Be Money Smart

Being money smart is definitely something you should be thinking about doing during this time that we’re living in. You have to admit, the world is being flipped on its head and we know that being money smart is going to ensure we don’t feel too much of the pressure. If you live in countries such as the UK, you might be finding out you’re out of a job for a while, everywhere is shutting down. Who knows if the US is going to follow suit to such extreme lengths. What we do know, however, is that being money smart when you have a reduced amount of money is easier than you think. All you have to do is make sure that you’re being more sensible with how you’re spending it, and really cutting down on some of the luxuries that you might have. So, keep on reading, and we’ll show you how we think you can be money smart.

Image Source

Cut Back On Your Outgoings

This is one of the ones that people are going to struggle with the most. When you get used to living life a certain way, it can be such a pain to try and change it and take some of those things out of your life that you love so much. Your outgoings are going to be ones such as your phone, which we know people can spend an absolute fortune on. You could use a Prepaid Bill to save money, rather than going for a big contract on a brand new phone. If money is really becoming tight for you, something like this is going to save a nice amount each month, money that could be used on shopping. You also need to have a look at your outgoings in general and see how much you’re spending on each thing. You never know, you might look and realize you’re signed up to lots of different subscriptions such as Netflix, Spotify, Soundcloud, Amazon Prime, or expensive TV box subscriptions. Cancelling most of them could save you a lot of money.

Change The Way You Shop

Smarter shopping is definitely needed during times like this. You need to be able to buy better and buy for less. Going to shop brand items is a great way to save money. You can literally cut a bill in half by doing this, but often people don’t like doing it because they say it tastes different. However, store brand items are better than they have ever been before for quality, and it saves a lot of money. Try and buy items that you can use in two different meals to try and save more money! 

Ration Yourself

Finally, make sure you ration yourself with anything else you’re spending. Don’t buy a ton of clothes every month, or keep going out and doing expensive things. Limit yourself to one thing a month, and the rest of the time search for free things to do. There’s so much we can do in life where we don’t have to spend money.

Compare Prices 

Comparing prices of things like insurance and cable providers was a challenge in the past. You literally had to go out and find quotes. Now, though, you can type “TV providers near me” into your search engine and get back a list of prices, allowing you to pick the best one. 

Strategies like this are a real boon for cash-strapped people. They allow you to get more for your money so you don’t actually have to go without - great for those who don’t want to cancel all their streaming services. 

What You Should Know Before You Stock Up

 It is tough to pass up the urge to buy bulk items sometimes. The big-box stores make the deals look so attractive that you never stop to think about the fact that it would take approximately 10 years to eat all that rice and that you would have to look into warehousing King of Prussia PA in order to store it. Recently, it has become commonplace to feel that you need to stockpile staples, but you want to spend your money wisely and not leave things to waste. To make it easy, consult this list of things to take a hard pass on before you take your next trip to the store.

Could You Be a Landlord?

Source - CC0 Licence

There are many benefits to being a landlord. The main one is the income source. Letting out a property that you own, whether outright or with a mortgage, is a great way to make a passive income. But, it’s not often as easy as you may think. 

Many people choose to rent out a property that they may have inherited. Or a couple might think about letting out one of their homes when they decide to live together. It can seem like the ideal way to make easy money. Unfortunately, many new landlords quickly run into trouble. There are more tax and other financial responsibilities for landlords today, and more rules and regulations to protect tenants. Landlords can also have more responsibilities than they’d expect when it comes to looking after their property and tenants. Many people now wonder if the extra income is worth their time at all. 

Well, it can be. Being a landlord can be a great way to earn extra money and secure your own financial future as long as you do it well. Here are some things to ask yourself if you are considering leasing out a property. 

Are You Ready to Learn Laws and Regulations?

There are many different laws and regulations for landlords today. Most of these are designed to protect your tenants, giving them rights and protecting their interests. Unfortunately, many landlords find that they inadvertently break the law, with no ill will intended. Learning as much as you can often is the best way to prevent this. 

Do You Care About More Than Earning a Passive Income?

The best landlords, the ones that are most financially successful, and have long-term tenants who treat their properties well, are the ones who don’t just collect rent. The best landlords take the time to build relationships with their tenants.

Have You Got the Time to Look After Tenants?

Being a landlord does create a passive income. But, it might not be quite as passive as you think. You may have to spend time answering calls, arranging repairs, checking up on tenants and even arranging contracts, collecting rents, dealing with legal issues and finding new tenants if someone moves out. There can actually be a lot of work involved. 

If you don’t have time, that certainly doesn’t mean that you can’t make money letting property. Hiring GRG Property Management to take care of your property and tenants can take all the stress away while ensuring your tenants are well cared for. 

Do You Have a Long-Term Plan?

What’s your long-term plan? Will you sell the house so that you can retire, or leave it to your kids? Will you rent long-term? Is it a one-off, or the start of an empire? Would you like to live in this house one day? 

Do You Have Property?

Of course, becoming a landlord is much easier if you already own a property that you don’t want to, or can’t live in yourself. If not, are you willing to buy one, and pay the mortgage on it? What would you do if it was left unoccupied for a long time?

Should You Think About Writing A Will?

Credit - CC0 License

There’s a lot of uncertainty in the air, and life has really been flipped on its head as of late. The coronavirus outbreak has got us all living indoors with plenty of time to ponder everything about life. As the title of this blog suggests, it might be time to think about writing your will. I’m not trying to be ominous or suggest that something bad will happen to you! However, times like these put everything into perspective. Life is precious, so you really need to consider what will happen when you do pass away - which will hopefully be in many, many years. 

With plenty of free time on your hands, there’s no better time to start writing your will. If you’re still not convinced, then have a look at these reasons to at least think about writing it: 

Protect your kids when you’re no longer around

The sad reality is that we never know when we’ll die. It could be today, tomorrow, or 70 years from now. Regardless of when it happens, you need to know that your kids are safe and looked after. This is particularly important if you have very young children. Yes, they might grow to be 40 or 50 before you die, but they could also still be underage - you just don’t know. Writing a will means you decide what happens to them in this unfortunate scenario, so you know they’re looked after and kept safe. It also means you can give them money and other assets, which will help them in their life. 

Protect your assets

When someone dies, all of their assets need to get divided up and sent to different places. This involves something called probate estate, which is the legal term for all the shenanigans that go on behind the scenes. If you don’t have a will, then your assets don’t necessarily go to your next of kin. Sometimes, they’re just seized by the bank or given to the government. Needless to say, you don’t want this to happen. You spent a lifetime earning all your assets, so make sure they’re protected and end up in the right hands. Your will is the best way to dictate this. 

Remove stress from the grieving process

Some of you may have already had the terrible experience of dealing with the death of a parent. As you know, there are so many things to do with regard to funeral planning, sorting out all of their old stuff, and so on. It’s a very stressful time, and things are made even worse if there’s no will. Writing a will will make things easier for your children when you pass away. You’ve left clear instructions for what to do with everything you own, so there’s no guesswork or legal battles to worry about. 

I know you don’t like thinking about this, but it’s a part of life we all need to come to terms with. Writing a will isn’t a death sentence! You can write it whenever you like, no matter how healthy you are. It’s simply there to provide assurance to your family when the time is right. 

Why Your Kids Should Go on Adventures

Image Credit: Pexels CC0 Licence 

Almost all kids books centre around an adventure. The main character almost always goes on a journey of discovery that leads them through difficult times but ultimately shows them how strong and capable they really are. Moana ventures past the reef to save her island, PAW Patrol is all about solving problems and Dora the Explorer goes on all kinds of missions. 

But modern children hardly ever go outside and go on adventures of their own. Parents seem to be so afraid of children hurting themselves or getting into trouble, they don’t see all the benefits of allowing children to fend for themselves. 

The truth is that your kids are unlikely to get themselves into the kind of trouble that requires you to have personal injury lawyers on speed dial!

Go Camping

Camping is a great way to instil a sense of adventure in your kids. Showing them how to put up a tent and build a fire to cook outside is lots of fun and will give your kids life skills too. Cooking over a campfire takes some practice so just make sure that any meat you cook is definitely done before you start eating. 

Exploring the surroundings together will help to familiarise your kids with the area but you might also like to encourage them to explore on their own. Try going for walks together in the morning and then allowing them to play alone in the afternoon while you relax. Just make sure that they don’t venture too far away and they know how to get back! 

Take a Road Trip

A road trip is a great opportunity for trying new things together and having fun. From water parks to beach trips, trying new foods and plotting your route on a map, there are plenty of chances for your kids to get involved. 

Involving your kids in decision making along the way doesn’t mean that you have to say yes to everything but listening to their suggestions will give them a sense of responsibility and empowerment.

Let Them Explore at Home

Adventures don’t always have to be wild and far away. Letting your kids go out and about on their own - for example, going to a nearby park or calling for a friend - will also give them a sense of greater responsibility. To give you and your kids peace of mind, there are a few things you should think about first. 

To start with, you need to be comfortable with where your kids want to go. Try going out together and letting them take the lead. Along the way show them where it is and isn’t safe for them to play. To start with, you might limit their range to within view of your house. Putting a time limit on playing out is also a good idea. Always be clear at what time you expect them to be back. If your child is mature enough, you might also like to give them a cheap cell phone so they are always contactable and they can call you any time.