personal finance Archives | Page 38 of 39

4 Ways To Earn And Save Money As A Housewife

Raising children and keeping your home in top shape can be challenging at times. Even though you love to spend more time with your children, money is usually tight when there is only one income in the household. So, knowing ways to earn and save money while you are staying at home sounds like music to your ears. Here are some tips to get you started with…

1. HOBBIES OR BUSINESS STARTERS

Do you love to make cupcakes, jewelry, or essence oils? Turn your hobby into your own business. Be your own boss and master your own schedule by thinking about your skill set and hobbies then, start making an online business out of it. Free platforms for selling or making your own online shop such as: Carousell and Tictail, are available online.

2. STAY-AT-HOME NANNY SWAP

Instead of paying costly bills on daycare or babysitting, have another stay-at-home mom to take turns in taking care of your children. Watch your friend’s children for one weekend then, she will watch yours for the next. This will not only save you money but it will also give one day off for you to relax and run errands.

3. TIDY UP AND SELL STUFF ONLINE

Tidy up the clutter in your closet and find the things that you deem to be unused or underused because you can sell them online. The old clothing articles of your children that are still in good condition can be sold too. How about the costumes that you only used once? Get rid of it and earn money simultaneously.

Try selling your items to the worldwide marketplace platform of eBay and Gumtree. And, consider selling your items to your friends and family by posting an ad on Facebook. Save money by buying bargain items in these sites.

4. BECOME A SALES REP

A sales representatives or brand ambassadors sell household, beauty, or health products in their own ways. Join millions of independent ambassadors of Avon or MaryKay Singapore.

Have the freedom to design a schedule that works for you without thinking of building a business from ground up and still be able to nurture your loving children!

Secrets That Are Possibly Hidden By Your Life Insurance Agent

Not all life insurance agents are trusted advisors. So, the simplest way to prevent being exploited is to seek for an independent agent that will save you time and money. Here are the other secrets that your Life Insurance Agent may be keeping from you…

1. THEIR INCOME IS BASED ON COMMISSION

The agent’s income is solely compensated from the commission. It is one of the possibilities for the agent to have a personal interest that leads to you buying the highest premium possible equating to their highest commission possible. Thus, it may change his/her perspective of things, as well as the type of products clients are introduced to.

2. CASH VALUE WILL NOT BENEFIT YOU RIGHT AWAY

Yes! Cash value will build-up. But it takes about five years to have the cash value equal to the amount you paid for the whole life insurance.

3. BUY TERM AND INVEST THE DIFFERENCE

The term insurance is significantly less expensive than the whole insurance. This is why you can buy term then invest the difference on mutual funds. In fact, the combination of term and your investment for mutual funds may be less costly that the whole life insurance.

4. YOU MAY NOT NEED CHILD LIFE INSURANCE AFTER ALL

Renowned experts namely: Dave Ramsay, Suze Orman, and Neal Frankle are on a arguing against buying life insurance for kids.

“The only reason you need life insurance is if anyone is dependent on your income…please, you new parents, do not let anyone talk you into buying a life insurance policy on your child.” said Suze Orman.

Image Credits: State Farm via Flickr

According to them, if your child is not at the risk of a serious illness and you are financially stable to cover foreseen medical bills then, you are better off without it. Instead, save up for your child’s education until tertiary level.

Money Management Tips From Around The World

Diversity is rich in meaningful insight that extends to financial values and money handling practices. Know more about the 5 money strategies from around the world that you can use in your everyday life…

1. CHINA: MAKE FRUGALITY YOUR MANTRA

China has a strong culture of saving. Being raised by Chinese parents, you will feel that saving at least 50% of your income is normal. In fact, China’s government has saved about 51% of their GDP in 2013, according to the International Monetary Fund. Make frugality your mantra by saving electric bills through charging your hand phone at work and by unplugging everything after usage.

2. ASIA: TRY TO BARGAIN ON ANYTHING

I cannot be the only one who constantly asks if there are discount options or if there is a better price offer. In Asian countries, negotiating is a common practice especially for those who are purchasing in the market or flea. Whether it be computers, bed sheets, or apples…there is always a better price and all you have to do is ask politely.

3. GERMANY: SHY AWAY FROM CREDIT

Germany has a deep aversion towards debt and an emphasis on responsibility. This is why they prefer to pay cash than credit. Having to pay with the money you already have is a wise decision that is accepted by most. This preference for cash is evident as they use one of the most valuable currency denominations in the world – the €500 note.

4. JAPAN: VALUE ONE’S MONEY

In Japan, money is handled with respect and is kept clean and crisp. This is why it is common to give cash as a gift, especially for significant life events such as weddings and funerals. Interestingly, they value money so much that they sell anti-bacterial wallets to sterilize the bills. Treating money with profound respect helps the saver to resist the urge of spending.

5. GUATEMALA: ASK FOR THE FAMILY’S OPINION

Most countries of Spanish decent have close family ties.

Image Credits: Alfonso Lomba via Flickr

This is why before making huge purchases or monetary decisions, some Guatemalans ask for their family’s advice. This is a good tip because you never know who has a connection, a friends-and-family discount, or even an extra of the item so you do not have to purchase.

5 Financial Steps You Must Take After Getting Your First Job

So you got your first full-time job after graduating…what happens next? You may be lost and unfamiliar with the new responsibilities ahead. So, it is best to keep your finances in check. These steps will help:

1. ALLOCATE YOUR FINANCES BY BUDGETING

List down your expenses (i.e., fixed and variable), your income, and debts. Be aware of your cash flow for at least 2 weeks to help you set up a budget. Do not panic if you still have to pay your student loan because a budget will help you plan your income allocation.

2. REDUCE YOUR STUDENT LOAN

Do not wait until the lender notices you have graduated, start now. The earlier you start making payments, the more you will save. Furthermore, if you have a private loan that you took out when your credit score was lower, there is a potential to borrow again at lower rate.

3. THINK ABOUT YOUR FINANCIAL GOALS

You may be living from paycheck to paycheck at the first few months but how about 4 years from now? Think about your long-term financial goals and start planning your budget accordingly. You may consider buying a house, traveling, or having kids, so start setting aside some money every month towards your goals. This will lessen the load and the stress.

4. CONSIDER BUYING THE INSURANCE YOU NEED

Insurance maybe in the back of your mind because you are young, healthy, and you got your life ahead of you. But, it will be the best thing you have ever invested on once accidents and unforeseen things happen. It is cheaper to buy insurance now while you are young because the risks are low. Many employers offer group life and group disability insurance, so it is more affordable and cheap enough to consider.

5. OPEN YOUR RETIREMENT ACCOUNT

I stressed this issue so much before and I will say it again. The best time to start your retirement savings is before you hit 35 years old. Wouldn’t you want to have a relaxing life with no financial worries once you retire?

Image Credits: 401(K) 2012 via Flickr

Then, set aside at least 5-10% of your income per month for retirement fund. Also, avoid debt as much as possible and get educated about your finances. Know how and why you should save for retirement before your mid-30s here.

7-Day Spending Cleanse Ideas You Must Try

It is amazing to start the Lunar New Year with a clean financial slate and increased savings. So, begin the year with a 2015 spending cleanse: short yet impactful exercise to help you clear your mind, focus on your goals, and improve your buying habits. There are no excuses because a short-term intervention (7 days) is a good place to start.

In just a week, your financial awareness can help you stop spending on unnecessary items and eventually help you break the bad habits. Try these 3 Spending Cleanse Ideas and come out more motivated, focused, and richer.

You must first figure out a budget plan that helps reach your financial goals before starting the cleanse. Seek guidance from family, friends, or YouNeedABudget.com.

1. ELIMINATE THE UNNECESSARY

Plan: Identify a category where you are overspending then, slash that problem area.

Purpose: To allocate more money for shopping, emergency fund, and savings.

If you a person who does not pack for lunch and only go for local restaurants, gourmet counters, and coffee shops everyday then your expenses can take about S$450 of your income. With this cleanse, you will have to go on cold turkey and avoid buying for outside food for 7 days. You will find yourself save more afterwards.

Just by reducing expenses in one category such as switching back to basic cell phone plan; you can save up for your dreams in just a few years. It is so simple! There is no sense if you go back to your unpleasant ways.

2. HAVE AN “AUTO-SAVE” SYSTEM

Plan: Program regular account transfers to help you reach your goals while having a busy schedule.

Purpose: To save money for retirement, emergency fund, and vacations before you spend it all.

Contemplate upon your budget and begin writing a list of the things you want to save for from your needs (e.g., emergency fund) to your wants (e.g., Christmas vacation in Paris). Divide your income to the needs first then, divide what is left to your wants. You need at least two bank accounts: one for your needs and one for your wants. The next step is to set up automatic transfers or direct deposits that will move your money into each account on payday.

3. NO MORE PLASTIC CARDS

Plan: Withdraw the week’s spending from the bank in cash. When it is gone…it is gone.

Purpose: Saying no to credit cards will cut down the impulse purchases.

Most people talk about how important their long-term financial goals are but their regular buying decisions do not support their goals. This cleanse will have you keep your credit and debit cards at home so you can easily notice when you are losing money for every purchase. Before the week begins you must spare 25% of your income and divide it to your spending categories and put all in different envelopes.

Image Credits: wikihow.com/Do-Envelope-Budgeting

This will be your only allowance for the whole 7 days and all for purchases shall only come from it. Research showed that the act of relying to cash for spending makes you savor the paying process, think more, and spend less. Trust me, it works.

Search the site