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Life Tips for Personal, Financial and Business Growth

Maxwell

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How To Budget Post-Retirement

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Adjusting to a new income post-retirement can be difficult and you may find yourself falling into the habit of spending money that you longer have spare.

To avoid this, I have written this blog which outlines 5 tips on how to budget post-retirement so you can enjoy it rather than stressing about money. This blog will show you how to easily manage your finances on your new income.

Make a list of all your monthly outgoings

The first step to budgeting post-retirement is to create a list of all your money outgoings so you know exactly how much is going out of your account. This may not be something you would generally do, however now that you have to adjust to your new income, you may have to be stricter with the way you are spending your money.

When compiling this list, make sure to include everything that comes out of your account on a monthly basis, not just your bills. For example, you need to include basic things such as your average monthly food bill to non-essential expenditures such as getting your nails done each month.

Once you have compiled your list, deduct the total from your overall income so that you know how much you have leftover each month that you can spend on what you like.

Plan what you would like to do and set money aside for it

Now that you have a different income, it’s important to plan what you would like to do ahead of time so you can set aside money for it, although this generally applies to activities that will be more costly.

As you will have more free time during retirement, you will most likely take up hobbies at first to fill the time gaps during the day. If this is the case, take a look at your finances beforehand to ensure you can do so, especially if it’s a weekly club you would like to attend.

It’s also important to treat yourself during retirement such as going on holiday or city breaks, however, this comes at a cost. If you are planning on travelling during retirement, research everything beforehand so you can get the best deal. This will also give you a good idea of how much the entire trip will cost you so you can save for it.

Invest in a good funeral and life insurance plan

Altough it’s a morbid thought, investing in a good funeral and life insurance plan is imperative when you retire and could save your family thousands when you pass.

With funeral costs increasing significantly each year, having a pre-paid funeral plan is a great way to avoid a hefty bill when you pass. It also gives you control over the kind of funeral you would like. An over 50s funeral plan gives you the freedom to choose a plan that works for your budget that you can pay in monthly instalments.

Another thing to consider is life insurance as having the right cover is essential to financially protect your loved ones when you pass. Once again, there are many packages out there that will cater to your budget.

Set yourself a monthly spending limit

Although you have budgeted for your expenses, it is very easy to go over the budget you have for non-essentials due to all the spare time you will now have. Even though you may only overspend by £10 here and there, over time it will add up and it can be hard to get out of this routine.

To avoid this, set yourself a monthly spending limit that you cannot go over. It may be easier to put the rest of the money into a different account to ensure you only have the money available that you give yourself each month.

Set aside money for unexpected expenses

Many people tend to have a savings account for their retirement that is separate from their pension, however, I wouldn’t suggest using that money straight away.

Altough it is important to treat yourself, you also need to ensure that you have money set aside in case of an emergency so you don’t end up paying for an unexpected bill and have nothing left to fall back on.

If you already have a savings account, I would suggest only dipping into it when you really need to. If you do find your account running low, then top it up each month until you have enough money that you can fall back on if you need to.

If you don’t have a savings account then I would strongly suggest setting one up and adding a bit of money to it each month. Doing this will allow you to spend the money you have whilst knowing you have savings behind you.

To sum it up

Now that I have shared my tips on how to budget post-retirement, it’s time for you to apply these tips to your situation so you can enjoy retirement without having to worry about your finances.

My biggest tip would be to sit down and plan how much money you will have each month as you can plan what you would like to do around this. It is also important to have some money to fall back on should you need it.

 

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Making Yourself More Medically Aware to Avoid Negative Situations

When you imagine people conducting their own medical research online, you likely immediately think of people who think that they know better than doctors and published medical academia due to misinformation that they have absorbed. However, while that might be on the extreme end of looking online in order to make yourself more aware of the medicinal world, it’s still a practice that can theoretically have some merit, as long as the sources that you’re using are valid and your intention is to increase your basic awareness.

Doing this kind of research can make you more aware of what you should and shouldn’t do in situations, and while some of these might feel like issues that would never arise, knowing what to do in one when they do can be something that you’re very grateful for.

In an Emergency Involving Medical Professionals

There are a few situations where medical professionals can get involved with your health, and there might be certain information that they need to know in order to prevent a disaster from occurring. It might be hard to narrow this down in order to find specific answers for every single situation like this, but doing some research into matters and questions such as ‘can you fly with a concussion’, can give you a better idea of what to do in that situation.

Another example of this that you might be aware of is how certain kinds of anesthetics used in certain medical fields can interact badly with other drugs, meaning that you have to be honest with your medical professional in order to avoid a severely negative outcome.

In a Spur of the Moment Emergency

The most famous medical technique that might need to rear its head in an emergency might be that of CPR. This is something that is widely taught, but you might never have found yourself in a situation where you were a recipient of this knowledge. Depending on your line of work, you might be able to get some first aid training, which can not only help you become more qualified but can make you prepared for a situation that requires this kind of technique if you find yourself in one.

The concept is simple, though perhaps deceptively so, and it might be worth doing research into how to do this properly if you’re interested.

Alcohol Use in Certain Situations

The negative health impacts of alcohol are pretty widely known at this point. That being said, it’s difficult for people to just give it up even knowing this because of how enjoyable some people find it, as well as how integral it often is for various social occasions. However, it’s important that you’re aware of when it’s ill-advised to drink, as it can combine negatively with certain medications and vaccines that might require you to stave off for a temporary period.

This might not be something that requires you a huge amount of research, just awareness and curiosity surrounding medication that you find yourself on.

 

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Seven Budget Tips For Families

With the cost of living rising faster than wages, budgeting is an important topic for many families. Luckily there are plenty of effective tips and tricks you can use to cut your spending without it feeling like a compromise. Here are seven of the best.

1. Educate your kids on finance

Children form their attitudes towards money early on, so as a parent or guardian it’s important to educate them on financial matters. For example, you could give your kids a small amount of pocket money each week which they can then choose how to save or spend. If you’re fostering in the West Midlands, financial literacy is just one of the many crucial life skills you can teach the child you care for – even if they are only with you for a few months.

2. Make the most of free activities

As the saying goes, the best things in life are free. Although many activities aimed at children are expensive, there are also plenty of genuinely enjoyable ways to pass the time that don’t cost anything. For instance, you could spend the day at the beach, go on a long walk in the woods in search of cute wildlife, or head to the library to pick out some books for free.

3. Shop around

Whenever you have a reasonably large purchase to make for your family, take some time to shop around to make sure you get the best deal. For example, research a few different internet providers before choosing one, or look at the same car seat on different websites to see which store is selling it for the lowest price.

4. Stock up in the sales

If you find items that you use frequently on sale, it’s time to stock up. As long as they won’t go out of date before you can use them, this will save you money in the long run. Similarly, before buying anything have a quick search online for a discount code – you might just get lucky and snag 10% off!

5. Don’t rule out secondhand items

Baby products can be very expensive, yet only get used a few times before they’re outgrown. As such, looking on parenting forums and in secondhand stores can be a fantastic way to find real bargains. Likewise, if you have friends with kids who are a bit older than yours, ask if they have anything they were planning on getting rid of that you could use.

6. Cut your grocery bills

Food is one of the main expenditures for many families, however there are ways you can cut your costs. Instead of opting for big brand names or luxury products, try the supermarket’s own brand versions. In the majority of cases, you won’t even be able to taste the difference!

7. Link it to the environment

If your kids are old enough, one way to get them more enthusiastic about cutting back on water, gas and electricity usage is by explaining to them how it’s better for the environment. This often motivates young people more than budgeting does and can help them to feel as though they are having a positive impact in the world.

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Top Tips for Your Next Road Trip

Going on a road trip can be a daunting prospect if you have never gone on one before, as there are many more aspects that you need to plan than when you go on traditional vacations. However, the extra planning is nearly always worth it, and here are some top tips that you can follow to ensure that your trip goes smoothly.

Choose the Right Vehicle

The first step you need to take before any road trip is to choose the right vehicle for you. Although many people traditionally choose a car or campervan, motorbikes and scooters can be a quick and nimble way to get around, especially if you are traveling solo or with one other person. Not only are they easier to park and store while you are away, but they can help you to feel closer to the landscapes around you, without a sheet of metal or a glass window separating you from the excellent views. Then, you should consider looking at the scooters on offer at bmgscooters.com, as they sell top brands such as Vespa and Piaggio.

Go the Scenic Route

Rather than simply plotting out the quickest route that you can take to reach your destination, you should instead consider trying to follow the most scenic one. Although this may mean that it takes you longer to reach your destination, when you are on a road trip, you will spend most of your hours traveling, which means that the journey is just as important as what you do when you reach your desired location. Whatever you do, though, you should make sure that you map out the route far in advance, as this will prevent you from running into problems or from getting lost when you are already halfway through your road trip.

Prepare for Problems

You should always make sure that you prepare for problems, though, and that you do not see your trip as a few days where nothing bad can happen. For instance, you should make sure that you pack a first aid and a maintenance kit in case you are injured, or your vehicle breaks down. You should also take out vehicle and travel insurance before you decide to head out on your road trip. Not only this, but you should take all of the measures possible to prevent crime on your trip, such as ensuring that your vehicle is locked when you are not in it, securing it in a safe location, and fixing an alarm to it.

Take Breaks

It is also important to take as many breaks as possible on your trip. Otherwise, you may be at risk of falling asleep at the wheel and from developing health issues such as poor posture and back pain. You should try to plot rest stops throughout your trip or switch drivers regularly if you are both insured on the same car. It is also important to take enough food and drink with you. This will then make sure that you feel refreshed and comfortable at all times.

 

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4 Finance Tips For Keeping Your Business Afloat During Tough Times

Keeping your business above water financially is no easy task, and this is especially true in the face of adversity. Whether it’s a global pandemic causing business shutdowns, a natural disaster that has caused extreme damage, a health issue, or something else, there are so many things that can happen which will affect your business negatively.

Of course, the best thing to have during tough times is an endless amount of savings to put back into your business. However, that is not something every business owner has. If you are struggling to keep your business afloat due to hard times, here are 4 finance tips for you.

Keep Costs Low

This may seem like one of the most obvious things you can do, but sometimes things can get busy and it can get forgotten. Remember to stick to your budget and keep costs low whenever possible. It is probably possible to run your business off of less money than may think. As long as you have what it takes to get OSHA certified and pay the costs involved with your business license, you are a legitimate business.

Pay attention to how you are outsourcing work, how much you pay your employees, and how much you spend on supplies. If there is anywhere you can cut costs without having to sacrifice anything, you will already be prepared for tough times.

Scale Back

Scaling back may be the last thing you want to do after spending years growing your business from the ground up, but in order to survive uncertain times, you will have to do just that. For example, try staying open only 5 or 6 days a week instead of 7, or having less employees working at a time.

You can also try postponing production or further plans while you wait to see how things pan out. This can be stressful and scary, but it’s a smart business decision when you don’t know what the future holds.

Think Outside The Box

Thinking outside the box and coming up with fresh, new, innovative ideas is a great way to ensure the success of your business, even when times are tough and it feels like the world is against you. In the face of adversity, do things that go against the grain or that you maybe normally wouldn’t. Don’t be afraid to take risks with your business as long as they won’t end up tanking you entirely if they don’t go as planned.

Ask For Help

When you are struggling in business, just like in life, it is alright to ask for help. Ask friends, family, investors, and even longtime customers/clients if they can help your business stay afloat until things improve. You never know who will be able and willing to help you, and this could end up making all the difference.

Staying in business when times are tough is not a given, and it can be stressful to make it happen, but hopefully these tips will help you with that!