Archive for June 2019

8 Money Saving Tips for Young Professionals

June 25, 2019 Saving No comments
Money Saving Tips for Young Professionals

It’s normal for young professionals to face difficulties in saving up. On the one hand, it?s very exciting to finally live on your own and enjoy the fruits of your labor. On the other hand, earning a meager salary means there isn?t much extra money to save up.

This usually brings young professionals to a scenario where they live paycheck to paycheck. However, this doesn?t mean you should not be saving money and not preparing for the future altogether.

Money Saving Tips for Young Professionals

By keeping a few tricks and tips in mind, you can start saving up while starting off your career. Below, we listed eight money saving tips perfect for young professionals like you.

1. Live within your means

One of the simplest tips is simply living within your means. After all, when you only have enough money to go by for yourself, it almost seems impossible to spend more than what you earn.

Unfortunately, this isn?t always the case. When you have access to a credit card, as well as family and friends who are too lenient to lend you money whenever you run short, you?ll definitely end up in debt in no time.

Don?t envy your colleagues who probably earn more and have different spending habits than you. Just focus on yourself and spend money based on your own means.

2. Stick to a budget

One of the most common mistakes young professionals make is spending without limit ? or at least, without a set budget.

If you?re still not creating and sticking to a budget, you?ll normally spend beyond your means and run out of money every now and then.

To avoid this, keep a close track of your budget and never spend more than what you earn. By creating a budget, you?ll be able to have strong control of where you spend your money, which will eventually allow you to allocate funds to more important purchases of for saving.

3. Track your spending

If setting a monthly budget isn?t working for you, don?t lose hope. One of the things you can do as an alternative is to keep close track of your spending. Doing this should enable you to monitor your expenses and get an idea of where your money is being spent. In turn, this will make you more aware when spending.

There is a constant range of budgeting applications that you can easily install on your smartphone. These apps range in power and functionality, with some doing basic stuff such as listing your spending and graphing it in a pie chart, while some are able to sync with your bank accounts to provide you with accurate financial updates every time.

4. Build an emergency fund

One of the most crucial factors of saving up money is a rainy day fund.

An emergency fund will serve as your buffer should anything unfortunate arises. Whether you get laid off from your job or when medical emergencies arise, your emergency fund will cover for your immediate financial needs without having to turn to your family and friends.

5. Pay off your debt

It would be impossible to save up if you remain in debt. Staying in debt means you?ll always have a portion of your salary dedicated to paying off your debt instead of adding to your savings.

Before you splurge or even before you start saving up, prioritize getting out of the red first, especially if your debt is subject to high interest rates. Make sure that your debt is removed first before you start saving up.

6. Prepare for retirement

There is no such thing as preparing too early.

Even if you?re still just starting your career, it?s good to start thinking about saving for your retirement. In fact, the earlier you do it, the easier it is on your budget.

Inquire with your employer how you can avail of an Individual Retirement Account or a 401(K) retirement account.

7. Set money aside for savings

One of the easiest ways to save money is by creating a savings account. With a savings account, you?ll be in great control of your finances.

The Dollar Genie says that a savings account can be used to earn interest from the bank, have separate safe-keeping for your emergency fund, as well as help you manage your future larger investment goals.

Truly, a savings account is something you should aim at having while you?re still a young professional.

8. Start investing your money

In order to achieve financial freedom in the future, you should be making wise investments as early as today. By investing your money today or as early as you can, you are enabling time and money to work in your favor without exerting too much effort.

Just make sure to do extensive research to identify the most suitable investment type for you.

Starting down the road to financial freedom

While these tips are only meant to help you start saving money, taking each step with care will eventually help you achieve your financial freedom. This will prepare you for any financial hurdles that may come your way and set you up for a bright and comfortable future for you and your family.

5 Tips for Getting your House Ready to Sell

June 24, 2019 Real Estate No comments
sell house

If you are decided to finally move on to a new home– may be in a new city– these tips on getting your house ready to sell will help you take the next step. Realtors will be inviting the potential home buyers to your house for a tour or visit. Buyers like to spend some time in the home and inspect some basic things like spatial distribution and the general energy of your home. Your job as a home seller is to make them comfortable and assist them in making a good decision.

Here are 5 tips for getting your house to sell for a great price.

1) Always hire a realtor

Always work with realtors who are members of the real estate organization called the National Association of REALTORS?. They are trustworthy, ethical and will get you a great price for your home. Consulting a real estate agent is the most important tip for getting your house to sell at a good price. Drive around in your area and talk to several realtors before picking a suitable one.

2) Get your home in good condition

There is a lot more science that goes in when it comes to getting your house ready to sell. You have to capture the buyer’s attention and make them aware of the features of your house. I am not asking you to lie or deceive a buyer but ask any realtor and they will tell you the importance of staging before you sell. People like to quickly judge things based on their external appearance. So, having good plumbing, electricals, a large front space, a lawn, etc, is a good thing, but to get a good price, you also would want it to look great.

3) Research your local housing market

Before consulting a real estate agent, it is wise to do your own research on the housing rates in your area. You can go sites like realtor.org to check out prices of homes like yours. Offline research is equally important. So, if you are not in a hurry to sell your house, you can visit local real estate trade shows. A trade show is one of the best places to find information for the local real housing market.

4) Depersonalize your space

Since you have already decided to move out of your home soon, you can begin packing your personal items such as family photos and any religious items from your living room. our living room is where the buyer is going to be spending most of their time when they come to see the place. Moreover, turn down the volume of television or radio and let the buyer focus on buying checklist. This is also an important tip for getting your house ready to sell.

5) Set the right price

Figure out what the average selling price of other similar homes is. You can you get 20-30 percent more amount by selling your home to the right buyer. The right buyer is a person who is looking for a house like you and are willing to pay extra for it. If your house doesn’t have any unique features like a big lawn, backyard, a large basement, children’s play area, etc, then be happy getting the average market rate.

Conclusion

Remember that a buyer wants a house with least or no repair or maintenance issues. They want to walk into their new home and get on with their life. So, repair and fix all the issues that might exist in your house. Likewise, when you get rid of large items like a sofa or cupboard from your living room, your home is going to feel a lot larger and spacious to the buyer. Put all large items in your garage or in the basement.

How to Pick a Travel Insurance Policy

June 17, 2019 Insurance, Travel No comments
Travel policy

Are you planning for the much-awaited vacation? Do you fancy the sparkling beaches of the Bahamas or the captivating architecture of ancient Rome? No matter where you choose to spend your days, don’t forget to get a Travel Insurance Policy that covers all your unexpected expenses.

Why do you need a Travel Insurance Policy?

Travel policy

Whether you are planning to travel within your country or somewhere else, a travel insurance policy is a must. Imagine what would happen if your flight gets canceled or postponed, and for some reason, you are not able to reschedule your travel plans?

Airline companies are not going to refund the expensive tickets that you bought. Besides, there will be other losses like advanced accommodation bookings.

A travel insurance policy protects you from such a disaster. Let the Travel Insurance Company worry about the unexpected financial losses. Usually, things don’t go wrong but they do, your Travel Insurance Policy will come to the rescue.  

What does a Travel Insurance Policy cover?

Loss of baggage

It’s very common for airline staff to lose your baggage before or after you board a flight. There are thousands of people like you who check in with their luggage and expect it to be safe throughout the journey. But your baggage is not always safe and it can incur external or internal damage. In some, cases it also gets misplaced.

The Travel Insurance Policy covers against the loss of baggage that you checked in with. Moreover, you could face other problems like misplaced baggage, theft, or tourist scam. A Travel Insurance Policy also covers losses occurred during such unfortunate incidents.

Medical emergency

Medical emergency

A travel insurance policy provides a financial cover in situations like accidents and other medical emergencies while you are still in a foreign nation. Your health insurance may only cover your expenses when you are in your own country.

Trip cancellation

Trip cancellation

This is another one those nagging problems faced by backpackers and nomads over the world. It is very common for flights to get delayed or postponed. Your travel insurance will pay a complete refund in case the new date or time doesn’t fit into your schedule.

How to pick a Travel Insurance Policy?

Like any other insurance, you should pick travel insurance according to your needs and necessities. Also, do not hire a travel agent for this work. They may not have your best interest in their mind.

You should also take other things into consideration like the destination you are traveling to, duration of your vacation, your age and whether you have any serious medical condition or not.

Conclusion

To reiterate, travel insurance policies include perks like financial coverage for losses occurred during traveling and a complete or partial refund of trip cancellations, stolen baggage, tourist scams, etc.

World Nomads provides the best Travel Insurance Policy. You can buy it online and use it anywhere in the world. It is tailor-made for backpackers and digital nomads. The pricing depends on the country you are traveling to, your country of residence and your age.?

Executive MBAs: Never Too Late to Upgrade Your Skills

June 17, 2019 Business No comments
Start your career

An Executive MBA (EMBA), is a Master of Business Administration program for those in corporate environments who are becoming, or who already are, executives and managers in the business they operate in. It?s a program that allows students to study an EMBA and work at the same time, enabling them to still hold down their roles with the business they work full-time for while simultaneously earning a degree.

Start your career

What makes an Executive MBA a good option for me?

EMBAs all differ in delivery and specialization, but overall, they promote the use of practical business and people management skills within a real-life working environment.

An EMBA is a great stepping stone for those who are already in consulting, but want to take their career further into the next level, but careful, it?s lonely at the top – EMBAs are notorious for being uniquely challenging and high-pressure, meaning they?re not for the faint hearted of those among us.

However, as most of us know, with the right mix of passion and persuasion nothing is impossible, and really the same rules apply to those undertaking an EMBA or those studying for something like a diploma.

Most people do work and study at the same time, and even though many of those may study full-time and work part-time rather than doing it the other way around like an EMBA or an MBA, really it?s the same difference – with the exception that one of those options involves more practical application than the other, which is no bad thing.

What is the difference between a regular MBA and the EMBA?

Those who want to have a cutting-edge on competitors have an EMBA, and those who have upped their game professionally have MBAs. But don?t get it twisted, both are immensely valuable in the world of business and will take you further in your career than the average professional with basic qualifications in the workplace.

It just depends on your ambition. It would be an idea then, to go to an institution specializing in business, for example, Hult International Business School, with a focus on business modules which will mainly involve methodologies more closely relating to the skills needed to facilitate effectiveness in the workplace.

Basically, you can leave with specialist knowledge from an institution that really knows what they?re doing if they target the area you want to specialize in – in this case of course, being business.

Again, both are categorized into full-time or part-time studies, so this is perhaps one aspect which could affect where you study. It?s worth taking the time to think about whether you want to attend work and study at the same time, or if you would prefer to study full-time. For those who want to work and study simultaneously, one of the main perks would be that not only could this be paid for by your employer, but you?d be able to apply any theory that you?ve learned in class when it comes to practical workplace environments.

Differences explained

As an example, to show how both options benefits students, let?s use a POS system as a model. You can look at an instruction booklet and read through the manual, taking in the step-by-step guide and memorizing it so you know in future what to do when you get to a POS system, and shortly after, or at the same time, you go to a POS system and start doing exactly what the booklet says.

It sticks in your mind and you naturally know what to do in future because the practical application has retained within your muscle memory.

In terms of studying full-time, you wouldn?t get the opportunity to apply the theory (reading through the booklet), in the workplace until you actually arrive in the workplace. This can be a problem as it means you?d need to be trained on the POS system after all, despite having learned how to use one, because, in other words – you never learned how to do it. You read how you could do it.

Our brains process millions of pieces of information every day on how we could do things, in various ways. There?s no real reason you would remember how to use a POS system off the top of your head without great effort involved or a practice like word association.

Who studies an EMBA?

An EMBA is a great option for those who want to get ahead in the workplace or further their existing careers in management. No matter our age, learning is a tool we can always utilize. And the reality is, there are few reasons to learn new skills more attractive than a pay rise.

Top Tips on How to Improve your Credit Rating

June 13, 2019 Credit No comments
Credit score

In order to establish what your actual credit rating is, you may want to check your credit score online.  When you do this, you will also usually get information on what is affecting your score the most.  This will give you a better idea as to the changes you need to make to improve upon this.  Below we have highlighted some top tips on how to repair your credit rating.

Pay your Bills in a Timely Fashion

Credit score

It may seem obvious ? but to avoid the need for further credit repair ? you need to make sure you pay your bills on time.? This will be looked upon favourably, as it is an indicator that this is how you will make future payments.? Make sure you pay your bills by their due date.? This doesn?t include solely credit card bills ? but things like your mortgage, rent, utilities etc.? If need be, set up standing orders or direct debits to do this to make sure there is no room for human error.

Only Apply for New Credit Accounts When You Need them

Some people think that getting a credit mix and applying for new accounts will help their credit score ? however this is a myth, you are most likely better contacting a credit repair company like Go Clean Credit instead.? When you apply for unnecessary credit ? it sends off the wrong signals, and actually can make your debt worse if you are then tempted to overspend.? There is also the consideration that every time you apply for a new credit card, this will result in a ?hard inquiry?.? When there are too many of these ? it can negatively affect your score and will stay on your report for 2 years.

Check for Inaccuracies on your Report

There is always room for error.? As such, you should check your credit reports from more than one source to ensure that everything is as it should be.? If you do find inaccuracies ? this will end up pulling your credit score down through no fault of your own.? There are ways for you to get in touch with the bureaus and ask them to correct the error.? It always helps if you have supporting evidence.

Pay off Whatever Debt you Can

You should try to figure out what your credit utilization ratio is.? This is part of how your credit score calculations will be made.? If you go through all your credit card statements within the last year, total up the balances ? and then divide them by 12 ? this is your average credit use per month.? You should really be looking for something that is 30% or less. If you have a good credit rating, the likelihood is you will have a very low ratio.?

If you have a bad credit rating and are struggling to get out of it, hopefully these tips will help you on your way.  Allow for some time to get it sorted. 

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