Your Budget, Revisited

If you care enough about your personal finances, you’ll likely already have a budget which you try to stick to. However, the various factors that affect our personal finances never sit still, and you need to be revisiting and adjusting your budget if you want to ensure it’s really working for you. In this post, we’ll guide you through the process of re-evaluating your personal budget.

List Your Goals

If it’s been a while since you revisited your budget, start off by asking yourself what your current financial goals are. These can change dramatically over time. For example, when you first drafted your budget, your main priority may have been getting out of debt. If you’ve reached this goal, you may have a large surplus of money you’ll need to redistribute. If you’re getting married soon, or have a new child on the way, this can also change your priorities dramatically. Whatever life has on the horizon, try to set at least one specific goal which you’ll work towards before anything else. Then, start putting at least ten percent of your income towards this goal.

Ensure your Budget is Bringing You Closer to Those Goals

After establishing a clear idea of your goals, you need to evaluate your budget and judge how efficiently it’s helping you towards those goals. This is generally very straightforward, but if you’ve experienced a sudden, unexpected change, like having to pay for an injury lawyer, your budget will have to change accordingly. Once you finally make the last payment on an outstanding debt, for example, and you have some extra cash to throw around each month, it’s important to keep saving your money, even though you may be able to increase your spending on other areas.

Look for Ways to Improve

One great financial habit that everyone could benefit from is looking for little ways to improve their spending habits. Almost everyone is guilty of overspending in one area or another. It’s important to keep re-assessing your spending habits, particularly in recreational expenses. Identifying your weaknesses, and developing the self-discipline to stop spending in these areas, is essential if you want to assure your future financial security. If you know you dine out too much, set a day of the week when you’ll cook at home. If you download too many movies, consider switching to a more cost-effective subscription service. Whatever’s draining your finances, identify it and plug it up!

Check it Monthly

Finally, get into the habit of revisiting your personal budget on a monthly basis. This will help you keep on top of any bad spending habits, and show you how well the changes you’ve made are actually working for you. You may find that you need to tweak a few categories in your budget and move money between accounts, but this monthly re-assessment shouldn’t take too long to complete. Your income, goals and expenses can fluctuate from month to month, and if you’re not adjusting your budget accordingly, you could be running straight towards a disaster.

Turning Misfortune Into Cash

No one likes to be on the receiving end of an unfortunate accident. Be it a car crash, an auto accident or the fact you lost your job, they are all unpleasant situations that need to be dealt with in order for you to continue working and living your life to the fullest. However, there is another way to turn your frown upside down: by turning it into cash.

As much as we hate when accidents happen to us, there are people out there who are more than capable of helping us seek justice. It could be a lawyer, and attorney, or just a very eccentric person on social media with a lot of influence.  Here are a few suggestions on how you can turn misfortune into money.

 

Making a claim

Accidents are never a pleasant thing to think about. The last thing we want is to end up in a car crash or something similar, but there are ways to turn it into a positive. For instance, you can make an injury claim with the help of a lawyer such as www.zlotolaw.com and, if successful, can give you a nice sum of cash as compensation. The more drastic your injuries, the more likely you’ll be paid out a higher sum of money. This, however, doesn’t mean that you can just jump around your workplace trying to injure yourself or run out into the road into a car—lawyers will notice suspicious behaviour when they sense it.

If you’ve had an injury within the last three years, then remember to make a claim while you still can in order to get a bit of cash for your troubles and some compensation to help you pay for medical bills and other expenses. The accident can generally be anything that led to you requiring medical attention in a hospital. For instance, it could be a work injury because of a neglectful employer, or it could be a car accident that wasn’t your fault.

Keep in mind that personal injuries aren’t the only type of accident to exist. You can also make insurance claims on things such as your house, specific household items and even your car should it be stolen or vandalised. Keep a note of all the insurance policies you’ve invested in and make sure you use them to their fullest.

Selling old equipment for money

Sometimes, your appliances, electronics and other items may break down due to constant use or because they’re faulty. If your appliance isn’t covered by a warranty or there is no feasible way to repair it, then your only other option is to throw it away.
Or is it? If you have the contacts, it’s possible to sell individual parts and scraps of the appliances for metal, or you could simply sell the entire thing on a website like www.gumtree.com for spares. There are many specialist repair shops that would buy items off you such as broken laptop, and they fetch a pretty penny if you have obscure or rare items that are hard to find spares for.

Stronger Finance In Business In 3 Steps

Whatever kind of business you happen to run, you will need to make sure that you are keeping a close eye on the financial side of it. As is the case in most of these ventures, the money really is everything. If you are not making a decent amount of money then you are unlikely to be doing what you are setting out to do, and it is much more likely that your business will tank. The good news is that keeping your finances in good order is relatively easy to do, so long as you follow a few basic rule. In this article, we re going to look at those rules and see how they might play out in a real situation. This should help any budding entrepreneurs to figure out how to best approach the financial aspect of running a business.

Budgeting

It probably goes without saying, but any business needs a proper budget if it is to function properly. Drawing up a budget can often be difficult, but it is also necessary if you want your business to go in the right direction at all times. In your budget, you need to include everything that you feel might be necessary for your business’ success. Often, people are quite surprised at just how much this includes, but you will find that it is much better to be prepared in this way than have to figure it out as you go along. With a stronger budget, your business will also be stronger, and you will be able to see exactly where your business is headed at all times.

Regulating

There are all sorts of regulation which are applicable to many businesses, and you need to be sure that you are taking action on all the relevant areas if you want your business to do well for as long as possible. In part, this is to protect you in case anyone has an injury at work. The last thing you want is to be in trouble for being complacent with your health and safety, for example. But it’s not just about stopping the business being sued – you also need to be certain that you are working within whatever framework there happens to be for your particular industry. That way, you are much more likely to keep the finances within your business strong for longer.

Diversifying

You also need to look into what your business is actually doing in the marketplace if you want your business to do well financially. There are many aspects to this alone, but one of the most important is ensuring that you are diversifying as much as you can. Providing a lot of diversity in terms of what you sell ensures that your business will stay afloat no matter what might happen, as it means that you can continue to widen your customer base at every opportunity. This is perhaps the most important step of all if you want to feel safe and secure in your business’ future.