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Life Tips for Personal, Financial and Business Growth

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Cash ISA vs Funeral Plan: Which Type of Investment is Better

Funeral services can cost you a lot of money. According to the latest statistics, a typical funeral director service today costs around £4,078. Some parts of the UK charge higher than the national rates. For example, in London, you’re likely to pay twice the national average price.

If you want to save money on your funeral costs, you can avail of the direct cremation service. It will only set you back£1,600. Alternatively, you can organise the funeral to reduce your expenses. You can expect the rates to go up continuously in the next few years. Thankfully, there is a way you can get around this issue.

Today, you have two options if you want to save money on your future funeral needs. One is to purchase pre-paid funeral plans. Your second is to open a cash ISA account.

What is a funeral plan?

A typical UK prepaid funeral plan can cost anywhere between £3,000 and £5,000. You have the option to pay in instalments, depending on the funeral plan provider. Some companies allow their policyholders to stretch out the payment over a 12-month period.

The funeral plan typically covers the casket, funeral ceremony and other fees. Many individuals prefer availing of a funeral plan because it provides them peace of mind. If you want to spare your loved ones from the stress of handling funeral preparations, a funeral plan will work great for you.

What are cash ISAs?

Cash ISAs primarily work as an ordinary savings account. Any UK resident aged 16 years and above can open a cash ISA account. Today, a cash ISA is one of the best ways to save money. Taxpayers who earn below £45,000 can receive a savings interest worth £1,000 each year.

If you are a higher rate taxpayer who earns around £45,001 to £150,000, you can earn £500 of savings interest each year. If you earn more, you won’t receive any allowance.

You can set up a cash ISA account at any bank in the country. There is no setup fee. It is ideal for individuals who pay taxes using their savings.

Which option is better?

While the cash ISA sounds like a good investment, a funeral plan is still the better choice because the cost of funeral services tends to inflate each year. Experts estimate an annual £2,000 increase.

Your savings from your cash ISA account might not be enough to cover your funeral expenses when the time comes. By choosing to invest in a funeral plan, you can lock in the current rate of the funeral director service provider.

There are hundreds of companies that provide affordable funeral plans. Find one that offers the most suitable deals for your funeral needs. More importantly, make sure that the company is certified by the Funeral Planning Authority.

Try to invest in a funeral plan as early as you can because the prices tend to increase quickly. By availing of a plan today, you can secure better rates and feel more at ease knowing that you’re prepared for the inevitable.

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5 Smart Ways To Save For Vacation

Vacation may be the only time you get to wind off and relax. Your career or business may be too demanding such that you look forward to vacation. This is a time to forget any stress as you bond with your family. As much as holidays can be fun, the obstacle is when you find yourself short of cash, and you have to cut your journey short.

Finances are highly crucial towards enjoying your stay. Are you planning to go to Hawaii, or Los Angeles or your dream destination? How do your finances look? Below are some brilliant ways to ensure that you have enough funds for your entire stay.

  • Plan in Advance

Identify with a rough estimation of how much you will need for the vacation. Plan a year before as it works well. Once you have an estimated budget let’s say around $1200, divide it into 12 months will give you $100 monthly. This is what you will need to save every month for the next year for you to actualize your idea.

  • Be specific in terms of your Travel

Where do you plan to stay? How much will you spend on the room? Will you be sharing with your friend or family member? All these questions help you work on a plan that will motivate you to save for your next vacation. This requires you to be disciplined on how you manage your money. Also, in a bid to save money, go for a destination that will not hurt your pockets. Find hotels or vacation rentals that have reasonable rates and ones that you can afford. Also, try booking your preferred hotel directly so that there is room for negotiation.

  • Open a Specific Savings Account for Vacation

Open a specific savings account for vacation. Not everybody has the discipline to keep saving every month. However, you can set automatic payments into the account such that you won’t even realize when money gets into the account.  You can open an account that enables your money to earn interest.  By the end of the year, you will have saved money as well as gained some more which will help you go for that deserved vacation. You can open an account at your local bank as well as an online bank.

  • Cut Down on Expenses

Minimizing your expenses will help you save your way towards the trip. Be careful not to apply for numerous credit cards as you may find yourself in financial debt making you unable to save for the vacation. Also, such debt may push you into a financial hole making your credit rating drop. Applying for loans will make creditors have authority to access your credit report which is in the form of an inquiry. Every time that happens, your credit rating drops. To avoid such occurrences, there are ways on how to remove credit inquiries from your credit report. (https://creditrepaircompanies.com/credit-inquiries/)

  • Find Ways to Get Extra Income

How much do you need that vacation? Get a side job that is manageable to supplement your full-time job. This could mean sacrificing a few hours during the weekend. The positive side is that it will totally be worth as you will travel to your dream destination knowing you deserve it. You could do some online jobs or simply do some babysitting job.

A strategy is what will determine if the above tips will work in your favor. Have a detailed plan of everything before starting and track your progress. You can even have an accountability partner who is saving for the same as it is easier to keep track and motivate each other.

 

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5 Ways To Invest Your Money

Unfortunately, if you leave the bulk of your money in a long-term savings account, you’re likely to make 2% interest per year on your bank balance. So if you’d like to find more lucrative ways to double your money, continue reading to discover 5 smart ways to invest your money.

5 Ways to Invest Your Money:

1. Consider purchasing shares in reputable index funds

If you’re looking to invest funds in a low to medium risk form of investment, you may be interested in purchasing shares in index funds. Index funds purchase shares from a wide variety of companies, which decreases your risk as if one or more companies experience a crash in stock price, you won’t lose all of your investment. So if you’re looking to dabble in the stock market for the first time, it’s well worth experimenting with investing in reputable index funds.

2. Consider purchasing cryptocurrency shares

In recent years countless investors have made phenomenal profits by becoming early adopters of high profile cryptocurrencies such as Ethereum and Bitcoin. If you’re not afraid of a bit of risk, you may want to consider investing a small proportion of your disposable income, into purchase cryptocurrency shares. If possible purchase your shares when the share price of your chosen cryptocurrency has taken a dip. As ideally, you’ll want to purchase your shares for a low price and sell them when they double in value.

3. Consider purchasing stocks in well known, international companies

Alternatively, you may be interested in investing your hard earned money in purchasing stocks from international companies who have performed well in the past 5 years. Examples of which include Apple stocks, Amazon stocks, and Ali Baba stocks. Before making a sizeable investment, just ensure to see how the stocks you’re interested in purchasing have performed over the past 2 years.

4. Think about investing capital in purchasing gold or silver

If you’d prefer to invest your capital into a tangible product, rather than intangible products such as virtual cryptocurrencies, which are kept in digital wallets, you may want to consider investing in gold or silver. As while gold and silver stocks occasionally take a price dip, in the long term gold and silver always increases in price as there is a limited, finite amount of gold and silver in the world. So gold and silver will become more scarce with each year that passes.

5. Consider becoming a stakeholder in a start-up business

If you have a knack for business and for calculating whether a business venture is likely to be profitable, you may want to consider becoming a stakeholder in a start-up business, which requires capital. Just be sure to choose a company whose vision you share and which boasts hard-working, innovative owners, who are determined for their business to succeed.

If you’re able to provide a business which you’re interested in becoming part of with valuable skills or advice, you may even be able to negotiate a higher percentage stake in the business, which you’re interested in!

So if you’re determined to use your savings in order to set yourself up for an early retirement, it’s well worth investing in some of the lucrative ideas listed above.

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6 Lifestyle Hacks To Help You Build A Workable Closet

If you’re looking for helpful lifestyle hacks which will help you build a workable closet on a budget, simply continue reading to discover 6 lifestyle hacks, which will help you achieve your goal.

6 Lifestyle Hacks to Help You Build a Workable Closet:

1. Consider using an unused spare bedroom as a makeshift walk-in wardrobe

If you have an unused spare bedroom, you want to consider clearing out your bedroom so that it can serve a spacious walk-in wardrobe. Consider purchasing inexpensive clothing racks, which you can use to hang up your suits, dresses, and shirts and putting up shelving units which can house the rest of your clothes and accessories.

2. Choose to vacuum pack your clothes at the end of each season

At the end of each season, it’s well worth vacuum packing any clothes that you’re unlikely to use for several months. As clothes which have been vacuum packed will take up a fraction of the space as clothes which are stored as they are.

3. Make sure that you have staple pieces of clothing in a variety of neutral colors

It’s well worth investing in staple pieces of clothing in a variety of neutral colors. As an example, it’s a wise idea to purchase dark blue jeans, light blue jeans, white jeans and black jeans as well as purchasing a black blazer and a navy blazer.

While more colorful or patterned pieces of clothing may catch your eye when you shop, you’ll find it far easier to put together stylish outfits if you first make sure that you have staple pieces, in a variety of neutral colors.

4. Invest in high-quality accessories, in order to take your everyday outfits to the next level

In order to look classy and put together without breaking the bank, it’s well worth investing in high-quality accessories such as stylish wrist watches, dress shoes and jewelry pieces, which will elevate a classic outfit to the next level. As an example, if you pair a designer watch, sunglasses, and shoes with a basic pair of blue jeans and a white shirt, you’ll be sure to look chic and stylish without spending a small fortune.

5. Purchase the bulk of your clothes, during yearly sales

If you’d love to be able to dress from head to toe in your favorite brands, you’ll find that your budget will stretch further if you make the bulk of your purchases during major sales. As an example, you should find that clothes are significantly cheaper during Black Friday sales. Other public holidays which feature heavily reduced items include New Year’s day, the Fourth of July and Memorial Day.

6. Consider swapping items which you no longer need or want with your friends

Instead of giving your unwanted items to a thrift store, you may want to swap some of your unwanted items with your friends. As there is a high chance that they’ll be looking to get rid of clothes or accessories which catch your eye.

So if one of your goals is to build a workable wardrobe on a budget, it’s well worth paying attention to the 6 lifestyle tips listed above.

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5 Valuable Tips For Buying A House

If you’re interested in investing in a brand new property, continue reading to discover 5 valuable tips for buying a house.

5 Valuable Tips for Buying a House:

1. Tour as many properties as you can, in order to learn about the current state of the property market

While you may fall in love with the very first property which you come across, it’s well worth touring as many properties as you can. As the more properties you tour, the better idea you’ll get of what style of house, you can afford with your budget.

As an example, you may find that you’ll be able to make an offer on a 2 bedroom home in your ideal neighborhood or that you can purchase a larger 3-4 bedroom house in a neighborhood which is located further away from your dream area.

2. Consider bidding for a property at auction

If you’re interested in purchasing a property at a heavily discounted rate and are in no rush to purchase in a new home, you may want to consider bidding for a dream property at an auction. If you require a mortgage in order to purchase your dream home, just make sure to talk to your bank manager ahead of the first auction which you attend, in order to get

3. Ask yourself whether or not you’re comfortable purchasing a fixer upper

While many individuals are comfortable paying a premium, to move into a house which has recently been renovated and requires zero repairs, if you’re looking to purchase a house at an affordable, competitive rate, you may want to consider purchasing a fixer-upper.

While a fixer-upper may require a bit of TLC, you should expect your property’s house price to rise by a significant amount, after completing all of your repairs. As an example, if you spend $10,000 overhauling your kitchen and your bathroom, your house price may increase by $40,000. Which means that you’ll make a tidy profit if you ever choose to sell your property!

4. Consider purchasing one of the cheaper properties in a street or neighborhood

Another way that you can ensure that you purchase a home, which will increase in price over the next decade is to purchase one of the cheaper properties which may be listed for sale, in a street or neighborhood which you’re interested in relocating to.

5. Make sure to get an independent inspection completed, before signing a legally binding contract

If you find your dream house, your next step should be to hire an independent property inspector to complete a detailed report on the house which you’re interested in purchasing. As they may very well find faults, which should decrease the property’s asking price. As an example, while a house may seem structurally sound, it may, in fact, require expensive structural repairs, which you may not be able to afford.

So if you’re in the market to purchase a new property, it’s well worth keeping the 5 valuable property tips listed above in mind, when it comes time to search for the perfect property.