Beating Broke

Personal Finance from the Broke Perspective

How You Can Avoid Loss of Income

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As a hardworking individual, the last thing that you want is to lose your income in a way that could have been prevented. Since most of what you do as an adult is towards securing your finances, you want to make sure that there’s minimal risk of something happening to them. Read on to see some actions that you can take to avoid a loss of income that could leave you in financial distress for years to come.

Maintain a Clean Home

One of the most important things that anyone can do for their continued good health is to keep their home clean and tidy at all times. Doing this could lower the chances of infections and diseases spreading to people in the home. This is backed by the fact that flu viruses can survive for up to 48 hours on hard surfaces.

There are many other disease-causing organisms that can linger around your home for a long time if you’re not careful. With health care being as expensive as it currently is, it’s important to take measures to keep the chances of coming down with something low for you and your family. When you do this, you may end up spending fewer finances on treating various issues.

Ensure Your Business Is Run Professionally

If you run a business either as a side hustle or it’s your main job, you must do it right. When you do, you’ll have a better chance of not just avoiding losing money, but you’ll also be likely to make more money. Avoid making mistakes such as failing to ensure your website is running optimally. This is important since up to 42% of people wouldn’t hesitate to leave a website whose functionality was poor. Clearly, it’s a good idea to hire the right professionals at every level of your business.

While doing this will see you spend money, you’ll have a great chance of getting this money back down the road. This should motivate you to plan your business operations carefully, ensuring that every last detail is thought about and dealt with the right way. This is going to help you avoid mistakes that could see you losing a lot of money and potentially even having to shut your business down in the end.

Take Care of Your Health

As mentioned, healthcare can be expensive. This makes it a good idea to practice prevention rather than wait to cure a full-blown issue. To this end, paying your doctor and dentist regular visits is advisable. This way, you can easily have any health issues identified and dealt with before they become expensive and time-consuming to solve. Keep in mind that almost 137.1 million Americans, according to CNBC, have gone through financial hardship this year as a result of medical costs.

Clearly, you stand to save a good amount of money by ensuring that you’re always in good health. The moment any issue is identified, you need to deal with it before it gets out of hand. Otherwise, there won’t be an advantage in finding out about issues early. Don’t try to cut corners where your health is involved. Pair regular visits to your health care professionals with eating healthy, nutritious meals, and staying physically active. These are all measures that can help you get your health in the best possible shape.

Taking these actions can help you avoid a loss of income in a number of ways. Start with one measure and practice it to perfection and then work on the others. In the end, you may be able to control your finances and avoid loss of income that could affect your lifestyle in a negative way.

Budgeting Your Way To A Major Expense

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Although the price of gas is finally beginning to fall, many Americans have been forced to make difficult monetary decisions over the past few months… scratch that, the past few years. Now that the world is starting to return to normalcy, larger ticket items are again becoming a reality. Whether you’re budgeting for new roofing in Pearland, Texas or for a luxury cruise through the Caribbean, budgeting is an important first step to any major expense.

 

Set Goals

It should be obvious, but the first step is establishing a goal, or establishing that major expense you want to make. It can be something fun or something necessary, but find an approximate price and set a realistic timeline. Some goals might already have set timelines, like credit card debt or student loans, while others, like dream vacations, might depend on the seasons. Make these considerations when setting your budgetary goals.

 

Set Priorities

When budgeting for any large potential purchases, keep in mind your necessary expenses. Obviously consider your day-to-day needs but also think about the bigger picture moving forward. If you know you need to replace your refrigerator or it’s time to renew your license plates, set aside the necessary amount so you don’t have any unwanted surprises. It can also be extremely helpful to have a small percentage of your paycheck automatically deposited into a savings account, especially for a rainy day or large purchase.

 

Emergencies

It should go without saying, an emergency fund is essential in life. You never know when an unexpected emergency might occur. Medical emergencies, unexpected vehicle expenses, vet bills, once in a lifetime weather disasters, the list is endless. The average American family could not afford a $4,000 emergency expense and it’s a scary reality to face.

 

Need for additional income
One often forgotten consideration is whether or not there is a need for an additional income source. Does your expense need a side hustle to make sure it can happen? If there is a need for a second job, make sure the product is worth it and the time allocated doesn’t interfere with your main source of income. Oftentimes, if it requires an additional career, it may not be the wisest decision.

 

Shop Around For the Best Deal

Finally, the best way to make your budget stretch its limits is by making sure you have the best deal possible. Is there a holiday weekend sale coming up? Do you have any special codes or coupons to add? Does it come highly recommended or with accompanying reviews? Going the extra mile to make sure you have a quality product is worth it.

 

No matter the upcoming expense, take a few minutes to make a budgetary plan.  You won’t regret the decision to do the legwork first.