Category Archives: finances

Investments are one of the best ways to increase your monthly income and save up money for retirement. Having a regular return on investments helps to secure your financial future and frees up more cash for luxuries in those later years, but it’s not all about you. What about your children?

Flickr

They’re facing increased education and housing costs and it’s harder than ever for them to save. It’s important that you teach them the value of standing on their own two feet and being sensible with their money. But that doesn’t mean you shouldn’t try to help them out a little. People are increasingly relying on their parents for financial help, and the average age of people that still live with their parents into adulthood is only going up. If your children are relying on you, what’s going to happen when you’re gone? If there’s nothing there for them, they could find themselves struggling. However, if you invest money on their behalf and get them to help you manage those investments as they get older, they’ve got something to fall back on.

It’s a great thing to do when they’re first born because even if you only invest a small amount, by the time they get to college age or get married, there will be plenty of money for them there. It’s also a great way to teach them about money by getting them involved in the process and eventually, letting them manage their own investments.

So, if you’ve got a little one on the way or you think it’s time to start investing in the future of the kids you’ve already got, these are some of the best investments for your kids.

Savings Account

The most obvious way to save for your kids future is to put cash into a high interest savings account every month. It won’t give you that much of a return but it’s safe, most of the time. It’s not likely that your money is going to lose a huge amount of value, especially when it’s gaining interest. However, inflation is very high at the moment and if inflation outstrips your interest rate, you’re going to lose value in real terms. In most cases, those interest accounts will earn you a bit of a return, but not that much. You’ll have to start going for bigger investment opportunities if you really want to build up some money.

Real Estate

Flickr

Investing in real estate is good for a couple of reasons. The first is that it’s generally a great investment. It’s very popular at the moment because landlords make a huge amount of money in rent and the value of the property is likely to increase dramatically in just a few years. That means your kids can use it as a steady stream of income when they get older, which can take the financial pressure off them when times are hard. The second reason that it’s a good idea is that they’ve always got a fall back option if they find themselves in real financial difficulty. If they’re falling short of their mortgage for whatever reason, they can sell their house and move into the investment home for a while. The mortgage will be mostly paid off by the time they’re adults so it’ll save them a lot of money.

You’ll probably have to get a home loan to buy the property so this is probably the most expensive investment on our list. However, if you’re renting the place out, that should be more than enough to cover the mortgage on the property. Investments for your kids are very long term so you’ve got an opportunity to make a big profit on a house by buying in an up and coming area. If you find a neighborhood that isn’t that popular at the minute and has cheap houses, it’s worth considering whether it will become more popular in ten years. If you take a gamble and get it right, you could get a house that’s worth a lot of money for a great price.

Kids Companies

One of the biggest challenges you’re going to have is getting your kids interested in helping you out with their investments when they’re still young. One good way around this is to invest in kids companies that sell toys or clothes that they like. They’ll be far more interested in helping you out if they can relate to the products. The thing is, toy companies are actually great investments anyway. Think about how much people are spending on toys every Christmas and they’re pretty expensive, even though the manufacturing costs aren’t that high. When you’re trying to choose one, pick one that’s been public for a long time and proven that’s it has longevity because even though toy companies make a lot of money, they’re also very susceptible to trends and can easily fold if they don’t keep up.

Government Bonds

If you don’t like the risk element of investing, government bonds are a good way to go. They are one of the safest investments out there and you’re pretty much guaranteed to at least get your initial investment back. The interest rates on them are pretty low and during a financial crisis, they’ll drop even lower as people shift all of their money into bonds. However, if you have them for an extended period, you will still build up a good amount of cash. You’ve got to decide whether your priority is the amount of risk involved, or the amount of money that you’ll get back.

529 College Account

Public Domain Pictures

Not that many people know about the 529 college savings account but it’s one of the best ways to save up for their tuition, but you can’t use it for anything else. You can put in your cash after tax and it’ll gain a good amount of interest in there. You don’t need to pay any more taxes on any of that money as long as you spend it on tuition. If you get to that point and your child decides not to go to college, you haven’t lost that money. You can still take it out and spend it on something else, but you are going to have to pay all of that tax if you aren’t spending it on college so the money is going to take a big hit.

If you’re using a 529 account, it’s worth looking into prepaid college tuition. Most states will allow you to pay tuition now and secure that price for the future, whenever your child goes to college. If you’ve got a healthy amount saved and it looks like college prices are going to rise dramatically, it’s a good idea to get in early.

Kids Savings Accounts

When they get a bit older and they start to get a little bit of money of their own, it’s worth trying to encourage them to start their own savings account. Getting them into the habit of putting money away from a young age means that they’ll enter adulthood with a chunk built up, but more importantly, they’ll have a good attitude toward saving money and they won’t be as likely to fall into financial trouble when they grow up. The kid’s savings accounts aren’t a long term option but they’re a good way to get the ball rolling. The Capital One 360 savings account is probably the best one out there at the moment but the deals are always changing so keep an eye out.

Investing money for your kids is the perfect way to secure their future and teach them financial responsibility at the same time.

Photo Source

When people leave home and enter the wider world to fend for themselves, they are often given one sage piece of advice: never a borrower or lender be. Borrowing cash or lump sums of money from others is always painted as a negative and we are encouraged to only ever touch what is in our own personal bank accounts. Sure, the sentiment behind this is good. However, did you know that having no credit history at all can actually prove to be worse for you financially than having a bad credit history? It doesn’t seem to make sense, does it? However, unfortunately for those of us who have always kept our finances and spending to ourselves, our privacy and self-reliance could truly prove to be detrimental when it comes to making larger decisions later down the line. So, to clear things up, we’re here to help! Here’s everything you need to know about lending in order to improve your credit score, opening up new avenues for you in your financial future.

Acknowledging that Someday You will Need Credit

Sure, you may have got by just fine up until now without engaging with any professional lenders. But what about when you decide to buy your own property? With skyrocketing house prices, it’s virtually impossible to place down a full payment on a house unless you win an outstanding amount of cash. You’re going to need a mortgage. Now, a mortgage is perhaps the biggest loan that anyone will take out during their lifetime. But how are lenders meant to trust you with such a large amount if you don’t even have a record of an ability to pay back smaller sums? Looking at things this way helps us to understand the lender’s logic a little more, right?

Picture Credit

Initial Engagement with Credit

Now, you may feel a little lost when it comes to your journey towards engaging with credit on a small scale. But not to worry. Things are surprisingly simple. If you have been paying any phone contracts or bills by direct debit, you will have a stable base showing your ability to meet payment dates. This means that credit companies will be likely to offer you a starter card with a low credit limit. Find some of the best at best.creditcard. For loans, you’re likely to either use partner finance schemes for products bought in retail stores or to engage directly with your bank.

Building a Strong Credit History

Once you have your first card or loan, it’s time to start using your credit responsibly. Make larger purchases with the credit available to you and pay off the full amount when it comes to the agreed repayment date. This will prevent large amounts of interest from accumulating, but will also create a record of you using your credit responsibly. If you have a loan, make sure that you don’t miss any repayment dates. This could result in fines, late payment penalties, and negative marks on your credit score.

Once you’ve proven that you’re capable of borrow money and repaying it as agreed on a small scale, you’ll be able to progress to larger scale lending. Perfect!

https://www.pexels.com/photo/money-pink-coins-pig-9660/

Making money for your family and ensuring you have enough income to cover off all of your expenses can be quite a strain. Inflation forever seems to be increasing, and your family’s needs are always growing. So, it makes a lot of sense that you’re going to want to maximize your income in any way that you can. But how are you mean to do this? When you’re paying off loans and trying to make ends meet, it often feels like you’re doing all that you can. But sometimes, you just need to know how to generate more money that can improve your situation.

If you’ve reached the point in your life where you do want to make more money, increase your income, and ensure that you can support your family’s income as much as possible, then you’re going to want to consider the right avenues in order to do this. Because as much as you will rely on your salary, it doesn’t always have to be your sole source of income. In fact, it’s often a sensible idea to diversify your income, not only so that you can generate more, but that you’re covered should anything happen to one of those streams. So, let’s take a look at how you can maximize your household income from every avenue.

Ask For A Pay Rise

First, we are going to take a look at what you should be doing in relation to your current job. Because you don’t just have to write this off completely as a way you can increase your income. If you haven’t had a pay rise in awhile, then it could be time to ask for a raise. This isn’t something that everyone is comfortable with, but if you are focusing on growing your income and you know you work hard, then go for it. Getting a yes and seeing your monthly income increase will be worth the pressure of asking in the first place.

Move Companies

If you know that you’re kind of at the top of your salary bracket for the job you do in the firm you work for, then it could be time to jump ship. You may find that you could do a similar role that you’re doing now for a different company, just for better pay. You may even be able to bad a promotion and move up the ladder by looking into external opportunities in this way too.

Search For The Best Interest Rates

So now that we’ve covered off your main source of income and the one that you’re probably most comfortable with, we need to look at how you can make the money you do have work a bit harder. The first way will always be to put your money into the best savings accounts. With the best rates, you will get more for the money you have. And if you think you don’t have enough spare to save, you’re wrong – use your additional income from the raise if you have to.

Invest

You’re also going to want to think about trying your hand with a few investments too. It’s easy to believe that investing should be reserved for people with lots of money, or for corporate folk. But that’s not the case. If you have money to invest over time, you will find that you can earn so much more than just leaving it in instant access savings.

Sell Your Old Stuff

Next up, it’s time to get a little more out of the old stuff you no longer use. If your house is a little cluttered, you’re also going to be killing two birds with one stone. From your clothing to homewares, there’s a lot that you can list online to sell and get money back for stuff you don’t use anyway.

Chase Up Money Owed

It’s not something we’re all comfortable with, but when you’re owed money, you should definitely look to get what you’re owed. It’s also the same for occasions where you could be entitled to money, especially when it comes to accidents. When you’re not to blame, you may want to work with an expert, such as Joshua Haffner, to find out if you are owed money. Then, you’ll know that you’ve added to your income based on something you were entitled to anyway.

Use Your Skills

If you’re relatively skilled with your hands, you could also look to make money with them. There are lots of different crafts you can make and sell. From homewares and textiles to baked goods, if you have a talent in a particular earlier, or you’re willing to learn, you could easily top up your income this way.

Sell A Service

At the same time, you might like the idea of getting a second income, but you may not be all that crafty. That’s okay though, because there’s probably something else that you excel in. Maybe you’re good with numbers or words? Well then why not sell a service, like financial advice if you’re qualified, or freelance writing on the side?

Start A Blog

Your next idea is going to be to start a blog. Of course, if you are going to do this, then you have to be willing to put the time and effort in to make it work. Because not every blog is going to have the ability to make money – but a lot will. You’re going to want to research monetization and growth tactics, and find a niche that you’re comfortable with. Then, from there, you should find that you can add another income stream to the list.

Set Up A Side Business

Perhaps you’re not sold on the idea of starting a blog? Then you don’t have to – but you can still start another side business idea instead. Based on your personal interests and skills, if you have time to commit to it outside of your regular working hours, you’ll definitely find that it’s worth the effort – especially if your new venture can go on to become your main source of income in the future.

One of the terms you might hear when dealing with debt and financial trouble is “good” debt. Debt is usually seen as a wholly negative thing due to the implications it has; you owe money and you need to pay it back. This is probably why people have tried to put debt in a positive light by coining up the term “good debt”. But what exactly is good debt, how does it compare to bad debt and does it even exist or is it a made-up term to get you to borrow money? Let’s delve into the situation and take a look.

Source: Pexels.com

Good debt is for a purpose

Whether it’s a student loan, mortgage or loan to purchase a car, good debt usually serves a good purpose. For instance, a student loan is an investment into the future. It helps you put together an academic degree that will be used to help you find a better job. With this better job, you’ll make more money and eventually be able to pay off your student loan with a salary. Similarly, a mortgage is an example of good debt because it’s being used to purchase a home for yourself. Property is usually incredibly expensive and renting isn’t always the best option because you don’t technically own the home. As a result, it’s a good idea to look into mortgages so you can take one out and purchase your own home to raise a family and call your own.

As you can see, good debt is here for a purpose. Recovering from debt doesn’t always have to be for a poor reason. If you’re paying back a debt that was used to improve your life or to pay for the home you’re living in, then you can consider it an example of good debt and you shouldn’t feel ashamed of it. If you think about it, there are very few people that can afford a home in a single payment which is why even wealthy people will choose to take out a mortgage to buy their home.

Bad debt is for personal use

Some examples of bad debt include taking out a loan so you can go on holiday or purchase a video games system. It’s the type of debt that makes you regret actually taking out a loan in the first place. You’ll resort to looking at this article and other similar debt relief services to help you get out of the sticky situation that you’ve put yourself into. Bad debt will rarely ever be good for your long-term financial situation, which is why it should be avoided at all costs.

So to conclude, good and bad debt both have distinctions. It’s important to understand the differences so that you can make smarter financial decisions for the future. Some people feel that bad debt can be positive sometimes because it helps to enhance your life, but something like a holiday isn’t as necessary as a home. It’s all about living with what you have and only spending money on things that are absolutely necessary to your way of life.

Pixabay

It seems to be one of those misconceptions in life, that to have a happy family life, we need to be swimming in piles and piles of cash. This is never the case, but we all know that a little bit of extra money can go a long way, especially during the holidays. So, from the perspective of a parent, are there ways for us to cut back on our existing outgoings without it causing major problems for all of us?

Seeking Financial Help

For a lot of us, this feels like we are admitting defeat, but in picking the right financial organization to help give you hints on how to consolidate your debt, this can free you up in so many different ways. For example, if you’ve got various credit cards you may find that you are paying too much in terms of interest, which would make more sense if you consolidated all that debt into one monthly payment. Not just that, but you can go online to get a free savings estimate, and see what your negative spending habits really are. Sometimes, this can be the solution to all of our problems, but sometimes it goes a little bit deeper…

Lifestyle Choices

Sometimes it’s not what we spend, but how we spend. We all want the best for our children, but, sometimes we can go overboard. Sometimes, it’s about setting ourselves a budget, especially for things like gifts, but also it’s about looking at what we spend on a daily basis. For example, do you plan meticulously what you’re going to buy at the supermarket? If not, this would be a good idea. So, think about the meals you plan on making at home, and what you need to make these meals. This means that you won’t be aimlessly buying items, but picking up just the essentials. And, if you’re used to the finer things in life, can you take it down a peg or two? So, something like your coffee, can you go to a cheaper brand? It’s these little lifestyle choices that will have a big impact.

Setting Up Automatic Payments

This is especially handy when tackling issues like debt. If you set up automatic instalments to come out of your account, it is a very convenient way for you to pay off bills, but you can get an interest rate reduction on some bill payments. If you are one of these people that are constantly scrambling to pay off a bill, meaning you pay it late, by implementing a monthly instalment plan, this will stop you incurring late fees. And this doesn’t have to be done just for bills, if you are setting up savings accounts, private pensions, and the like, by setting up instalments to come out on a specific date, you will work better at living within your means. But also, you will have the financial benefits in the future.

For a lot of us, cutting back on our finances means that we have to go without. But this shouldn’t be the case, especially when our children are concerned, it’s more about implementing sensible approaches to how you spend, and what you spend it on.

Financial anxiety is very real for a lot of people as we still try and cope with stagnating wages and too few jobs despite rising costs. One of the most worrying areas that those costs seem to be rising is in healthcare for a lot of people out there. But, it’s important to know you have options when it feels like you’re not able to keep up with the payments for the treatments you need. Here are just a few.

Pic Link

The fight against chronic health conditions

No-one should be blamed or shamed for needing medical treatment. However, the truth is that a growing number of health issues that we’re spending money on is largely if not entirely, preventable. Healthy lifestyle habits are about more than helping you reach a goal weight or getting you stronger. They keep you safer from serious chronic health risks like heart disease, high blood pressure, diabetes, and much more. Spend a little on better food and access to exercise now and avoid spending on a lifelong list of medical bills.

Doctors make mistakes too

This is a skill that everyone who visits the doctor regularly should visit. In a growing number of cases, medical facilities are making mistakes with billing that could be increasing your costs and causing your insurance provider to foot less of the bill. Charges are duplicated, costs are unnecessarily rounded up to meet what your insurance will cover, mistakes are made in your billing details, causing your provider to reject them. Check all medical bills for mistakes and make sure that you’re getting the full, extensive bill, not just the summary that some doctors provide.

Pic Link

Make sure the right person is paying

If an accident or injury is caused by someone else, it is not a flaw in your behavior to want to see them held accountable. Making a claim isn’t about getting as much as you can, but rather about covering costs you shouldn’t be paying in the first place. Your insurance provider shouldn’t necessarily be one paying for your treatment. In fact, they might be adversarial to you when it comes to preparing your personal injury claim. Make sure you seek sound legal advice before turning to anyone else. They can help you avoid the legal or financial potholes that could jeopardize your case.

You have more options

Never forget to shop around for insurance and different healthcare facilities to visit. Outpatient establishments are often much cheaper than hospitals, even if you’re going to the same doctor in both. Similarly, you often have a choice in your treatment, too. In particular, generic drugs can be much cheaper than trademarked varieties. They contain all the same active ingredients, in most cases, meaning they’re just as effective.

The options above aren’t going to be applicable all the time, but it’s worth knowing them. Besides what’s mentioned above, remember that you have more than one choice of insurance provider. Make sure you’re not taking unnecessary cover while also avoiding being underinsured. When choosing an insurance provider, look at what healthcare facilities they cover, not just what injuries and illnesses.

Debt is a terrible four-letter word. If you find yourself in an endless cycle of managing your debts and never feeling free, then isn’t it time you made a change? The New Year is the perfect time to take hold of your finances and start clearing your debts. Make a plan of how you’re going to get debt free in 2018, using the tips below.

Image: Pexels

Face the reality of what you owe

Do you know down to the penny what it is that you owe? The chances are that you have a rough estimate, but not necessarily the full amount. You may even find that your estimate is way off, which could affect your situation further. Spend time sitting down and going through all of your accounts to establish what you need to pay back. Sometimes staring a problem in the face can force you into action, so this could be the wake-up call you need to face the reality of your debt situation.

Deal with inaccuracies or problems

After working out what all of your debts are, you might realize that some of them are not relevant to you or that you’ve been overcharged for something, like your student loan. If you do find any discrepancies, contact the lenders and see if they can correct them or offer some solutions. Some student loan companies have come under fire for the way they’ve been misleading borrowers, so it’s worth looking into a Navient lawsuit or another type of legal action to get back what’s yours. Questioning inaccuracies is something that many people fail to do, but this could be your chance to reduce your debts and make sure that what you owe is fair.

Make a plan to clear them off, one-by-one

Now that you know exactly what you owe, you can focus on how you’re going to pay it back. Make a list of all of your debts and what the interest rates are. It makes sense to pay back the debts with the highest interest rate first so that you’ll pay less money back overall. Work out how much you can afford to put aside each month to clear your debts, weighting the amounts depending on their interest and so on. The ones with no or low interest can receive minimum payments until you’ve cleared the bigger balances, with the amount you’re able to clear increasing each month as the interest begins to decrease.

Create instant savings on your utilities

Your utilities are one area where you can make a lot of savings without having to get rid of anything. Changing your suppliers or negotiating better rates can free up some extra money that can then be put towards clearing your debts quicker. In January, make a point of contacting all of your suppliers and seeing if they can offer you a better deal – sometimes the threat of switching is enough to push them into a significant saving.

Image: Pxhere

Aside from cutting your monthly rate, there are other ways you can save money on your energy bills – including some environmentally-friendly options to help your household go greener too.

Take a long look at what you spend each month

Another good way to shock yourself into taking action is to analyze your monthly spending. Keep receipts for everything you buy from your morning Starbucks to your dining out costs – leave no cent unscrutinized. Doing this will instantly highlight areas where you could be cutting back. A morning coffee might seem like an inexpensive $4 a day but added up over a month and you’re talking over $100.

Find the areas where you’re spending the most and see if you could cut them down. Taking a coffee from home is a great idea to help you get your caffeine fix while walking to work instead of taking the bus or train a couple of times a week could also help you make a saving. Cut down on your monthly spending and put the savings towards your debt repayments.

Consider consolidating your debt

The subject of debt consolidation can be a tricky one. For some people, this is a great way to manage your debts, cutting them down to one payment that will make it easier to keep track of what you owe. When you ask yourself if you should get a consolidation loan, you should look at the interest rate of the loan and whether it will actually take you longer to pay everything back in this way. Don’t get taken in by commercials that say it’s the best option without investigating it properly. The last thing you want is to find yourself with even more debt to pay off than you started with.

Change your attitude towards spending

If you want to start clearing debts and being responsible with your spending, you need to change your attitude first. The culture of wanting things now rather than saving to earn them is a tough one to break, but if you’re going to enjoy a healthier financial future then this is one of the ways to do it. This isn’t to say that you can’t treat yourself now and then, but you should save for your treats so that you’re not simply impulse buying things you don’t really need.

Changing your approach to spending is one of the smart ways to clear credit card debt, where you have to ask yourself if you really need something before you buy it. Try using cash instead of paying with cards to give you a more realistic sense of what you’re spending. This will also help you to avoid any nasty surprises when you check your balances.

Taking steps to go get debt-free is a mature and sensible approach to your finances. When it comes to buying a property, saving for your kids’ college tuition or simply preparing for retirement – you’ll be in a much more secure position to do so. As one New Year’s resolution you’ll want to keep, it’s a great time to start taking care of your financial future.

Being a parent is a wonderful experience that offers many challenges, sure, but alongside them there’s a whole new perspective on life and a kind of love the pre-baby you never even thought possible. From the moment our children are born our psychology changes completely and we dedicate our every decision on this Earth to protecting and looking after them. Thus, when we find ourselves with a meaningful sum of money it can be difficult to know how best to use it for the good of your family. After all, many parents (especially new parents) are so used to living hand-to-mouth, especially when there’s so much to be paid for with the arrival of a brand new bundle of joy. The very prospect of owning a substantial sum of money can be bamboozling.

Image by Pixabay

When it comes to managing our money sensibly, we’re often faced with a binary choice. Do we save or do we invest? Each has its benefits but each has its caveats. Neither is inherently better than the other, it’s simply a case of weighing up the pros and cons and deciding which option is best for your family.

If you save

If the thought of any sort of risk makes you nervous, then saving is the way to go. While saving is a safe bet it’s important to remember that not all savings accounts are created equal and that there’s still a risk (however slight) that you may lose some of your money. Fortunately, there are many options open to savers and if you’re okay with keeping your money in long term savings (over a space of years) you may benefit from a higher than average interest rate. The only trouble, however, is that you may not be able to access your money in the case of an emergency.

If you invest

Before you invest, it’s important to know that any investment is a gamble. Even an investment in a PLC with a trusted brand or off the back of a hot tip carries with it a certain risk. Stocks rise and fall and there’s never a guarantee that you’ll get out more or even the same amount as you put in. If you buy Starbucks stock then this is a fairly safe investment as Starbucks is likely not going anywhere. Nonetheless, since few huge innovations in the realm of coffee are on the cards it presents less chance for a big boost compared to investing in the pharma or tech industries.  

It’s always a good idea to invest in a diverse portfolio of stocks to maximise your chances of a bump and insulate you from risk.

If you do neither

Of course there’s no obligation to save or invest, although letting your money sit in your current account is the surest way to lose it slowly over a period of months or years. Keeping it in a separate account with limited access and using it only for emergencies is the best way to hold onto your money.

If all else fails, you can have the best of both worlds and allocate some of your money to savings and some to investment, although this may compromise your ability to get a high yield on your interest or make a substantial return on your investment.

Life isn’t easy. Everyone makes mistakes, and the best we can hope for is that the mistakes we make don’t have too much of a negative impact on our lives. Sometimes, however, this does happen, and when it does, it’s hard not to feel overwhelmed with the chaos we’ve caused. The past can look like a sea of regrets, and the future can look devoid of hope. However, it’s important that you recognise that this is only what you feel: the reality is much different. It’s always possible to bounce back from mistakes, as we show below.

Source: Pexels.com

Relationship Issues

Of all the things in life, none are as maddening as relationships. Every union we create has issues; the trick is not to let these issues grow beyond our control. If only it were so easy. Sometimes, we can spend years cultivating a relationship, a family, a home, only for it to fall by the wayside. When this happens, you’ll feel like you’re in a hole with nowhere to go. But always remember: you were an individual before, you can be an individual again. Find what you love to do, and begin reinventing your life. It’s the only way forward – and it’s a worthwhile journey, too.

Financial Mistakes

There’s a massive percentage of the population that is in debt, and for some of those people, the debt will seem insurmountable. If you’re being kept up at night because of the state of your affairs, you’ll need to get proactive: avoidance is not an option. Look at consolidating your debts, reduce your expenses (most people’s expenses can be significantly reduced if they’re willing to make sacrifices), and get professional help. It might take years, but one day you’ll be out of debt.

Employment Issues

It’s a bit cruel that all our of life is wrapped up in our employment. It’s bad enough if we’re not qualified for the higher paying jobs, worse yet if a legal issue from our past stops us from moving forward in our career. However, you always have options. If you’ve been banned from driving – and thus can’t get a job that requires one to get to/from work – then look at getting a Monitech device; it’ll get you back on the road, and open up many more jobs for you. If it’s a lack of qualifications holding you back, then find a course and increase your employment options.

Regrets and Life

It’s hard to feel like you’ve wasted your life or made so many mistakes that you have no idea where you can go next. But remember this: you’ve never too old, or too young, to change your life completely. There are always options that allow you to “start again.” It takes bravery and courage, but once they’ve been overcome, you’ll be on the path to a life that works for you.

Final Thoughts

Ultimately, you can’t be expected to be defined by your past mistakes: it’s how you respond to them that counts. Let them go, and start getting your life back on track.

Image via Flickr

Keeping control of your finances while also raising a family isn’t the easiest thing you could do. In fact, it can often seem to be a maelstrom of chaos, where it’s all but impossible to plan your finances reliably and to deal with the constant unexpected expenses which will invariably crop up over the course of normal family life.

Don’t give up hope, though. While financial management isn’t as straightforward for a family as it is for an individual, it’s still manageable, despite all appearances to the contrary.

Ahead, you’ll find some tips for staying on top of your finances as a busy mom.

Keep a record of all money coming in and going out

One of the first rules of budgeting, in general, is to become fully aware of how much money you have coming in, and how much you have going out at any given time, via any means.

Most people have a pretty reliable idea of how much they’re earning each month, and the wise among us keep the paystubs from our monthly checks for future reference. Keeping track of outgoings, on the other hand, is often not so straightforward, and a huge number — perhaps most — people seriously falter in this regard.

If you’re going to be the master of your finances, there’s no getting around the fact that you need to know not only how much you’re spending each month, but where you’re spending that money. Whether you use pen and paper, an Excel spreadsheet, or dedicated budgeting software, you need to identify those areas where money is draining out of your life, perhaps unexpectedly.

Audit your finances as the first step towards getting them under control. It might be that you could free up much needed funds in unexpected areas simply by switching the brand of coffee you buy, or preparing your lunch at home before heading out into town.

Be sure to budget for the unexpected

Perhaps the biggest challenge in budgeting for a family, is the fact that kids naturally introduce a large element of the unexpected to everything you’re doing. At any given time, you never know when you might need to spend money unexpectedly on medical expenses for your child, buy them a new jacket because they managed to tear the sleeves off their old one, or even pay for a new window to replace one that’s been smashed by a stray ball.

The best way to handle this uncertainty isn’t to throw your hands up in the air and to give up on budgeting altogether, it’s to budget specifically for unexpected events.

Simply setting up an “unexpected expenses” budgeting / savings category and assigning money to it each month creates a buffer against these little crises, without you needing to lose control of your finances.

Take care of yourself too

Setting money aside on a regular basis for your own wellbeing is actually a great investment for any parent. Raising young children is extremely rewarding, but it can also be stressful. You should view your own health and wellbeing as a commodity that you budget for, because if you don’t, you’re likely going to have to pay for more serious medical expenses down the line.

Allocate a certain amount of your budget to making sure you can afford healthy foods, vitamins, a gym membership, and some purely pleasurable activities like spa days. It’ll be in everyone’s best interest in the long run.