10 Financial Tips for Young Adults

Sadly, personal finance has never been a topic that you learn either in high school or even in college, for that matter. Consequently, this leaves young adults clueless about how they ought to manage their finances as they move on in life. “Where should I spend my money?”, “How much should I spend?” etc., are some of the questions that continuously ponder in their minds.

Last week, I went to the Mind Busting Escape Rooms to play a game by myself. And I was put in a group with two girls who were college classmates. We hit it off exceptionally well thanks to the game, and spontaneously enough, we went to grab a bite together. When we were discussing how to split the bill, among the many jokes and banters, a sad reality popped out. “I don’t know why restaurants don’t put tax-included prices on the menu. I am 22, and I don’t know what the hell is a service tax. I mean, I don’t know any tax for that matter”, joked Ava.

But when I seriously told them that I could give them the basic concepts of financial literacy in a nutshell, both of them visibly perked up in their seats. It is important to talk to experienced people to learn about finances. That is how I learned it, and hopefully, Ava and her friend got some help from me too.

If you, too, are looking for a place to start educating yourself about finances, here are 10 tips from a seasoned adult:

#1 Always keep a detailed track of your expenditures

One of the essential things for anyone to do is, of course, to maintain a proper and detailed record of their expenditures. Almost every one out of ten people fails or does not care to maintain a proper track of their daily, weekly, or monthly expenditures.

In doing so, they often end up spending more money than they can afford to! These are mostly the people whom you will always find to be burdened by their debts.

Thus, to keep such problems of recklessly spending more money than you can afford, make it a habit to keep a detailed record of all your expenditures. You can use just a simple notepad and pen to jot down each one of your expenditures, no matter how little money one might include.

You can also use the different kinds of expenditure tracking apps that you can find on app stores of both android and iOS platforms for your purpose. Using an excel sheet to maintain your cash inflow and outflow can also be helpful!

#2 Exercise self-control in handling your finances

The sooner you inculcate the habit of exercising self-control in handling your finances, the better it is for you. Recklessly spending your money on literally anything and everything is an extremely harmful practice of regulating your finances. Instead, wait until you can save up the required sum of money to make a certain purchase, and then you can either use cash or your debit card to buy the product.

Unlike your credit card, a debit card ‘debits’ or deducts the money from your desired account right away. In doing so, you do not have to pay any kind of additional fees. However, when you use your credit card to make purchases, you need to pay off the balance to your bank in full every month. Thus, as you can understand, in using your credit card, you are made to pay a high-interest loan to your bank.

When people, especially young adults, get into the reckless habit of making every single purchase using their credit card, they summon their doom. It thereby requires them to not only pay interest for each of their purchases but does also require them to pay for those items in the next ten years. Thus, make sure to never get into the dangerous habit of using your credit card for your purchases. Instead, make a purchase only when your bank balance can afford it!

#3 Always have a monthly/weekly budget

Once you know how much money you are spending every day or every month, you can draft a monthly or weekly budget for your regular expenditures. Figure out how much of your money you can afford to spend, and based on it, draft your budget. Make sure that your budget is realistic enough for you to stick to it instead of making you fall into debt.

You can divide your budget adequately between your different necessities, like food, medicines, commutation, etc., and entertainment like going out to a restaurant or the movies. After you have prepared your weekly or monthly budget, make sure that instead of forgetting all about it, you make an effort to stick to it.

#4 Open a separate savings account

Before we go into anything else, remember this savings account is an account different from your regular personal account. This account is for you to save up some of your money every month so that you can fall back on it later on in your old age.

Once you have drafted your monthly or weekly budget, chalking out how much money you can save up every month is going to be an easy task. Often people get so reckless in spending their money that they save up almost none of their income, leading to financial problems in the future.

While you are still in your 20s, you probably would not have to worry much about paying your bills or mortgage on time or even about having the responsibility of children. Thus, it makes your 20s the best period to start saving up your money as much as you can for the future. Ideally, you can aim to save up at least your income at this stage. Start by saving up a small amount of your money, and then you can gradually increase the amount of money that you save up.

#5 Stay clear of bad advice

Learning to manage your finances is essential for you, or else people might find ways to mismanage your finances. For instance, unscrupulous financial planners with evil intentions can easily make you go bankrupt with their advice if you are not well aware of how to manage your finances!

Even some of your relatives, though not with bad intentions, can often end up giving you advice that proves to be fatal for your purpose. Thus, you need to educate yourself regarding how you can manage your finances instead of relying on the advice given by random and unqualified people.

You can check out a few basic books on personal finances or even look up some articles or videos on Google to educate yourself. Make sure that it is always you who remains in charge of the reins of your finances.

#6 Keep an emergency fund for yourself

Maintaining some of your money to use in case of an emergency is also an essentially vital practice. No matter how much money you have to pay every month to clear your student loan or how tight your budget seems on a certain month, you must keep aside some of your money. Remain resolute in yourself that you would not even touch this money if it is not an emergency.

By getting into the habit of saving up some of your money in this way every month, you would naturally start thinking of it as an added monthly expense. There might even be a time when you will find that you have saved up more money than you will need in your emergency savings alone! In such a case, you might even think it fit to shift this excess money in your emergency savings to your savings account.

#7 Indulge in investments

If and when you have some free time, either during the weekends or even during the weekdays, you can read about mutual funds and investments. Become aware of how these financial instruments work. Once you feel you are confident about it, you can start a SIP with a small sum of money and invest it in mutual funds.

Cryptocurrency has soon become a hot topic these days. So, if you are considering investing your money, you can even research cryptocurrency and start investing a very small amount of your money in it. However, when you start to invest your money in this way, remember that the key to investments is to buy and hold on to your stocks/shares. Once you start to notice how your money considerably grows over time, it will make you feel more confident in yourself.

#8 Educate yourself on taxes

Even before you collect your first paycheck, you need to gather knowledge about how exactly income tax works. Once a company offers you their starting salary, you need to calculate whether that money would be enough to live on after you pay your taxes from it. With smart financial planning, you can even squeeze out enough money from your salary to make way for your savings too!

Nowadays, there are plenty of online calculators that you can fall back on to calculate how much of your salary is left after taxes are deducted from it. These calculators work by charting your total earnings, how much money goes into paying taxes, and finally, your net pay (the amount of money left).

Always squeeze out some time from your hectic daily schedule to calculate your taxes. Considering you do not have a highly complicated financial situation going on, doing your taxes is not a tough job. The use of the latest apps and software available today will make your work considerably easier than you thought!

#9 Pay attention to your health

Be it now or even in your future, your health is what matters the most. Neglecting your health is never going to do you any good. Especially if you fall sick, just because you were pretty reckless in your 20s or your 30s, then you would have to end up spending all your savings on your health alone!

Your tirelessly accounted savings would then come of no use if you had to spend them all on your health. Health care services are gradually growing to become immensely expensive as days pass by and would surely become almost unimaginable by the time you grow old.

By taking care of your health now, you can avoid having to use up all your savings on health care services. You can even think of getting health insurance so that you do not have to pay as much, even when you do get injured or fall sick.

#10 Say goodbye to all your bad habits

Bad habits do not just merely include smoking or drinking, but also habits like buying products on an impulse or being indecisive. Smoking and drinking are habits that not only ruin your health but are also expensive habits. By becoming addicted to such bad habits, people often end up spending the last penny they have to relish that one moment of their addictive habits. Furthermore, these habits also endanger your health, and you might even be diagnosed later on with throat cancer or other fatal diseases like this.

Bad habits like impulsive buying can easily make a hole in your pocket before long. When you start recklessly spending your money on buying things on an impulse, you undeniably end up endangering your financial stability and thus fall into debt.

The time when we are in our 20s, it feels like we are at the top of the world and nothing in the world can surpass us. It is then that people start spending money in the most reckless ways possible. So, instead of doing the same and endangering your own life, follow these 10 financial tips and achieve financial freedom and stability to live your dreams!

Provided By Tax Software Company, Sovos

Here are 14 Things No One Tells You About Hiring Financial Advisors

According to the Financial Educators Council, 254 million American adults lack financial literacy. This negligence comes at a price. In 2020, monetary losses amounting to more than $415 billion can be traced back to people’s insufficient knowledge on how to go about crucial money matters. This is where the importance of hiring a financial advisor comes in.

Financial advisors offer an array of services to their clients. The counsel they provide revolves around financial planning.

With a financial advisor on your side, it will be easier to achieve your financial goals. More importantly, you can aptly prepare for eventualities that will require you to spend on emergency expenses. The worst thing that can happen to someone who’s a member of the labor force or the business sector is to work as hard as a person can without a financial safety net.

If you’re considering hiring a financial advisor, here are the things you need to know but are not often talked about.

Virtual assistant services for financial advisors have become a common method for businesses to perform their financial functions accurately and efficiently.

1. Financial advisors come in different names

Consider the title “financial advisor” as an umbrella term. It covers different types of professionals. They may have varying academic and professional backgrounds, too. On your journey towards financial health, you might encounter the following, among others:

  • Tax professionals
  • Investment professionals
  • Financial planners
  • Wealth managers

All of those titles fall under the profession of financial advising. They only differ on specialization. Yes, financial advisors are akin to medical doctors. You have surgeons and gynecologists and oncologists. They are all called physicians. But they differ in the type of medicine they practice.

When it comes to financial advisors, your best bet is to partner with one who can juggle multiple types of financial services. Now, that’s not something you can or should expect from a doctor.

2. Financial advisors do all sorts of things

Ideally, a financial advisor won’t give you generic financial advice. They’re not supposed to mimic a fortune cookie with financial platitudes you need to decipher like a code for it to make sense. A financial advisor that’s worth their salt does any or all of the following:

  • Retirement planning
  • Investments
  • Tax planning
  • Estate planning
  • Heath and long-term care planning
  • Inheritance

Consider a financial advisor as a money doctor. Their main goal is to manage your wealth in such a way that you’ll be spared from financial cancer called bankruptcy.

3. Financial advisors follow different ways of charging clients

The services offered by financial advisors don’t come for free. So it’s best to plan how you want to spend on the expertise of a financial advisor. For that, you don’t need to hire another financial advisor. If you do, the whole situation will turn into a chicken-and-egg conundrum.

At the very least, know the most common payment terms expected by financial advisors.

  • Fee-only – Your financial advisor might charge you an hourly rate. That ranges between $120 and $300. Or they could ask for a flat fee every month. Some financial advisors work on retainers. They might demand a percentage of the asset they manage. That typically falls between 0.5% and 2% of total asset value.
  • Fee-based – Some financial advisors will ask for a commission from assets they manage while also charging a flat hourly, monthly, or retainer rate.
  • Commission-only – This usually happens in investment management. A financial advisor gets remuneration from a percentage of whatever value you invest.

4. You need to choose a financial advisor wisely

Again, financial advisors are not cut from the same cloth. Some are real experts in the financial sector, with a proven track record in the business. Others might be career shifters, who are in it because the job’s currently trendy and lucrative. The latter might not have the level of experience you require.

This is where research proves crucial. You can’t hire the first financial advisor that shows you interest. Think of it like online dating. You swipe right many times to find your match. And you narrow down your matches by beta-testing them via a date or two.

Make sure to ask the right questions. Consider the following:

  • What services do you provide?
  • What do you love about your profession?
  • What is your financial philosophy?
  • How will we communicate about my finances?
  • How do you get paid?
  • How will you measure and evaluate my financial state?
  • Can you tell me why you stopped working for the last client you severed ties with?

The answers to these questions should be enough to give you a hint of how a financial advisor operates. If you’re sold on the answers they provide, then sign above the dotted line. If not, continue swiping.

5. Financial advisors might sell you out

Financial advisors are not saints. They are professionals working for money. Still, it’s possible to land a financial advisor who will be earnest and sincere in teaching you how to handle your finances. That’s the kind of financial advisor you need to have on your side. The opposite scenario is falling prey to a financial advisor whose only goal is to sell you out.

Look for a financial advisor who operates as a teacher. And you should feel good under their tutorship. If they make you feel iffy in any way, run for the exit.

6. Financial advisors have their values and beliefs

Financial advisors are not robots either. They do not operate based on computer codes. Just like you do, they base their financial decisions on long-held values and beliefs. You need to find a financial advisor whose values and beliefs you can get behind. And vice versa.

For instance, consider yourself ending up with an investment planner who’s too risk-averse. Meanwhile, you’re the type who likes to play aggressively and you pride yourself in knowing when to play aggressively, too.

Your financial advisor will most likely veto whatever investment decision you come up with if they deem it precarious. The two of you will never be on the same page. So from the outset, get to know the advisor’s financial mindset and decide if you can form a partnership.

7. Some financial advisors are learning as they go

One only needs to pass an insurance and investment exam to be a certified financial advisor. And because the job is popular these days, many people get into it even without an extensive background in the financial sector. They learn as they go. And if you end up with this kind of financial advisor, you’ll be their training wheels. If you’re okay with that and you’re amenable to growing with your financial advisor, then by all means do not discriminate.

However, if you’re dealing with considerable wealth and estate that’s difficult to manage, it’s in your best interest to partner with a financial advisor who knows what they are doing. You do not want your finances to fall into the hands of an apprentice. You need an expert.

8. Some financial advisors will work for sellers behind your back

If your financial advisor keeps on alerting you about new products like bonds and stocks and other investment opportunities, get real with them. The truth of the matter is some financial advisors receive a commission for the products they sell to clients. There’s an obvious conflict of interest here if the person who’s supposed to protect your finances is bent on ripping you off for added income.

Consider an overly salesy financial advisor as a red flag. Sure, you expect advice on where and how to invest. But they should come from a place of pure motive–that is your financial health, not someone else’s interests.

9. Financial advisors need to get their finances straight too

Don’t be stingy to your financial advisor. Remember that they know what you’re worth. They know your capacity to pay. If you pay them disproportionately based on the asset they manage for you, you’ll end up with uninspired services. Keep in mind that your financial advisor most likely works for other clients. And if those clients pay better, they will understandably receive more attention.

Financial advisors have their own finances to worry about. Help them a little by paying them what they deserve and more.

10. Some financial advisors tend to overpromise

You want an advisor who knows the ins and outs of the financial sector. You do not need a financial advisor who makes false promises. For example, if they tell you that they can beat the stock market, don’t fall for it. No one can beat the stock market. A financial advisor who claims they can is either lying through their teeth or is completely misguided. Either way, you’re better off with someone else.

11. Not all financial advisors work under a fiduciary oath

A financial advisor working under a fiduciary oath will have the best interest of a client in mind. That’s because if they did not, they could get in trouble with the law. Unfortunately, not all financial advisors are fiduciaries.

When you look for an advisor, you can’t go wrong with limiting your options to fiduciaries. That means you can sleep soundly at night knowing your finances are taken care of by someone who is legally mandated to be truthful and honest to you.

12. You only need to hire a financial advisor when you’re in dire straits financially

Financial advising is a preventive measure. The goal is to ensure that your financial health is at its best. Ideally, the moment you start earning money from a job or business or both, you hire an advisor to guide you through Market Research Services.

If you hire a financial advisor because you’re going through a rough patch financially, chances are they won’t be able to do anything to reverse your financial state. The best they can do then is give you counsel on how to pay off debts with whatever assets you can liquidate.

13. It’s okay to hire a financial advisor for a specific need

If you’re a regular citizen without diverse assets to look out for, it’s fine to partner with a financial advisor to help you with a specific goal. For example, if you’re planning for retirement, and that’s the bulk of your financial concern, feel free to hire an advisor that specializes in retirement plans. That means you won’t have to worry about an exorbitant service charge.

14. Consider Robo-advisors

In this age of automation, even some aspects of financial advising have been relegated to AI. The technology provides automated investment advice. If you’re fine with trusting software with your money, this is an option worth exploring. Just don’t expect to get a free mug of coffee while on consultation.

Key Takeaways

Financial advisors come in different iterations. If you want to maximize your investment through a financial advisor’s services, it is best to hire one whom you can call a jack-of-all-trades.|

Ideally, they can provide you with expert advice on how and where to invest. They can also enlighten you about tax matters and ensure that you do not neglect tax compliance, which can get you in trouble with the law. And, of course, they are knowledgeable enough finance-wise to manage and plan your wealth.

Yes, you will have to spend money on the services of a financial advisor. But the price you pay is surely worth it. So, if you’re already an active member of the workforce, or you run a business you wish to grow within your preferred timeline, talk with a financial advisor. Rest assured that this professional partnership will benefit your financial future.

4 Simple Ways to Achieve Financial Freedom

Financial freedom has become a huge topic of discussion in the last 5 years, and more and more people are pursuing channels to make their lives better. A lot of this conversation is driven by people wanting to lead more fulfilling lives where they aren’t wasting away at a job that wears away their emotional wellbeing. That’s why we’re seeing and hearing more about side hustles, investment opportunities and even the FIRE movement. People want something different from the typical 9-5 job, and they know that financial freedom is how to get there. The goal is to work because you want to, not because you have to. The challenge is taking the first step. If you desire financial freedom, how do you actually make it happen? Here are a few ways to get you started, and set yourself on the trajectory of a more fulfilling life.

Reduce Your Expenses

One of the reasons people struggle to get financial freedom is something known as lifestyle inflation, a human behavior that makes our expenses rise as we start earning more. In theory, a higher salary or more income should mean more money to save, but for the vast majority of people, a bit more cash leads to a more expensive car, more vacations and other higher spending habits. In order to achieve financial freedom, you have to intentionally go against this behavior, and purposefully keep your spending low. The idea behind this is to forego short-term comfort for long-term stability, and to actually suppress your expenses even when you start raking in a bit more cash. Keep your living costs low, don’t upgrade your car and commit to saving your money before you spend frivolously. When your expenses are low, you have more capital on your hands to make your financial situation better.

Find Investment Opportunities

The true meaning of financial freedom is to have income that comes to you passively so you’re not forced to work a job you hate. In order to get that freedom, you’ll have to switch from being an employer to being an investor. It’s really important to always be on the lookout for great financial opportunities, whether it’s a franchise business, investing in real estate or land, or starting a side hustle. With investing, you can start out really small and build up to something bigger. The truth is, to break away from just earning a salary, you have to find ways to make your money work for you, so you don’t have to keep working for it. There are so many investment opportunities out there, and if you educate yourself, you can absolutely bring yourself one step closer to financial freedom.

Take Advantage of Windfalls

There are times in our lives where we’ll be lucky enough to have a lump sum of money like a bonus from work, an investment payout or an asset that has gained value. One of the smartest things we can do is to take advantage of this influx of cash. Instead of buying a new car or taking an expensive vacation, why not put this money to good use? For example, you might have equity in your home – you can use platforms like All Reverse Mortgage to determine how much of a loan you could qualify for if you’re considering a reverse mortgage. If there’s a decent amount of money there, you can use it in many different ways to improve your financial situation.

Get Out of Debt

Debt is another factor that makes it very hard for people to achieve financial freedom. Between the amount you owe and the high interest rates, having debt wears away whatever extra income you have, and keeps you on a very precarious financial hamster wheel. Getting out of debt is of course easier said than done, but it is possible. You can either consolidate your debt to reduce interest rates, or you can put money aside to clear what you owe slowly. Instead of only doing minimum payments, even making a slight dent in your bill to creditors will improve your quality of life financially.

It’s important to remember that financial freedom is great, but it doesn’t happen overnight. The biggest mistake people make when it comes to this subject is thinking that they can rush the process, but the truth is it will take years to put the pieces in place to become financially free. The goal right now is to start building the foundation with investments and most importantly, good financial habits that will carry you through.

How Much Do I Need To Retire?

This is the first question that someone asked when I started the discussion about retirement savings. Most of us are unsure of how to start saving for retirement and how much we should stock up for a comfortable retirement. There are many factors that would influence the retirement savings amount, such as your current income, your monthly expenses, and your plans after retirement.

Investing in your retirement savings is simply circumstantial, and it depends on three things: time left for your retirement, how much you can save, and how much risk you can afford. There are many ways in which you can save better for your retirement. But before you start planning on your retirement savings, let’s figure out the answer to the question: “how much do I need to retire?”

Let’s get to the math!

The expert’s advice is that you should aim for replacing at least 70% (80 to 90% for a safer option) of what you’re earning now (pre-retirement income) through retirement savings and social security. In order to get the exact figure, you can use an online retirement savings calculator to do the math.

Now that you know how much you need to retire and have a comfortable retirement, it’s important to look for better ways to boost up your retirement savings fund.

3 ways to boost up your retirement fund:

A lot of people just stop at the point where they are yet to figure out “how much do I need to retire?” and the others stop at “how to reach those savings with this current income?”

It doesn’t matter how many years are left for your retirement or what is your current income, you can still find ways to boost up your retirement savings by following these 3 mentioned ways.

#1. Switch to smart saving option

One of the best ways to boost up your retirement savings is to make a smart investment. There are various options and you choose based on your risk tolerance. There are basically 2 killers that can spoil your investment plans, one obviously making a bad investment and the second is the fees. The first one is difficult to predict, but the second one depends on your choice of investment and the expense ratio.

For instance, let’s say if you invest $10,000 as an initial amount plus $5,000 per year for 30 years with returns 6% annually and has an expense ratio of 0.1%. At the end of 30 years, you will have $443,598, and for an expense ratio of 0.75%, you will have $389,240. And that leaves a difference of $54,358, which is a huge chunk. Higher the expense ratio, the lower the returns you get. So, switch to the smart saving option by choosing the investment based on the maintenance fee or expense ratio.

#2. Look for tax reduction wherever possible

Most of the retirement plans that your workplace offers, such as 401(k), 403(b), TSP, etc., comes with specific tax benefits that you can avail of. The traditional 401(k) plan comes with a benefit where your taxable income reduces by a dollar for every dollar you put into the account.

Thus, if you save $19,200 in a 401(k) account, then your taxable income will be reduced by $19,200. That implies you stock up all the money you put in and have a handful of savings. Simply, it means you don’t have to pay any taxes on the amount you save into the account that year until you withdraw it when you retire. There are other plans (Roth, IRA) as well where you pay taxes every year instead of paying it at the time of your retirement. You can learn about both the options and choose what suits your needs.

#3. Make use of the employer match fund

When you join a workplace, one of the things that wake up the thought of retirement savings is the 401(k) plan offered by your employer. The thing is that you won’t really see the difference when a part of your income goes to your 401(k) every month until you enjoy its benefits in your retirement. The additional incentive that comes along with 401(k) is the employer matching plan. In this, the employer makes a contribution to your account on top of your savings. For instance, if you put $3000 annually in your 401(k), then your employer would contribute $1500 additionally. This would help you to boost your retirement savings in the long run.

Summing up:

And now you would be able to calculate the answer to “how much do I need to retire?” Thus, you can easily move to the next step of boosting your retirement savings fund. One thing you need to remember is to add your retirement savings as a priority when you plan your monthly budget.

The Ultimate List of Finance Blogs Accepting Guest Posts – 2021 List with Domain Authority & Alexa Ranking

Guest blogging is the most effective digital marketing strategy to grow instant traffic and build a search engine credible website. And one of the best online marketing strategies you can invest in. You should know that being a guest author offers many  benefits for both any business and a individual to grow your online business.

If you would be interested in our blog, please feel free to submit a guest post.

If your finance blogs that accept guest posts and you want them to be included in this list please contact us.

One of the important factor to a successful guest blogging strategy is picking the right websites to contribute the content. This is a list of finance blogs that accept guest posts. Check the list and if you find it helpful, please share it with friends.

List of Finance Blogs that Accept Guest posts

Allindiaevent || Finance Guest Post
Alexa Rank:  || Domain Authority:27

My Personal Finance Journey || Submit Guest Post
Alexa Rank: 783,651 || Domain Authority: 40

Personal Finance Ninja || Finance Guest Post
Alexa Rank: 871,916 || Domain Authority: 27

All Things Finance || Guest Post
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Effective Business Ideas || Contact Me
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FinanceClap || Submit Guest Post
Alexa Rank: 212,789 || Domain Authority: 42

Good Finance || Submit Guest Post
Alexa Rank: 3,307,150 || Domain Authority: 39

Good Financial Cents || Contact
Alexa Rank: 39.487 || Domain Authority: 62

Money Under 30 || Contact Us
Alexa Rank: 15,751 || Domain Authority: 66

Finance For the Family || Guest Post
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FinanceQo || Submit Guest Post
Alexa Rank: 5,746,777 || Domain Authority: 8

Finance For Geek || Contact
Alexa Rank: 810,610 || Domain Authority: 21

Financeoholic || Contact
Alexa Rank: 3,927,448 || Domain Authority: 14

Finance Care Services || Finance Guest Post
Alexa Rank: 1,064,766 || Domain Authority: 14

Finance Blog News || Submit a Finance Guest Post
Alexa Rank: 2,518,514 || Domain Authority: 13

Best Finance Care || Submit Guest Post
Alexa Rank: 1,314,366 || Domain Authority: 14

Finance Write  || Contact
Alexa Rank: 2,576,640 || Domain Authority: 27

Finserving  || Submit Guest Post
Alexa Rank: 222,662 || Domain Authority: 16

Finanace Care Online  || Guest Post
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Financial Frugality || Submit Finance Guest Post
Alexa Rank: N/A || Domain Authority: 4

SavingAdvice || Contact Us
Alexa Rank: 63,873 || Domain Authority: 63

Miss Millennia Magazine || Submit an Article
Alexa Rank: 112,653 || Domain Authority: 44

PeerFinance101 || Submit an Article
Alexa Rank: 402,273 || Domain Authority: 45

The Finance Twins || Contact Us
Alexa Rank: 297,069 || Domain Authority: 46

1ClickMoney || Write for Us
Alexa Rank: 2,717,528 || Domain Authority: 11

Freelance Writing Jobs || Write for Us
Alexa Rank: 126,064 || Domain Authority: 49

Scrape Brokers || Write for Us
Alexa Rank: 1,226,058 || Domain Authority: 21

PersonalFinance4You || Write for Us
Alexa Rank: 8,123,255 || Domain Authority: 11

Crediful || Contact Us
Alexa Rank: 150,403 || Domain Authority: 51

Personal Finance Hub || Contact
Alexa Rank: 5,916,755 || Domain Authority: 11

IncomeDiary || Write for Us
Alexa Rank: 28,961 || Domain Authority: 59

Physician Zen || Contact
Alexa Rank: 1,192,119 || Domain Authority: 16

Finance Dais || Write for Us
Alexa Rank: 7,614,313 || Domain Authority: 18

Financial Sense || Contact Us
Alexa Rank: 471,493 || Domain Authority: 62

Roisin Byrne || Guest Post
Alexa Rank: 2,828,655 || Domain Authority: 20

Money Hungry || Contact
Alexa Rank: 1,019,206 || Domain Authority: 33

Family Money Values || Contact
Alexa Rank: 4,434,719 || Domain Authority: 33

Free Finance Blog || Write for Us
Alexa Rank: 4,645,121 || Domain Authority: 7

XRAYVSN || Contact
Alexa Rank: 464,848 || Domain Authority: 31

Financial Mechanic || Contact
Alexa Rank: 726,436 || Domain Authority: 31

Your Money Geek || Contact
Alexa Rank: 131,377 || Domain Authority: 58

Stock Market Beat || Write for Us
Alexa Rank: 7,095,046 || Domain Authority: 25

Cash Money Life || Contact
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Your Money Your Freedom || Get In Touch
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Hacking Your Budget || Guest Post
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Important Considerations When Preparing for Retirement

Retirement planning is something everyone should consider at some point in life –the earlier the better. The earlier you start planning for your retirement in your professional life, it will allow you to lead a peaceful life post-retirement. When you wish to enjoy the perks of a successful & peaceful life post-retirement, you will have to consider several important factors.

As you start planning for your retirement early in life, it will help in buying you more time while also allowing you to build an impressive retirement corpus. Whether you are going to plan the retirement five or twenty years from now, it is crucial to offer yourself the best-available chance for securing your future financially.

While preparing for your retirement, here are some important factors to consider:

#Ensure a Proper Retirement Budget

You are well-aware of your overall expenses. You know the amount of money you would require currently for managing your essential expenses on a daily basis. Moreover, given the fluctuating rates of inflation, it is more important for you to save considerably now than when you retire.
One of the smartest ways of determining the respective retirement budget is by gathering the given expense reports and identifying the current spending. You should try to gather as many expense sources as possible to get an overall idea of your monthly expenses. When you are aware of the expenses, it turns out to be a great way to ensure retirement planning.

#Identify Your Appetite for Risks

What type of investor do you prefer being? Do you happen to be an aggressive investor not minding investing huge amounts in equities to earn higher profit margins? Or, do you happen to be a conservator investor who would not mind settling down with a low, yet steady income?
The overall risk appetite of the individual has an important role –not just for retirement planning, but for all types of investment planning. It is important to ensure that you understand the overall risk appetite before you go ahead with investing your hard-earned money into any type of retirement scheme.

#Analyze the Number of Years You Have Before Retirement

The number of years that you have in hand before retiring can be defined as the difference between the current age and the estimated age of retirement. In the given duration, you will be expected to build a strong corpus for your retirement. Investments done in direct equities could deliver higher risks to the overall return ratio.

Moreover, when you make investments in equities, your amount would be exposed to immense market volatility. Only when you tend to have ample appetite for risks, you should consider investing in direct equities. If you wish to stay away from making investments in direct equities, you can go for making investments in mutual funds. This type of investment is known to diversify the overall portfolio of the investors. Irrespective of where you are making the investment, it is crucial to deliver yourself ample years for potentially growing your corpus.

#Consider Sources of Income Post-retirement

After you retire, your monthly salary is not going to be credit to your account every month. However, there are still several other ways in which you can continue sourcing income. For instance, you can consider receiving a pension amount from the employer. You could also possess an extra home from which you can obtain monthly rent. You can also consider hiring the same as some guest facility or an educational institution for earning extra income every month.

You should consider whether or not these additional sources of income are adding towards helping you earn extra money such that you can cover unexpected expenses even after retirement. Retirement life is also known to bring unexpected expenses into effect. Therefore, you should be well-prepared for the same.

#Never Too Late for Retirement Planning

We all have gone through this situation. It can be challenging to find out whether or not you are too late with your planning. However, it is not the case with retirement planning. It is important for you to understand that you can commence retirement planning whenever you like and as per your preferences. However, if you would start saving just a few years before retirement, then you should ensure that you have ample money. This is because you are going to have just a few years left in your hand to ensure retirement planning.

#Be Debt-free As Much As Possible

If you are quite fresh to your professional life, paying off debts might appear like a cakewalk. However, later in life, you would not like to owe anyone money –especially when your retirement is quite close. It is, therefore, recommended that as your retirement is approaching, you should make sure that there are no unpaid credits or pending loans in your case. Make sure that you have paid off all your debts if you wish to lead a debt-free and stress-free life post-retirement.

#Make Investments in Limits

While ensuring maximum savings for your retirement is an important consideration, it does not imply that you should go forward with investing all the money that you have currently. It is important to note that there is no type of investment that can be completely safe & risk-free. Therefore, it is recommended that you should be aware of your investment limits while not being lured by high-end schemes delivering impressive rate of interests that are too hard to believe.
The experts recommend that you should always invest within your boundaries. Keep investing regularly and consistently such that you have the chance of benefitting from effective compounding.

Conclusion

Keep the important pointers in mind before retiring to be assured of a stress-free life later on. Moreover, also pay attention to start retirement planning as early as possible in life to avoid hurdles at a later point of time.

Common Financial Mistakes Couples Make

It’s no secret that conflicts, especially about money, put a huge strain on any relationship. No matter how strong your love for your partner is, it’s highly likely that couples will commit financial mistakes that can lead to fights and tension. And if money matters are not handled properly, the relationship may be doomed to face a life of never-ending cycle of conflict and struggle.

So, what are the common financial blunders that couples tend to make? Here are some of the biggest offenders that may trigger long arguments, and how you can deal with them before they escalate into full-fledged fights.

#1 Avoiding Little, Big Money Talks

Financial issues are very tricky subjects, that’s why couples fail to address them early on in their relationship. It definitely won’t be easy, but it’s important to have candid and direct conversations about money as early as possible. This exercise will not only enable those in relationships to have a clearer picture of each one’s financial visions but will also help you and your partner prioritize what’s most important to both of you as a couple.

Fully disclose financial situations before you and your significant other tie the knot. This includes talking about income sources, financial assets, obligations, outstanding debts, loans, investments, and the like. While the topics may be serious, it doesn’t mean that you can’t put the fun into money talks. Make your regular discussion something that you and your partner look forward to as a time to get to know each other better and strengthen your bond.

#2 Not Understanding Your Partner’s Money Values, Mindsets, and Styles

When you and your partner talk about money more freely, you’ll begin to discover some precise reasons why he or she is feeling a certain way about finances. Try to dig deep into your significant other’s money history—the stories and experiences that shaped their thoughts and opinions about money growing up.

Understanding the root and exploring the financial motivations of your spouse’s behavior will help you see their responses in a different light, and maybe shift your reaction from anger and blame to compassion.

More often than not, couples have mismatched money styles. One may either be a spender, saver, hoarder, amasser, or avoider. No matter how different your money mindsets and techniques are, the way to overcome them is to find a compromise that works for both of you.
Instead of trying to change or having your styles work against each other, be united and work as a team. Acknowledge your partner’s financial strengths and adapt your money styles in a way that works for your relationship. The key is to row in the same direction: outline your individual needs and expectations before coming to a final financial decision.

#3 Harboring Financial Secrets

It’s true that you are not expected to disclose every purchase to your partner, but keeping money secrets is tantamount to betrayal of trust. Unfortunately, financial infidelity is common. Most people in a relationship lie about money matters—from hiding those hefty credit card purchases to concealing checking, savings, and other financial accounts.

There’s no better time than now to let your partner know about any lingering money concerns. The fact is, the partner who gets deceived will inevitably find out in the long run, no matter how much the other hides the truth. Avoid serious marital problems by trusting your partner with your finances. Don’t wait for the revelation to come as a huge shock and eventually lead to emotional issues down the line.

#4 Failing to Create—and Stick with—A Financial Game Plan

Creating and maintaining a household budget is a very tedious task, but without it, couples have no chance of meeting the goals they have developed together. This will entail a lot of discipline and sacrifice from both sides, but the long-term rewards will be worth it in the end.
A financial plan gets couples moving in the same direction and prevents the marital mayhem that happens when one or both partners are in the dark about where their money is going. There’s nothing like the feeling of being able to retire seamlessly and invest in properties you’ve both been dreaming of—all because you committed as a couple to plan and review your lives thoroughly.

Discussing and making a financial game plan is simply the first step. The keys to achieving your goals are to follow through and help each other stick to your agreed budget. It won’t work if one or the other keeps giving in to the temptation to spend.

Create ground rules to keep yourselves accountable to each other. This will determine, for instance, what purchases need to be discussed or what the reasonable spending limit is on household items. It is also an effective way to boost your maturity to spend as a couple and keep your financial goals in check. Take advantage of online tools and apps that can automatically track your accounts and transactions so you can see how you’re progressing.

#5 Waiting Until It’s Too Late to Discuss Children

It’s never too early to talk about children and child support. Several critical financial decisions—from the type of home you’ll buy and the neighborhood you choose to live in down to the nitty-gritty of the household income—will highly be affected by whether or not and when you both decide to have kids.

It’s better to set expectations early on, so it will not be challenging to make the right choices when it comes to saving up for the little ones. Plan how much to allot for birthday gifts and allowance, where to enroll in college, and whether or not to support your child when he or she is already an adult.

#6 Not Being Prepared Enough for The Future

You’ll never know when disasters will strike, so it’s always better to be three steps ahead when it comes to minimizing the risks and dire consequences of financial emergencies. A good first step is to set up that contingency fund as soon as possible. Make sure that it can cover at least one to two months’ worth of expenses so that you’ll have something to dip into in case of job loss, accidents, and other emergencies.
Looking into life insurance policies early on in the relationship also proves beneficial, as it’s often less expensive to get coverage when you’re young and healthy. Thoroughly review the policy you are getting to make sure that it meets all your needs and that it covers your spouse, kids, and other dependents in a way that allows them to maintain the same lifestyle.

Develop a long-term strategy for saving and investing that reflects your combined aspirations as a couple. Couples often struggle to reach a mutual decision on investing because they lack consistent communication. Both of you must learn to give a little and take a little and be open to investment options that you may be uncomfortable with.

Prioritizing your goals into short-, medium- and long-term horizons will also help you decide how you want to invest. It is highly likely that you and your significant other will have different emotional attitudes to risks. There is always one who wants to take more risk than the other, and this is the best time in the relationship to take compromise to new heights.

A good strategy is to be more conservative when investing in the stock market. It is always better to have some low-risk investments to balance it out than run the risk of fighting over the money lost on aggressive investments.

And, finally, don’t be afraid to talk about death. Draw up a living will and exhaust all measures necessary to give your spouse or long-term partner immediate access to your money. This way, your partner won’t have to wait months for your estate to be settled.

Work as a Team for a Financially-Sound Future

Money can sure be an added burden to any relationship or marriage, but there’s nothing that a strong and connected couple can’t do to achieve financial freedom and success. Remember that it’s your responsibility to align your financial goals with your partner.

No matter where you are on the financial spectrum as a couple, make it a habit to check in with each other to make sure that you are on the same page and still working toward the same goals. Things are constantly changing, and so are your financial expectations and priorities. What matters is that you both set your eyes on the same prize.

It’s important to remember that it’s not so much about the financial disagreements but how you argue about them. The key is to always come from a place of compassion, understanding, and commitment. You will always have your own values, but ultimately, you’ll have to meet in the middle for the relationship to work.

Consistently strive to accept your differences in financial habits, and you’ll eventually be in a better place to financially collaborate and solve problems as a united duo.

Why Is Pension Review Important?

What does intelligent retirement planning mean to you?  Having the best pension plan in place, right?

But, suppose you’re going to retire in a few months. And you discover your best pension plan became unsuitable to your current situation, many years before. You will be in a big shock, right?

Of course, it’s your pension money, and you expect the best possible outcomes from it when you step into retirement. However, avoiding a regular pension review may result in poor returns from your pension that are not even close to your expectation. You will only get disappointment and loss.

Just finding a good pension plan doesn’t mean you have secured your retirement life. You should consider reviewing it routinely to ensure the highest returns for a financially secure retirement.

Like many other people, you might be overlooking reviewing your current pension. But, you won’t again, once you know its importance and benefits.

So, before you get a sock of your life, let’s help understand why a periodic pension review is important and how you can do it.

What is a Pension Review?

It is a process of examining your current pension scheme/s to determine if it is performing well and as per your expectations. The process may include reviewing your pension funds to know

  • how much they have grown
  • how they are invested
  • how they can be compared to other similar pension plans
  • and many other aspects

Why is the Pension Review Necessary?

Pension is one of the important wealth that you have earned by working hard throughout your life. You must take care of your pension by consistently reviewing it, just the way you do for your other sort of wealth. Following are a few more reasons that will help understand the need for reviewing your pension.

1. Risk Assessment and Management

The amount of risk you can bear with your pension pot may vary on different stages of life depending on your financial situation, and other factors. For instance, suppose your funds have been performing really well for years and your retirement time is still far away. In this case, you can afford taking more risks to attain your final financial goals. Conversely, if you have lost one of your income resources (a side business) in this case, you can’t afford more risk with your pension investments. Therefore, it is essential to review your pension regularly to keep track of all risks and manage your funds according to your attitude to risk.
With a regular pension review, you can ensure that the risks are still manageable, and there will be no financial crisis at the time of retirement.

2. Check on Charges

Another most important reason for reviewing your pension is to identify if there are any unnecessary or outdated charges. Pension plans are consistently developing, and taxes have greatly reduced over the past few decades. A review will ensure that you are making the most out of your pension pot, especially if you have an older plan that has typically higher management fees than today’s plans. You can identify, amend and remove any needless charges and ensure your funds are performing at their best level.

3. Know Pension Performance

Some funds may have been performing exceptionally well when you initially set up your pension pot. But, they may have become underperformers over time and impact the overall performance of your pension plan, particularly during downturns. A regular review allows you to identify and highlight such funds that are not performing quite up to the mark. And lets you improve overall pension performance and final returns.

4. New Investment Opportunities

If you have a pension plan that sticks to the same investment approach from day one, it may not have accumulated enough savings to support you during retirement. A regular pension can help identify if your original options are underperforming and if you should switch to other options or a different pension plan.
The pension investment options are far way more than they used to be. Thereby, you can choose a better option to grow your funds at a faster rate. You can again review your pension to check on the performance of new investments.

5. Ensure a Healthy and Secure Retirement

Unless you do a regular pension review, you will not have an idea of how much money you could expect from your pension pot after your retirement. A regular pension check will help you confirm that you are on track with your retirement goals and making a healthy progression towards retirement life. Having an idea of your current pension situation will let you adjust your plan to fit your post-retirement needs and expenses. This way, you can ensure a secure and healthy retirement life.

How Often You Should Review Your Pension

As pension is a long-term investment, it requires regular review and modifications to be on track with your goals and current market situation. Though there are no fixed rules on when or how often you should review your pension, it is advised to review your pension plan at least once a year. However, the review time will depend on your current circumstances, investment options, your retirement age, and other factors. If not possible yearly, you can consider reviewing your pension pot every two years or when your circumstances demand it.

Why Seek a Professional Pension Review Service?

It is always an intelligent act to seek expert assistance rather than doing things in the wrong way and wasting time. Well, you may think you have enough knowledge to review your pension on your own. But, you may don’t know what you don’t know, which can lead to blunders and thereby low performing pension funds.

As the finance market is quite vast and fluctuating, you may not be aware of new investment options, changes in finance charges, pension rules, etc. Thus, it is wise to hire a professional pension review service or a financial advisor.

Financial advisors have thorough and up-to-date knowledge of the financial market and pensions. When reviewing your pension, they will use their expertise and find out glitches that you can’t otherwise. They will also suggest the most accurate solution as per your financial situation and needs, to improve your pension returns.

When or after reviewing your pension pot, a financial advisor will suggest your best pension schemes, mortgages, and investments options, saving you a considerable amount over the long term. They will make sure your funds aren’t eroded so much by inflation and tax. Moreover, they will save from making costly mistakes, such as falling victim to fraud and investing in an inappropriate financial product.

What Type of Pension Can be Reviewed?

Mainly there are two types of pensions:

  • Defined Benefit (DB) Pension
  • Defined Contribution (DC) Pensions

Both of them can be reviewed to ensure you get maximum benefit through them.
Talking about the DC pension, both you and your employer contribute funds into a pension pot. And the pension amount you receive depends on the amount that has been paid in, tax relief, and performance of your investments. When it comes to reviewing and switching from one pension provider to another, DC pension proves to be the simplest and most convenient.

DC pension can be of different types, such as:

  • Personal pension
  • Self-invested personal pension (SIPP)
  • Stakeholder pension
  • Pension used to contract out of SERPS.

No matter which you have invested in, you can easily review and modify your pension as per your needs.

In a Defined Benefit pension transfer isn’t as easy as a DC pension. In this, you don’t have an individual pot for you; rather you need to invest in a scheme which will pay you returns. These types of pensions usually come from large private companies and public sector jobs. And the growth of your pension funds depends on how many years you’ve worked there and your salary. You can review a DB pension, but even if you wish to move your funds, you will require a cash equivalent transfer value.

Depending on your pension type, you should consider a proper review of funds with the help of a finance expert.

 Importance of Reviewing Your Personal Pension

Personal pension falls into the category of a Defined Contribution scheme. It is a pension plan that you arranged on your own that provides you with additional funds alongside an employment pension.

A personal pension can be beneficial and valuable for an unemployed or self-employed person as it lets them contribute to their future when there is no workplace pension. Owing to this, it is absolutely essential to keep on top of the personal pension pot to ensure that the additional
investments are performing their best and offer great outcomes.

How Much Pension Review Costs?

Cost of pension review may vary depending on the adviser you have chosen, the pension plan, complexity of pension pot and other factors.
Most financial advisers offer an initial free consultation and later will cost you to continue the service. Their fees can be paid on transfer, not upfront. Many people prefer to pay them from their pension plan instead of paying directly. Usually, the fees are calculated as a percentage of the cash you wish to withdraw, transfer, or invest.

You may be thinking of a free pension review option, but remember that there is a purpose behind most of the freely available things. Many free pension review services are designed to entice you to transfer your pension funds into a high-risk scheme. Thus, you must be careful while availing any free review service or get it from a reliable provider only.

Even if you think pension review is an expensive process, it is absolutely worth it. Reason? It saves your money in different ways while ensuring you get the best retirement income and benefits.

Common Pension Mistakes To Avoid

If you wish to get the best outcomes with your pension pot, make sure to avoid big mistakes. While overlooking pension review is the biggest mistake, there many more that can affect your pension outcomes and retirement life. For instance, many people delay pension contributions, which means they do not start early pension planning. A delayed pension set up, and contribution can cost you a fortune. You may not find enough money to provide you with needed income in retirement, and you can’t help as your retirement time is quite close.

Investing in old pensions is another common mistake that can lead to financial issues during retirement. The charges for old pensions are way higher than modern pensions. Thus, if you leave money in old schemes, you will be in a great loss. You can either consider merging them into modern plans or choose other pension schemes.

One more mistake you should be aware of is falling for pension scams. Try to avoid cold-call that tries to persuade you with the offer of high-interest rates or high guaranteed returns. Pension freedoms have led to increased pension scams over the past few years.

In a Nutshell

Till now, you must have got enough understanding of the pension review concept. A regular pension review is a wise financial practise that everyone with a pension pot should consider.

Here is a quick review of reasons that make the pension review an indispensable choice for pensioners;

  • To know if the current investment options suit your acceptance of risk levels.
  • To identify if there are any additional management charges, taxes, and annual fees on your funds.
  • To know if your investment options are performing well and if you are comfortable with it.
  • To confirm if the pension savings are enough and suitable for your retirement needs.
  • To decide if consolidating frozen or preserved pensions from last jobs into one large pot would be good or not.
  • To identify underperforming investments that are restricting your financial goals.

On a Final Note!

Of course, setting up a pension pot, or reviewing it regularly is quite challenging, and a time-consuming task. However, it is of utmost importance in order to secure your retirement and leave a worry-free life. You can make this task easier and effective in different ways, such as using a pension calculator, online tools and consulting with an expert.

A Comprehensive Guide on VAT Registration Process in UAE

VAT stands for Value Added Tax and is an obligatory tax for all the business entities in UAE. Because of this common enforcement, VAT registration is done free of cost. The governing body of VAT in UAE is the Federal Tax Authority (FTA). The VAT registration procedure can be completed online on the official FTA website. While the tax has been enforced for quite some time now, many business people are still not well-versed with the entire application and registration process. Further, some people know the partial process.

Hence, in this post, we are going to discuss the registration of VAT in UAE in detail. We will discuss every single step at length and once our readers are done reading this, they will be equipped with the most inclusive and comprehensive understanding of the registration.

Now, let us begin

VAT Registration – Basics

  • The registration can be done online on the official portal of FTA. The registration process is also called opening an e-Services account.
  • During the registration, you will be asked certain questions regarding the nature of the products or services you offer, nature and location of your business and location of selling your products and services etc.
  • We recommend taking some expert help for this step as your tax values will be based on the answers you provide. There are many reputed tax consultants in UAE offering VAT services. These experts understand the latest tax regulations and governmental norms perfectly and will help you complete the registration without much ado.
  • Though the setting-up of an e-Services account is as simple as creating any other online account, the tax consultants can help you do the job with finesse. Also, they will help you set the account and fill business details such that you pay only what you need to as the tax.

Now, let us move on

Identifying the Right Threshold is Crucial

As a taxpayer, you have to identify the right threshold or tax slab for your business. The threshold details (as per the current tax regulations) are as follows:

  • The businesses with an annual income more than AED 375,000 have to mandatorily do the VAT registration.
  • The businesses that have an annual income between AED 187,500 & AED 375,000 have to register voluntarily.
  • The start-up ventures with VAT-related expenses that are more than AED 187,500 are required to do VAT registration.
  • Even if your business is under the specified threshold values, you must do the VAT registration as it will prove handy in future.

As you are doing the registration online, you have to keep the business documents with you while filling the form. If you are taking help from some tax consultant, this step will be handled by him.

This brings us to the next section

Documents Required for VAT Registration

Take a look at the various documents that are required for online VAT registration in UAE:

  • Copies of the Passports of the business owner/partners
  • Copy of Trade License
  • Emirates ID of the business owner and partners
  • IBAN and bank account details of the business or company
  • Tax group and tax number details
  • The address or PO Box number of the business/company
  • Memorandum of Association (MOA)
  • Next month’s statement of revenue projection
  • Customs Authority Registration code
  • Import and export business activities details
  • A complete record of the previous year business revenue inclusive of financial sheets, bank statements and audit reports

The documents required might vary from person to person or business to business. You must know that these documents are a vital part of VAT registration. Your registration will not be complete even if a single of them is missing. So, make sure you submit the required and accurate documents. Altering the documents, submitting fake documents and modifying their contents is a legal offence and will land you in trouble. So, avoid indulging in such activities.

Online VAT Registration – Steps and Details

  • Log on to the official FTA portal and click the ‘Sign-up’ button
  • You will find “Getting Started Guide”. Read it carefully to understand the rules and dos and don’ts of VAT registration
  • Once you are done with the reading, tick the confirmation box to proceed.
  • You will reach a web page asking for your personal details such as:
  • Contact details
  • Bank details
  • Business details
  • Submit the details accurately
  • Now, sign the declaration and press the ‘SUBMIT’ button after reviewing the submitted information
  • Next, you will reach the VAT form that will have 8 sections that will ask the information of your business
  • Once you submit all this information, your registration will be done partially. At this time, you will receive an SMS and email on the mobile number and email ID submitted by you in the first step
  • Now that your business is VAT compliant, submit the taxes and file the VAT returns to the FTA, as applicable. We strongly advise taking help from some reputed tax consultant for these procedures. This will help you avoid mistakes and it will also keep you away from monetary losses

This is how you complete VAT registration

VAT Registration and Compliance – Things to Consider

  • As the VAT is still a newly introduced tax in UAE, it is still a new clause to be tackled by the business setups of all types and all scales. Hence, to avoid any mistakes you must take expert help.
  • There is no healthy way to bypass the VAT or other taxes. Though the loopholes are known to exist since decades, and are being used globally, it is important to make sure you take expert counsel for that. You must always remember that these loopholes also have a limit and are not applicable to every business in the same way.
  • Further, being a new business or start-up doesn’t rule you out from VAT. You must complete the registration and complete the filing as applicable to your business.

This brings us to the completion of our discussion. We hope that all our readers find the information shared here helpful. For more suggestions and expert guidance, you can reach out to us in the comment section.

How to Successfully Budget Your Money in College (Step-By-Step Walkthrough)

Budgeting in college is an excellent way to start making positive financial decisions. If you set yourself up for success while in school, it’ll help you maintain good habits later on.

Learn how to budget your money now, and you’ll be able to pay off loans and put money away in savings. If you’re successful, you’ll have extra money for fun, too!

Hey, no one said you couldn’t have a little fun, even though you’re busy with your education!

But before you can do that, it’s essential to learn how to keep track of your finances. Here’s a walk through on how to budget your money and make wise financial decisions.

1. Take Inventory of Funds Coming In

It’s hard to make smart spending decisions if you don’t know how much money you have. Take some time to figure out how much money you have to work with every week and beyond.

Your funds may include:

  • Money from scholarships, loans, and grants
  • Cash from a part-time job
  • A stipend for being a resident assistant
  • Savings account money
  • An allowance from your parents
  • Cash from a side gig, such as tutoring

Knowing how much money you have will tell you how much money you need to budget moving forward.

Figure out how much to spend and save based on your current allowance and bills. If things change, make sure to adjust your budget.

2. Use Leftover Financial Aid Carefully

If you have student loans, you may have some leftover funds to use for personal expenses.

With any leftover money, be careful about how you spend it. First, apply your financial aid money to tuition and fees. With anything remaining, it’d be smart to spend it on things like transportation and textbooks.

If you still have some money left after that, spend it on personal items. But, think twice before splurging on movie tickets or going out to dinner.

Remember that you’ll have to pay off the loan, which is why you should be selective about how you spend the money.

3. Get a Roommate

If you live in an apartment away from campus, consider getting a roommate. You might enjoy living solo, but living with roommates has one major perk:

You can save more money!

By splitting the cost of rent with someone else, you’ll have a higher balance in your bank account at the end of each month. And if you split groceries, electricity, and other expenses, you can save even more.

Save on living expenses, and you’ll have extra money to spend on other things.

Now, when you look for a roommate, make sure they’re financially responsible. The last thing you need is to find out your new roommate can’t pay rent.

Also, try to find someone you get along with. If you can find someone who you enjoy being around, that’s ideal.

Finding a roommate shouldn’t be hard. After all, you’re probably not the only person on campus who wants to save on rent!

4. Don’t Spend a Lot on Food

We know how tempting it is to spend a lot of money on food, especially if you live in an area with a lot of great restaurants.

Plus, if you’re a social person, it’s natural to want to eat and drink around other people.

But if your friends like to go out to dinner a lot, you should forgo the expensive meals. That doesn’t mean you can’t go out with friends. But, be careful about what you order.

Consider splitting a meal with a friend. Or, only go out to eat on discount nights. There are a lot of ways you can still have fun without spending a ton of money.

Of course, you need to eat. Budget your finances so you can eat healthy and affordable meals. Don’t give in to pressure to spend a lot on food when you can make meals at home.

Plus, there’s always the option of eating in the college cafeteria. If you have a meal plan, that’s definitely the most cost-effective option.

If you don’t have a meal plan, take a look at the prices in your cafeteria. Some college cafeterias are very expensive, so you might never want to eat there.

Don’t sacrifice nutrition to save money, but do save on food whenever possible. It’ll be worth it!

5. Cut the Cord (on Cable)

Don’t spend $100 a month on cable! That’s highway robbery!

Instead, cut the cord and subscribe to a streaming service like Netflix.

If you can’t live without TV, there are other options, such as SlingTV and AT&T TV Now.

Do some comparison shopping based on the channels and shows you like to watch. If you mainly watch television shows, then Hulu or Amazon Prime might be a good fit for you. If movies are more your thing, then Netflix might be the ticket.

Also, consider sharing a streaming account with your roommates. Most services allow you to have multiple users on an account, so you can have entertainment access for just a few bucks a month.

You may not be able to watch everything your little heart desires. But that’s what Redbox is for. There’s a Redbox location in nearly every college town, so you can swing by and pick up a DVD whenever you want to see the latest releases.

It’s important to have some entertainment, but not if your wallet suffers.

6. Pay Your Credit Cards on Time

Do you have credit cards? Pay your bills every month! And pay them on time, too, or you’ll get smacked with late fees.

If you procrastinate on payments, it will affect your credit. You don’t want to leave college with a bad credit score!

You’re probably already in debt from college tuition. So, the last thing you want is to be indebted to the credit card companies, too. Therefore, it’s crucial to pay your bills by (or even before) the due date.

If you can’t pay off the balance in its entirety by the due date, at least pay the minimum.

Also:

You may be tempted to put extra expenses on credit cards, but it’s best not to do that. The more you put on your card, the more you’ll be responsible for at the end of the month.

Having one or two credit cards is smart to build your credit. What’s not smart is allowing the convenience of credit cards to drive you into debt.

Be smart about credit card spending, and don’t do anything now that you’ll regret in the future.

7. Make Your Own Coffee

Can’t live without your coffee? We get it.

No matter how old you are, there’s nothing like a tasty cup of Joe! It helps to wake you up and gets you off to a good start every morning. And, as a college student, coffee can be your saving grace during those long nights of studying.

However, coffee can put a big dent in your wallet.

If you only drink expensive cups from Starbucks or a local coffee shop, you may be wasting money.

Sure it’s nice to head to Starbucks in the morning, but spending $2 or more on coffee will add up over time.

To solve this, only treat yourself to Starbucks coffee when you have something to celebrate. Or, give yourself a weekly coffee allowance so you won’t overspend.

Making coffee at your apartment is a better alternative to buying a coffee every day.

Do the math, and you’ll quickly realize how much those daily coffees cost!

8. Use a Tracking Tool

One of the best ways to track your finances is to log your expenses.

Digital tracking tools can help you see how much you’re spending. All you have to do is download one to your phone and use it to track your purchases.

Here are a few budgeting apps to check out:

  • EveryDollar, which is excellent for zero-based budgeting.
  • Clarity Money keeps track of every dollar you spend.
  • Mint is fantastic at encouraging you to save money.
  • PocketGuard provides a nice snapshot of your budget.
  • Goodbudget is ideal if you like envelope-budgeting.

Tracking tools are useful in more ways than one. They’ll help you keep yourself accountable, but they’ll also warn you when you’re close to your spending limit.

Observe your money habits and figure out ways to save. See which items are costing you the most. This should incentivize you to cut back or figure out cheaper alternatives.

If you spend a lot on movie tickets, for example, you may need to limit yourself. Instead, wait until it comes out on DVD and catch it on Netflix or Redbox. That’s a lot cheaper than movie tickets these days!

9. Have an Emergency Fund

Yes, your budget should also include an emergency fund.

If you end up in a bind and have a tight month, an emergency fund will come in handy.

As we’ve been discussing, it’s crucial to find ways to spend less. Whether it’s cutting down on your food bill or riding your bike to school instead of driving, there are things you can do to save cash.

When you do spend less money, reward yourself by putting some of that cash in the bank. Set up an emergency fund and don’t touch it unless absolutely necessary. There’s a reason it’s called an emergency fund, not an “I’m going to borrow some money whenever I feel like it,” fund.

So, whenever possible, put some money away and save it for a rainy day. You never know when it may come in handy!

Bonus: Automate Your Investments

Don’t wait until you graduate to start investing your money. By investing during college, you can get a headstart on your financial future.

If you’re not sure where to start, take a class at school or online.

Or, if you have a friend or family member who’s willing to coach you, take them up on their offer. You might even know a finance major who can give you some advice. There’s also the option of getting a financial advisor.

Whether you get help or decide to go solo, do your research. You should make sound investment decisions that will benefit your future.

When you start investing, set your account up so it automatically withdraws funds from your bank every month. That way, you won’t be tempted to spend your investment money on anything else.

Remember, consistency is key! Religiously invest money every month and, within a few years, you’ll have a nice little nest egg.

In Conclusion

It may seem impossible to graduate free of debt. But if you budget well, you’ll be pleasantly surprised.

You might still have student loans, but at least you can keep them down or start paying them off while you’re in school.

Your financial decisions will determine your spending habits in the future. So, start making positive decisions today.

As a reminder, here are a few ways to budget your money while you’re in college:

  • Take an inventory of your income
  • Use your financial aid wisely
  • Live with a roommate to save on living costs
  • Limit the amount you spend on food
  • Get rid of cable and subscribe to a streaming service
  • Pay your credit card bills on time
  • Make coffee at home
  • Use an app to track your spending
  • Keep an emergency fund
  • Invest your money in stocks or other outlets

There are many other ways to save money that we didn’t cover in this article, so keep looking for new ways to cut costs.

Come up with a money-saving plan of attack and stick with it throughout your college years. By successfully budgeting, you’ll come out with a shiny degree AND some money in the bank!