by Mrs C | May 11, 2021 | Blog
Negotiation can be intimidating, especially if you aren’t in the habit of doing it, but it can save you a lot of money. Learning to negotiate well can help you to get the things you need at a price that you are happy with. No matter what you do for work, developing negotiation skills can help you to be more financially stable.
Negotiate Your Bills
Many people believe that all bills are solid and have to be paid in full. However, in many cases, according to Lifehacker, those bills can be negotiated to a lower rate. Even things like your utility payments and credit card bills can potentially be negotiated to a more reasonable rate. Taking the time to talk to the companies and negotiate costs can help you to find and take advantage of promotions that you were missing out on before. Don’t be afraid to reach out and have a conversation so you can see if there is room for negotiation and save yourself some money.
Navigate Insurance Company Bureaucracies
Insurance companies are one of those places that are full of bureaucracy. If you are skilled at negotiation, you can cut through that bureaucracy to get the coverage you need for a price that makes sense. According to Rogers Beltran, insurance companies will avoid paying you if they can help it. That is why it is essential to negotiate and not take the first offer as the final word. Through negotiation, you can get more help and make sure that you are getting your money’s worth on your insurance policy.
Save Money on Big Purchases
If you are in the market for a big purchase like a car or a home, negotiation skills can come in handy in a big way. Many people struggle with the negotiation process but knowing what you need and what you aren’t willing to compromise can help you out. According to Zillow, when you go into a negotiation, make sure you have as much information as possible so you can prove your point through the negotiation process. Stand your ground and compromise when necessary to come to a price that you are comfortable with.
Negotiation is an old process that has been around since people first started trading with one another. Taking those skills into your life can help you to save money and get better service all the time. Now is the time to hone your negotiation skills so you can better control your financial future.
Read this next: How to Be Frugal Without Being Cheap
by Mrs C | May 11, 2021 | Blog
The summer is a wonderful season, and it provides you with a lot of opportunities to spend time with your kids. Sometimes it is difficult to think of ways to spend that time, so your kids are entertained and gain skills during the summer months. Here are a few summer break activities that you and your kids shouldn’t miss this year.
Consider a Summer Camp
As much as you love spending time with your kids throughout the summer months, sometimes you and your kids need a break from each other. According to Point O’Pines Camp, summer camp can be a great way for your kids to meet new people and have great experiences. Summer camps are great for helping children to gain confidence and independence as they get to meet new friends in a new environment. It is up to you to decide when your kids are old enough for summer camp, and when you do, you may be surprised at how many skills they gain while they are away.
Give Them Swimming Lessons
Swimming is an important skill and can be a lot of fun for children of all ages. Teaching them how to swim can help them to be safe around water while they play. You can often find a variety of swimming lesson options from private courses to group classes at your local swimming pool. According to SwimJim, swimming lessons give your kids healthy exercise and important life skills. If you have a local indoor pool, your kids can continue their swimming lessons throughout the year.
Spend Time in Nature
Hiking and camping as a family can be a great activity for your kids during the summer months. Through time outside in nature, they can learn about plants and animals in your area and get in some physical activity. According to University of Utah Health, make it a point to explore a new outdoor area at least once a month throughout the summer so your kids can learn to love being outside and develop their sense of adventure.
The summer months are a time for adventure and exploration with your family and the ones you love. Giving your kids a chance to spend time learning independently and together as a family can help you all to make the most of your summer. Don’t miss out on a great summer by skipping out on these activities.
Read this next: How to Preserve Your Wealth for Your Children
by Mrs C | Apr 22, 2021 | Blog
Your home might be your castle, but it can cost a king’s ransom to take care of it and live within it. While being careful with your money, there are some simple tips which can make it easier to live within your means. How can you tackle your mortgage and yet live comfortably?
Refinance Your Mortgage
If it’s been several years since you’ve bought your home, it’s time to consider refinancing. Rates are historically low and can save you a lot of money. Refinancing can also help you consolidate debt, or can lower your overall mortgage monthly cost. If you have an adjustable-rate mortgage, you might be able to switch to a fixed-rate mortgage, which will give you better financial security.
Rent Out Unused Space
If you have unused space in your home, you could rent it out! Renting out an unused room or basement apartment is a common way to create extra income. Sometimes this is called “house hacking.” If you choose this route, you can choose to have roommates or be a landlord to an apartment space. You can even use any of the rental apps which provide hotel service for guests. You can earn hundreds of dollars a month by house hacking.
Consider Downsizing
If you’ve found you have more space than you can upkeep, a great option is to move to a smaller, more efficient home! Homes with vast rooms of unused and inefficient space might not attract you anymore. Downsizing to a space that suits your individualized needs, while having areas for each thing your family requires, can be an excellent way to save money. Your needs change, and you might have entered a time in which you need less general space, but more space specifically yours, such as an office or extra bedroom. Coupled with low mortgage rates, this could be a good option for your family’s needs.
Regardless of how you choose to do it, saving money by making your house work for you is a great chance to be resilient. When you focus upon things like house hacking and refinancing, you can help your home continue to be where you need to be, regardless of space. If you’d rather right-size and find something which fits your changing needs, that option can serve your family as well. Whatever way you choose, your home can help you save, and even earn, money!
Read this next: How to Recognize a Fraudulent Home Improvement Company
by Mrs C | Apr 19, 2021 | Blog
Being frugal and being cheap are often associated with each other, but it’s important to know the difference. Being frugal is when you make conscious decisions about spending less and being cheap is going out of your way to saving a little money. While they still might be similar, there are ways to be frugal without being cheap.
Understand the Purpose
If you want to begin spending less money without looking cheap, you first need to understand why you want to spend less. Are you saving up for something? Are you trying to avoid bad spending habits? Are you avoiding debt? Get to the heart of why you want to be more frugal. Understanding this will drive your actions as you spend money and it can help you be more aware of how your spending choices align with your goal. It can also help you avoid behavior that makes you look cheap because you aren’t just doing things to save a couple of bucks. You’re trying to be frugal for a larger purpose.
Think Long Term
When you’re frugal, it doesn’t mean you never spend large amounts of money. It means you weigh out the worth of financial decisions. Sometimes, it’s better to spend more money now to reap long term benefits. For example, energy-efficient windows might have a higher price tag, but you’ll see immediate energy savings. This choice might hit hard at first, but it will be a benefit to you for a long time. As you make purchases, consider how long things will last or how much they will improve your life. Don’t buy the cheapest option just to save money. Spring for the purchases you believe will be worth it.
Create a Budget
As discussed, being cheap is all about saving money at all costs. This can quickly become an undesirable trait people see in you. To avoid this while still being frugal, create a budget. Having a budget helps you to see just how much you can afford to spend each month. Instead of saving money just for the sake of saving money, you can determine just how much you need to save while still giving yourself some allowances. It may also be helpful to track your expenses for a while to see where your money typically goes. You can then account for this when making a budget.
It’s no fun to be considered a cheap friend. Instead, you can be a frugal friend who is known for making smart financial decisions by weighing out the value of things. There are plenty of ways you can be frugal without being cheap.
Read this next: Why You Should Be Wary Before Taking Out a Loan
by Mrs C | Apr 19, 2021 | Blog
It can be difficult to know how best to preserve your wealth for your children. You’ve worked hard for your money and you should be able to distribute it the way you want. You can use tax-advantaged accounts, invest in real estate, or set up a trust. Each of these things is a great option for when you need to figure out what to do with your money.
Use Tax-Advantaged Accounts
Tax-advantaged accounts like IRA can be a great way to pass on your money to your children. With life insurance, your beneficiaries receive the proceeds tax-free, without having to go through probate or worrying about stock market fluctuations. Fixed or variable annuities allow you to participate in the stock market through mutual funds or fixed-income investments and also have a life insurance component. However, these policies often carry hidden fees so it’s important to shop around and study them carefully.
Invest in Real Estate
Real estate is a good hard asset to own for future generations. Make wise building and improvement choices for the future. When building a home or investing in real estate, you should use durable materials that will outlast disasters and decades of use so you can eventually pass the land down. Inheritors who wish an estate to last several generations should withdraw income only and avoid dipping into principal. Investing in real estate can be a valuable way to preserve your wealth for your children.
Set Up a Trust
In certain situations, it may make sense to set up a trust to control distributions from the estate to the surviving spouse and children. If you or your spouse have children from previous relationships and you don’t have a prenuptial agreement, trusts can ensure that specific assets are passed to designated children. Children who are well off may prefer that you keep every penny of your nest egg rather than hand it over during your lifetime. Discuss the transfer of your estate with them so they can be prepared.
The above suggestions may not be right for everyone, so it’s important to consult an attorney or tax advisor to determine which makes the most sense for you. Evaluating distribution options for your money will help ensure your wishes are followed while maximizing flexibility for your heirs. Preserving your wealth for your children can come through tax-advantaged accounts, real estate, or trusts. While setting up your financial affairs may take some work, it is worth it!
Read this next: Why You Should Be Wary Before Taking Out a Loan
