As you enter retirement, you may feel as though you are already set for life. With all the money you have saved and the pension checks you will be receiving, managing your money should be the least of your worries. However, investing doesn't end with you hanging up your boots. It's a process that continues well into the future. After all, you‎ still need to prepare for any contingency that comes your way and, more importantly, build a fortune you can pass onto the next generation.

Money doesn't keep on flowing when you retire, so it's important to put your savings and pension funds to work. Here's a guide to help you along this path towards gaining financial freedom and stability as well as giving your loved ones something they can inherit.

Set clear financial goals

What will you want to achieve once you have retired? Will you travel the world? Will you move into a quieter and healthier community? Everyone has a clear vision of what they are going to do during retirement, but living the good life shouldn't be the only thing in mind.

Financial stability and building enough inheritable wealth should also have a place in your list of goals during retirement. Your main goal here is to maximize whatever fund sources you have. From this, it will be easier for you to develop a sound investment strategy that works for you in the long run.

Start early with a risk-proof plan

Sound financial planning should start long before you retire. As you enter the last years of your career, you need to take this time to work out your financial plans for after. You may have already saved enough cash in your retirement account, but you need to know how to allocate and spend them on stable investment vehicles.

Sound financial planning should start long before you retire.

Why is it important to plan early? The answer is simple: Inflation. As you save money in your retirement savings, these funds will lose value over time, depending on current and forecasted economic situations. In other words, your retirement money is at the mercy of the economy at-large. You can’t just keep cash in the bank. You should also look for investment vehicles that are guaranteed to grow your cash.

It’s always sound advice to do your research as early as possible, compare potential investment options, and come up with a financial game plan that serves as a hedge against economic volatility.

Avoid getting too aggressive

As a retiree, the world is your oyster! You can do whatever you want with the wads of cash you have. While you may have the freedom to choose an investment option that’s supposed to generate high yields, being too aggressive sets you up for failure.

In today’s financial environment, the best rewards often go towards strategic players — and not players who go all-in. Financial advisers will tell you that as a good rule of thumb, you need only to go for investments that provide enough cash flow to keep you within your goals. The worst thing you can possibly do is to invest all your assets without maintaining enough reserves for future expenses. You know exactly what happens if you put all your eggs in one basket.

Diversify

It matters a lot to know where you invest all your retirement in. If you started early with retirement planning, you may include stocks, bonds, and other securities in your financial strategy.Then again, building a solid portfolio shouldn’t rely heavily on securities as these are highly vulnerable to volatility. It’s sound advice to invest in things you are familiar with, but narrowing your strategy to a single asset class won’t secure you for the long-term.

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Diversification is still an effective strategy for reducing risk and limiting your exposure to economic disruptions. Along with securities, you should also look towards alternative investments that work well against uncertainty. These passive income options include real estate (specifically, commercial properties and rental housing), trusts, and qualified opportunity funds. You can also look into precious metals, variable annuities, and even cryptocurrencies like Ethereum and Bitcoin.

When it comes to securing your future as a retiree, it pays to broaden your investment horizons. Still, before you start diversifying your portfolio, take time to study each vehicle and the ways you can maximize them.

Avoid the “hype train”

When it comes to investments, people will always flock to where influencers go. For someone who is new to investing, keeping up with other investors might seem like an effective way to manage uncertainty. However, putting all your assets in hyped-up stocks will only set you for a very hard drop if these stocks result in bubbles.

As a retiree, you wouldn’t want to jump into the hype-train thinking it’s a sustainable way to maximize your retirement funds. Nothing ever comes out of being too aggressive. You may have a lot to spend in your retirement, but overlooking certain details and making emotional decisions in the process spells trouble. It only increases the risk of losing everything you have as well as everything you are supposed to earn during retirement.

At the end of the day, planning for your retirement helps you build a more stable future even in the midst of economic disruption. To live comfortable well into the later years of life requires foresight, wisdom, and sound planning.

Education is one of the best ways to secure a future, but it is also quite expensive. Those who have wondered how they’re going to support their children’s education may have looked into a Registered Education Savings Plan (RESP).

An RESP is not only a means to ensure that you’re able to give your child an opportunity to receive a quality education. It is also a means to help free up the finances that you currently have.

What Is a Registered Education Savings Plan?

A Registered Education Savings Plan is a smart savings tool that is used to save money for a child’s post-secondary education. The three commonly-known benefits of an RESP is that the government also contributes a certain amount as government grants and that the RESP is also tax-advantaged by nature (exempted from taxes). Lastly, the funds invested in an RESP earn a compound interest. Not only this, but both the principal and the government grants each benefit from compound growth.

The requirements for opening an RESP are simple. Anyone can open an RESP, provided that  both the beneficiary and the subscriber are Canandian, and they have access to the beneficiary’s Social Insurance Number. RESPs cannot be transferred to another beneficiary unless that beneficiary is a sibling of an existing beneficiary.

Types of RESP

There are three types of RESP and they each differ in fees, rules, and withdrawal conditions. Here’s a brief overview:

Individual Plan

An individual Plan is used to finance the education of a single beneficiary. In case a beneficiary does not pursue post-secondary education, the plan may be transferred to a sibling. However, if there is no other sibling that can benefit from the RESP, contributors can claim their investment earnings as long as the plan has been open for 10 years. Another option is to transfer the RESP funds into an RRSP OR RDSP, if there is room for contributions there and if the eligible conditions are met

Family Plan

In a Family Plan, more than one beneficiary may be named as long as they are related to the contributor and that the beneficiaries are below 21 years old. No minimum deposit is required to open the plan; contributors also have full control over when and how much money they put into the plan. If one beneficiary does not pursue post-secondary education, the funds left may be used by the other beneficiaries.

Group Plan

Group plans can be opened for beneficiaries that aren’t related to the contributor. A minimum deposit is required to open a group plan and money must be put into the plan on a set schedule in the same way that you would pay off a loan. The money contributed is pooled with that of other contributors. The funds made available to your beneficiary depends on the amount of money in the group plan and the number of other beneficiaries of the same age who will be starting with their post-secondary education.

What Are the Particular Benefits of RESPs?

There are four main benefits of an RESP:

Government Grants

The first major advantage of an RESP is that the federal government matches 20% of the yearly RESP contributions made, through the Canada Education Savings Grant(CESG), which caps at $7,200 per child over the lifetime of a plan. Beneficiaries from low-income families are also eligible for support from the Canada Learning Bond through which the government can add up to $2,000 to a beneficiary’s RESP till the beneficiary turns 15. There are also provincial grants available for residents of Quebec & British Columbia.

Tax Advantages 

We all know how expensive post-secondary education can be. The reason why the CRA is willing to give contributors this tax break is to encourage more people to save for their child’s post-secondary education. When the RESP funds are withdrawn by the beneficiary, they are taxed. However, because most beneficiaries make little-to-no income by the time they need these funds, the taxes are minimal.

Compounded Growth Benefits 

In essence, an RESP has a snowball effect. The earlier that a contributor adds funds to the RESP, the greater the funds will be when the beneficiary becomes eligible to use them. While the effects of compounded growth vary, the one thing that is guaranteed is that compounded growth will always work for the contributor because RESPs are compounded monthly.

This means that as contributors and the government continue to add money to the fund, the fund generates a return, which is then reinvested. ( Assuming that all planned contributions are made). In short, as your fund accumulates in a contribution amount, the investment income on government grants also increases.

Establishing the Importance of Post-Secondary Education In Children

The secondary purpose of an RESP is to encourage children to pursue a post-secondary education. According to this report from Statistics Canada, students enrolled full-time in undergraduate programs will pay, on average, $6,580 (correction) in 2020/2021, up 1.7% (correction) from the previous year. One of the most common reasons that many children do not pursue a post-secondary education is because of a lack of money to support the costs involved in such an endeavor. An RESP does not guarantee that a beneficiary will be able to pursue a post-secondary education, but it does maximize the chances of being able to afford schooling.

On a final note, RESPs are meant to serve their purpose manys years after being opened. There are corresponding penalties for early withdrawals. As you might have already surmised, it’s a big decision that requires a lot of thought. Doing some research will help you determine the best option for your beneficiary. 

John Ellmore, Director of NerdWallet, discusses the significance of negative interest rates and how savers can adapt to them.

Many Britons will have hoped that 2021 would provide some respite from the intense financial pressures of 2020. Unfortunately, this is unlikely to be the case – in fact, new and potentially unique challenges lie ahead.

COVID-19 has had a hugely significant impact on the UK economy: 314,000 redundancies were reported between July and September 2020 alone, Government spending rose by £280 billion last year, and public borrowing in the past 12 months is estimated to be the highest in peacetime history at 19% of GDP.

The Government and Bank of England (BoE) have had to act in order to stimulate the economy and limit the damage. For one, in March 2020 interest rates were cut to a historic low of 0.1%. However, the cut might not have gone far enough and, over recent months, the BoE has been debating lowering rates below zero; going as far as to issue a letter to all UK banks, urging preparedness for base rates to drop to negative figures.

This policy is not without its merits. After all, it will encourage commercial banks to lend more, and consumers to spend more, therefore fuelling economic growth. However, negative rates are unlikely to be viewed as optimistically by savers.

The impact of negative interest rates

While negative interest rates make borrowing cheaper, they have the opposite effect on savings.

When rates fall below zero, it becomes more expensive for commercial banks to keep customers’ money in savings accounts. Theoretically, this could force commercial banks to charge savers for holding their money. However, this scenario is not likely, as doing so would inevitably drive the majority of clients to rapidly withdraw their savings from banks. This would, in turn, cause a massive economic aftershock.

While negative interest rates make borrowing cheaper, they have the opposite effect on savings.

That said, even if commercial banks do not impose such fees, the value of many people’s savings could decrease over time; it certainly will in real terms, given the UK’s inflation rate currently sits above 0.5%.

The question, therefore, is what can savers do to protect their money?

Keep calm and research different options

Crucially, Britons must not panic. Doing so may result in rash or ill-informed decisions, which could damage their long-term financial prospects. Instead, it is important to dedicate time researching the various savings options available.

For more risk-averse savers, there are savings accounts available which still offer relatively generous interest rates. For example, there are fixed-rate savings accounts offering up to 1.25% in interest, while some instant access accounts can offer savers as much as 0.6%.

People most thoroughly research their various saving options. Comparison websites are a good starting point, as they search the market for different financial options and present their findings in a clear, jargon-free table. So, users can simply select the savings account that best suits their needs.

Consider investments 

However, some savers may want their money to work a bit harder. In which case, they might want to look into other options, such as stocks and shares ISAs.

These are tax-efficient investment accounts, which enable savers to put their money into a range of different investments – these can either be chosen by the saver themselves, or by the ISA provider.

Stocks and shares ISAs present an opportunity for generous returns on savings, should the investments be successful. However, this also means that the value of savings could decrease, if the value of investments falls. So, those contemplating starting a stocks and shares ISA should carefully consider their risk appetite before committing to this savings strategy.

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Premium bonds accounts

Another alternative savings strategy comes in the form of a premium bonds account. This entails adults purchasing bonds for £1 each; £25 worth of bonds being the minimum amount one can purchase. Instead of gaining interest on their purchase, customers are entered into a monthly cash prize draw in which they could win a tax-free sum of between £25 and £1 million.

What’s more, 100% of an individual’s investment is protected, so investors will always break even, even if they never win a prize draw.

That said, the odds of savers winning money are not particularly encouraging; it is estimated that 1 in 54,656,068 people win £1,000 each month. So, while perhaps a more fun alternative to a traditional savings account, this strategy might not be suited to those looking to make more significant or predictable gains on the value of their savings.

The prospect of negative interest rates will be unnerving to many savers. However, it is important to remember that there are alternative savings routes available. Finding the right one will involve dedicating time to researching different options; but if Britons do their research and make informed decisions, they should be able to save for the future with confidence.

Many people have found that their personal finances are in a less healthy place as a result of the COVID-19 pandemic. So, it is natural to want to find a way to get your money back on track. Here we take a look at ways that you can stabilise your personal finances beyond COVID-19. 

Don’t panic!

It can be natural to see the impact that COVID-19 has had on the economy – and, more specifically on your personal finances – and think that the right thing to do is to make drastic changes. Whether that means moving your investments or looking to sell property straight away, these sorts of changes can be tempting. 

However, it is important to understand that many things will actually go on as normal. Once the markets are over the shock there has been the suggestion that dips in the economy will not be as bad as feared and the fall in house prices will not actually be too substantial – around 3% according to Knight Frank. 

Consider equity release

Of course, it may be the case that, like many people, a large part of your finances is tied up in your property. This can be a very frustrating situation if you have a house that is worth a significant amount of money, but that you cannot access without selling it. Thankfully it is actually possible to get access to this money through equity release.

Equity release can be “a sensible and practical solution for financing your lifestyle, home improvements, education or general income”. It involves essentially taking out an amount of money from the value of a property, which is then paid back when you die. 

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Make savings where you can

COVID-19 has left a world completely changed in its wake. For many people, this has caused a great deal of financial strain and challenges. However, it is important to note that there are also savings to be made that have arisen out of the situation.

For example, it may be the case that you are now able to work from home more often or perhaps that you no longer need to travel to work at all. If this is the case you may be able to actually save a significant amount of money. And there may be many different examples of this, where new circumstances have created a life that is cheaper for you.

Take advantage of government schemes

It is important to stay up to date with which government schemes are in operation. The UK government is well aware that this is an unprecedented crisis and that businesses and individuals need support in a way that would have been unheard of in the pre-COVID world. This will certainly be an evolving issue, and you will need to keep ahead of the game.

Of course, remember that the first port of call could be the government’s standard Universal Credit income support, which is always available. For anything else, it is wise to follow the government’s website. 

Do not ignore payments

It is important to recognise that COVID-19 is not simply an opportunity to ignore your financial obligations. Whilst facing difficult financial circumstances is not something anyone wants to experience, it cannot be an option for you to ignore them and hope that they go away – they will not.

Do not delay making payments in the belief that you will have much more money in the future. If you do, then you can enjoy the benefit then, but for now, it is necessary to make the hard choices and keep up to date. This can help you avoid getting into further debt, incurring fines or damaging your credit rating. 

Do not delay making payments in the belief that you will have much more money in the future.

Re-evaluate your budget

So, the solution, in this case, has to come from somewhere else – and this may have to involve re-examining your budget. As we have discussed above, COVID-19 has actually changed a great deal about the ways that we live and work, and it may be the case that you no longer need some of the more expensive aspects of your lifestyle.

Perhaps you and your partner have a car each, but it’s actually now extremely rare that you use both at the same time. This will vary from person to person, but it may be the case that you can save a significant amount of money simply by assessing exactly what you need to be spending money on.

After weeks of being put under stringent lockdown measures due to the COVID-19 pandemic, people will be bracing for difficult days (or even weeks) ahead even as these measures are gradually lifted.

Even then, people need to make ends meet in one way or another. And while it is difficult to know how and when this crisis will actually end, it is important now more than ever to make good financial decisions.

Let's take a look at a few important tips for how you can keep yourself from going under in these difficult times:

1. Keep a Level Head

The coronavirus, which causes the deadly disease known as COVID-19, has permeated local and international news since it was first detected in China. Now, it has become a crisis that governments are desperately trying to contain.

If you have been following the news lately, chances are you have been on a spending spree for essentials. With quarantine measures in place, many are now finding it hard to stock up on the essentials like toilet paper.

It is easy to be confused with all the information out there regarding the pandemic. If you let your guard down and make unnecessary purchases as a result, you can do yourself a lot of harm.

Whatever happens, it's best to remain calm and follow government advisories. At this point, the best you can do is to prevent the spread of the virus and get updates from trusted news sources. This will help you gain clarity as you figure out what to do with your current resources.

Whatever happens, it's best to remain calm and follow government advisories.

2. Call Up Your Credit Card Company

Having a credit card is convenient, but when you are in the middle of a serious health crisis, you have to do what you can to get by.

Luckily, consumers in the US can breathe a sigh of relief as major credit card providers have agreed to waive payments for March and possibly beyond. All you have to do is to contact the number on the back of your card and ask your bank about how you can get relief.

It’s important to note that providers such as American Express and Capital One have allowed cardholders to skip payments without interest. Other banks such as U.S. Bank and Wells Fargo have also announced that they are offering to waive fees and provide other forms of hardship assistance. Again, you will need to contact your bank and see what they are offering.

3. Use Your Savings

This is a reasonable time to dip into your savings account.

Whether it's a time deposit account, notice accounts or a fixed rate savings account, it would be practical to use this money as a buffer to get you through the entire quarantine period. At any rate, ensure that you can withdraw the amount you need without any penalties.

4. Spend Less by Scaling Down or Discounting

So long as this crisis lasts, it is important to keep your spending to a minimum. This may mean scaling down on non-essential expenses such as streaming subscriptions and luxuries bought online. These are sacrifices you may need to make to keep yourself financially afloat in the next few weeks or until the crisis passes.

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Another way you can slow down the depletion of your hard cash reserves is to make full use of gift cards, loyalty points, and discount vouchers. These will really come in handy if you are going out shopping for groceries.

And considering that this is a national health emergency, you should consider making use of cards that help you pay less for prescription medicine. Check out prescription discount card details for where and how to find the best deals.

5. Leverage Mortgage and Rent Holidays

One good thing right now is that mortgage providers are offering different types of mortgage relief interventions for homeowners who can defer making payments through a 90-day period.

If you are in a difficult situation, it is best to contact your lender and see if you can strike up a forbearance agreement.

If you're renting an apartment, make sure to talk with your landlord to discuss new payment terms and see if you can avoid paying late penalties. Local governments are prohibiting evictions from taking place. This could give significant relief if you have been displaced as a result of the pandemic.

In such extraordinary times, you need to keep your finances from dwindling. This might take simple sacrifices or leveraging government aid efforts. In either case, your financial survival will depend at least partly on the measures you take.

When you are in control of your money, you have more power and flexibility to craft the lifestyle you want. You have an excess of money coming in and a handle on the money going out, so you don’t feel stressed or pressured by your finances, even when a surprise emergency expenditure occurs. Being in control of your money is a critical element of being in control of your life — but for some reason, you just can’t manage to do it.

Believe it or not, it probably isn’t a mystery why you still aren’t in control of your finances. Consider the following list of reasons why many people fail to manage their money, and think about making some changes to the way you live to keep your earning, spending and saving in check.

You Are Neglecting Your Debt

You will never be in control of your money if you don’t first gain control of your debt. Debts can accrue slowly, over time through things like credit cards, and debt can appear suddenly and massively in the form of a car or home purchase or student loans. Equally easy to accrue is business debt, which will impact many more people than yourself if allowed to grow unchecked. If you are suffering from a serious amount of debt, either personally or in your business, ignoring it will only make your financial situation worse. A much better strategy is understanding what your debt is, where it is and how you can systematically gain control of it to benefit your finances overall.

There are all sorts of tips and tricks for dealing with debt in a constructive way. At the very least, you need to be making your minimum monthly payments, but you might consider the snowball method or the avalanche method to rid yourself of debt faster. Debt isn’t inherently a bad thing, but you need to have a handle on it if you want greater control over your money.

If you are suffering from a serious amount of debt, either personally or in your business, ignoring it will only make your financial situation worse.

You Are Spending Frivolously

One reason your debt might be out of control is that you can’t manage your spending properly. Even if you start with a great fortune, you can lose it rapidly with excessive spending on things that don’t add to your wealth or the betterment of your business. Typically, frivolous spending isn’t merely buying yourself a coffee every morning; it is buying a coffee, buying lunch out, buying dinner out, buying new clothes, buying home décor and buying other things you really don’t need. In short, improper spending is a habit that you need to work to break.

Again, there are several strategies for overcoming this bad habit. Perhaps the best is employing money management software, which helps you track your spending and apply it to a carefully created budget. It is much easier to control your money when can see exactly where it is going and when you can see that the changes to your spending are having a positive effect on your finances overall.

You Aren’t Increasing Your Income

There are two ways to build your wealth: stop sending money and increase your income. If you have your spending under control, but you are still struggling financially, it might be that you don’t have enough income to manage your current lifestyle. In general, having more money makes it easier to manage your money because you don’t need to worry as much about covering necessities like food, rent/mortgage and utilities. The absence of financial stress allows you more freedom to experiment with money management strategies, which can be fulfilling and fruitful.

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At present, increasing your income might be a difficult prospect — but that doesn’t mean you shouldn’t try. If you are currently employed, you might ask your employer for a raise; a 10 or 20 percent raise every year or so will help your salary remain competitive in the market and meet the demands of inflation. You might also consider obtaining a side hustle, either a second job during your typical off hours or else a way to turn a hobby into a money-making endeavor. However, it’s important to remember that your life shouldn’t only consist of work; you need time for yourself to avoid burning out and losing all income.

Everyone wants to have impeccable personal finance skills, but the truth is that not everyone has the discipline to build them. It takes time to develop the knowledge and habits necessary for excellent money management, and if you are intent on gaining control of your finances, you should start paying attention to your debt, reducing your spending and increasing your income today.

Still, there are countless success stories of humble immigrants coming to the US with not much more than their dreams (and a hard work ethic), beating the odds, and becoming millionaires (and in many cases, billionaires). Elon Musk of Tesla is one of the more recent examples, but there are thousands of other immigrants who came to the US, put in the work, and achieved their dreams. 

So then, how does one start the process of becoming a millionaire? What are some of the nuances of the US economy that immigrants need to be aware of? Should you invest in real estate? What about the stock market, or its less-than-stable cousin cryptocurrency?

Whether you’re looking for tips on forming an investment strategy, want to learn more about how the US economy works, or simply need some advice on saving money, we have you covered. Below we cover everything you’ll need to be prepared for the process of becoming a millionaire in the US. 

Million Dollar Saving Strategies

Believe it or not, most people have the ability to save up to a million dollars in their lifetime. Even if you’re not making a six-figure salary, you can easily employ some basic saving strategies to stretch your dollars into a million (over several years, of course). 

With that being said, there are a few major variables that can affect how long it will take you to save (up to) a million dollars. These variables are listed below:

• What your annual revenue is (i.e. how much money you earn per year)
• What your annual expenses are 
• How much money you’re able to save on a monthly/yearly basis 
• What the growth rate of your investment(s) is
• What your savings rate is (i.e. the percentage you’re saving relative to your income)

The majority of financial planners in the US recommend saving at least 10 to 15% of your annual income. If at all possible, and you want to increase your savings rate, you should try to up that percentage (at least a little bit). Saving as much as possible, cutting costs when it makes sense, and living frugally (note: not cheaply) can all help to maximize your savings strategy. 

Making Your First Million Will Be Difficult: Prepare Yourself 

Lots of people have the quintessential romantic notion that they’ll work hard for a few years, meet the right people, the stars will align, etc., and that making their first million will somehow “just happen.” However, the reality of the situation is that making your first million dollars is almost always an uphill battle.

Lots of people have the quintessential romantic notion that they’ll work hard for a few years, meet the right people, the stars will align, etc., and that making their first million will somehow “just happen.” However, the reality of the situation is that making your first million dollars is almost always an uphill battle.

Luckily, though, that battle really only applies for the first million. As you should know by now, it takes money to make money (and having a million dollars to invest in your business ideas/investments makes it a lot easier to increase your revenue). There are tens of millions of millionaires in the US, and many of those are immigrants. 

Indian-born immigrants account for many of these millionaires. But millionaires can come from anywhere and achieve their wealth through different methods, which means that it’s possible for anyone to become a millionaire - you just need to understand that it will take a certain work ethic and a lot of financial savvy. 

Note: If you’re an immigrant looking to start saving money, you should think about finding a side hustle (or two, or three). Most independently wealthy individuals amassed their wealth through hard work (i.e. not just working a basic 9 to 5). Jobs for Indians in the US can be found via countless online resources.

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Quick Tips for Your First Million

Use some of the basic tips posted below to increase your chances of becoming a millionaire. Remember, becoming a millionaire in the US should be thought of as a journey, and emphasizing the actual process (rather than the result) is what will elevate your finances to the next level.

• Focus on finding investment opportunities to increase your annual revenue
• Increasing your number of revenue streams is vastly undervalued (and very important)
• Avoid taking on debt (even if it’s for business reasons)
• Live as frugally as possible (but don’t neglect your health or mental well-being)
• Constantly be learning and developing new skillsets
• Look for new employment opportunities and/or side hustles that can increase your revenue stream
• Save as much money as possible and then invest that money into emerging markets

Situations where we find ourselves falling behind in our payments, not enough money to put into our savings, or a lack of spending money at the end of each week or month is a tough situation to find ourselves in. It can make us feel trapped in a cycle where we do not feel we’re able to get out.

Thankfully, this could not be further from the truth. Financial slumps are stressful, but they aren’t the end of the world. There are many ways to help yourself overcome tough times related to money. I will help you with tips on saving, job related financial support and other helpful advice so you can reach financial independence and feel unburdened by money.

Here are 10 tips to get you out of that financial slump:

Live modestly

One of the biggest problems that people have when trying to save money or get out of a financial hole is that they live beyond their means. Eating out at restaurants or ordering takeout often, buying gifts or other products that they simply do not need, and just generally spending more than they can keep up with. Living lavishly when you should be putting down a portion of your check to savings is a good way to not get out of that slump. Try to consider what types of products you buy and start finding cheaper alternatives. No name brand groceries or hygiene products are a good start. From there you can even consider making reusable products.

Budget yourself

Budgeting yourself ties in nicely to the first tip. Make a spending plan for each week or month and try to stick to it. You might go over it every once in a while, but that is okay. It’s just important to know that you have a solid plan that is written down for you to follow. Knowing where your money is going is a good way to know how to stop spending too much.

Loans

Loans are a good way to get yourself back on your feet and give you time to sort out what you need to be caught up on financially. If your finances are hard to come by, you are looking for work without steady employment, or if you need loans for bad credit, they can help give you a new start so you can work at becoming financially stable again. Racking up debt is tough, especially on your credit score because of spending, but loans can be flexible to help any situation.

Get a side job

Finding a job that you can work on the side can help you put a little extra money in your pocket, and your savings. Many side jobs are easy compliments to our day job and can be done on flexible schedules. Delivery driving, driving with a ridesharing app, freelance writing. All great options to help you!

Seek financial advice

Getting help from qualified financial advisors and professionals is a good place to seek out some assistance as well. If you have tough questions about specific financial issues, it never hurts to ask the trained pros. They do this kind of work for a living and they have likely seen problems similar to yours, or worse. Their expertise can help you get out of that financial slump.

Enjoy the small goals

Even celebrating a small milestone like reducing your spending on a weekly limit is a good goal. These smaller goals are worth celebrating too. Sometimes we feel like if we do not see huge change right away, that nothing is getting changed at all. This isn’t true and can harm your progress when you don’t recognize the effort you’re making. Didn’t spend $5 on a snack at lunch, go ahead and celebrate. You’re building good habits with small progress.

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Give yourself time

Celebrating the little goals is important, and giving yourself time to build up to the bigger financial goals is a valuable lesson too. We sometimes want to do it all at once, but consider how long it takes to get out of debt or build up our savings. Don’t get down on yourself because you haven’t seen progress immediately. You will, it just takes time.

Freeze your spending

You can try spending less, but in some cases, a spending freeze can help. Giving yourself a deadline for not spending any money at all (except for necessities) will show you how much you waste on needless products.

Build an emergency fund

Unpredicted accidents or emergencies can derail your progress. Try to build up a little savings fund of about $1000 or more so you don’t get caught off guard by any surprise problems. Something like a car repair or home repair will throw off your progress if you aren’t prepared. An emergency fund is a good way to avoid that problem as it is a small enough savings goal to reach that won’t feel like more obligations.

Photo by Alexander Mils on Unsplash

Be committed

Lastly, nothing hurts someone’s chances of becoming financially independent more than their own lack of willingness to commit to it. Going into the process of getting yourself out of a financial slump requires time, persistence, perseverance, goal making, and the understanding that it is not an easy task. This isn’t meant to scare you off either, it is entirely possible, but you need to know that it will take some serious mental willpower.

Getting out a financial slump is a tough place to be, but it is doable. Using some of these tips, like budgeting, making a plan, reducing your spending habits, or getting help through a loan or financial professional can help you make it to where you want to be. The goal is financial independence, and it will take some time and effort, but stay committed and you will be living a life free of monetary burden soon enough.

People who frequently travel to various places around the world aren’t necessarily rich; they just know how to save for their trips and cut unnecessary costs. If you can do the same, you will certainly be able to travel wherever you want with minimal cost. Visiting a new place can be so exciting, and you may start spending on unnecessary things.

To avoid that, you will have to stick to your plan, and only do the things that you planned for before traveling. That way, you will be able to cut unnecessary expenses and enjoy the trip as much as you want.

Have a Plan

Once you decide to travel, you will need a good saving plan. The first step in planning is being honest with yourself and matching your trip to your financial situation. That way, you will know if your plan is unrealistic and needs more work. You should know an estimation of your trips' overall cost, so you can understand how much you need to save and identify the expenses that you can cut during your trip.

Book Early

Flight prices change drastically, from one day to the next. Being able to book your flight early gives you the added benefit of finding cheaper fares. Do your research, and look for the right flight for you. Usually, non-direct flights are cheaper than direct ones, so bring a book along for those hours in transit. You’ll be smiling at the cost saved.

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Leaving Your Car Behind

While planning for your trip, you will realize some small costs that end up adding to the total expense, such as taking a taxi from and to the airport. If you’re taking your car to the airport, do your research. There are many airport parking options that you can benefit from. If you’re in Florida, Parking at Fort Lauderdale airport can be more affordable than requesting a ride, and you can be sure your car will be safe while you're traveling.

Opt for Private Accommodations

It is no secret that services like AirBnb have made things a lot easier for the frequent traveler. If you think about it, the cost of staying at a hotel, even with its benefits, might not really be worth it. After all, you’re a tourist, and how much time are you really going to spend in the hotel? More often than not, you’ll be walking around all day, and all you really need is a place to lay your head at night.

Once you set your goals and cut all the unnecessary costs before and while you're traveling, you will be able to travel more than once a year and enjoy the trip. Planning for the trip and knowing how much it’s going to cost is an essential factor when you’re looking to save money. So do the research, and with these nifty tips, you’ll be enjoying your trip to the fullest, even on a budget!

From the cost of the estate agent you use at the start until the solicitor fees at the end, many factors are going to be considered when moving house – and this is even before adding the cost of hiring a removal company.

The good thing is there are some tips and tricks you can use to reduce the costs take a look at Familymoney. Below are some tips that will go a long way in helping you save money on removals companies:

Booking Early

If you know about the move early on, you can easily end up saving a lot of money by booking early. Just like the travel industry and airlines, booking late can sometimes mean running the risk of finding the company all booked and you have very limited choices. When there are limited choices, the rates tend to increase.

If you are not sure about the date of moving but still want to get started early, arrange for consultations with moving companies and getting quotes. This will ensure you already have the comparison and which moving company to choose when you finally know the dates. This will speed up the process. You can expect the quotes you get from the removal companies to be valid for about 28 days.

De-cluttering

Before you can call your estate agent to come and take photos of your house and start booking viewings, one of the most important things you need to do is decluttering the house. You should try to strip every room into basics – pile up children’s toys that they no longer play with, sort old shoes and clothes, get rid of ornaments, pictures, and books. When you de-clutter the house, it ends up looking more presentable and also saving you money when moving; the less stuff to move, the less it will cost.

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De-cluttering for moving house

Once you have decided on three companies that fit your requirements and they have done their survey to determine the quotation of the move, compare between the three options. You should have a closer look at the services they provide. Are all of them the same? Is the volume the same across all the three options? Have they included extra services you had requested on the quotation? If there is a company you like the most between the three but they are a little more expensive compared to the others, you should not be afraid to call them up and let them know – they might end up coming up with a way of lowering the costs and you end up with a good deal.

Summer is not the best time to move… or on a Friday

It is a little hard to avoid moving during the summer for many people, but if there is any way you can move before or after summer, then try because it can end up saving you money. The reason why summer is not the best time to move is that this is when there is increased demand because many people tend to move during this time, leading to an increase in cost.

If there is no other option but to move during the summer, then you should not move on a Friday. This is the most popular day for moving because they see it as a perfect option since they will have the weekend to move and unpack before they go back to work on Monday. Completing the house on a Friday can be a little complicated; if the exchange of keys or paperwork is delayed on Friday, the move is then done during the weekend which can also mean an increase in costs.

Removing the services you don’t need

If you go through the quotations from the different companies and have compared and made the decision on a removal company that works for you, but you are not happy with the pricing of their services and they don’t have room for negotiation, then you should have a closer look at the services you have been quoted for. See whether there are services that have been listed on the quotation that you don’t need and can be removed. Maybe you thought you needed packing services or service for dismantling and reassembling items such as furniture, but you have learned a little more about the moving and confident you can easily do without these services. If you go through the quotation and realize there are some services you can do without, make the effort of calling the moving company and speaking to the moving coordinator who will be able to amend it.

Choosing second-hand removals boxes

If you decided to do the packing on your own, then you might have requested the removals company to deliver boxes to your home. Some will offer second-hand cartons. These are usually those that have been used just once before, and they will be sturdy and able to protect items when moving. You will end up paying much lower for the second hand than the brand new moving boxes. Ask the removals company whether they have second-hand cartons.

It’s not just UK residents that would be impacted. While experts predict that a full-blown recession could be on the cards, it’s also believed that it will negatively influence various regions within the EU, with Ireland, the Netherlands, Belgium, Germany, and France most likely to feel the consequences. Indeed, even countries as far afield as America could be adversely impacted.

This means that it makes sense to have a plan in place – preferably, one that includes a financial safety net to combat any uncertainty or financial difficulties that come on the back of the UK’s exit from the EU.

With this in mind, here are a few handy tips to turn you into a post-Brexit super saver.

Draw up a preliminary budget

Budgeting is considered essential to good money management, but not everyone puts this theory into practice. There are very few of us who cut our costs as much as we feasibly could, but with the possibility of a no-deal Brexit looming, you’ll want to not only reduce your immediate expenditure, but identify any additional areas where you could decrease your outlay even further should this become necessary. With this in mind, we recommend that you spend some time drawing up a table of your incomings and outgoings, so you can work out what you could go without well in advance of it becoming a necessity.

Keep an eye out for more economical alternatives

Although UK PM Boris Johnson remains adamant that the UK will leave the European Union before the end of the month, the reality of Brexit remains little more than academic, but it’s unlikely to stay this way forever. Recession is a very real possibility, so even if you don’t want to go the whole hog immediately, you should already be looking to make small savings where you can. This doesn’t mean going without entirely; rather, it means swapping your Heinz baked beans for own-brand alternatives, and visiting comparison sites; for everything from travel, utility bills and iGaming. For example, in regards to online casinos, with a generous multistep welcome package, Dunder is a solid choice, giving you the chance to play the games you enjoy without breaking the bank, or sites like Compare the Market for insurance, and Trivago for travel.

Review your interest rates

One of the big difficulties with Brexit is that nobody can truly predict how it will affect the economy. This means that interest rates could do almost anything, either remaining low if the financial landscape worsens or rising along with inflation. However, there is one way to know for certain what your future spending on credit products will look like, and that’s by fixing your interest rates. Experts suggest that to safeguard yourself against what’s ahead, your best bets are to either switch to a lower rate or consolidate your debt so you can accurately plan ahead.

Isn’t it time you started making some changes?

That may be true, but the rest of the 99.99% of things are quite heavy on the bank account. Between bills, school, food, children, girlfriends, wives, entertainment, and subscriptions, how can anyone keep accurate track of their money? Personal finance is the collective term used for managing your money at home. It encompasses everything from diapers to government bonds. Here are steps one must take to ensure that every cent is accounted for.

Seek Advice

Seeking advice is an invaluable tool for any person that wants to keep their personal financial plan on the straight and narrow. Find an expert you can extract information from and mold your strategies around these insights. If you don’t have access to a professional financial planner, MoneyTaskForce.com is a great tool to keep you up to date on trends and news. Big-time search engines also have their financial sections you can look at. The idea is to get a strong feel of how successful people work with their money.

Set Goals

Every person needs goals. A person without goals is probably not going anywhere. Same goes with money. Money is a means--a proof of value. What you do with it determines your wealth. Having a financial plan is crucial to this. Figure out what your goals are. Do you want that new motorcycle? Do you want to save enough to pay for your child’s college? Do you want to take copy-cat selfies in Bali with friends? None of these things can be responsibly done on a whim. Determine a series of goals and attach timelines to them. Have a short, medium, and long term goal. Short is within the year. Short is that vacation mentioned earlier and whatever other purchases you may take on. Medium has a range of five to ten years. Medium is that motorcycle and your eye on that nice apartment in the city. Long term is looking towards the horizon towards retirement. Having a solid plan to stay afloat during your unemployed golden years is always a good idea.

Set Up A Budget

Your primary tool to accomplish what you want financially is the budget. Your budget is a set guideline as to how much you’re allowing yourself to spend within a given time frame. It can be simple or it can be complicated. Like most things, the answer is somewhere in the middle. The Goldilocks quotient of any good budget means that you’ll be aware and somewhat challenged by the boundaries, yet not completely restricted. Ease of use still plays a factor in a financial plan. It’s not all about spending as little as possible. It’s about understanding your habits, curtailing the unnecessary ones, and rewarding the good ones.

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Create Safety Nets For When You Splurge

The tendency for anyone under an extremely strict budget is to accrue a feeling of entitlement. “I’ve been so good with my money, I deserve a night out.” This is dangerous. Anything you feel like you “deserve” is absolutely undeserved in the world of personal finance. That attitude primes you to go overboard and splurge way too much. Set up systems that ensure that you don’t go completely off the rails. A very common and highly effective way to do this is to squirrel away money without you even knowing. Have a relatively small percentage of your paycheck go to a savings account in a bank separate from where you have your checking account. Lose the account number. Lose the pin number. Lose everything pertaining to said account and just forget about it. This means you won’t feel the hit of this savings strategy, and you’ll have something to fall back on in case overdraft fees are in your immediate future. Make it as inconvenient as possible. That means that the only way to access that money is to physically go to a branch, wait in line, and retrieve it in person.

Pay Off Debt

Pay off your debt. It doesn’t matter how much money you have in your pocket, if you’re in debt, someone else owns that cash. Make an effort to pay off all your debt within a certain time frame. Let's say in your early years you took on a lot of debt to get life going the way you wanted it to. Pay extra on all of them, focussing on the ones with higher interest rates. Once the high-interest rate loans are paid off, pay that same amount total, but towards the other loans. For example, if you have three loans that each cost you $100 a month, pay that same $300 total towards the remaining two when one of them is paid off. This ensures that you pay off your debt as quickly as possible. It’s called the debt-paydown snowball effect.

Invest

Lastly, invest. Start investing and getting good at it as soon as you can. You have tons of options ranging from bonds to stocks, to real estate. The sooner you get into the investing game, the more you’ll focus on your long term goals and retirement. It’s never too early to start, but due to the nature of these plans, there is such a  thing as too late. You just have to choose the right one and tailor your plans around it. But be careful. There if you delve in stocks and bonds, there is a gambling aspect that is sewn into the system itself. Your goal is to buy low and sell high, of loan out big to get an even bigger return. Due to the fluctuations in the market, this may not work in your favor. But if you do it right, you’re looking at a lifelong habit of making significant passive income.

Gone are the days where things were primarily cash or check. It’s all card and recurring payments. It’s absolutely necessary for one to be on top of their money. Being financially responsible means the difference between knowing when you’re in the red and somehow finding yourself deep in it. Financial responsibility is the key to getting ahead of the game and making sure that you can live a good, happy, worry-free life for years to come. That is the essence of good personal finance.