Savings 101: Making Sure You Have Enough Money for the Future

Nov 25

Do you use your hard-earned money to buy just whatever catches your fancy? Have you ever considered setting aside part of your monthly paycheck for the future?

For some people, the future seems so far away that they don’t feel it’s necessary to think about it. But in reality, there’s no better time than now to organize your finances for retirement.

As recent studies have shown, we aren’t doing enough to save for the future. According to a report by the U.S. Federal Reserve, almost a quarter of Americans have no pension or savings for retirement. Almost 50% of these respondents come from the 18 to 29 age group.

Preparing for the Future

Even though it’s tempting to spend your monthly paycheck on whatever you want, setting aside a part of your funds helps you in the long run. Imagine yourself at age 65. Where will you be living? How are you going to pay for your daily expenses? You can’t rely solely on Social Security, and you need investments and/or savings to replace the salary you’ll no longer get from your job.

Without savings, you also open yourself up to financial risks brought on by unforeseen events: an expensive fixture replacement at home, medical expenses, or sudden loss of a job. You will need to set aside money for emergencies to avoid taking out a loan that your savings might have otherwise covered.

You can also make bigger purchases when you save with the future in mind. You’ll have enough to buy a bigger vehicle, upgrade to a better house, or take a well-deserved vacation.

How to Start Saving

Ready to save but not sure where to start? Or are you overwhelmed with the gamut of advice floating around? Here’s a step-by-step guide to help:

1. Set your financial goals

Take some time to write down your current financial status. Start by recording your income, monthly bills, and existing loans. Check how much you’re spending on daily expenses like food, clothing, and entertainment.

You may have many goals in mind, whether it’s paying off all your debt, funding your retirement, or stashing a bit for your dream house—all while maintaining monthly bills. Trying to make progress in all areas at the same time is exhausting, so focus on even just one goal at a time. If you aim to be debt-free or to save up for an emergency fund, that’s where your focus should be.

2. Create a budget

Figure out exactly where you’re spending your monthly salary before each month begins. Label your regular expenses and assign a percentage for each item you’ll spend on, including the amount for your savings. Identify your needs and wants and see which items you can cut back or spend less on. You could unsubscribe to subscriptions you can do without, make coffee instead of buy it, or use coupons for your grocery shopping.

3. Automate your savings

Chances are you receive your salary through direct deposit, so make use of that to direct your money into different accounts. Transfer an amount of your salary into a separate savings account every payday. That way, you’ll spend only from your bank account that’s meant for daily expenses.

4. Splurge now and then

It may sound contradictory, but splurging every now and then helps you feel less restrained in tracking your spending. You can set aside an amount meant for spontaneous spending or reward yourself when you’ve reached a milestone in your financial goals.

Even if your life feels stable, you never know what will come up in the future to compete for your resources. These tips will help you stick to your budget and meet your financial goals. That way, you won’t live out retirement years with limited choices.   

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Fun Ways to Make Money at Home: Bingo!

Nov 01

In this day and age, there are countless ways in which you can make money at home, such as through blogging, freelance work, and advertising various products via your social media pages. However, one of the most fun ways to earn from the comfort of your own home is through playing online bingo. It probably isn’t wise to aim to make winning at bingo your primary income, but it is perfectly possible to win some big cash prizes for yourself on the side. Many keen bingo players are already bagging their selves countless bingo wins each month, and so long as you are sensible and strategic with the game, then you can win at bingo too!

Pick More Median Numbers

Many bingo enthusiasts believe that by deliberately choosing bingo tickets with more median numbers, they boost their chances of winning. This idea relates to the Tippett theory, or the Tippett number system, which is based on the “perfect average”.  Tipett’s theory suggests that within a game of bingo, the more numbers are called, the more these numbers will gravitate towards the middle. In a game where the numbers range from 1-99, the median would be 45, and in a game where the numbers range between 1-75, the median would be 38. This theory has never been extensively proven, but it may well be worth giving it a shot.

Play More Games

If you spend more time playing bingo, then of course you are much more likely to hit success. There are thousands of different bingo websites out there, each offering a variety of different bingo games, so you definitely have plenty of choice. However, just be sure not to get too carried away. Bingo is great fun, and offers a great opportunity to win money, but it should never take over your life or your finances! Consider how many games you can realistically afford to play per day, or per week, and set yourself strict spending budgets if you feel you need to.

Play Games with Lower Attendance

By playing games with lower attendance, you of course improve your chances of winning because there will be fewer players to compete against! Look to play games on less popular websites, or at generally less popular times. Peak times tend to be in the evenings and on the weekends. By avoiding these times and trying instead to play early morning or mid-week sessions, then you should be able to boost your chances of bingo success. However, do bear in mind that sometimes having fewer competitors can mean smaller cash prizes.

Work Out What Time of Day is Best for You

Whilst playing at off-peak times is sure to boost your chances of winning, there is no point in playing a game at midnight if you’re just too tired to concentrate. Some people are naturally night owls, and can function fine at late hours, but that might just not be workable and realistic for you. Think about when you are best able to focus, and work around that as well as the quieter game times.

Keep a Bingo Journal

If you are really serious about winning at bingo, then you might want to consider keeping a journal. Over time, you are likely to pick up countless tips and tricks, and by storing them all in one specific notebook, you will easily be able to refer back to them whenever you need to. Online bingo chatrooms, as well as YouTube, are great places to pick up further tips.

Limit Distractions

Winning at bingo usually involves solid concentration. An all too easy way to miss out on bingo success is through not paying proper attention to which numbers have been called already, and which haven’t. Don’t try to multitask whilst playing, mute your phone, and play the game in a place that is nice and quiet.

Playing online bingo can without a doubt win you some big cash prizes, which, in part, is why the game as become so incredibly popular in recent years. Bingo is great fun, however, always be sure to play sensibly and responsibly. Definitely enjoy the occasional win, but don’t get too carried away with wanting bingo success.

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Aug 09

It is quite challenging for any contractor to choose the right umbrella firm since there are so many to pick from. As a contractor services provider, you have to be meticulous before deciding on any company. Any mistake in your selection directly affects your contracting career.

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Jul 23

New traders always want to make a consistent profit in the Forex market. They even buy an expensive trading system from professional Singaporean traders just to make a decent living out of trading. But do you really think they can change their financial life? The simple answer is no. It requires an extreme level of hard work and patience to understand how this market works. You need to trade the market with proper money management to protect your trading capital. According to recent statistics, more than 90% of the retail traders are losing money. Today we are going to highlight the most common mistakes committed by rookie traders and give you some amazing tips on how to avoid those mistakes.

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More than six million vehicle accidents happen every year in the US. Fortunately, a majority of these accidents only involve vehicular damage. However, 1 in 3 of these accidents includes personal injury to the driver or other road users. Of this number, 2 out of 10 accidents result in fatal injuries.

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There is more than one way to secure a property in your name…

Buying a house just isn’t as simple or as easy as it used to be. With house prices constantly rising, many young people are left trying to come to terms with the idea of never becoming a homeowner, earning them the nickname ‘Generation Rent’.

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Apr 10

Loans in the UK’s worth is growing at four times the worth of salary based on some 2018 BBC report. Because of this, it’s not surprising that 8.3 million people can’t pay their debts off such as family bills. Listed below are.

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