Magical Penny

Are you up to date with the financial world? Of course, you don’t need to open up a copy of the financial times and learn all about the stock market in a few minutes, but you do need to stay aware of the money issues relevant to you. If you’re trying to save money right now, on a long term basis, or you’re trying to make a bit more money through various side hustles, it pays to be in the know. 

So, what can you do to ensure you know all about those money off coupons and the current best interest generating bank accounts? Well, make sure you keep the tips below in mind, and be sure to check them regularly as you go. 

Follow the Experts

There are a lot of money experts on the internet, and you could pick up their steam and follow them on any platforms you use on a daily basis. You can follow them on social media for real time updates concerning a lot of different financial issues. If you’re always in your inbox, be sure to subscribe to a mailing list or two. You could probably catch them on the TV too, if you have a free morning on the sofa! Just make sure you know who they are and where you can find them. 

Join a Forum

Joining a forum could provide you with a lot of up to date information from people all over the globe, with personal opinions on how new money making ways are working for them. Being able to get an in depth review of various new and potentially exciting ways to generate income on the side could be a great boon to you at a time like this, so be sure to get out there and join a forum. 

They aren’t hard to find either. A New Make Money Online Forum is right around the corner, and all it takes is a quick Google search to find a forum that’s relevant to you and your situation. Whether you’re trying to save money or make money, you’re going to find people out there in the same boat, ready to offer you hints, tips, and tricks on a regular basis. 

Check Your Favourite Websites Regularly 

And finally, if you do bookmark a lot of money related websites, be sure to check in with them on a regular, and hopefully daily basis. It’s all about staying up to date, and there’s a good chance blog posts and informative articles are being posted two or three times a day. Make sure you don’t miss out on any of these, if you’re truly interested in saving some money, and knowing where the financial world is headed right now. 

The financial world moves fast, and for a lot of people, it seems to move in a random way. It’s hard to stay up to date on your own, so remember the tips above for better money making and saving. 

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Hiring a solicitor or law firm is a prospect that most of us don’t relish, especially when it comes to certain types of legal issues. It can be very hard to admit that you need a lawyer, or to face the expenses sometimes associated with taking legal action. But there are times in life when it cannot be avoided, and for those times, it’s best to do your research to find the best solicitor for you, based on your needs, budget and legal problems. 

Not all solicitors are created equal. It is imperative that you do the research necessary to find a lawyer that practices the type of law you require, whether it’s family law for divorce or custody disputes, malpractice law, real estate law, business law, debt recovery, commercial disputes, or something else all together. It’s a good idea to compile a list with at least three good law firms and solicitors that you think can represent you best. 

Once you’ve got a list together, give them a call. Many solicitors offer free consultations or over-the-phone meetings, whereby they’ll discuss your case, find out what you’re hoping to get from them and advise you on whether or not they can represent you. Don’t be afraid to ask questions; now is the time to find out if they’ve got experience working on cases like yours, what their rates are and whether or not they think you have a case. Honesty is key, so choose the lawyer who is upfront and realistic about your case. Be upfront with them about your budget and financial situation. Some lawyers will agree to bill you after a settlement is reached, but not all do this, so make sure you find out all the financial details involved before hiring your solicitor. 

Once you’ve hired your lawyer, you’ll begin providing them with detailed information and paperwork pertaining to your case. Always be honest with your lawyer and don’t hold back any information or details that can help them build your case properly. 

The lawyer’s job is to handle legalities on your behalf, and appear in court to plead your case. They will also speak for you in any meetings or appointments, speaking to the other party’s lawyer in the hopes of reaching some kind of agreement or settlement. Because they are acting on your behalf, it is important to always be upfront with them about your expectations. So when you’re discussing your needs with a law firm like OH Parsons, be clear about what it is you’re looking for and what you expect from them and their professional services. Your solicitor will work hard for you, but they can only make your case strong if you’re upfront and honest with them at all times. 

Hiring a solicitor doesn’t have to be a hugely stressful experience. As long as you do careful research, choose the best law firm or solicitor to represent your case, that fits your budget and your legal needs, and take care to provide them with as much information, documentation and good faith, they’ll be able to take on your case with confidence and give you the legal representation that you need. 

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Whether you’re investing in a second property, or you’re on the hunt for your dream home, setting a budget is crucial. If you’re ready to make your next move, here are some tips to help you manage your money and secure the perfect property. 

Calculating how much you can afford to spend

Unless you have an unlimited budget, setting a maximum purchase price is a vital element of the property search. Before you start booking viewings or filtering listings online, figure out how much you can afford to spend. How much are you putting down as a deposit, how much can you borrow and are you waiting for your current home to sell to fund your new house? It’s critical to make sure that you have a realistic figure in mind and to ensure that you don’t stretch yourself too far. You don’t want to be living in fear of missing mortgage payments or be unable to enjoy life as a result of money worries. If you are looking to buy at the same time as selling, it may be worth looking into bridging loans if your home takes longer than expected to sell. It’s also wise to bear in mind that the property might not sell for the asking price when setting a budget for your new home. 

Getting the best deal

Some properties sell like hotcakes, while others linger on the market for months, even years. If you find a property you love, and you want to make an offer, think carefully about how much you want to put on the table as your opening bid. In some cases, where a house is likely to sell very quickly and the market is buoyant, you may need to go straight in at the asking price or even pay more to secure the property and prevent other buyers from making offers. In other cases, you might be able to negotiate a significant saving on the asking price. If the house has been on the market for a long time, or the vendor is desperate to sell, for example, there should be room for manoeuvre. 

Adding value and looking for potential

Some buyers are looking for a home they can move straight into, but others are willing to take on a rough diamond in a bid to make it their own and add substantial value. If you can’t afford your dream home in a pristine state in the perfect location, taking on a project is a great idea. You get more for your money in sought-after areas, you can customise the design to suit your taste and you can add value so that you benefit when you sell up. If you are interested in renovating or extending a house, make sure you analyse the costs in advance and factor in these fees when you draw up your budget. 

Are you looking to buy your first home, are you selling and trying to buy at the same time, or have you decided to invest in a second property? Whatever your circumstances, budgeting is essential. Before you start your search, make sure you have a firm grip on the figures. 

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Improving your business’ cash flow is something that every business owner is striving to do.

Start simple and then allow your business to grow but your business can’t grow if it does not have access to the funds. So first off, here are the biggest tips that you can do in terms of looking at increasing your funding and being able to have more money to spend: 

1. Lease, Don’t Buy – This is cheaper and with less responsibilities. 
2. Offer Attractive Discounts for Early Payment – This way people will be less likely to want to pay you late if you can offer them something in return. 
3. Conduct Customer Credit Checks – If your clients are not good payers or they have been in financial difficulty then you don’t want to work with them as the chances are they will be doing the same thing to you. 
4. Form a Buying Cooperative
5. Improve Your Inventory – What are you selling and how can it be improved does it need to be cut down or do things need to be added? These are the questions you need to start asking. 
6. Invest in good applications – If you send money abroad or to any business then ensuring you go about it the right way is vital. Look into safe and cheap methods to improve your business outlook. 
7. Send Invoices Out Immediately – Don’t hesitate, because people will pay late. Some businesses are chasing invoices months down the line and this is counterproductive so get those invoices sent right away. 
8. Use Electronic Payments – This is great because it does the hard work for you and you will receive your money quickly. 
9. Pay Suppliers Less – Try and work on a budget and get a good deal. You should be able to do this if you have a long term deal awaiting. 

You can invest in anything that you choose if you have the funds but it is a good idea to make sure that the investment is something that is ong to benefit your company hugely. You will want to also be sure that you are putting enough money back into the company as a whole, to improve marketing and sales outcomes and just general better processes. 

Being profitable means earning enough money to cover all of your obligations. It also means that you can reap the rewards of this on a personal level. Becoming profitable should be the goal of every business even if your goals are smaller, you must still have them in order to grow. 

My company just isn’t making any money, but I don’t know why?

If you’re not pricing correctly from the outset, then you may hinder your business. You must always think of pricing with profitability in mind. It doesn’t matter how many sales you make because you will still only ever break even. It’s important to test the market and conduct great market research and look at your competitors and see what they’re charging. If it is significantly higher, then why? And more importantly, why aren’t you doing the same? Yes undercutting the competition is good but not to such a huge extent. It is best to attract the right customers. 

If you are worried that someone has copied your idea or stolen some part of your idea, then you can look into ways in which to sue them. However, if your product is not patented, or the design of it is not trademarked or copyrighted, then there is nothing to stop anyone from copying you and selling it as their own. Being sure of your business rights and having all the necessary precautions in place will assist. 

Should I think up some new ideas?

Yes. Always. You will need to put a lot of your money into marketing. Marketing is going to the best thing for your cash flow and improve your finances because it’s going to help you generate those sales and turn that into profit. So if you need some tips on marketing then you’re in the right place. So first of all you want to know your market and you want to know your industry inside out to the point that you can answer any question thrown at you. Then you will need to start implementing ideas in a creative way, in a way that others don’t often do or if it is something that has been done before, twist it to make it new and fun. You must also look at the following: 

1. Craft an elevator pitch – Always be ready to pitch ideas to people, because you don’t know when you will have the opportunity to speak about your business. 
2. Leverage your community – Know what they want and how to go about giving it to them. Any business is about giving people something that they want. 
3. Collaborate – Work with other brands and collaborate in a positive way. 
4. Network – Go to events, be social and get online. Improve your website and have it work for you so that people can see all the information that they need. 
5. Create buzz – Get people excited about your products and you can do this by using social media, getting creative with video and photography and spreading the word. Offer them something new and something that they may not expect.
6. Ask for referrals – This is great because you need to put yourself out there and have a return on this too. Building relationships is going to be vital because you want others to know who you are and spread the word about you without you even knowing.  

These plans take time and sometimes money to implement but they can be well worth it in terms of their return. So keep positive and review all ideas every few months to see what’s working. Don’t invest money into areas that aren’t paying you back. If it’s been six months and nothing’s changed, then cut it. It is never going to work. Be bold, be accurate and be positive and you will soon see the results you want. 

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Many of us rely on a car or a van to get from A to B.

Whether you drive to work, you drop the kids off at school, or you rely on a vehicle to carry equipment, tools or stock around for your business, it’s important to bear your budget in mind if you’re looking to upgrade. If your car is on its last legs, or your lease is coming to an end, here are some tips to help you set a suitable budget and prevent overspending. 

Be realistic about what you need

If you’re on a budget, you need to be realistic about what you need and prioritise this over what you want. It may be possible to cover all bases, but if you’re dreaming of all-out luxury, and you have a modest budget, you may need to compromise. Consider how you plan to use the vehicle, how much space you require and what kinds of extras and mod cons are desirable, rather than essential. If you’re willing to make a few cutbacks in terms of spec or engine power, you could save a significant sum of money. 

Think about your lifestyle

We use vehicles for several different purposes, and it’s critical to consider your lifestyle before making any decisions. Do you have children or pets? Do you need a lot of space for outdoor clothing, luggage or sports equipment? Do you use your car or van for work? Do you drive long distances on a regular basis? Are you looking to go green? Is the appearance of your car important for creating the right impression when meeting clients? Focus on your individual needs and choose a vehicle type that ticks as many boxes as possible. Modern-day cars and vans are versatile and there are makes and models that deliver on style and substance. If you’re looking for a vehicle that looks smart but also offers plenty of space, this is what Hollywood can teach us about Mercedes Vito. Once you have an idea of the type of car or van you want, you can look at ways to lower the cost if it’s over budget. Buying a used car or paying monthly can make your dream car more affordable. 

Analyse your finances in advance

When searching for a new vehicle for your home or business, it’s wise to plan in advance. You don’t want to read glossy magazines, watch motoring TV shows or catch glimpses of celebrities clambering out of supercars or blacked out SUVs and fall head over heels for something that is out of your financial league. Focus on makes and models that you can afford and work out how much you have to spend before you start your search. Make sure you factor in the cost of fuel and insurance when setting a maximum budget. Once you have a figure in mind, you can compare prices from different dealerships and get some quotes. 

If you’re looking for a new vehicle, and you don’t want to splash out, there are ways to save. Shop around for the best offers, be realistic about what you actually need and think about what kind of vehicle you want carefully. 

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Marking your small business can eat up your budget. Knowing what the best way to market your company is can be an issue, especially if you have limited knowledge of the best ways to market a small business. The last thing you want is to waste what money you do have on marketing that doesn’t yield any results and fails to hit the right spot.

For those who don’t have the luxury of paying an established marketing company, we have some low budget ideas of ways you can effectively market your small business for little or no financial outlay.

Social media

You can set up social media accounts for your company for nothing. Social media is fast becoming a lucrative source of referrals for many companies as people share reviews or posts and let others know about your company and what you can do. If you are new to setting up social media accounts for small businesses, look at how you want to be portrayed and what you want from your accounts. 

Then look at your closest competitors and others in your sector to see what they are sharing and how they are putting their own company out there on social media. Then look to share what you think will work for you and create your online branding for your company by taking direction from those already making a success on social media.

Promotional and branded items

A classic and timeless way of marketing, putting your logo or company branding on a range of different items is a great way to share who you are and what you do.

Where to start? Something as simple as pen with your logo on can reach many many people. How often have you forgotten your pen or picked one up somewhere with company details on? Exactly, business cards also have their place but can end up languishing in a purse or wallet only to be thrown away. Share them sparingly so as not to waste too many. 

Branded clothing can be an easy way to share your company with others, especially if you have employees. Many workers run out on errands in their work uniform, and by them doing so, they can unwittingly put your company in front of other people by simply getting on with their day. To do this, you need consistent and clear branding across your company, so you are easily recognisable, and people know they have come to the right place when they see your logo.

Website

Initially, setting up a website can incur a nominal outlay depending on the type of site you need, but making your website searchable by applying SEO (search engine optimisation) to your posts, images, product captions, and more can be invaluable. Research what keywords you want to be found for when people are looking for your company and then optimise your site to make sure you reach the top of the results page. 

When you choose to create an SEO strategy for your website, it can pay to know more about measuring SEO ROI and understanding the numbers behind the magic that goes on behind the scenes. Your SEO strategy is going to enable you to stay visible to your audience, and if you know that you’re going to earn a lot back from it, it can convince you that an SEO strategy is the way to go. Your website does cost money to set up and run, but the return on that investment makes it all worth it. If you take the time to map out how your SEO will benefit you, the upfront and ongoing costs will be priceless to your business in the long run. Your website is the biggest marketing tool that you have in a digital world, and without a great search engine optimisation strategy, you’re going to be invisible to your target audience!

Make your content informative by adding in as much detail as possible, and after the initial expense, this could work in your favour for many years to come.

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The real estate market can be a lucrative one if you know what you’re doing. In the U.S., as of 2019, real estate investors were making an average of $100,000-$150,000 each year. But, the word “investment” can sometimes cause people to cringe, especially if you don’t think you have the budget or the savings to invest in something. 

Thankfully, you don’t need to have a lot of money in the bank to take part in real estate investing. 

There are a few ways you can still invest in properties without having to break the bank or stretch yourself so thin that you can’t get out of a hole. 

So, if you’ve been interested in investing but you’ve been worried about the cost, let’s take a deeper look into a few ways you can make your investment(s) without draining your bank account. 

1. Find a Partner

Maybe you have a lot of knowledge or experience when it comes to investing, but you don’t have the money. In that case, you might want to consider partnering up with someone – especially someone who needs what you can offer; your expertise. 

If they have the money and you have the experience, it can make for a perfect partnership. You both are bringing something to the table that is needed in order to successfully invest, and then turn around and make a profit. 

So, if you know someone with a bigger cash flow who might be interested in investing but doesn’t know much about it, talk to them about a potential partnership. 

2. Try Real Estate Crowdfunding

Real estate crowdfunding is becoming a popular tool for project owners in which you can ask people for funds to complete home projects. As an investor, you may have been able to purchase a house, but trying to get it fixed up can quickly drain your budget. Using real estate crowdfunding sites can get you the money you need to complete your projects and then sell the home. It will also gain you and your investment some exposure, which will get people interested in the home before it even goes back on the market. 

3. Use a Home Equity Loan

Do you own your home? 

Does it have equity in it?

If so, you might be able to secure a home equity loan and use the money as either a downpayment or a payment-in-full for a new investment property you’re interested in. It’s a great way to get the money you need quickly so no one else snatches up the property. 

As you can see, there are a few key ways you can work around the issue of having no money for an investment property. While you shouldn’t bite off more than you can chew, you also shouldn’t pass up incredible deals or opportunities as they come by. If you’re truly interested in investing, try any of these solutions to get the money you need quickly, and don’t be afraid to follow your investing passions. 

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It seems like everyone is experiencing a degree of financial hardship these days. With people experiencing layoffs, cut hours, trying to work from home and other inconveniences, it can cause financial suffering. It can be stressful trying to stay afloat when bills are looming, and unexpected expenses cause debts. If you need money, and you need it fast, you might be wondering how on earth you’ll get it. 

One option could be applying for a loan.

Many people assume that they may not be a candidate for a loan, or they could not get approved for the amount they need, due to issues such as fair or bad credit, low pay, or never having applied for a loan before. But the truth is, there are loan types out there for everybody, no matter your financial situation, your credit score or how much money you make. It’s just a matter of knowing which type of loan is best for you, and applying for the right one!

Bank loans, often called “personal loans”, can be a good option if you have a standing relationship with your bank and you need a large sum of money. If your loan request is upwards from a thousand pounds or more, you may want to try this option first. However, bank loans do tend to be more strict than other types of loans, so you’ll need a decent credit score, a solid job AND banking history (this means no overdrafts or negative balances), and may need to offer up collateral. However, if you have all these things in the bag, you’ll likely be approved after filling out your application.

If you can’t boast a great credit score or  your work history is a bit uneven, you might consider a payday loan from direct lenders. Payday loans have a looser criteria to qualify, and they work with people who have no credit or even bad credit. So long as you have a bank account and a job with regular pay, you can get approved for smaller loan amounts. While interest rates on payday loans are often higher, you may find that it’s still worth it because of the rate of approval, refinancing options, and the fact that you can apply and receive funds same-day in many cases. If you need money and you can’t wait, this is a good option for you. Apply online in as little as a couple of minutes and get approved easily. 

These are just two loan types that are frequently used, and you may want to start here when deciding to apply for a loan. However, with a little research you can find all sorts of loan types that might work for you. Apply for a loan today, whether it’s a personal loan via a bank or a payday loan via direct lender, and get the money you need for those unexpected bills, quickly and easily. 

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The UK government announced plans in March to provide every worker furloughed in Britain with 80 per cent of their regular pay for as long as the coronavirus lockdown continues. The state has destroyed jobs, so it should foot the bill – that’s the reasoning anyway. 

The problem is that while workers are being promised 80 per cent of their salary up to £2,500 per month, a lot of people need more than that. Furthermore, most people can’t get by on four-fifths of their regular income to pay the bills. They need the whole lot. 

Getting into debt while furloughed, therefore, is a real risk. Even if you make £5,000 in regular times, suddenly getting pushed down to £2,500 per month is a big problem. Your income just halved, but your outgoings probably didn’t. 

Fortunately, the current lockdown is preventing a lot of spending. You can’t go out for expensive meals or take holidays, so that’s a big chunk of discretionary spending out of the window. But other costs remain. 

So what can you do to avoid going into debt while furloughed? Here are some ideas. 

Sell Your Old Handsets

Even if you think your old smartphone handsets have no value, it’s worth checking. You can sometimes make up to £150 for your old gear. On top of that, you can often sell broken handsets and make money out of them. 

If you sell iPhone 8 handsets, you can often make a large sum of money to put towards your bills. What’s more, you don’t have to go to a shop. You can just go online, see how much refurbishers are offering for your make and model, send it off in the post, and get your cash. 

Stick With Just One Subscription

Being furloughed is a bit like having a sabbatical. Instead of undertaking some grand project or going travelling, however, you’re stuck indoors watching the TV. At a time like this, it might be tempting to take out a bunch of subscriptions for purposes of entertainment and convenience. Still, it’s probably not a good idea. Subs can soon add up, and you can find yourself out of pocket. 

Reconsider Your Transport Expenses

If you’re going to be furloughed until October or beyond, do you need to continue paying for a car? If you have the option, you might want to consider cancelling your contract or selling it on. You may lose a bit of money in the short term, but you’ll gain overall. 

Shop For Cheaper Bills

Shopping for cheaper bills is way easier than it once was. All you do is hop onto a price comparison website and see whether you can beat your current rate. Doing this can sometimes save you more than £100 per month. 

So if you do all of the above, how much money could you save in a month? The overall figure realistically comes out at about £200, which is pretty good when you think about it. It could be the difference between having to take out a short-term loan and not.

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