Top 5 Frugal Living Ideas to Save Money for Emergencies

Are you looking for ways to live frugally and save money? Frugal living means being resourceful and not spending more than required. In short, it implies that you are a careful spender and stay content living with less to save money for emergencies!

Benefits of Frugal Living

Practicing frugal living cannot only save you a lot of money but also help you in many other things, including:

Fast debt repayment
No paycheck to paycheck living
Safe early retirement
Fulfillment of dream vacation goals

Tips for Frugal Living

Here is a list of frugal living tips that will help you do away with some of the less significant things in life to save money for emergencies:

Budget Your Finances: Having an effective budget is crucial if you want to achieve financial freedom. Know where your money is going and restrict where you are spending unnecessarily. Moreover, you cannot decrease your spending if you are clueless about your income and expenses! Therefore, creating a budget will reveal everything you need to know to cut back from your costs significantly!
Learn to Appreciate Frugal Living: Being frugal helps you to take a look at your spending habits and reevaluate them. Previously you might have bought something that you thought you needed, but in reality, it’s not of any benefit and value at all to you. When you start to get rid of these unnecessary and expensive spending, you can learn to appreciate a more modest way of living.
Quit Expensive and Unhealthy Habits: You should consider quitting expensive and unhealthy habits such as consumption of fast food, drinking excessive alcohol, smoking cigarettes, and more. These habits can be okay when done in moderation, but indulging too much in these unhealthy activities can be harmful.
Save Money for Emergencies: According to a Bankrate report, 26% of Americans have no emergency fund at all. Everyone should have an emergency fund because it’s one of the best ways to prepare for any future financial crisis. Having an emergency fund can help you manage tough situations like loss of a job or an unexpected expense.
Avoid Debt Wherever Possible: One of the great tips for frugal living is to avert any debt, which can be accomplished by purposely maintaining an emergency fund. Another tip is to utilize materials without owning them, like borrowing them from friends or using trading services. Make sure to think through your options to avoid piling up credit card debt for unnecessary purchases.

Conclusion

The above tips can help you begin your own frugal living journey. However, the first step towards your frugal living journey is to become debt-free. Also, securing a cash cushion accessible during emergencies will help get you to financial freedom.

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5 Risks/ Rewards Of Today’s Investment Options

Each of us, have a variety of investment choices, and/ or, options, to choose from, when we decide, the best way, to invest our funds! Each of these has both, risks, and rewards, and based on a combination of one’s personal comfort zone, needs, goals, priorities, plans (short – term, and longer – term), and personal financial situation, a decision should be made, on a personal level, because, this is, anything, but, a, one – size – fits – all, situation! One must learn, as much as possible, and proceed, with a clear – mind, focus, and create his personal strategy, With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, the risks/ rewards, balance, of 5 examples.

1. Stocks: Should you invest in the stock market, and, if so, how should you make the decision, as to your approach! How much risk, are you willing, to assume, and, can you afford? If you take a risky approach, while the potential, may be higher, but the potential, to lose, is higher, also! Should you buy blue – chips, small – cap, large – cap, dividend – focused, individual, stocks, and/ or, mutual funds? What are you seeking, to achieve, and what is your willingness, to accept risk? Never invest until you know, your personal objectives!

2. Bonds – government versus corporate: While, a stock represents, partial ownership, in a corporation, a bond, is a debt obligation! While, bonds may have lower risks, in many cases, that does not mean, they are risk – free. Between the time, one purchases a bond, and it comes due, the price may, and often, does, fluctuate, and, thus, if one needs liquidity, that may be a factor! In addition, it’s important to realize, bond interest rates, depend on many factors, and, that rate is usually, dependent on other rates. Because government bonds, are considered, lower risk, as well, as tax – free (wholly or partially), they generally pay, a lower rate, than corporate ones!

3. Real estate: For most, the value of our house, is our single – biggest, financial asset! In the longer – term, real estate has performed, at, or better than most other vehicles, but, should never be considered, a short – term, fix!

4. Bank/ Insurance: Parking one’s funds, either in the bank, or buying insurance, are considered, safe, secure vehicles. However, the rate – of – return, is often lower, and some bank and insurance vehicles, are far less liquid, than others!

5. Options (buying, selling, covered, naked): One stock strategy is using options, as investments. These come in a variety of forms, and various risks. One can either buy, or sell an option, and usually, selling, has lower risks, while buying, has stock – market, short – term, fluctuation risks/ exposure! The difference between a covered, and a naked option, is the former, means, you own the underlying stock, you are selling the option, on, and therefore, reduce your potential exposure/ risk.

A wise strategy, would be, to learn more about each of these possibilities, give yourself, a check – up, from the neck – up, and decide, which may be best for you. The wiser, and educated, the consumer, the better he might make an informed decision!

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What You Really Need to Know About Online Rental Payments

Letting tenants pay rent online is the most efficient way to receive payments with ease, establish a good landlord-tenant relationship and minimize stress for both parties.

For those who are not aware of the benefits of paying rent online, this post will provide more information concerning this. Here, I will explain everything people need to know regarding online rental payments in terms of reliability and transparency.

In reality, tenants prefer to pay rent on the Internet.

It is not surprising that younger tenants are familiar with paying bills online. Based on recent studies, 74% of tenants are less than 45 years old. Younger tenants are aware of the benefits of paying different types of bills electronically.

Since online bill payments are automated stress free payments, give increased security and allow reduced paper use, younger tenants will probably be also interested in online rental payments.

In case tenants have been paying their other bills online, they can pay their rent online as well. If not, they need to pay rent by means of paper checks, which is a slow, obsolete and tiresome process.

It will be easier for tenants to pay rent online. When living in a rented unit is hassle-free, it creates a positive impact on the way tenants view their landlords as effective. This is just as important when the time comes to re-signing their lease.

Without a doubt, landlords will also favor online payments, especially when it comes to the quickness of receiving payments. Transferring money online is a lot more streamlined than mailing checks and makes sure that landlords get their money faster and more securely.

Tenants are more efficient when paying online.

Based on another study, 85% of tenants who pay rent online pay their rent online on the following month.

This is true, especially when tenants set up automated payments. Even if they are not automated, it is still more likely for online payments to happen on a regular basis because of the ease of completing them. Since it is important for landlords to receive their payments consistently and on a well-timed manner, this is more likely to happen only with online payments.

Tenants (as well as landlords ) acknowledge the transparency given by online payments.

If tenants pay rent online, both parties will see the flow of payments. For example, landlords will know in case their tenant has paid and on what day. This transparency reduces the burden of communicating with tenants every now and then on how and when to pay rent. It also minimizes confusion, streamlines interactions and removes the tendency for tenants to forget about rent payment.

Paying rent online also removes the chance of committing human error. Tenants will not forget to pay, pay the wrong amount or make excuses such as not knowing the name to be written on the check or the address to mail it to.

It is more secure to pay online.

In spite of fearing hackers, online bill payment and online banking are safer than paying a check.

When a tenant is cautious about paying rent online, landlords can ensure them of its safety. As a suggestion, they could use very strong passwords and change their password more often. Online rent payments remove the possibility of letting bank information get in the wrong hands. This is a potential risk when a mailed check is not delivered to the right place.

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