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Personal Finance from the Broke Perspective

Simple Things You Can Do Today for Financial Security

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You want to make sure your family is financially secure, both now and in the future. However, finances can get complicated, so you might feel overwhelmed as you look for ways to do this. If you want to start taking steps to keep your family safe, here are some simple things you can do today for financial security.

Write Your Will

While this won’t directly benefit you, it will provide financial security for your family in the future. Make an appointment to write your will. That way, you know for sure that anything you own will stay with your children and keep them secure. You never know when something tragic could happen, so you should be prepared. This includes your finances. Writing a will can be complicated or simple, depending on what kinds of assets you have. After it’s written, it must be signed by two witnesses who are not beneficiaries. Then you can file it away and have the peace of mind it provides.

Set Up a Budget

You’ll never get a handle on your finances if you don’t know how much money you’re spending. If you don’t already have a budget, make a point of establishing one as soon as possible. Calculate how much money you make, then figure out exactly what your expenses are each month. As you calculate expenses, you should also look ahead to any future needs and start figuring out how you’ll pay for them. For instance, you can’t neglect your child’s dental health. If their dentist says they need orthodontic care, you’ll want to be able to afford it. Receiving orthodontic treatment by the age of seven is considered to be the best approach. If you use that as a savings goal, you won’t need to worry about taking out loans to pay for it when the time comes.

Invest In Your Home

While your house is your family’s secure shelter, it is also an investment that you’ve made. You paid a lot of money for that house and you want it to retain its value. Make sure that you maintain your house correctly. While this will cost you money, it will also provide a buffer for your finances. You won’t need to worry as much about serious repairs if you’re fixing things while they’re still minor issues. You can also purchase the things you need in order to keep your house safe. A generator, for instance, will provide constant electricity in the event that your power goes out. This will keep your home warm, avoiding the damage that can occur without power in a house. These investments are sometimes expensive, but they can ultimately save you money and keep you financially secure.

Be Careful With Debt

Sometimes, debt is necessary. You may need to take out a mortgage or put an emergency expense on your credit card. However, it is easy to get overwhelmed by debt and allow it to ruin your finances. If you want financial security, you need to be very careful with the debt you acquire. If you’re already in debt, take an honest look at it and make a plan to pay it off. If you’re not in debt, think carefully before you take on any. It might be tempting, but it could also threaten your family’s financial security.

If you want financial security for your family, it is essential that you pay attention to your finances. You need to be careful with the money you’re bringing in and use it to provide your family with a sustainably secure life. By applying these tips, you can get started on achieving financial security today.

5 Ways Maintaining Your Car Saves You Money

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Maintaining your car is one of the easiest ways to save money for those that are strapped for cash. While you might think car maintenance is an unnecessary expense, this couldn’t be farther from the truth. Below are some of the best ways maintaining your car can help you save money in the long run.

1. Avoid Costly Medical Expenses

There were more than 138,000 car crash injuries due to hit-and-run drivers last year. Sadly, you can’t prevent accidents from other drivers. However, you can take measures to keep yourself as safe as possible while driving.

Wearing a seatbelt is one of the most effective ways to reduce injuries and fatalities in car accidents. In addition, maintaining your car to keep it in good working order can help you avoid accidents caused by mechanical failures.

You should also take care to drive defensively and be aware of your surroundings at all times. By taking these precautions, you can minimize your risk of getting into an accident.

2. Avoid At-Fault Accidents

If your brake pads are less than 1/4 inch thick, it’s a sign that your brake pads need to be replaced. Unfortunately, many people wait until their brake pads are completely worn out before they replace them.

This is a bad idea for several reasons. First, driving with worn-out brake pads is dangerous. Second, if you get into an accident while your brake pads are in poor condition, you may be held liable. Third, replacing your brake pads regularly can save you money in the long run. This is because you’ll avoid costly repairs that may be needed if you wait until your brake pads are completely worn out.

3. Prevent Engine Failure

You might not think that something as simple as an oil change can save you money, but it can. Getting regular oil changes is one of the best ways to ensure your car remains durable and ready for the road. In the U.S., 4 out of 5 auto repairs performed on cars are related to the vehicle’s durability. Because of this, it’s crucial to maintain your car to extend its lifespan. One of the best ways to do this is by getting regular oil changes.

While you might be tempted to put off getting an oil change, doing so can actually end up costing you more money in the long run. This is because not changing your oil regularly can lead to engine damage, which is expensive to repair. In addition, getting regular oil changes can help you avoid other costly repairs. This is because oil changes can help prevent buildup in your engine, which can lead to clogs and other problems.

4. Help Prevent Flat Tires

Flat tires are a nuisance, and they can be expensive to fix. Fortunately, there are several things you can do to help prevent flat tires. One of the best things you can do is to check your tire pressure regularly. You should also have your tires rotated every 5,000 miles. This helps ensure that your tires wear evenly, which can help prevent flats.

You should also inspect your tires regularly for signs of damage. If you see any cracks or punctures, it’s important to get them repaired as soon as possible. Ignoring damage to your tires can lead to flats and blowouts, which are both dangerous and expensive to fix.

5. Avoid Expensive Towing Fees

If your car breaks down, you may have to pay for a tow truck to take it to a mechanical garage. Towing fees can be expensive, and they vary depending on the distance you need to be towed.

Another way to avoid expensive towing fees is to have your car serviced regularly. This helps ensure that any potential problems are caught early before they become serious enough to require a tow.

Use these tips to save money by maintaining your car. Taking care of your car can help you avoid expensive repairs, and it can also keep you safe on the road.

What You Need to Know Before You Start Your First Business

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Starting your first business can be exciting because of the prospects that you have for success and freedom as far as finances go. That said, there are some things that you should know before you get started in order to increase your chances of succeeding. Outlined below are some of these things, so read them and improve your odds of doing it right.

Do Thorough Research

It’s important for you to start with thorough research into the different aspects of your business. From the niche you intend to get into to how you can scale up and what the competition is doing, there’s a lot that you need to do research about. This is going to enable you to know just how to proceed and the best decisions to make. Depending on the industry you’re in, you may be interested to learn that in 2017, business tort lawsuits accounted for less than 5% of the civil filings made in state courts.

Get the Relevant Licences

It’s important for you to operate within the confines of the law, and to this end, you should make sure that you have the relevant licenses. Find this out by conducting research on the internet and asking any legal assistants that you know for their guidance. This information is going to help you avoid being charged with costly fines and other interruptions. When you have the right business licenses, you’ll be able to operate freely and take advantage of any state and federal grants that come about.

Think About Marketing

Don’t forget to think about marketing your business, because this is how you’re going to reach a wider market. It’s mandatory to have a website and social media handles if you want to have a chance to get a piece of the market share. Keep in mind that at least 96% of beauty brands, for example, have a social media account that they use to push their brand into the market. Borrow a leaf from them and open social media accounts on the platforms that are the most relevant to your business. This is the first step for you to take when looking for a way to secure a share of the market as a new business.

Look Into Insurance

Don’t ignore the importance of getting business insurance as doing this is going to help you secure your business. In case of a disaster that you’re insured against, you’ll be able to spring back easily. Certain businesses are also required by law to have specific insurance coverage, so find these out early on and look for a good provider. When you do this, you’ll not only be making sure that you’re operating legally, but you’ll also have given your potential clients more trust in your business.

Seek Funding

Last but not least, you must secure your finances if you want to succeed in your business. This is going to enable you to keep operations going even if something happens to offset the cash flow that you started with. Do your best to minimize the amount of money that you have to spend out of pocket by seeking out financing early on in your business. When you don’t have to worry about money a lot, you may be free to work on your business much better. Financing will also help you to make fixes and improvements that you need to make for the continued goodness of your business. This includes things like replacing your business’s roof, of which an asphalt roof replacement will give you an ROI of 68.2%.

Keep these things in mind and you may have a better chance of succeeding in your business. With consistency, it will be easy for you to maintain the momentum with which you start.