Author

Employees
Business,

Ingenious Ways To Praise Your Employees Publicly

no comment

Positive Reinforcement: Positive Profit Margins

A picture has an amazing weekend relaxing with your family. Next thing you know, Sunday night comes and your anxiety hits; another long, unfulfilling week without any individual recognition is on the horizon. There are ways to improve; companies are realizing the way to increase productivity is positive work recognition. Through positive feedback, superiors can show company standards and who are already performing well, creating results almost effortlessly.

Proven Methods of Employee Praise: Peers vs Superiors

Recognition Among Staffers

There are different types of positive recognition. While many are familiar with the leadership/employee reinforcement, such as “Employee of the Month” or giving performance-based raises, companies have caught wind of peer-to-peer feedback. Sure, it’s nice to be recognized by the boss every once in a while, but how great would it be to receive compliments from people who experience the same everyday workload and consider you to be an example of a job well done?

How to Implement Peer Praise

Peer reviews are a great positive form of feedback; it creates an inclusive environment for employees because their opinions are heard and it’s even more beneficial because their voice is used to uplift their fellow colleagues. The amount of recognition also increases; instead of waiting for one boss to highlight the employee achievements, people who see their coworkers every day working hard can pay a compliment in passing.

Even setting up a small prize incentive for the employees to vote on a peer for completing a sales goal will boost the drive of the other staffers knowing that they get a prize for giving their best. Some companies such as GRS reward procurement utilize procurement, uniting customers and employees.

How Supervisors Can Increase Praise

Many leaders are so busy working on their responsibilities, they do not realize they could give more praise to their employees. Or perhaps they don’t know how to approach staff for positive reinforcement.; a great and simple way is by making a small detour while stretching your legs.

Popping up on staffers in their element gives you insight on the great things they do and give them instant gratification of their hard work. Lots of bosses do not realize that a lot of the low performance comes from the lack of progress validation; they try and do not get the praise so they begin to give minimal effort.

The Time for Praise

How about during weekly meetings? Before the meetings start, take a few minutes to acknowledge the accomplishments of two or three employees to show that their contributions matter to the company. In addition to that, refrain from pairing compliments with criticism. Many employees internalize the negative feedback over the positive, so waiting for a different moment to give constructive criticism is beneficial for a positive work environment. Keep in mind everyone doesn’t appreciate the same compliments.

By giving praise uniquely to the person (if they are shy, leave a card or if they enjoy public validation, shout them out on a bulletin board) who did a great job it shows how leadership views their employees as human beings and not just corporate bots. Feeling like you have an identity to your superior is an indescribable feeling.

Improving Low Performance

Praise can always boost team productivity. Sometimes a boss can underestimate how far a “good job on that presentation” can go or “check out those sales goals, keep it up” can go. Showing staff you care encourages them to bring their best selves and even look forward to that Monday morning meeting. Never underestimate the power of a compliment. Praise your way to higher productivity!

Net Worth
Finance,

Net Worth-The Most Important Financial Statistics You Should Know

no comment

Net worth definition

Net Worth can be defined as a snapshot of your financial health. You should track it over times so that you can fortify your financial health. You have heard any well-known person is “worth $15 Million” but you don’t understand its exact meaning. And if a question raises in your mind that what is your own net worth then you will find the answer to this question in this piece of writing very clearly.

What is Net worth?

Net Worth can be defined as the value of assets minus liabilities. Your Net Worth is not only about your income instead it includes your investments, savings, and debts.

Net Worth = Assets – Liabilities

What does net worth mean? In the financial language, the word “Net” means “after subtracting debts and expenses”. One can define worth as the amount that can be achieved in a specified time. The increase in Net Worth indicates good financial health. On the other hand, when liabilities increase more than assets, net worth decreases and indicates a financial crisis. So we can say that net worth can be found by subtracting liabilities from assets. It means net worth can be a measure of your well-being and financial health.

Importance of net worth

It is important to know your net worth because it provides a snapshot of your financial health. When you calculate your net worth, you can see the end result of everything you have spent up and everything you have earned till right now. It provides a wake-up call if you are off track or you are doing well. It offers a meaningful view of your finances. It can help you to evaluate your present financial health and help you figure out what to do in order to reach your financial goals.

How one can calculate his/her net worth?

Many people wonder what they are valued in economic terms. It is a very simple exercise. It can be calculated by the subtraction of your debts from the assets. If your assets are more than your liabilities then your net worth is positive. But if your debts exceed from your assets than the net worth is not positive rather negative. Then our goal should be to work hard to make our net worth positive. It is an indicator that you have to pay off your debts for your strong financial health.

How one can determine his/her net worth?

It is fairly straightforward to regulate one’s net worth. You should create a detailed list of all of the assets you own and a list of your liabilities. You further need to add up both the lists and then subtract the liabilities out of the assets. Below we are going to tell you some steps for calculating your net worth in a traditional way such as, by hand. However, you can use some tools available on the internet as well. When you synchronize your accounts, it calculates the net worth automatically. By calculating your present net worth, you can even estimate your future net worth as well.

What is an Asset?

The assets are the things you own having a monetary value. Assets include cash like in your checking, retirement accounts, savings, and things like property, cars, and investments that you can sell for cash.

Assets = cash + items that could sell for cash

A few examples of Net Assets:

  • The amount you have in your investment accounts
  • Your car’s market value
  • Your home’s market value
  • The amount in your savings accounts.
  • Items of economic value you own, like furniture, collectibles, and jewelry.

Assets vs liabilities

What are Liabilities?

Liabilities are debts that are obligatory to pay. Liabilities are the entire debt you owe. Your liabilities can not be determined by the monthly payments you owed, rather by the owed debts. Here are some examples of liabilities are:

  • Car loans
  • Mortgages
  • Student loans
  • Credit cards
  • Medical bills
  • Liens and judgments against you
  • Back taxes

If you find the net worth negative then it is all because of your car loans, mortgage debt, and credit card debt. Your student loans have a great influence on your net worth as well.

What is liquid net worth?

The part of a person’s net worth that can be easily turned into cash is his/her liquid net worth. It includes investments like stocks and mutual funds. However the assets, that are difficult to easily convert like cars or real estate.

Different ways to calculate the Net worth

You can find some ways to calculate the net worth of your own.

1 How to calculate Net worth in Traditional way?

To calculate your net worth, you need paper, pencil, and calculator. Then divide the paper into two halves. Write the word “Assets” on the left side while the word “Liabilities” on the right. Now list all of the assets and its value net in the assets column and all the liabilities and its value in the liabilities column. Then add all the values of both sides then subtract liabilities from assets to get your net worth. Below is an example of a fake person’s net worth. Check the example of net worth calculator:

networth

Have a look at some celebrity’s net worth. Offset net worth is $ 16 million. Migos net worth, as a group is approximately $ 50 million. The estimated net worth of Cardi b is $ 8 million. Cardi b ethnicity is mixed. Metro boomin net worth is $ 6 million. Chance the rapper net worth is $ 33 million. Quavo net worth is $ 16 million. The Edge net worth is $ 340 million. Google net worth is approximately $ 52.4 billion.

2 Calculating Net worth with an Excel sheet

You can calculate your net worth on an excel sheet. You need to open the Excel document and type in your assets and liabilities exactly like in the above-mentioned example. Then use the function bar to add the values for you.

3 Calculating net worth with tools

It is easiest and fastest to calculate your net worth with the tools available on the internet. Quicken is the tool used for fastest and accurate calculation. It allows you to gauge your financial health at a glance. It is a recommended financial software program that you can purchase and download on your computer. You can enter your financial information manually into this program. Then quicken will sync quickly your information and it will show your net worth.

What are the Tips to increase Net worth?

Here are some tips to increase net worth. First, save more than you spend. If you can do this one thing, your net worth will increase.

  • Save more money
  • Decrease your debt
  • Earn more money

Final Word

In this piece of writing, you learned about Net worth, the meaning of net worth, and how to calculate it. Net worth can be defined as the total value of your assets, minus the total value of your liabilities.

 Your net worth is the indicator of your financial health. 

If you want to increase your net worth, all you need to focus on having more assets and fewer liabilities. We have mentioned different ways to calculate your net worth. We have also shared some tips to increase your net worth. To conclude we can say that to calculate and determine your net worth is the key to improve your financial health. So keep checking your net worth in a specific time period and increase your worth finances.

 

 

 

 

How to fill out a check
Finance,

How to fill out a check?

no comment

Can you write a check to yourself?

Though today’s world is digital but checks are also common. Check is an effective as well as an inexpensive tool of moving money but one does not fill out a check daily or maybe one has never filled it before. Writing a check is a very simple and easy but important skill. Everyone should know how to read a check or how to write a cheque.

A six-step guide

We will let you know how to write a check step by step. There are six steps to filling out a check from the top of the check to the bottom. This will help you avoid any step’s skipping. You just need to move through these parts of a check one by one. Here is a picture is given below displaying all these six steps that will guide you on how to fill a check. Have a look at the sample check.

Check Sample:

check

By following these steps, you can write a perfect check.

Step 1: Put the current date

The first step of check writing is putting the current date. You need to put the date on the top right corner. You should use today’s date that helps both the parties keep an accurate record. You can use postdate as well but post-dated cheques do not work the way one thinks they will. postdate can be problematic.

Step 2: Payee or recipient name

The second step is to write the name of the recipient or payee on the “pay to the order of”, line. The recipient is a person write his first and surname. If the recipient is a company then make sure you have the correct company name.

Step 3: Amount in numbers

The third step is to write the amount in numbers in the box on the right. The first digit of the amount should be written close to the left-hand border of the box to prevent any fraud. Fill in the amount in dollar and cents. Many people don’t know how to write cents on a check. For instance, you can write 23,010.52. No need to put the dollar sign because it is printed on the check.

Step 4: Amount in words

Write down the same amount on the next line to prevent any fraud. It will be considered the official amount. If the numeric amount and the amount in words are different then the amount in words will legally be the amount of that check. You should use CAPITAL LETTERS that prevent any fraud.

Step 5: Memo

Step 5 is to fill the memo line which is an optional one but it helps to know the reason behind writing that cheque. If you are paying an electricity bill or rent then you need to write “Electricity bill” or “Monthly rent” in the memo line. Sometimes when you pay a bill, the company will demand you to write your account number in the memo area.

Step 6: Signature

There is a line for signature on the bottom right corner. Many people don’t know how to sign a check. The answer is, “sign the check legibly”. You should use the same signature that you used while opening the account. Signing a check is essential. The check will be invalid without your signature. Your signature gives authority to the payee to draw that amount from your account. If there is a question popping up in your mind that how long is a cheque valid for? The answer is “for three months”.

Other things to do

1 Keep the record of your checkbook

You should keep a record of your checkbook in a register because you spend much money and you should have a record where you have spent your money. This check register is meant for keeping a record of your expenses and deposits. It will also help to prevent any fraud.

2 keep a record of your transactions

When you make a payment by check, you should record the check number which is found in the top right corner. It is also helpful to keep a record and ensure none of the checks is missing. It is also helpful to remind you about “reorder checks”. You should describe in the “description” column, where you made payment and for what and write the exact amount as well. Then subtract the amount of the check or add in deposits to the amount in the account from the previous transaction. You should reconcile your bank statement monthly.

Final thought

While it is 2019 and most of the transactions are digital but paper checks are also common. So it is important to know how to write check correctly. Then keeping track of your checks is also a good practice. It helps you keep a record of your spending and prevent any fraud.

Financial Resources
Finance,

6 Value-added Solutions To Manage Financial Resources

no comment

When want your business to be successful, you need to do everything that you can to keep your operations running smoothly. Even though the core duties and responsibilities are on the list of your highest priorities, you cannot ignore the financial part of your company. This is especially the case for those of you who are looking for financial resources that will help you to add value wherever you need it. Keeping this in mind, here are 6 things that you may want to factor in your plan to protect your finances.

  1. Add a Plan to Keep a Keen eye on your day-to-day money management

To run a top ship in your finances, you cannot be reactive to financial problems that could have been avoided. Even the little extra expenses can add up quickly and destroy your budget if you are not watchful. Therefore, one of the best ways to add value to the money management system that you are using is to keep a close eye on your finances on a day to day basis. This is an extra layer of protection that can help you to make changes that you need before they become a situation that you will find hard or difficult to recover from quickly.

  1. Learn and Implement New Financial Business Strategies that’s Proven

When you want to add value to your financial plan, you should always consider the resources that you have available to you. In fact, all of the research that you can do to stay on the topic of things can be very beneficial in implementing a new way of being successful in this area. For instance, today business owners should learn as much as they can about topics like supply chain finance.

When you incorporate this type of financing into your plan, you can focus on a part of the business financial operation that may have not been addressed before. This kind of financing is also known by the name of reverse factoring so it is not really a new way of thinking or planning your business financing opportunities. However, as you discover more and more about the global economy and how it applies to your financial situation, you will have a chance to take advantage of an innovative strategy.

  1. Create a Win-Win Financial Terms and Arrangements for Supplier/Buyer Relationships

Typically, when this strategy is in use you can optimize your company’s cash flow by giving your clients and customers the capability to stretch out their payment terms. In some cases, this may even involve allowing your suppliers to receive their payments early based on the terms of their agreement.

For those of you who like this financial management arrangement, you can also make note of a win-win situation that both the supplier and the buyer can benefit from. In short, the supplier can begin to generate more cash flow for their operations, while also allowing the buyer to completely maximize their working capital at that time.

  1. If a Loan is Needed-Be Prepared in Advance with Reasonable Amounts and Terms

Making preparations for what you need in advance, will not only save time but will also allow the entire staff to be prepared for emergency financial situations. Since not all financial situations can be foreseen well in advance, you need to devise a plan that will handle these issues with ease. Therefore, you can add value to your financial plan by being proactive to handle emergency situations quickly and effectively to minimize any possible damage that is done.

  1. Make a Plan to Expand the Business With Finances that will not put the company in a bind.

If you think that you may be running tight financially in any part of the business, it is important that you know how to apply for a loan that is needed when the company has a good solid financial standing. You may use this loan as a line of credit that can be used for a number of different things including taking care of an emergency or utilize these finances to expand services or products.

With this type of plan available in the wings, you can be prepared to jump on any opportunity that is presented in order to make the extra income. Again, this is one of the top ways of adding value to the financial resources options that you may need today.

  1. Finance Equipment by Leasing instead of Buying

In some cases, buying all of the equipment that you need can be one of the best ways to secure everything that is required quickly. While this type of financial plan may be good in practice, it may not be the best way to spend the companies finances at that particular time. Therefore, if you want the best option available, you may decide to lease the equipment instead of buying.

 

Business
Business,

Trending Channel Partnerships That Can Help Your Business Grow

no comment

If you want your business to grow, you need to pay close attention to the partnerships that you make. With the latest trends always representing a company’s ability to affect and make quick changes, your company must have the capability to follow the direction that the trending channel partnerships take. Having said this, here are 5 things you need to know to grow your business.

1) Digital is not a luxury, it is expected

When you consider how much technology has permeated your life and everyone around you, you may easily make the connection between what is expected and what is not. Specifically, since the digital world has a huge impact on all aspects of your business operation. This is especially the case for those who are working a productive program for their channel partner relationships.

Therefore, when a business sets up their portal, they will need to make sure that is accessible from any platform and very easy to use. By offering the newer platforms to your channel partners, they can logs sales as well as other KPIs online themselves, while also eliminating the need to track things with a pen and paper.

2) The email was just the beginning of Online Communications

More important than ever before, you need to provide resellers with the best platform to communicate. No, it is no longer enough to forward an email to the resellers from time to time, you need to develop a plan that is comprehensive. The plan that you create must encompass everything that channel partners want and needs. For instance, a total communication plan will be made of information that is readily available and can be sent through a content hub.

Typically, when this communication is set up right, channel partners will receive all of the info that they need including the latest updates on the newest products, sales strategies and new pricing, reward notifications in progress along with newly updated info on KPIs and performance. All of this information and more help you with a plan that will give you and your organization the Power To Motivate.

3) Your Business Has to Add Value to Beat their Competition

Channel partners know exactly how important customers are to a growing business. Therefore, when you are dealing with your channel partners, you need to make sure that they understand your marketing strategies and what you are expecting the customers to gain from it.

For instance, you need to create an environment that facilitates giving rewards that resellers can present in an appealing way. You will also need everyone engaged when providing information via a content hub. This is one of the best ways to distinguish your company from others in the same industry.

4) Your Customers Determine Your Ultimate Direction

Understanding how the customer fits into your business’s overall customer experience is one of the keys to ensuring your channel partners are satisfied. Focusing on solving a particular problem for the customer is one of the best ways to be seen in a good light.

For instance, when uber begin to replace taxis with a seamless service that makes it simple for the average person to get a ride from one place to another, they solved a huge complex problem that was normally embedded in the service that taxi cabs provided. This is one of the primary reasons why many of today’s channel partners are embracing the idea of adding the customers’ positive feedback to sales and training. This is often done by offering rewards for the feedback that the customer provides.

Gold and Silver
Finance,

Top Six Tips for Buying Precious Metals Such as Gold and Silver

no comment

Why Gold is Valuable

Gold is considered valuable because it is a rare find in the world. Gold is five parts per billion of the Earth’s crust because gold can be hard to find as well as extract. Gold is a metal that does not necessarily become a victim of decay.

Investing in gold means that you have a form of currency to back you if the financial system were suddenly to die on us. Precious metals that can be bought include gold, silver, platinum, palladium, and rhodium. You can buy gold low while selling it high, which is one idea on how to buy gold.

Gold As Currency

Paper currency is of value as well but only because we give it value. Paper currency is symbolic of value since we attach value to it. Historically, gold has been used as currency, with the price of gold drive-by supply and demand. The World Gold Council states that annual gold mining production has been 2,500 tons. You can buy gold from the central banks, as well as the International Monetary Fund. This is a second idea on how to get your hands on gold.

Two More Ways of Buying Gold and Silver

If you feel the need to buy gold, you can shop around for a good price on dealer websites that sell both gold and silver. A third idea on how to buy gold or silver is to check with your countries’ mint. Buying gold or silver does not have to be done in a pawn shop but can perhaps be done on eBay, which is a fourth idea on how to buy precious metals to supplement your access to your money, click here.

Gold is bought by a billionaire as a hedge against financial stress, and a fifth idea on how to invest in precious metals is to choose your gold or silver products from a wide range of investment-grade precious metals that come in many forms. Forms such as the amount of gold or silver you are buying, weights and product types. A sixth idea on how to buy gold and silver is to invest in a gold stock.

Gold and Silver Stock

Buying shares of gold funds such as exchange-traded funds mean that the fees are low. You are also looking into exchange-traded notes, as a low-risk and productive way of getting involved with gold. Gold is a useful barrier against inflation. The dollar may be a falling currency, whether it’s Australian, Canadian, or American. Gold is supposed to be an insurance against a failing economy. Investors buy gold to add diversity to their portfolio.

Gold is necessary for the economy as an equivalent to paper money. Investing in silver can be available in bar and coin form or big bars as large as 1,000 ounces. Dealers require a premium to buy silver, which means you need to accept a discount if you are going to sell it back to the dealer.

Buying Shares of Companies

You can try to buy a share of a gold or silver company whether the prices of either go up or down. Any accidents at the mines themselves will cause the bad performance of the products in question.

The right silver or gold investment depends on what you have decided you need. Mining stocks may bring in more money since financing companies also depend on having healthy cash flow. Silver is actually more common to find than Gold to find while mining. In the 19th Century, technological advances were made to help make silver easier to find.

Financial Strategy
Insurance,

How to Develop Faultless Financial Strategy For Your Home

no comment

Your financial plans and strategies make all the difference. In extreme cases, it can mean the difference between living comfortably and bankruptcy. Being financially stable may seem difficult but with the right tools, just about anyone can find the stability we all crave. Your future self and your family will thank you for your efforts to create a financial plan. You’ll also save money down the road.

Budget

Budgeting is an enormously helpful tool if used properly. A budget is just something that keeps track of your income versus expenses. A zero budget means that you won’t spend more than you make. Budgeting is central to all the other ways to secure a financially sound future for you and your family. You may find that following a budget actually opens up the extra money you didn’t realize you were spending. A few dollars here and there for small items that you don’t really think about can actually add up to a lot of money over the course of the month. Whether you are living paycheck to paycheck or are comfortable financially you need a budget.

Insurance

This is a big one, home insurance is a must. There are great options for homeowners insurance such as youi home insurance. If something happens you need to be covered. A tree could fall on your house, you could get into a car accident, or any number of problems could occur. Insurance on your home, your car and your health will not only give you peace of mind it will also save you from making huge payments down the road for accidents and emergencies.

Control Spending

With budgeting, you’ll want to control your spending. Keeping track of everything you spend is only half of it. You also need to follow through and stick to what you have planned in your budget of how much you can spend in different areas. One way to do this, if it’s especially hard for you is the envelope method. This method is where you draw the amount of cash you need for the week out of your account. Then place it in envelopes according to what it needs to be spent on. This way you’ll have a more concrete way of seeing your spending and keeping track of it. Plus when it’s gone it’s gone and it’s easier to not overspend that way.

Save

Saving is hugely important. Having a nest egg in case of emergency can mean the difference between a hefty loan, which with interest means you pay a lot more than you originally needed, and being able to pay right away, which saves you money. In addition, some months are different than others as far as how much you need to spend. Some months have birthdays or other holidays that may mean a little extra is spent. If you have budgeted to save some of your money, these extra expenses won’t be a problem.

College plans For Your Kids

There is more than one thing to save for, and more than one way to save. A huge potential cost is your child’s education. It may be years away or right around the corner, either way, college is expensive. Using education-specific savings plans can help you be ready for when they go off to college. Education specific savings plans often include a tax write off which can save you money come tax season.

Retirement Plans

Another important thing to think about when thinking or your financial future is retirement plans. You don’t want to be left high and dry when you stop working. You also don’t want to be the person working into their 80s and 90s because they can’t afford to stop. One of the best things you can do now to help your future is to find a good retirement plan.

Avoiding Debt

Avoid debt at all costs. Granted there are some things where it’s necessary to get a loan, such as buying a car or a house. But things like credit card debt adds up fast. With the high-interest rates on most cards, you’ll end up spending so much more than you thought. Pay off your credit cards each month to avoid interest adding up.

With These Tools, You Can Find Financial Stability

It may not be immediate. In fact, becoming financially stable may be a lot of work. You may need to change your lifestyle somewhat. But you can do it. You can have peace of mind and feel financially ready for the future. You and your family can find stability, even with the ever-changing world. With these tools, you will be ready for whatever comes your way.

Saving Money
Finance,

Tips on Saving Money

no comment

Everyone works hard for the money, so the money should also work hard for you. Saving money doesn’t mean that you have to compromise on the pleasures of your life. You earn to build a lifestyle for yourself and you will never want to compromise on basic necessities. Saving money means to cut down your extra expenses and start saving by taking small steps.

Only a single tip can never save thousands of dollars, but a combination can make a difference. Sometimes, getting started is the hardest thing when it comes to saving money. There is a whole wide world of ways to save your money. Our guide will help you to create and adopt a realistic and simple plan to save money for your goals, whether they are big or small.

Traditional Methods

There are some traditional methods used by people for many years to save money. One of which is to put all of the loose change into a saving box or a jar. The latest version of this method is that people deposit some amount of money in their savings account every once in a while. Another approach is to set aside a particular amount of money each month. People have been following this method for many years, but it requires discipline.

Record your Expenses

The first and foremost step towards saving money is to figure out how much you are spending and on which things you are spending your money. Keep track of your monthly expenses, which means every cup of coffee you buy to a cash tip. After collecting all data, evaluate which items you can cut down your expenses.

For instance, by dropping an item off from your list, you can save $5 every week at the grocery store. If you conserve more fuel, you need to cut back the amount you are spending on gas each month. You can also adjust the thermostat to save cooling and heating costs.

Clear your Debt

Credit cards and other high-interest debts can eat up all of your monthly income and you will not even realize it. If you are planning to save money, start with clearing your debt. Assess the amount you spend on servicing your debt every month and you will get to know how essential it is to eliminate the debt. After getting rid of paying the interest on your debts, you can save that money easily and put it into your savings.

Cut Down Your Eating Bill

An effective way to save money is by changing your eating habits. The change in your eating habits will also benefit your waistline, but a drawback is that you will have to spend a bit longer time in preparing the food at home each day.

The best thing to do for cutting down expenses is to stop eating out. If you stop eating out every day, you can almost save $50 in a week and even more in some cases. If you are already eating at home, then to cut down money, you need to avoid the convenience foods as they add extra dollars in your bill.

Pay through Cash

For your utility bills and rent, paying through cash might not help. But when it comes to grocery bill and entertainment expenses, paying through cash can help to cut back on spending. When you are paying cash by your hands, you will be more aware of what you are spending and on which items.

It might help you to make choices at the store that are less expensive and you might put the expensive options back. By switching to cash, you will be giving priority to money you are spending and not shopping, so it helps to determine the best possible ways to spend the money.

Set Savings Goals

Saving money will become a lot easier if you have a goal or something to save for. Set your saving goals and then motivate yourself to achieve those goals by taking tough financial decisions. If you have bigger saving goals like buying a house for yourself, it will take a longer time to achieve. However, you can also set small goals like a vacation plan or buying a new car or cell phone to cut down your expenses.

Stop Smoking

Smoking is not only injurious for your health but also a smoker spends a huge amount of money on buying cigarettes every year. It is definitely not easy to quit smoking, but if you look at the expenses, you might get motivated to get rid of this harmful habit. If you smoke a pack or half pack of cigarettes every day, the amount of money you spend is almost $3,000 in a year.

Looking on the bright side by quitting smoking, you will not only lead a healthier life but also save $3,000 every year. According to the latest survey, the percentage of people who smoke in America have come below 20 percent for the first time in 5 decades because of awareness.

Utility Savings

Utility savings cut down expenses to a large extent. The utility costs seldom go down and to cut down the utility expenses you need to ask a utility company for the energy audit of your house. The company will provide a complete review of the energy efficiency of your home and guide you about little money efficient changes.

For instance, you can seal the doors and windows of your house that keeps the heat inside during winter season and you can cut cost on the high-efficiency appliances. By taking small steps, you can save a large amount of money on utility costs. Moreover, turn off the lights when they are not in use to save energy. You can also save 3 to 5 percent energy by lowering the thermostat of your water heater by 10°F.

Conclusion

Some small changes in your lifestyle can save thousands of dollars every year. Not all of these tips for saving money apply to everyone, but you can find one that suits you the best. Motivation plays a vital role in saving money.

There will be times when you will not be able to save enough money as you targeted, but don’t give up or lose motivation as there are many people out there fighting the same fight. You also need to check your progress every month. It helps to stick to the personal saving plan and also to identify the problems that need to be fixed.

Published by https://lifefalcon.com

Strategic Financial Management
Business,

5 Substantial Means To Strategic Financial Management

no comment

Managing your finances can be one of the biggest challenges in life. In fact, many people end up going their entire life without a plan and just wing it the best they can. This can lead to a sort of “feast and famine” cycle in which they have lots of money to burn at times, but are barely scraping by at others. Let’s take a look at five ways strategic financial management can help you to attain a more stable financial balance, and live better.

  1. Planning out a Budget and Sticking To It

You probably hear this a lot, and maybe you’ve even tried having a budget before. It’s not easy, and can even be a little scary since you’ll be keeping a close eye on how much money you have to spend. This can add extra stress upfront, but you will find that it’s less stressful overall since you’ll never be surprised by having a lack of money when you need it.

Budgeting your life is pretty simple. You simply write down all the things that you spend money on, and all the things that make you money. For most people, the making money part will come primarily from their job, but stocks that pay dividends, and side businesses can also contribute. As for the money you spend, the essential bills will be first on the list, with nonessential coming next.

Once you have your budget planned, the next challenge is being able to stick to it. As a general rule, once you violate your budget planning once, you’ll be tempted to do so again. This makes it extra important to never make that first mistake to give in and make an impulse purchase.

  1. Life Insurance

Believe it or not, smart financial planning also takes into account unforeseen accidents, and/or deaths. While it might not be pleasant to think about, the consequences to your family if you’re the main provider can be devastating if you were to pass away unexpectedly.

This problem is easily countered by purchasing term life insurance. This way if something happens to you, or the main provider in your household, your family will be okay financially. If you haven’t looked into getting life insurance yet, make it a point to do so as soon as possible.

  1. Avoid Using Credit, and Pay Off Debts

Let’s be honest here, the interest you pay on your debts is just wasted money that brings you literally no value. If you have debt from credit cards, mortgages, loans, and other sources, you’ll be doing your self big favour if you pay it off as soon as possible. It may feel uncomfortable paying a lot of money all at once, but you’ll be better off in the long run since you won’t be wasting money paying interest anymore.

The flip side to this is to avoid using credit as much as possible. While you may have to do so in order to make major purchases, such as your home, and vehicle, there is no reason to use credit for everyday items or impulse purchases. A general rule to follow is that if you need to use credit or take alone to buy something, you can’t afford it, and shouldn’t be purchasing it in the first place.

  1. Control Impulse Purchasing

Speaking of impulse purchasing, this is one of the biggest problems when it comes to smart financial management. Considering all the marketing and ads we’re bombarded with these days, it can be hard not to buy stuff on a whim. Our entire society is heavily focused on consumerism so there is always someone somewhere trying to get you to buy something.

The best way to deal with the urge to spend money outside of your budget can best be dealt with by setting aside a certain amount of money each month for impulse shopping. The great thing about this is that the amount can roll over at the end of the month, allowing you to build up your stockpile of impulse shopping funds, and go on a splurge if you feel the need to at some point.

  1. Hiring a Financial Adviser

While this may seem like overkill, a financial adviser can help with a lot of things, not just budgeting, or getting the right life insurance. They can also help you make smart decisions on how to best invest your extra capital, and how you can improve your credit score.

When hiring a financial adviser just keep in mind that this should also be an investment. You want to make sure that the money you’re paying your adviser is being made back through the actions you take according to this individual’s guidance. Think of this as an investment, and treat it as such, and your financial adviser will be a huge asset to your strategic financial management.