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Category: Frugal Finance Management

A custom debt-reduction budget that fits your own family’s size, needs, etc., is crucial to debt reduction success.

What is the term life? How can it help ease the burden of death for the deceased's family? Find the answer to these questions in this article.

Why Life Insurance Is Crucial For All Age Groups

There are approximately 255 (4.3 each second) babies born each minute around the globe, according to the U.S. Census Bureau. Along with births, there are approximately 150,000 (6,000 each day) deaths are reported each day around the world. These deaths are attributed to disease, violence, fatality, and famine. Unfortunately, too many die uninsured, leaving their families with the burden of debt. The only solution here is term life plans. What is the term life? How can it help ease the burden of death for the deceased’s family? Find the answer to these questions and much more in the article below. Read more

Do you have bad credit and need a loan? Everyone needs a loan at some point. This article will give myths and tips for getting a loan with bad credit.

Bad Credit Loans 101

When you are interested in the option to get a loan you have to be aware that there are several things you need to thoroughly go through. We are talking about making a well-informed opinion that will help you move through the journey of loan lending to improve your financial situation. Everyone has been in a need of a loan at some point in their life and considering this it is crucial to note that every loan is different because people have different needs and wishes regarding this matter.

Once you understand this you can proceed with the next stages of your loan journey that require more than just your preferences. You have to be able to get the most realistic representation of your financial situation so that you can act accordingly. Here, it is important to take care of your overall credit score and start from there. While many of the basic things are known to the wider audience, we decided to mention a few things that are not that popular, but you should be informed on.

Many False Myths Surround Them

Myths are part of every industry. They often contain untrue stories about certain aspects of them or in this case – bad credit loans. Reading and staying informed on these myths is important because they can have a huge impact on your decision if you haven’t done your research well.

That is why we wanted to help you out in this particular section and mention some of them. The most common myth about these loans is that you can only get them from the banks. In the past few years, online lenders have been on the rise and due to several advantages, many people prefer to choose them over the banks. Furthermore, there are many independent lenders which will provide you with the same service.

One other myth is that bad credit loans take ages to be processed. We are here to say that this claim is false on so many levels. In fact, the true claim is that the processing time is quite the opposite; it’s fast in most cases, especially if you deal with online lenders.

The reason why you should know which myths you should debunk is that they might be the reason to call off your decision to get a bad credit loan that you desperately need. BestLoansForBadCredit experts debunk bad credit loan myths and provide a good explanation as to why they are untrue. We advise you to give them a read if you want to learn more about these false stories. Read more

Looking at making more investments with your business? Take a look at how a financial advisor can help your business succeed.

How Advisors Can Help You Make the Right Financial Decisions

Experts are essential when starting a new venture. Business people learn about new opportunities and they would like to take advantage. Areas such as forex trading require experts who know how they work. It is necessary to get expert advice on a given field before investing.

People invest in different parts of the economy. Some entrepreneurs featured in business magazines have made fortunes from real estate investment or even international shipping. It is easy for a newbie to get attracted to those ventures. They should always be careful because there are insights that experts employ. Instead of taking a lot of time to learn, it is easy to save time and get started quickly by getting advice from experts. Here are some of the ways advisors can help a business succeed. Read more

How Does Estate Planning Work and Why is it Important?

 

Are you hoping to have control over how your assets get distributed after your death? If so, then you should consider hiring an attorney, such as the ones from milehighestateplanning.com, to guide you when drafting an estate plan.

 

The process of estate planning entails stating how your assets will be distributed among your loved ones after you die. It also indicates how matters will be handled should the time come when you become incapacitated and no longer in a position to make crucial decisions.

 

If you’re uncertain about whether estate planning is vital, this article will talk about the reasons why estate planning is essential. Read more

How to Own a Car if You Are Living on a Budget

Owning a car can be a huge strain on a budget. They can be expensive to buy, run and maintain, but this doesn’t mean that you can’t own a car if you have a low income or lots of monthly outgoings. A vehicle makes life much easier in many ways, especially if you have a family; they open up more job opportunities and they can save you a lot of time and money that would be spent on other methods of transport. To help you on your way, here is how to own a car if you are living on a budget. Read more

Personal Financing Tips for Young Adults

Now days, it is an unfortunate thing that the majority of colleges and universities have not made personal finance a necessary subject for their students. Due to this reason, students often lack the understanding that is needed to make proper decisions when it comes to handling their finances. This may include things like managing money, how to stay debt-free, or something as simple as applying for a credit card. Young adults are at the point of their lives where they need to make smart decisions regarding their money to be successful in today’s cutthroat economic situation. It is of utmost importance they these young adults get the necessary advice they lack as they wouldn’t want to get in their middle ages and be broke. Read more

Installment Loans Online: One of the Best Loan Types to Get Right Now

Do you need money to invest in your career, cover unexpected expenses such as hospital bills, or pay for a house? An online installment loan is among the best loan types that you can get to back up such expenses.

 

Installment loans may sound like an intimidating or unfamiliar term, but they are the most common loans today, and, most probably, you have already applied for this loan type before. Car loans, personal loans, home loans, student loans fall under the umbrella term “installment loans.”

 

So, if you’re planning to borrow some cash to fund for whatever goal or purchase you have in mind, it’s practical to get an installment loan. Here’s what you should know on installment loans online. Read more

How to Still Stay Frugal Even When Making Money from Trading

As you may know, one can make a lot of money from trading, especially if they know what they’re doing.

Moreover, even if someone creates their trading account today and starts to invest in Forex via social trading brokers, they can make a nice profit faster than traders who rely on traditional trading methods.

However, money made via trading – no matter how much one makes – can contribute to a non-frugal lifestyle that, in turn, may end up being the main cause of financial issues. This is because people who make money from trading usually forget their humble starting point!

Therefore, in today’s article, we’ll show you some of the tricks/things that you can do to still stay frugal even when making money from trading! Read more

How We Are Surviving Through COVID 19

As pretty much everyone in the world knows now, COVID 19 has completely changed our world. We were all set to go on our big joint 40th birthday trip to Greece in the middle of March when all of this hit. Obviously, that didn’t work out for us and we are extremely disappointed, to say the least. But, at least we are home safe with our family and not trapped in another country.

But since all of this has unfolded, it has changed every aspect of our lives, as I am sure it has for you too. So I want to talk about what we have been doing now that our world has turned upside down, both financially and in every other way.

Unemployment

As has happened to most other American’s, we have lost a significant amount of our income. My spouse is a chef, so when all restaurants were mandated to close, his job went along with it. That doesn’t even include me, as a small business owner, but we will get to that in the next section.

Once his restaurant closed, we thought we were stuck. But, due to the wide reaching impact of COVID 19, unemployment insurance was opened up to any and all W2 employees that were affected. My spouse included.

So, we applied for him to begin getting unemployment. Although, this sounds easier than it actually was. So many people were applying that North Carolina’s system kept crashing. It took us 2 days to finally complete his application, with all supporting documentation. And another week and a half for them to approve him.

While it is awesome that he is receiving unemployment benefits now, North Carolina is one of the few states that doesn’t offer a full 26 weeks of unemployment, but only 12 weeks. We are hoping that will be mandated to change due to the circumstances, but only time will tell.

paycheck protection program

As for me, the new CARES Act states I should qualify for unemployment. I did apply for myself also, but the system keeps kicking me out and telling me that I am ineligible. I think they will eventually figure it out, but due to the fact that unemployment has never had to take self-employed or small business owners, they simply don’t have the infrastructure to handle us yet.

So, I spoke to another entrepreneur I know and was informed that I simply had to apply for the Paycheck Protection Program (PPP) to get funding for my business. At first, I didn’t want to apply because I didn’t want to be on the hook for a loan. But, the way this one is structured is that the loan is supposed to be forgiven entirely, as long as you only use it for approved items. Those items include payroll and up to 25% of the loan for utilities to keep the business operational.

I just applied 2 days ago and haven’t heard anything back yet. But since each individual bank has to approve it through their underwriter first, and then it goes to the SBA for their approval, it could take a while. Either way, I am crossing my fingers that one of these avenues pans out for me, because I have lost about 90% of my business currently.

food stamps

Another option that I looked into was food stamps, or the SNAP program. While the parameters are different in every state, we happen to qualify in ours. Even though my spouse and I aren’t married, we share a household and 5 kids, so we fall into a household size of 7. Due to our incomes being decimated, we more than qualify for the food and nutrition assistance program.

And even though I really don’t want to go back on food stamps, I will take whatever help I can get right now. Especially since our family size could potentially get us a little over $1000 for groceries each month while all of this is going on. That would really help take a lot of the financial stress off and comes in under what our normal grocery budget is. Even though I applied a week ago, and my application is still pending, I am crossing my fingers that they will approve us any day now.

homeschooling

While I began homeschooling one child this year, I am now pretty much homeschooling 4 more. Yes, I said 4 more! The 1 child was more of a challenge than I initially thought, but it has been great for him. And great for our relationship too. So, it has been very worth the extra work on my end for both of us.

But, now due to schools being closed until potentially next school year, we have 4 more kids who need some educational guidance. I realize that it is different in every state and county, but ours hasn’t started mandating any sort of virtual instruction yet. And they have been out of school for over 3 weeks now.

So, I have been busy figuring out all of their weaknesses and assigning work to help them improve. Of course, that has been a lot more work for me and my spouse. And certainly some tears and frustration on the kids end. But, it has really helped us see where they are lacking in their education. Therefore, the positive is that this time can only help us help them improve.

home improvement projects

As I am sure a lot of us are doing, we have been tackling a lot of home improvement projects. Most of ours have been talked about for quite some time but kept getting pushed to the back-burner. So, now that we have a whole lot more time on our hands, we are taking advantage.

We haven’t been going out to spend a lot of money on supplies. That would just hurt our bottom line right now. Instead, we have been doing things such as:

  • weeding
  • blowing hardscapes
  • pressure washing
  • reset our patio and put in polymeric sand (if you don’t know what this stuff is, it’s awesome!)
  • moving random pavers to create another small patio outside my office
  • cutting down trees
  • trimming bushes
  • cleaning out storage shed
  • reorganizing my office so I can actually look out my window and open my door to the outside world
  • going through all of the kids clothes, games, random stuff and downsizing everything
  • building garden boxes

I am sure there is more that I am forgetting, and there will be more in the future. I figure that our house and yard will look and feel the best it ever has once we all come out of this. So why not take advantage of the time we have been given?

exercise

This is a category that I have been slacking on of late due to working too much. And trying to spend more time with the kids. So, even though I normally do a lot of yard work and walk a lot of dogs for one of my businesses, it still isn’t enough for me.

My spouse loves to play disc golf and I love to hike. So, we have a great compromise of playing disc golf together on more challenging courses with more diverse terrain. That way I can get my hiking in and he gets to throw.

And due to COVID 19, we have had the time to go play some much further out courses that we have never been able to get to before. Which has been a lot of fun when we don’t have the kids.

I also love to bike but haven’t really had the time for that either, until recently. My normal bike mileage on the Greenway is somewhere between 35-40 miles when I ride regularly. But, since I just started getting back into it, I am starting back out at 15-20 miles. It shouldn’t take me too long to build back up to my normal mileage. But, it’s disappointing to see how far behind I’ve fallen.

Although, I have loved being able to get back out on my bike, ride hands free and just enjoy the wind and the nature.

covid 19 new world summary

Overall, we are all being severely affected by COVID 19. It has changed the whole landscape of our world. And while the up side is that none of us are sick, this has still been a challenge.

We have been looking into any and all resources that might be able to help us financially during this time to assist with taking some of the stress off. And while we now have kids at home for school, it has been a blessing also because it is has helped us see where they could use more help. The extra time has granted us more time for home and yard projects, as well as more exercise time.

So, while this has been challenging, it has also been a beautiful gift. And ultimately, how we choose to perceive what is going on can have a huge affect on how we come out of this. So we are choosing to try and look at all of this in a positive light. We don’t know what our world will look like when we come out the other side. Cut our goal is to do the best we can with the time we have right now and just be grateful.

How has COVID 19 affected your family and how have you been handling it?

The Ins and Outs of Farm Finances

A lot of the work that goes into running a farm is strictly hands-on. After all, the cows aren’t going to milk themselves. Running a farm successfully takes loads of skill and know-how, with much of it being learned via trial and error. On the other hand, there are parts of running a farm that take a little less technical know-how and a lot more computer savviness. If you know how to build a website, you can potentially increase your income by making it more convenient for customers to place orders remotely. The long story short is farming, by trade, is a professional industry. Handle your finances with the same tools that other professionals use and your financial outlook will improve greatly. Read more