Tired of Being Broke in Vegas? Avoid These 7 Bad Money Habits

7 Bad Money Habits

Making ends meet and struggling to provide for necessities can be a challenging task; especially when you have bad money habits. If you are tired of living day to day, here are seven bad habits to avoid that will save you from being broke.

1. Spending More Than You Earn

Don’t act like a country; they are the only ones allowed to spend more than what they have. Get to know your deficit. According to the National Financial Capability study, 1 in 5 Americans spend more than they make and at least 38% can’t break even. Spending less than what you earn is critical for you to save something for another day.

2. Thinking Credit Cards Are Free Money

Credit cards are great when used in a bad financial situation. However, this particular plastic in your pocketbook is the greatest promoter of lousy money habits as it allows you to spend on impulse abandoning your budget plans. So sticking to your budget and keeping your credit in your wallet is one of the best money habits you can have.

3. Ignoring Your Bills

More than one-third of your FICO credit score is determined by your ability to pay bills on time. When your credit card bill, car insurance or utility bill arrives, pay it before the due date. Devise a payment method and plan with your creditor before it goes to collections. Your financial future depends on it.

4. Hanging with Other Broke People

When you consider your friends, are they financially successful? If the answer is no, then you need to start spending time with people who are successful. Good money habits will rub off on you, and any advice you get about finances comes from people who practice what they preach.

5. Dreading Your Paycheck

Stop wasting your energy complaining about your measly paycheck. Use that energy to get where you want your earnings to be and improve your salary. Do you think you should make more money? You need to negotiate for a raise. Talk to your boss so that you understand what’s required to get that bump in your pay.

In case you’re of significant value to the organization, the supervisor will be able to notice the implicit threat if you leave for a better-paying job. Remember, the best time to look for more lucrative opportunities is while you still have a job.

6. Making Excuses for Not Saving Money

Start saving now. You can put money in a savings account where you can’t access it unless during emergencies. It’s easier and less stressful to make financial decisions when you know you have some extra cash in your account that will cover emergencies. Second, focus on how to save money on things that you do. Never purchase something on a whim or without researching the price from a few different stores.

7. Request for Loans

Sometimes personal loans in Las Vegas can be a boost to your financial strength when borrowed and used in the right manner. Personal loans can be used to start money generating projects that will contribute to your overall financial stability. This will, therefore, enable you to take care of some bills hence increasing the saving power.

Conclusion

Breaking your financial routines may take significant effort and time. Engaging habits that will enable you to build your bottom line by paying bills on time, making use of technology and increasing your savings and income will be worth your effort and time in the long run.

The Ultimate Guide To Life Insurance

When you pass away do you want your family to be protected? Do you want the security of knowing your partner and your children are financially secure? Surely this is what everyone wants and the only way to achieve it is through investing in a life insurance policy.

Surprisingly there are still so many people who fail to do this in the modern day. A lot of the time the reason why people do not have life insurance is because of a lack of knowledge. Well, that is exactly what this blog post is here to put right. Read on to find out all you need to know regarding what this type of insurance is and why you need it.

What is life insurance?

First and foremost, it is important to determine what life insurance actually is. This is a contract between you and the insurer in question. The main point is that the insurer will agree to pay out a cash sum if you die during the length of the policy. You will have various policy options and therefore it is essentially up to you when it comes to determining how long you will need the policy for and how much cover you think you will require.

Why do you need life insurance?

It is a must-have for everybody as at ensures your family are protected from any financial worries once you are gone. There are many costs they could endure that you may not think about. This relates to everything from household bills, to funeral costs, to unforeseen medical bills, to mortgage payments, university fees, to childcare costs. When you take all of this into account it is not hard to see why you need life insurance.

What should you consider when looking for life insurance in Hong Kong?

  • Can you afford the payments? A lot of people get so sucked in with the cash sum that may be paid out. Because of this, they do not take the time and effort to really assess whether they can afford the payments. You don’t only need to consider the payments today but you need to think about the future as well. There are a lot of policies whereby the payments rise as time goes on.
  • How much coverage do you need? This is something that requires a lot of assessment. Obviously the more coverage the better, but it is not as simple as that. The more coverage you seek the more expensive the policy will be. Consider how much income you contribute to the family and how much others depend on you. Don’t just think of dependency in terms of the money you provide. If you look after the children for example, when you die your family would need to fund childcare and therefore this would have to be seen to in the insurance policy.
  • Do you want term or whole life insurance? Last but not least, you need to determine whether term or whole life insurance is going to be the best option for you. With GUL companies, they offer policies that feature premiums that will never rise. On the other hand, a term policy is one that has fixed premiums for a set period of time and then they will rise as you get older. These are typically a lot cheaper.

The benefits of buying life insurance sooner rather than later

A lot of people put off buying life insurance for as long as possible. However, there are actually many benefits to be gained by getting this from a young age. Let’s take a look at some of these in a bit more detail…

  • Lower insurance costs – If you are young and in good health then you are much more likely to better from favourable terms. In most instances; the younger you are, the lower the cost will be to insure you. If you leave purchasing life insurance until much later in life then there is a higher chance you are going to have health issues and this will compromise the quality of your insurance policy. Lock in your premium now and you don’t have to worry about it increasing in the future – no matter what happens.
  • Investment potential – A lot of young investors opt to buy life insurance in order to expand their financial portfolio by incorporating a tax-free investment fund. This is because whole life insurance includes a cash account. A lot of people use this as an investment fund or a savings account. Every policy is obviously different however there are those that present you with the opportunity to earn tax-free interest, bonuses and alike from the cash value of your policy. Furthermore, this value will grow based on the amount of time you hold the policy.
  • Be prepared – You never know what is around the corner. You may not have children now, but who is to say you won’t become a young parent? We all like to have our lives planned but it doesn’t always happen the way we expected. By purchasing a life insurance policy early you can be safe in the knowledge that your family will be able to cope financially if anything was to happen to you.

Hopefully, you now have a better understanding regarding life insurance, why it is important, and what to consider. One important thing to remember in all of this is that you are taking out this policy for your loved ones. Nobody likes to think about death and leaving their family and close friends. However, it would be a million times worse to completely ignore this eventuality and leave those you love in potential financial ruin.

Saving Money on The Little Things

Saving Money – coffee and stuff like this — you could invest what you save, which means you would have $50 per week — which over time, would compound and so on!

Saving money can be almost as important as making money, on the basis that the more you save, the less you need to earn.  

This is particularly true if the money you are saving is redirected into an investment fund which allows your money to grow exponentially and compound over time, for instance with CMC Markets shares.

The other thing you want to consider when looking to save money is also how to save time; after all, the majority of times we are looking to save “time” rather than money and this often comes at a cost.

For instance, if you wanted to get somewhere quicker, when driving, you might put your foot down on the gas pedal – thus using a lot more fuel than if you were to take it steady, on the basis that saving time is more important than money.  Similarly, people will often pay for tolls to get where they are going much more efficiently with a direct, high speed, toll road.

That said, money saving doesn’t have to take loads of time, it just requires a little more organisation and preparation in advance.

Let’s take a look at breakfast, for instance.

When it comes to eating breakfast many people either skip their breakfast because they’re rushing to get to work or they grab something on the way that tends to be overpriced and quite bad for their health.

Eating “on the go”, in this sense, can be expensive – and whilst it might not seem very much money at the time, if you pay $5 for a coffee each morning, this is $35 per week.  Imagine, if for one year, you redirected this $35 into something like bitcoin… particularly if you did this a few years back.

The other aspect of eating breakfast in this way, is that because it is likely a sugary or greasy snack, this causes peaks and troughs in terms of energy levels – which means that your energy levels are likely to “crash” mid morning and your body will crave sugar in order to boost your energy… which inevitably means you will spend more money on another sugary snack, to keep you ticking over until lunch, which is an expense you could easily eradicate from your life.

When it comes to breakfast, the best thing you can do is prepare something the night before, in advance, so you’re not rushing around in the morning.  A great example is a smoothie with fresh fruit, coconut milk, some dark green leaves and some chia seeds.  You can blend it up, the night before, keep it in the fridge, then in the morning grab it and drink it on the go – knowing it is healthy and will keep your energy levels topped up for several hours.  You could even drink this whilst driving.