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Money Management

Nov 21
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5 Simple Steps to Save More Money in Your Home

By Money Management, Saving No Comments

It doesn’t matter if you have $500 or $500,000 in your bank account, saving money is always a smart decision. Some people chose to save a percentage, while other save a fixed amount. It’s important to revisit your savings plan frequently to know what changes you need to make. Cut costs and optimize your financial situation with these simple steps.

Plan Your Meals Before You Shop

The fastest way to waste money is to go shopping without a plan. Grocery lists are useful, but even then you’re guessing. Instead, plan meals for the week before going grocery shopping. This will stop you from buying items you never end up using. Coupons will also be easier to find because you’ll know exactly what to look for. This is especially important when you are getting foods that can spoil quickly. You may find it better to shop more often so that you don’t waste money on food that could go bad.

Search for Online Coupons

With the internet at our fingertips, there isn’t an easier time to use coupons. For example, you can use coupon codes for Kohl’s to save on many items you need like clothes, shoes and home items. Check to see if the coupon actually needs to be printed out. Many stores will accept the online coupon when you show the clerk your phone. Before you decide to buy anything, always make sure to search for online coupons.

Don’t Buy Bottled Water

Buying bottled water is thinning your wallet. Spend $10 on a good reusable water bottle that will more than pay for itself. Buy a big 48 ounce Nalgene if you’re worried about volume. Filling that bottle up will last you all day. You’ll save money, time, and the environment.

Ditch Your Membership and Buy Home-Gym Equipment

First thing, cancel all memberships you aren’t using. Sure you may hit the gym someday, but it’s been a while. A low monthly membership rate is not a reason to cancel. You’re paying more long-term than if you were to start a higher priced membership in the future. Instead, buy gym equipment that will pay for itself. An average $30 gym membership will run you $360 a year, not to mention travel costs and time lost.

Make Your Own Coffee

It’s pennies to make your own coffee, but dollars to buy a prepared one. Skip the Starbucks and invest in a single serve drip coffee maker that you’ll pay it off with only 4-5 uses. Look for coupons to buy bulk coffee ingredients. You’ll make better cups of coffee than you’ve ever bought prepared.

Saving money doesn’t necessarily mean you have to drastically change your lifestyle. With these tips, saving money can be easier than ever. No matter your income, it’s important to take steps to save for a rainy day.

Oct 28
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4 Advisors Every Business Owner should have on their Team

By Business, Insurance, Investments, Money Management No Comments

If you’re a business owner, you are used to wearing a lot of hats. Still, you can’t be an expert at everything, which is why it’s important to build a network of trusted professionals that you can turn to for help whenever the need arises.

business-teamNo matter how successful you are, there are plenty of reasons to establish a professional network. In addition to exchanging contacts and referrals, there’s also the opportunity to share ideas and receive free advice from specialists in their field. And, much like getting a second opinion on a medical procedure, your network can act as a system of checks and balances by making sure you weigh all your options.

Ask yourself: Whom should you invite to be part of your network? While the members may vary depending on your strengths and weaknesses, your team should probably include some—or all—of the following professionals:

Attorney

Unless you have in-house council or a legal background yourself, an attorney—especially one with some experience in your industry—is almost a necessity. Among other things, an attorney can help defend you and your company from potential lawsuits, review contracts, and help with succession planning.

Accountant

While most people only use their accountant during tax season, business owners will find that an ongoing relationship can save them money in the long run. Not only can an accountant keep you from running afoul of the IRS, they can also show you how to structure your business and become a more tax-efficient operation.

Banker/Financier

As we all know, cash flow is the lifeblood of any business. And in today’s restrictive lending environment, having a banker in your corner can be a real boon. By providing easy access to credit, or letting you hear about the most favorable rates, a banker can be an invaluable addition to your team.

Insurance agent

A professional insurance agent can help you prepare for a number of critical business issues. Specifically, an insurance agent can help your business overcome the loss of a key employee, enhance your executive benefit package, fund a buy-sell agreement, and protect your family’s future by insuring your business interests.

As you can see, there are a host of advantages to creating a network of professionals with expertise in their field. Best of all, it’s a win-win for all parties, so setting one up may be easier than you think.

This educational, third-party article is provided as a courtesy by Tarra Jackson, Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Tarra Jackson at TRJackson@ft.newyorklife.com.

Sep 13
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8 Ways to Start Your Business With Little to No Capital

By Business, Money Management No Comments

Do you want to start a business, but don’t think you have enough capital to get your start-up started? Jonathan Long, contributor for Enterprise.com, shares 8 tips to start your business with little to no capital.

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Entrepreneurs will often have amazing business ideas, but they put them on hold due to a lack of capital. They assume that their idea will never get far off the ground unless they have major funding behind them.

It seems that every day there is a new startup receiving millions of dollars from venture capital firms, but what you don’t hear about is the several startup failures that burn through millions of dollars only to fizzle out and shut their doors forever.

If your idea and plan of execution aren’t well thought out from the beginning, no amount of money can turn it into a winner. Have a great idea but very little money? Don’t let that stop you! Yes, there will be ridiculously long days with little to no sleep. Yes, you are going to be stressed. But those that want it bad enough will make it.

Here are eight tips that can help you get your idea off the ground with limited funds.

1. Build your business around what you know.

Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance.

Also, having that knowledge is sometimes all that is needed to successfully take the plunge into entrepreneurship.

2. Tell everyone you know what you are doing.

Inform your family, friends, business contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.

3. Avoid unnecessary expenses.

You are going to have plenty of expenses, and there are some that just can’t be avoided. What you can avoid though is overspending. Take something as simple as business cards. You could drop $1,000 on 500 metal business cards that give off the “cool” factor, or you could spend $10 on 500 traditional business cards. Being frugal in the beginning can be the difference between success and a failed business.

4. Don’t get buried in credit card debt.

There is a smart way and a suicidal way to use credit when starting a business. New computers, office furniture, phones and supplies can all quickly add up. Instead of purchasing everything at once and throwing it all on a credit card, use your company’s revenue to finance your expenses. Eliminating the stress and burden of debt will greatly increase the chances of creating a successful business.

5. Make sure your receivables policy won’t sink you.

If your business is a retail operation then this isn’t going to apply, but if you are providing services such as consulting or products to retailers you need to make sure that your payment policy is well thought out. Can you remain above water with net-15 or net-30 terms? Don’t base your receivables on what you think your customers will want. Base them on what is going to make your business operate successfully.

6. Build up sweat equity.

When I first started my business I worked around the clock, handling every aspect of the business as well as the marketing and growth. All of the hard work and long days that you put in isn’t for nothing. You are building a brand and your hard work is essentially increasing the value of … (continue reading 8 Musts to Start Your Business With Little or No Money via Enterprise.com)

Sep 13
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5 Car Buying Tips for Women

By Credit, Loans, Money Management, Shopping 3 Comments




Are you, or someone you know, in the market to buy a new car? The Fall Season is the best time to shop for a car because the New Year models come in, and dealers give great deals for older models to make room. Buying a new car can be exciting. However, the car buying process can also be intimidating and stressful for some women. If you are in the market for a new car now or in the near future, here are some Car Buying Tips to help save money and minimize stress when shopping for your next car.

car buying tipsKNOW YOUR BUDGET

The first and most important tip is to know “How much you can afford!” Do NOT let a car dealer’s finance department or bank tell you how much you can afford. Both essentially want to ensure that you borrow as much as possible so they can make more money off of you. The more they can make you believe that you can afford, the more the car dealership will make on the car and the more loan interest income the bank will earn on your loan.

GET PRE-QUALIFIED

The best way to avoid unpleasant surprises; like, not qualifying for the amount wanted, needing a cosigner or getting a ridiculously high interest rate, is to get Pre-Qualified or Pre-Approved for an auto loan. Go to your bank or credit union to apply for an auto loan. Tell them the payment amount you can afford to pay so they can determine the total loan amount based on the interest rate and term you qualify for based on your credit. Remember, the Higher your Credit Score, the Lower your interest rate, which may increase your qualified loan amount. Adversely, the Lower your Credit Score, the Higher your interest rate may be, which may reduce the qualified loan amount and require a down payment.

RESEARCH BEFORE YOU CAR SHOP

Now it’s time to have some fun going online to search for a vehicle in your price range. Dealers with No Haggle Deals are good because they, usually, sell their vehicles below NADAguides or Kelly Blue Book (KBB) value. Next go to NADAguides or KBB website to find out and print the Trade In and Retail Values to take when you go shopping.





TAKE A MAN WITH YOU

Some people may disagree, however,  when in doubt … take a man with you to the dealership. Take your husband, a boyfriend, father, brother, uncle, male coworker or that dude from down the street. Even if he knows nothing about cars or negotiating, take a man with you when you go car shopping. If the sales person begins speaking directly to the man, play along and coach your escort in what to say or not say. You are in control of the transaction; he is just a figurehead. Although not at all dealerships … unfortunately, women are sometimes taken advantage of during the car sales process.

NEGOTIATE BEFORE THE TEST DRIVE

Sometimes we lose our mind after we get intoxicated by that “New Car” smell during the test drive. My advice is to negotiate before you test drive to have a clear mind during the negotiation process. Here are a few things to do when you get to the car dealer:

  • Tell the sales person that you are doing a cash purchase. (Because you have already been pre-approved!)
  • Do NOT give your personal information or allow them to run your credit. (Again, you are already pre-approved.)
  • Tell the sales person what type of car and the price you want.
  • Ask if the car has any rebates or if the dealership has any incentives.
  • Ask to see the buyers order with options to see the breakdown of all expenses and fees to help you with negotiating.

Use your NADA or KBB value to negotiate the price as close to the Trade-In value as possible. Negotiating the price as close to the Trade-In value will give you equity in your car, as well as help you when you decide to trade in the car later.

Even if you are not able to get your dream car now, by getting a reasonably priced vehicle within your budget, you will help save money and get that dream car in your near future. Happy Shopping!

Sep 08
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Want To Save More Money?

By Money Management, Saving, Shopping One Comment

Shopping online isn’t always associated with saving money. In fact, some people think it costs them more. However, when you’re a savvy shopper, you can quickly find that online shopping is the way to keep more funds in your wallet.

Money Back Sites

When you shop at the store, you aren’t always receiving money back on your purchases. Check out websites where you can go to that connect you to an array of stores. Then, you can receive money back almost every time that you shop.

Free and Reduced Price Shipping

Perhaps you’re a person who loves to flip through magazines and fill out order forms. Chances are, you are paying a hefty price for shipping when you purchase products that way. Instead of spending your money in that manner, look online. You can often find free or reduced price shipping, especially if you need to stock up on multiple items. Some sites allow you to pay a low price to get free shipping all year.

Comparison Shopping

It’s true that you can go from store to store to see which place has the best price, but you need to realistically consider how many shops you’re going to drive to before you just decide to buy the item. With online shopping, all you need to do is open up another tab on your browser, and you can see where the best deal is.

Bulk Purchases

Buying in bulk at the store can prove trying if you don’t have someone to help you carry everything. Also, you may find that you don’t have room in your cart. You can buy items in bulk online for wholesale or reduced prices, and they can get delivered right to your door.

Coupon Sites

While finding coupons in the weekly circular and so forth is certainly possible, the internet allows you to research coupons for a specific store or website. Doing so can help you to maximize the savings that you get. You can use coupon sites like, 15% off 6pm coupon code, to get the best prices on clothing, shoes and accessories.

Shopping Cart Removal

When you go to the store, by the time you get to the cashier, you might be tired and ready to go home. Therefore, when the total exceeds what you wanted to spend, you don’t bother to put any items back. If you’re shopping online, you can see the shopping cart total rise as you go, and you can quickly remove items if the price becomes too much.

Shopping online may not be associated with saving money, but due to these reasons, it certainly should be. Consider these tips to save money next time to purchase items online.