Networking For New Business

Networking For New Business

A couple of posts ago, I mentioned that I’ve cut my expenses to the bone, so that I can live off a monthly budget of £2,000. Any excess earnings over this £2,000 are to go towards reducing my debts. My income is derived solely from my business – which offers business financial support and employee benefits packages on a consultancy basis. The majority of my clients pay me a small monthly retainer which covers my costs of business – and whenever I’m called in to talk to directors or employees I charge on an hourly/package value rate. To be brutally honest – when I’m working – I do a cracking job and offer my clients real value. The main problem being that I don’t have enough clients to … [Read more...]

How Big Should Your Emergency Fund Be

how big should your emergency fund be

How big should your emergency fund be? An emergency fund is an amount of money that you put away for when a rainy day comes. Rainy days can come in an infinite variety – from the gearbox packing up on your car, to your roof leaking, or being made redundant – the list is endless. Its money that you can call on quickly to fix these events in life which you know will come but don’t know when they’re coming. Events which are just that bit bigger than your usual monthly budget can cope with. I think that having an emergency fund is an essential part of developing a financial plan and the first thing I’ve done since deciding to turn my financial life around is save £1,000 (or $1,600) which … [Read more...]

Cutting Your Costs

Cutting Your Costs

After sitting down and drawing up a spending plan, cutting your costs is the next step on the road towards financial freedom. Take a good long hard look at your spending plan / budget – especially the big ticket items like your mortgage, insurances and domestic utilities. These large expenses are where you should concentrate your energy because these are the areas where you have the opportunity to make the biggest savings. When was the last time you reviewed these high ticket items? Check your credit report to ensure that there are no mistakes which might be costing you thousands – if your credit score is impaired – it can affect your ability to borrow at reasonable rates. Cutting … [Read more...]

War On Utility Bills

War On Utility Bills

One mans war on Utility Bills Here in UK, as well as being famous for our warm beer, terrible weather and a now nonexistent empire – we are also famous for having more than our fair share of eccentrics. One guy Lee Beaumont has recently raised his head above the parapet by taking on a range of Utility providers in order to save money. His first attack in his war on utility bills came via installing a second phone line at his property and attaching a premium rate 10p/minute (about 16 cents) phone number to it - he gets 7p per minute paid into his account. His friends and family can call him via his usual low toll number, but when he signs up to any companies products and is requested to … [Read more...]

Protecting My Family With Life Insurance

Protecting My Family With Life Insurance

How I’m Protecting My Family With Life Insurance I've just added £20.45 (approx $32) to my monthly expenditure and I’m glad. I read a recent survey by Legal & General (one of the UKs big life insurance companies), which states that 73% of parents said their top financial priority was to ensure their children are looked after if they were unable to look after them themselves. However in contrast he research revealed that 46% of parents had no form of Life Cover and less than a third had Critical Illness Cover. Even less had either Income Protection or Family Income Plans, which can provide a valuable tax-free income to your dependents in the event of critical illness or … [Read more...]

US Debt Panic

US Debt Panic

  US Debt Panic? What Panic? The whole world is agog with the thought that the US government might not be able to agree to increase its own self imposed debt ceiling. They have effectively hit their $16.7 trillion credit card limit. Investors are worried that if the US doesn’t increase its capacity to borrow money, then they will not be able to meet their financial obligations by the end of the month unless they raise the extra money needed from tax revenues. This could eventually result in the US Government potentially having to make a choice between paying the coupon on US Treasuries holders in China, or on paying peoples social security payments in the US. The whole … [Read more...]

Writing A Spending Plan

Spending Plan

Writing A Spending Plan Tracking your income and expenditure is an essential first step in creating good money management habits. Back in August, after lifetime of "muddling through" I sat down and wrote my first ever monthly budget - it was a sobering experience. Like most first attempts they soon prove to be lacking in quality or detail and revisions are inevitable. So the first revision I'm making to my monthly budget is that I'm not going to use the phrase "monthly budget" again. The word "budget" has very negative connotations for most people, and creates an invisible barrier to action. Instead I think that the term "Spending Plan" seems far more positive, and positivity leads … [Read more...]

Frugal Slimming

Is being frugal slimming ? I've lost 14lbs over the last 10 weeks   Its been something I have been trying to do for ages, but never really found the will power. I'm now sitting comfortably at my target weight of 190 lbs (on a slim 6ft 3" frame) I think the major contributing factor in this recent weight loss has been that I have been writing down my spending each day which has led to a massive reduction in the amount of snacking I do at my desk and in front of the TV.  Also the fact that I've been cycling to work 3 times a week has resulted in me burning a few more calories. My wife tells me that I'm now looking better for it  (It's always pleasing to receive a … [Read more...]

Great Blogs

Systems

GREAT BLOGS Here are some great blogs to have a read of this weekend. I love reading other peoples writings.  There are some great blogs out there. Here are a few which I enjoy. Many people start a blog and then it dies a slow death as they lose interest. The people who write these great blogs are keen like me and try to keep their blogs update with fresh new material a couple of times a week. At least I know that I'm in good company when I start ranting on about personal … [Read more...]

The Best Home For Your Savings

Best Home For Your Savings

What is the best home for your savings ? Traditionally deposit and savings accounts have been the save haven of investors looking to preserve the value of their savings. However, with rates of inflation now higher than deposit account rates, savers are now losing the purchasing power of their money each day they leave it in the bank. This leads me to ask the question - what is the best home for your savings? Local banks, building societies and credit unions have been providers of low cost deposit style accounts which have provided people with a safe place to hold their cash, savings and rainy day money. Deposit and savings accounts have been regarded as a 100% safe home for your … [Read more...]