransomware is high. For many companies, it’s challenging to fully recover following such a breach.
Once the files are encrypted, it’s notoriously difficult to decrypt them and get them back.
New strains of ransomware can steal data (not just encrypt them to demand the key) or lock the business out of the network and cease operations completely.
That’s why it’s important to secure infrastructure, prepare employees working in the company, have a solution that can trace the ransomware, and take extra precautions to protect sensitive data.
Not to mention, this may be the first party that many new employees will be witnessing, so you’d want it to be a good one.
However, there are so many things that need to be considered - right from the budget to the time, effort, and manpower required to plan and execute a great holiday party. That’s why most companies hire a professional event planner.
These individuals are trained and come with years of experience in planning, coordinating, and executing huge parties for companies, even if it means doing it at the last minute. What’s more, you may even end up saving more money through an event planner than you would if you were to do it yourself.
We’re going to walk you through all these reasons throughout the rest of the blog, so keep reading!
1 - They are resourceful
An event is going to need a lot of resources and vendors - right from the seating to the food, gifts, and decor - it can be a lot to handle. If you’re going to do this yourself, you’re likely going to have to shell out a lot of money to individual vendors as you try to find the best quality products and services in a limited amount of time.
However, an event planner comes with all these resources in check, since they likely have been working with various vendors all year round for the different events they plan.
For this reason, they may even have a deal with some vendors and will be able to get you better prices for everything you order. This way, you’ll end up saving way more by going through an event planner than by approaching individual vendors yourself. This way, you’ve saved yourself a ton of money and time by not having to hunt down vendors yourself.
2 - They’re flexible and good at problem-solving
If there’s one thing about planning events is that you always need to have a “Plan B” and “C” ready, just in case Plan A fails. This is true for every single aspect of the event - starting with the venue, the lighting, the decor, the flowers, the seating arrangements, and everything else.
The good thing about having a planner handle this is that they can be trained to think ahead and have different plans as backup plans in case the initial plan doesn’t work out at the last minute.
Say there’s a sudden change in weather or a shortage of food - they’ll be able to execute the next plan with minimal confusion since they’re trained to think ahead and solve problems before they get out of hand.
3 - You can’t beat them at organizing and planning
The best part of having an event planner is that you can completely trust them to take care of the entire event - not just certain parts of it. This applies to everything - starting with the invites, the venue selection, the seating, the food, the speakers, the special programs, the stage setting, and whatnot.
They also have the right tools to help them do a better job at storing all this information in one place and also collaborating with other organizers and keeping everyone in a loop - so there’s no confusion. There are numerous apps in the market for this niche, but only a few of them stand out.
If you’re wondering about which to go for, this article about Planning Pod vs Caterease talks about the main differences between the top-most competitors in the market and will help you narrow down the best.
Saving Not Starving
You should consider both your monthly income and expenses and determine how much you can afford to spend each month. This can help you prioritize needs versus wants and make sure you don't overspend.
When it comes to making purchases, it's important to consider what you need and what you can do without. There are many ways to save money, such as shopping for secondhand items, using coupons, and taking advantage of sales. You should also consider whether you can make do with a cheaper version of an item or if it is something you can live without.
Setting aside money for retirement, emergency funds, and other long-term goals can help you prepare for whatever life throws your way. Building financial stability may be facilitated by coming up with a savings plan that is appropriate for you and adhering to it. Living under your means can also help you reduce your debt. If you are unable to pay off your debt, you should consider creating a repayment plan or consolidating your debt.
In 2023, living under your means will be more important than ever before. With the cost of living continuing to rise and economic uncertainty looming, it's important to take the time to manage your finances and prepare for the future. By taking the time to create a budget, save for the future, and reduce your debt, you can create a secure financial venture for yourself.
Top Tips To Grow Your Finances In The Future
Building wealth is an important part of financial security, and it’s something that takes time and effort. Nevertheless, there are several strategies to gradually increase your money. Here are a few more effective techniques to increase your wealth:
1 - Follow Your Spending:
Knowing where your money is going is the first step in making a budget and spending your resources most effectively to increase your wealth.
2 - Invest in Stocks and Bonds
Investing in stocks and bonds can create a steady source of income over time. Click here to know more about investments and tradings.
3 - Start a Side Business
Starting a side business can be a great way to create a languid income stream. Whether you start an online business or a brick-and-mortar store, having an additional source of income can help you grow your wealth.
4 - Have an Emergency Fund
For financial stability, it is crucial to have an emergency reserve. Having a rainy-day fund can help you prepare for unexpected expenses and keep your wealth safe.
5 - Take Advantage of Tax Benefits
Taking advantage of tax benefits can help you save money and build wealth over time. Knowing what tax deductions you qualify for and taking advantage of them can help you save on taxes and put more money towards wealth-building activities.
6 - Automate Your Savings
Automating your savings is an easy way to make sure you’re putting money away for the future. You may increase your savings and gradually increase your net worth by setting up direct debits from your deposit account to your retirement fund.
Final Words
Building wealth takes time and effort, but there are plenty of ways to do it. By tracking your spending, investing in stocks and bonds, starting a side business, cutting your expenses, having an emergency fund, taking advantage of tax benefits, and automating your savings, you can build your wealth over time.
Living costs soar, and inflation hits a record high of 9.6%. It’s no wonder that many of us are spending more on essentials like our energy bills and food shops.
But it’s not all doom and gloom. Luckily, there are plenty of ways that you can keep costs down. From budgeting to swapping bills, here are some ways to save money in 2023.
1 - Keep track of your spending habits
If you’re partial to a specialist coffee or like to splurge on clothes, it might be time to rein it in. To save money, you first need to consider what you’re spending. Once you’ve established ways in which you might be living above your means, you can cut down accordingly.
But it’s important to remember to keep some money aside so that you can still enjoy yourself.
2 - Reduce electricity usage
Do you like to leave lights on when you’re not at home? If so, then it’s time to put a stop to it!
Where you can, try to reduce your electricity usage in the home. One easy way to do this is to invest in energy-efficient appliances. But also take care to switch your laptop off standby and ensure that you’re draft-proofing your home.
You might also wish to invest in LEDs if the lighting costs a small fortune.
3 - Review your subscriptions
Make sure to go through and cancel any subscriptions that you no longer use. Or cancel those you’re struggling to afford.
Another way to save money on your subscriptions is by investing in a VPN with a tracker blocker. A VPN hides your identity. This means you can make purchases in foreign countries, where items cost less.
4 - Cut the cost of your water bill
It’s not just electricity that you need to reduce. You can save water by taking shorter showers and turning off the tap while you brush your teeth.
Pay bills on time
Make sure to pay credit card bills on time. If you leave them to lapse, you’ll end up paying late fees and hefty interest rates.
If you tend to forget, set yourself diary reminders. Then you’ll never miss another payment date.
Eat at home
If you’re partial to splurging on a takeaway or enjoy going to the local pub, it might be a good time to cut down.
As well as being better for your health, eating at home will save a significant amount of money. Luckily, you can create convincing ‘fakeaways’ without much effort.
Consolidate debts
Debt consolidation can be a good alternative to short-term borrowing. This is because your monthly payments will be lower. It’s also easier to manage as all your debts are converted into one simple loan payment.
Which will you try first?
One important factor to weigh is whether or not online education is the right option for you. Here are some important facts about the financial benefits of online education that may help make your decision.
1 - Save Money On Tuition
Most online programs are significantly less expensive than traditional classroom learning. Many schools offer discounts for students who take all or part of their courses online. With so many universities worldwide that offer these courses, you can choose to attend an online school that fits your budget. By looking into the 50 online education statistics that provide insight into the cost of tuition and other areas, you can better understand how to save money. For example, some schools offer discounts for paying tuition up-front, which can be a cost-effective way to pursue your degree.
2 - Save Money On Transportation
One of the major cost-saving advantages of online education is eliminating the need for traveling to and from school. Not only do you save money on transportation costs, but you can also save time by skipping long commutes and taking classes in the comfort of your own home. Additionally, online education allows you to easily access resources from around the world without having to fly or take a train. You can attend a course at any time of day that is convenient for you, and you can save money on transportation costs associated with attending regular classes.
3 - Save Money On Materials
Another benefit of online education is that you can save money on materials. Many programs offer digital textbooks and other resources, which can significantly reduce the cost of purchasing traditional printed materials. Additionally, many schools provide access to library databases where students can download articles and data without having to pay for them out of pocket. In addition to saving money on textbooks, many courses also provide electronic versions of course notes, slideshows, and other important documents that are needed during the class.
4 - Pay As You Go Option
Many online programs offer a “pay as you go” option, which allows you to pay your tuition in installments instead of upfront. This can be beneficial if you don’t have enough cash to pay your tuition in full. Additionally, some schools offer discounts for paying your tuition on time and in increments, which can help you save even more money. This allows you to spread out the cost of your education over time, making it easier to manage. When considering a “pay as you go” option, make sure that you understand all fees and rates associated with this type of payment, so that you can ensure that you are paying the lowest amount possible. Additionally, be aware that some schools require a minimum tuition payment each month, so make sure you can commit to these payments before signing up for a “pay as you go” program.
5 - Receive Financial Aid
Online students are eligible for the same federal financial aid as traditional students. This includes grants, student loans, and scholarships that can help you finance your education. Furthermore, many online schools offer additional scholarships to their students that can be used to offset the cost of education. If you are eligible, you should contact your online school's financial aid office to discuss the specifics of applying for and receiving financial aid. Additionally, you may be eligible for tuition reimbursement from your employer, or you could explore private loan options available to students.
6 - Reimbursement Opportunities
Many employers offer reimbursement programs for employees who choose to pursue online degrees or certifications. Depending on the employer’s policy, they may reimburse all or part of the cost of tuition, books, and other educational expenses that you incur. Contact your employer for more information on their specific policies and to see if you qualify for any reimbursements. If by any chance you do not qualify for reimbursement, it is still possible to finance your degree through loans and grants. Student loan options are available from both federal and private sources, as well as scholarships and grants that you may be eligible for depending on your financial status.
7 - Tax Advantages
If you choose to pursue online education, certain tax benefits may be available to you. Depending on the type of program and degree you’re pursuing, some of your tuition expenses may be eligible for deductions on your income taxes. Additionally, many employers offer educational assistance programs that provide additional tax-related benefits. For example, if you’re enrolled in an online program, your employer may be able to provide you with free tuition or reimbursements for some of the costs associated with your studies. It’s important to research the specifics of these programs and understand how they apply to your situation before claiming any tax benefits.
8 - Potential Increase In Earning Power
Finally, it’s important to note that furthering your education can lead to a potential increase in earning power. An advanced degree or specialized certification can make you more attractive to employers, which could ultimately lead to higher wages and increased job security. This, in turn, can help you save money over the long term as you benefit from a larger salary and more stable employment. The knowledge and skills you gain through your education can also open up new doors in terms of career possibilities, allowing you to pursue a more fulfilling professional path. Ultimately, this could mean greater job satisfaction and financial security for years to come.
By taking advantage of these cost-saving strategies for online education, you can pursue your educational goals without breaking the bank. With careful planning and research into tuition costs and other areas, you can reduce your overall expenses while still getting the most out of your education. Additionally, by taking advantage of financial aid opportunities and utilizing tax benefits, you can make pursuing your degree even more affordable. Ultimately, arming yourself with knowledge on how to save money while attending an online program is key to helping you reach your educational goals without creating too much financial burden.
Fleet management is a significant expense for any business. Even while your fleet is essential for providing prompt service, your operations will generate much less profit if it is depleting your finances at an alarming rate. Fortunately, with solutions like GPS fleet monitoring and tachograph, it is feasible to reduce fleet maintenance expenses.
It's not impossible to save costs by learning about the aspects of fleet maintenance over which you have some measure of control and implementing those changes into your business routine. Taking these five measures is the first step in the right direction:
1 - Streamline communication between all interested parties.
Drivers, shop managers, technicians, components, and third-party service providers must all be part of this conversation when it comes to fleet maintenance. An efficient fleet maintenance plan will include consistent communication with all parties engaged in the care of each asset. It's where you may get useful and timely information on cars, which can help you save money by letting you keep tabs on your assets' usage and immediately fixing any problems that crop up.
2 - Find the maintenance strategy that will save you the most money.
When it comes to fleet expenses, the decision between in-house and contracted maintenance might mean a difference of thousands of pounds. Some fleets can only effectively manage maintenance by combining the two approaches. Nevertheless, companies like Webfleet provide top-notch fleet management solutions that do not require any workforce or huge investment.
3 - Develop fleet maintenance schedules and stick to them.
Simple things like failing to plan for and stick to the dates and procedures indicated in standard fleet maintenance programmes may lead to significant cost increases. As a result of being able to anticipate how long an interval would be and how many parts, personnel, equipment, and storage space would be needed, the expenses associated with doing scheduled maintenance are often more manageable. Costs can be cut by making a maintenance plan and sticking to it. This will increase the shop's output and make the output better.
4 - Keep track of spare parts.
Fleet management businesses may save money by integrating efficient approaches to parts inventory optimisation into their regular maintenance schedule. Technicians can do maintenance and repairs faster and at a lower cost if they have access to the components they require. Maintenance and repairs may cost more if necessary components are unavailable. Ensuring the fleet vehicles have what they require means less time and less money.
5 - Make good use of modern technological tools.
An online fleet maintenance solution is an invaluable asset when it comes to keeping fleet costs to a minimum. This is because it helps manage a fleet by offering insight into all elements and identifying ways to save costs on operations and maintenance. To get the maximum benefits, use metrics to improve your management.
In conclusion, maintenance schedules are essential for keeping track of resources like time and money when it comes to maintaining a fleet. They are a part of asset management, and if they are used correctly, they should be the main focus of a fleet maintenance plan that increases productivity and profits.
Automated savings offers a solution that is not as overwhelming to manage and requires so little effort that you may not even realise how good it is for you until you check your savings account.
What Exactly Are Automated Savings?
Setting up automated savings essentially helps you save a predetermined amount of money without a second thought. You can do this with the assistance of a financial advisor at a bank, through online banking, or with the assistance of online tools or apps.
Once you determine how much money you would like to save, you will also want to determine how frequently you would like to have that money transferred into a savings account. Some people will opt for every paycheck, every month, or a week after every transaction.
You will also want to consider how you want to save; are you looking to add to a general savings account, set up a retirement savings account, or invest it? If you are unsure where to start when it comes to automating your savings, below are a few tools to help you save money.
1. Current
Current is an example of a fintech app, a new wave of banking technology that does not require any liaising with a traditional bank. Current offers a variety of accounts, such as checking and savings accounts and banking options for teenagers or young adults who are just starting to earn money.
Current also helps its users save money through their advantageous savings account that lets you set a savings goal to work towards. Above that, they offer a generous 4% APY towards your savings, so you can earn money on how much money you save. Thus, as you continue to contribute to your Current savings account, you can earn more interest on that balance.
Their savings accounts are referred to as “pods” that you can set up with a target and have money transferred from your checking account to your savings account automatically, so you do not have to remember to transfer it yourself.
2. Qapital Savings
Let's face it, most money management apps and tools are dull. With Qapital, your financial activity is laid out in a visually appealing way, making it much easier to digest and understand the information you see in front of you. You can even set up your financial vision board with images you select that will help you visualise your savings goals more effectively.
There are a few ways you can save money using Qapital. To start, if you want to customise how your automated savings will work, you can set up automatic transfers to your savings accounts entirely under your control. This helps you pivot your savings strategies when you have a change in income or circumstance, so you do not leave yourself without funds.
A second option is having a certain amount of money transferred into your savings when you make a purchase. If you are looking to follow a budget and avoid certain temptations, this could be an incentive to help you avoid those purchases. For instance, every time you go to Starbucks, you can have Qapital transfer money to savings instead of making coffee at home.
A popular savings feature that Qapital offers that entice many savers is that every time you use your card to make a purchase, Qapital will round that purchase amount to the nearest dollar and transfer that difference to your savings. So, for instance, if you buy something that costs $2.75, 25 cents will be sent to your savings.
This strategy can build up your savings quickly without a second thought, especially if you mainly make purchases with your card.
3. Chime
Chime is another financial tool that you can utilise to save money automatically in a manageable manner. While Chime does not offer to check accounts, you can easily connect a checking account to Chime using a safe third-party service. You can also set up Chime so that a certain amount of money from your paycheck gets sent to their savings platform and can even earn interest on your savings.
Chime also allows you to have your purchases rounded up to the nearest dollar, and the difference between your purchase and that nearest dollar gets put into your savings account. So, as you spend money, you save money with minimal to no effort.
4. Mint
Mint is a free financial tool that allows you to consolidate and monitor all your banking activity on one streamlined platform. If you have accounts at a few different financial institutions, Mint is worth looking at to make managing your finances much less overwhelming.
This app has so many features that allow you to budget, set financial goals, make plans to pay down your debt, and so much more. You can also schedule money to be transferred to your savings account automatically at intervals of your choosing, so you’ll save without a second thought.
5. Acorns
If you are interested in using automated savings for investments, Acorns is an app that helps you do this. You must pay to use this app, but it is much more affordable than hiring a financial advisor. Acorns allows you to transfer money automatically into investments based on your information.
You can set up Acorns to use the round-up method to link your bank account and allow Acorns to see your purchases. Then, that small amount of accumulated change will be sent to an investment. You can also schedule transfers to your Acorn investments from your bank account.
If you are looking for your savings to earn you some money for your future, Acorns is a viable option to dip your toes into investing.
Final Thoughts
Saving money does not have to be a chore. Saving money may be something you intend to do but forget to do, and suddenly, you have spent your entire paycheck. By automating your savings, you make sure money is always going into your savings without leaving you with no money left over. Simple steps like this towards saving can pay off in a big way.
Business growth consultant Daniel Groves shares his tips for saving more money.
1. Commit To Cash-Only Purchasing
Did you know that people spend more when swiping a credit card than they do when paying with cash? The “buy now, pay later” mentality of the credit card encourages financial negligence, causing many people to neglect careful monitoring of their spending. This can lead to mounting debt and diminishing savings.
Furthermore, having bad credit can affect your future plans, from added complications when buying your first home, to renting a car. If you’re able to commit to cash-only purchases you’ll de-risk yourself from added complications later in life. A bad credit rating can scupper your future plans, affecting everything from phone contracts to car insurance and even your mortgage. If you’re able to commit to cash-only purchases for a while, you’ll de-risk yourself from added complications later in life. Of course, you will need to have taken credit to really improve your rating, but the longer you can save money and avoid debt the better.
One significant benefit of committing to cash purchasing is that you won’t spend money you don’t have. If you’ve only got £20 in your wallet, you can’t buy something that costs £25. It’s as simple as that.
If you want to save more money, committing to cash-only purchasing is a great way to go. It will significantly reduce your spending, encourage you to be more money-conscious, and also help avoid the problem of debt.
2. Track All The Money You Spend
Can you honestly say that you know where all of your money goes each month? Sure, you might know how much your Netflix subscription is or the rough cost of your groceries each week, but do you know exactly how much money is going out from your account each month?
Tracking your expenditure is a sure-fire way to take control of your spending. When you know how much is coming in and going out each month, it is easier to create a budget you can realistically stick to. What’s more, it is easier to set aside money in savings.
Thankfully, tracking all the money you spend doesn’t require a printed spreadsheet and a pen. Nowadays there’s an app for everything - and that includes your online banking. Online banking apps like Monzo and Mint allow you to track your spending, categorise it, and stay in control of your finances. It’s a small change that can make a whole lot of difference and, really, it couldn’t be easier.
3. Ditch The Big Brands
We have all heard the rumours that ditching the big supermarket brands and opting to purchase the finest range of the Aldi specials can help save money, but how many of us are actually doing it?
Ditching the big brands in favour of more affordable versions can save a significant amount on your weekly grocery bill. It might not sound like a big change, but think about how often you go to the grocery store. You will likely make £50 or more in monthly savings from that change alone. That’s a significant boost for your savings account and is a small change that can have a big difference.
4. Monthly Roundup
This might seem like a counterintuitive notion, but sometimes you’ve got to spend money to make money. Weird, right? Well, not with the monthly roundup many banks are now offering. The monthly roundup saves your pennies by rounding up what you’ve just spent to the nearest pound. So, say for example sake you bought a coffee and it cost you £2.75 your monthly roundup would put that £0.25p straight into savings. It’s that simple.
Now, £0.25p being put into your savings account doesn’t seem like very much at all. In fact, you’re probably thinking it will have very little difference whatsoever. However, the roundup feature can be applied to every payment that goes out of your account. So, you could literally save hundreds of pounds every single year. If you want to boost your savings account without even realising it, we highly recommend the roundup feature.
5. Eat Fresh And Stay Healthy
Whenever people see adverts encouraging them to “eat fresh!” The assumption is that it’s extremely expensive to do. However, this actually couldn’t be further from the truth. Cooking fresh homemade meals is a lifestyle change that can save you money in more ways than one. It is possible to eat well on a budget. For example, you can visit the reduced section in supermarkets where fresh vegetables and bags of salad are often being sold for under £1. You can also grow your own vegetables at home. These are both small savings that can save you a lot of money in the long run.
What’s more, eating fresh and prioritising healthy, home-cooked meals over highly processed foods and high-fat takeaways is one of the best ways to stay healthy for longer. And the healthier you are, the less money you are having to fork out for various treatments and medications. So, eating fresh is twofold. It will benefit both your wallet and your health.
6. Save Your Fivers
This lifestyle change can have a significant impact on your savings account. Again, this is a very small and simple lifestyle change that can make a huge difference to your finances. Every time you get a £5 note (whether change from a coffee shop or found in a jacket pocket), put it in a jar. If you do this throughout the month and then take that jar to the bank, you could have saved as much as £1,000. What’s more, simply being able to physically see the money adding up in the jar can be a great motivation to keep saving for longer.
7. Keep An Eye Out For Deals
There are deals and discounts everywhere, all you have to do is look for them. Whether you’re going out for dinner or heading to the cinema with friends, have a quick search online for any deals that may be available. You will be surprised how often discounts and special offers are available. Keeping an eye out for deals is a great way to make those little savings throughout the month that can go a long way towards boosting your finances.
Final Words
So, there you have it - 7 lifestyle changes you can make to save more money. As you can see, the changes we recommend aren’t drastic but they can have a huge impact on your savings. I hope this article has provided you with some inspiration and motivated you to start saving.
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:
- Know what you spend by tracking your expenses each month
- Identify non-negotiables - the things you will not negotiate on buying (or limiting yourself from buying)
- Understand the importance of saving
- 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.
