Manage Your Finances Like a Small Business

You may not think personal finances have much in common with finances of a small business, but with a little creativity you can manage your money as if you were your own company. Here are some tips to keep in mind when working on your finances.

Hang On to Important Documents

As a homeowner, you probably won't have to deal with Cash Flow or Profit and Loss Statements like a business would. However, there are several forms and documents you definitely need to keep track of. This practice can help during tax season, when you might need to reference old statements for your files. Managing your finances will be a breeze if you store all your receipts, loan statements, and credit records in a safe, well-organized place.

Come Up With a System

Of course, knowing where your documents are is only half the battle. Once you've collected your files, you need to figure out a routine for keeping them organized and properly utilizing them in your financial management. It also helps to regularly balance your checkbook or keep track of your expenses in spreadsheets. Some business owners do a daily rundown of their gains and losses to maintain their financial flow. If you're struggling to figure things out, there's tons of free accounting advice online that can help you.

Focus On Profit

It might surprise you to think of a homeowner turning a profit, but this is basically what any individual with an income, expenses, and assets ends up doing. Consider the things you spend your money on every week--groceries, rent, energy bills, and probably some fun stuff, too. You can think of the dollars you don't spend on necessities as your profit and store them away in a savings account. Even non-monetary gains, like clothing or entertainment products, could be considered profits. One of your main goals should be to maximize these earnings so you can reap the most benefits from your hard work.

Plan Ahead

You won't get very far if you don't have a head for the future. Once you have all your files and systems ready, you need to consider what you want to do with your finances in the long run. If you want to make a large investment, like buying a house or a car, you will need to plan to save money and look for the best payment plan available. Financial programs can help keep track of your projects, or you can write a simple to-do list of tasks such as budgeting for food or allocating money for retirement. Just like a business, you should figure out your long-term goals and work on a good strategy to achieve them efficiently. 

Controlling your finances as if you were running a business is a great way to become more stable and more independent. Despite the differences between a small business and a homeowner, there are plenty of shared practices that can help any individual get a better grasp on their money.

4 Things, You Must Discuss With Your Agent About Critical Illness Insurance

Health insurance can help you reducing your financial strains by paying a huge or lump sum amount as a compensation of potential loss. This plan will benefit you in case of any disability or any specific illness. When it comes to critical illness, the health insurance is applicable, when surgery or disease meets the definition defined by the policy. 

One important thing about critical illness insurance is the waiting period. If one wants to avail critical illness policy, he should know that it has waiting period for certain types of surgery & diseases. For instance, if any surgery or critical disease covered under the policy is developed or diagnosed during the waiting period, you will get no benefit.

Today, we’ll talk about 6 important things, you must discuss with your agent before investing on critical illness insurance. 

One: Ask About Age and Amount’s Limit of Insurance?

One important thing is the financial coverage offered by the company. Each company has set its own age limit of an insured person and the amount of insurance. So, the benefits of critical illness insurance may vary from company to company. So, it is better to ask the broker about the best option they can offer. 

Two: Ask About Protection Covers, Durations and Return Policy?

Ask, whether the amount of coverage is fixed or will decrease by time. Also ask about the changes in premiums in future. Ask about a term policy; this policy can give you maximum protection for short period of time within your available budget. Ask, whether they offer return of premium option, if you don’t make any claim. 

Three: Ask About the Illnesses Covered, Limitations and Exclusions?

Make sure that the policy covers all serious medical conditions, like cancer, stroke, heart attack, kidney failure, blindness, coma, deafness, speech loss, paralysis etc. There are always restrictions on policy claims, so ask how many days, the condition should persist to make you eligible for claim. Ask about the exclusions, as, normally, the contracts are updated with exclusions, like cancer diagnosis. 

Four: Ask About Premium Amounts and Affordability?

Some of the questions that usually come in the mind of a person are what are the payment criteria? Will the premium become affordable in future or remain fixed? Is there any renewal procedure? When will the health insurance policy end? What is the claim procedure? Is there any limit of claim? What is the waiting period? If I make any claim, will my future coverage and premiums be affected by it?

Final Words:

Before buying critical illness insurance, you must consider all the above queries and don't forget to ask these questions from broker. These questions will definitely help you choosing the best health insurance plan, which is the best investment in financial planning.

Author’s Bio:

Lisa Smith has a journalism degree from NYU and is the leading writing for Kanetix.ca, an instant insurance quote marketplace. When it’s the right time for insurance, make sure to visit Kanetix.ca. You can connect with Lisa Smith on Google+.

Why a Credit Score Still Means Something at 50+

Credit Scores (Photo credit: i am real estate photographer)

There are many consumers of fifty years of age and over whose credit scores have been damaged in recent years by the fickle financial climate. On average however, those of us who are over 50 still have better credit scores on average than many. As we head into our retirement years though, it’s possible to become a little complacent about our credit ratings. We are debt free and not interested in borrowing any more, so what’s the big deal if our credit score “ ain't what it used to be?” Well, the truth is, it does matter, and for some very specific reasons you may not have thought of. 

We Should Still Be Diligent About Identity Theft

Though great measures have been incorporated into our society in order to prevent identity theft, it still occurs. The fact is, as vendors and lenders implement strategies to combat identity theft, thieves exert as much energy into figuring out how to get around them. Almost 10% of American households have at least one member who has fallen victim to this heinous crime, which continues to increase. (US Bureau of Justice)

Monitoring our credit reports and credit scores on a regular basis is an effective means of protecting ourselves against identity theft. If we check our credit report on a regular basis there is a greater chance of catching any irregular transactions before they can do much harm. Look for any new accounts that you did not open, credit card transactions, even loan applications that are not of your doing. Even an increase in the number of inquiries can expose fraudsters trying to open accounts in your name.

The Possibility of Medical Emergencies

As we get older there is a greater chance of us becoming ill. Maintaining a healthy credit score will ensure that we can get the loan we need if saddled with huge medical expenses. Many accounts that are in collection are there because of unpaid medical bills, in fact it is one of the most common reasons for debt. Our insurance may not cover everything, and it is comforting to know that the funds we may need for ourselves or our loved ones will be available if we need them.

Take Advantage of Better Insurance Rates

Many of us who are over 50 still need to pay auto and home insurance. There is a 2:1 chance that our insurer uses our credit score in determining how much they charge us and what discounts we qualify for. The higher our credit score is, the better our chance of receiving the best possible rates, savings we can put towards our retirement and the amenities we’d like to go with it! 

Better Employment Opportunities

Unfortunately many people over 50 have been forced to return to work in recent years. Anyone in that position needs every advantage they can get, and a good credit score is an ace to have up your sleeve. Many employers factor an applicants credit score into their decision making progress of who to hire. They feel a good credit score is an indication of responsibility and reliability. Though they need your permission to view it, refusing them access could lead them to believe you have something to hide, even if that’s not true. Consequently your chances of securing a senior position, or employment in general, could be jeopardized.

Though we may be over 50, it doesn’t pay to be complacent about something that affects so many different areas of our lives. Paying attention to our credit scores can save us embarrassment, hardship, and most of all, money!

Information on Diving Insurance and How to Obtain Cover

English: A diver wearing an Ocean Reef full face mask Deutsch: Ein Taucher, der eine Vollgesichts-Tauchmaske trägt (Photo credit: Wikipedia)

Reliable diving insurance is a must for the professional and beginner. Diving won't be covered by most general insurances so it is well worth checking your policies and if you are not covered, a good starting point would be to use your internet browser and search for "scuba diving insurance UK".

Finding the right cover

There are many scuba diving insurance UK companies who have built their reputations directly through the diving community. These are worth checking out as they are more likely to be reliable if their integrity is at stake. They probably have a brand that is well respected throughout the diving community and will do their best to protect that hard built reputation.

Some scuba diving insurance UK companies will provide insurance cover for when you are diving at home or abroad, or on holiday or not. This is a good comprehensive type cover that would be ideal for the enthusiast. Professional divers and instructors may also prefer a fully covered package such as this for peace of mind.

You may even be able to buy travel insurance and diving insurance from the same provider, which is far less complicated than having to source two separate insurance policies, making this an important aspect to look for when you are shopping for your insurances.

Benefits of insurance

Good scuba diving UK insurance policies will have many benefits for divers that many other insurance companies do not offer. There are policies available that also cover your diving equipment, the cost of any search and rescue exercises should you find yourself in difficulties and need assistance, as well as the cost of any further treatment that you may need when you arrive home. A point to look out for when researching insurance providers is whether they have depth limits incorporated into their cover plans.

Other aspects that you may need cover for and are available are coverage for diving in wrecks, diving at night time and shark diving. If you are in doubt, contact the insurance provider to discuss your requirements and they may consider adding what you need to your cover, giving you the reassurance you need to enjoy your diving. Most companies will understand what a diver wants from his insurance cover and will reflect this in their insurance options, but it is always worth contacting them directly to discuss anything out of the ordinary.

A typical emergency cover plan would cover items that include immediate medical expenses in an emergency, treatment costs if you need a hyperbaric chamber, air evacuation costs, search and rescue costs and any additional transport and accommodation costs that will often cover yourself and your family. You may also be covered for certain expenses after the event such as further medical costs when you arrive home, alternative therapy (usually approved) and access to diving doctors. You may also be insured to receive a post-accident dive fitness examination. Most companies will keep an accurate log of your dives to calculate any future claims.

AUTHOR BIO: Sharon McQueen writes about various diving and water based activities and has sound knowledge of the companies who provide cover for such hobbies and interests such as scuba diving insurance UK. For more information click here.

4 Things You Might Be Saving Up For This Year

Save Money (Photo credit: 401(K) 2013)

There are some things in life that - unfortunately - are just more expensive than we would like. These types of things can take a lot longer for us to save up for than we would like too, but most people would agree that it is worth it in the long run when you meet your goals and expectations. 

Here, we will look at a number of common products, services and experiences that people save up for - maybe you will find something on this list that rings home for you, and if so you might be inspired to find a new way to save for it.

Car

In order to get out and about, many of us rely on our cars. They come in a whole host of specifications and budgets, and cater for us in different ways such as accessibility, speed and size. You might be saving up for your very first car, or you might be looking to upgrade your existing car for a newer model. Regardless of which type of car you want, there’s a good chance that you’re looking for the best price for it. Look out for sales, use your negotiation skills, and see if you can get a good finance agreement from the seller. 

House

A house is probably the most expensive purchase you will ever make in your life, so naturally it is the thing that can take the longest to save for. Of course, not many of us will be cash buyers so we rely on a mortgage in order to secure our new house. But in order to get a mortgage we need a deposit, which can still mean needing to find tens of thousands of pounds. Look for the best savings accounts that will give you a higher rate of interest for the money that you’ve put aside. 

Education

If you have a family with young children, you might be looking ahead to their schooling and university education. Whilst it is possible to get student loans in the UK, you might want to pay for education fees up front to save your children from paying them back at a later date - this can mean the cost of the loan ends up being much more than the education itself. If you aren’t going to need the money in the next few years, look for a high interest account where you can safely save for the future. 

Holiday

In the scheme of things, a holiday can be a slightly more affordable thing you might be saving for. There are still a couple of ways you can reach your holiday fund more easily though, such as putting your savings into a reserve account so it’s not simply sitting in your main bank account. You can also keep watch on the currency exchange rates in order to get the maximum holiday spending money. 


About the author Stephanie Craft is a blogger in the UK who keeps track of the best savings accounts and discount websites.

Online Forex Trading- A Good Way To The Financial Freedom

International Currency Money for Forex Trading (Photo credit: epSos.de)

Online forex trading is basically a good way to generate income that you might have never received. It just requires small amount of initial investment of time and money to get some education. As this futures trading is not tied with any particular country, there are no severe measures to get scared off. 

You also need not worry about low rate of interest on the investment amount. There are many people who enroll for courses on forex trading each day. Online forex trading as well as forex trading deregulation has made many people participate in an easy and efficient way. 

In the past, only large financial institutions like international corporations, national banks and fund operators had access to foreign exchange markets. The scenario has changed now, and with the help of Internet connections and various computer tools you can now learn a lot about futures trading or forex trading. 

To start trade within Fx or foreign exchange market is not a difficult task. There are many individuals, groups and companies across the globe who wish to join, but have a same problem. The problem is the use of different currencies. The people from one country have to change the currency in order to purchase or sell any product of different country. 

As the market place is quite dependent on sourcing different kinds of goods, there is a substantial need for such trading. If you visit any market of currency exchange as tourist, you can see that the prices depend on whether the currency is coming into the country or going out from the country. 

After this you will surely get familiar with forex trading. The currency value changes instantly, and every moment generates some amount of commission. The commission is nothing but a compensation amount give to the person who is responsible for the liquidity of transaction. This is the way how foreign exchange market runs, however not a larger scale. 

When it comes to liquidity then the futures trading remains quite high and it is because it is the basic nature of this market. For instance, everyday around $4 trillion dollars get traded just through forex exchange market. 

This is generally due to the nature of economy; hence it is pretty necessary in order to develop the forex trading markets. Since 2011, there has been a massive development in the forex markets and thus this is the right time to learn about it. 

Furthermore, the forex trade market works 24 hours per day in five days a week. If you are thinking that the forex trading requires traders to work continuously all day and all night, you are actually wrong. With the help of technological changes and advanced techniques, such problems have come to an end. 

Automated forex trading is not a new term now. With a forex calculator, you can now check the profit by yourself. The software tools of Forex will give you the freedom to choose what you like. However, try to get some knowledge before choosing the tools as it will lead you to the way of success.