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Getting A Personal Loan: Here Are 5 Things To Consider While Getting A Loan In Singapore

  • December 20, 2021

Getting A Personal Loan

Singapore is home to some of the highest homeownership rates in the world. Even though property prices are more expensive in nations with land scarcity, the Singapore government has tried its best to make housing affordable for everyone.

However, most people apply for loans to buy houses due to their hefty price. With so much jargon in the mortgage documents and so much cash at stake, one must understand the fundamental requirements of getting a home loan in Singapore.

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6 Types of Financial Instruments

  • December 18, 2021

6 Types of Financial Instruments

Investors can use a few different financial instruments when trading in the markets. Before investors can employ any of the following financial instruments in their trading, they must choose between debt and equity.

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How Millennials Choose to Use Their Money

  • December 16, 2021

Millennials often get a bad reputation for poorly spending their money. They usually get teased for spending money on travel and shopping instead of investing in a new house or starting a family. However, how millennials spend their money is merely a representation of their life preferences, priorities, and circumstances.

Many people think that millennials are thoughtless when they splurge on brand new iPhones or streaming services. But what they don't realize is that the choices made by millennials could be wiser as they use these things to keep their sanity in a fast phased society.

Understanding Millennial's

By definition, millennials are those born between 1981 and 1996. One of the key identifiers of millennials is that their group was born and raised when technology was just about to rise, allowing them to grow up with substantial knowledge of modern technology. Millennials quickly adjusted to mobile devices and computers from a young age as they transitioned into adulthood.

You may be one of the many people that think millennials are reckless when it comes to spending, yet understanding their patterns can help you know them better.

In most cases, their priorities are significantly different from one another. And if you are from another generation, their priorities are most especially different from your goals when you were the same age as them.

Millennials typically spend money on the following:

Online Shopping

Millennials are lucky enough to grow up in an era where online shopping takes place- making it highly convenient for them to order a new pair of limited edition sneakers. A recent study shows that millennials have made 60% of their purchases online. But that doesn't necessarily mean that they are overspending in general.

Loan Payments

Millennials are more competent than people think they are. They are now more aware of the consequences of poor spending habits, so they ensure to pay off their debts on time. Unlike the older generation, many millennials know how the credit scoring system works, how having piles of debts could affect their finances and their future.

After graduating, one of their main priorities is to pay off their student loans, making it one of the top factors that affect their money habits.

Delivery or Takeaway Food

Most millennials are busy building their careers, leaving them little to no time to prepare their meals. Thanks to the rise of food delivery apps, takeaway food has become one of the top items that millennials spend money on. A recent survey shows that at least 50% of millennials' food budgets are spent on food delivery.

Travel and Experiences

Most millennials have one thing in common: live their lives to the fullest. Millennials cherish life experiences astoundingly. In fact, they are the top age group that spends money on travel and leisure.

Undeniably, not all millennials prioritize being rich and buying assets. Their idea is to live a beautiful life that they can remember for a lifetime.

Social Impact

Millennials are more aware of the impact of the brands they purchase. They ensure that their values line up with the values of the brands they buy. The main idea is to support causes they believe in and give back. For instance, they don't just buy any beauty products. Millennials ensure that they use environmentally friendly cosmetic items made from cruelty-free procedures.

Convenience

Millennials practically value their time more and would rather pay extra for convenience. As a matter of fact, convenience plays a significant in how millennials spend their money. From delivered groceries to subscription services to meal kits and more, millennials are more than willing to pay extra cash to avoid the hassle of traffic, going out of the house, and everything in between.

Things Millennials Don't Prioritize

Since millennials know what they want in life, they tend to focus less on things they don't find necessary.

In general, millennials have different points of view regarding spending. Their goals differ from the older generation as they have a solid plan for living their lives.

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How Money Plays a Pivotal Role In Your Business Ventures

  • December 16, 2021

Without money being injected into your business it is going to be pretty impossible to function as a whole. So finding the optimum ways to be able to fund your business and get it running will be necessary if you want your business to succeed. So here are some examples of why money is pivotal in your business and why you need it to succeed. 

To Gain a Profit 

In order to make a profit you need to invest money into your business to begin with. Being able to invest money in your startup is essential if you want to eventually expand your business and be able to gather a return on your investment. So the foundations of your business are going to be reliant on financial investment. 

Enables You To Pay Your Staff 

If you do not have funds in place then how will you be able to pay your employees for all their hard work? Finances play an important role in you being able to branch out your business with the help of efficient and dedicated staff to ensure a smooth operation. If you do not have financial resources to pay them, then it is going to be impossible to expand your business without a team of people behind you. 

Covers You In The Event of a Sole Proprietorship 

When you set up your business you may want to consider whether you want to be a sole proprietor. It is a lot easier regarding financial paperwork if you are able to establish your business as the sole proprietor. An important aspect to consider is whether you have enough finances in place should anything occur, whereby you could be liable for expenses if any lawsuits are filed against you. This is where it will be important to have funds set aside for a rainy day in which you need to cover business costs.

Enables Innovation and Development 

When you have ideas in place for a new product or service you will need finances in place to be able to drive this innovation forward. Money helps you get your written ideas on paper and turn them into a reality. With financial backing you can soon get these ideas in motion. 

Maintains Your Business Premise

It is likely you are going to have a business premise in which you run your business from. In order to maintain this venue, you are going to need money to be able to pay for it. The everyday maintenance and water and electricity bills will need to be constantly funded in order to keep the business going. Without money you cannot afford to rent out your business space which will be important if you want to keep it going. 

Enables Business Growth 

You might have big plans for your business from a modest idea on paper to a bigger business empire within the next 10 years. Without financial resources however the reality of being able to expand your business is not going to be possible without a business plan and money to finance it. Setting out a budget plan for each year and knowing how much you can afford to spend is going to keep your business growth possible. 

Prepares You For The Difficult Moments

Unfortunately there are bound to be highs and lows when you set up your business. So realistically you always need to be prepared for the worst case scenario so that financially you can get through the difficult moments as smoothly as possible. 

An example of this is the pandemic in the last year or so which caused significant disruption to businesses everywhere. Keeping money set aside for emergency scenarios is important so that you at least have some resources in place to keep your business afloat until you are making a profit again. 

Overall you need to be aware of the financial ups and down when you venture into the world of being an independent business owner. Being as organized as possible and financially savvy is going to help you get your business off the ground and hopefully allow it to grow and thrive. 

 

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4 Benefits of Getting Car Insurance

  • December 16, 2021

 

In case you've at any point been engaged with an auto crash, you know how monotonous and tedious the whole result can be. With the right inclusion, you're saved from haggling with different drivers or landowners involved in any kind of accident. You're likewise saved from dealing with the expenses of supplanting or fixing your vehicle.

Having excellent car insurance can assist you with managing a great deal of these issues. A decent arrangement can cover fixes and substitution just as towing. When you make a case, the insurance agency oversees and upholds you through the whole cycle.

So, if you do not have much idea, here are some of the advantages of having car insurance for the protection of your vehicle that can help you a lot in the future as well. 

 

Third-Party Liabilities

Assuming your car is associated with a mishap that results in harm or misfortune to the property of any outsiders, it is covered under car insurance. Besides, assuming that you face any legitimate liabilities in the event of any substantial injury or passing of an outsider, your car protection ensures you against the equivalent.

This means that if you tend to have car insurance, you would not have to worry about the expenses of the loss that the third party has to bear. This is because these loss expenses will be handled under your car insurance and you can easily get away with it.

This can help you to save you from any kind of sudden financial crunch or the problem of taking out cash to save the other party. 

 

Personal Accident Cover

One more benefit of car insurance is that it offers individual mishap cover for not really set in stone sum. Individual Accident cover gives security against super durable all-out inability, Death because of a mishap. 

Moreover, this cover can be taken for different travelers on an anonymous premise (greatest according to the vehicle's seating limit) with respect to not really settled sum under the car insurance strategy, which means you would not have to worry about accident cover.

Having a car insurance plan on hand helps you to protect yourself from any kind of sudden accident by covering your personal accident loss that includes your car repairing, and other medical bill expenses. 

 

Medical Bill Coverage

In case you get seriously hurt during a car accident and have to bear serious injuries during this mishap, it can sometimes get really hard to pay the bills of all those heavy medical treatments and tests that can become quite hard to manage under a financial crunch. 

However, this is not the case when you have car insurance. This means that having auto insurance not only protects your vehicle from any kind of loss but also helps to cover your medical bills if you get injured during an accident. 

This can seriously take a load of the burden off of you when you are already in a time of distress and dealing with a loss. 

 

Large Network of Garages

Another one of the many great things about having car insurance for the protection of your vehicle is that in case of an accident or any other mishap when your car or whatever vehicle you have gets broken, the insurance company can get it easily repaired. 

The reason behind this is that most of the insurance companies have a large network of garages, and they know what the right shop that can provide you excellent services at less cost is. 

So, just by contacting them, the insurance company can take care of your car and get it repaired as soon as possible without you getting into much hassle. 

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Five tips to ensure your business is financially fit

  • December 15, 2021

Starting a business venture and successfully running it is almost everyone's dream. Indeed it is exciting and seems effortless. However, it is a road full of bumps and hurdles. Unlike 9 to 5 jobs where we all wrap up our tasks before leaving, there are several minute details which a business owner has to look into. Hence, there are numerous risks to cater to and fulfill customers' demands when running a business. So, in addition to these primary concerns, when the business flourishes, there is a whole new range of challenges. As new issues develop, business owners must revise their strategies. Unfortunately, the methods that were effective a few years ago might not be helpful today. 

Amongst all the challenges severely impacting a business is a financial crisis. Therefore, it is indispensable to manage the finances of your business. When you are financially strong, you can utilize the available resources to achieve your desired goals. You can be competitive in the market, fulfill the stakeholder's commitments and be financially strong for the long term. Hence, adding financial management to your crisis management plan and other ongoing plans is a wise move. However, you may encounter unexpected financial losses when you run a business. Hence, it would help if you prepared yourself for sudden blows. Nevertheless, here we have some expert tips and tricks you may follow to ensure that your business is financially fit.

Automatic payment system for yourself and customers:

Business experts always discourage late payments, as it may impact the growth of your business. So if you have any customers who delay payments resulting in an outstanding invoice, an automatic payment system will be beneficial. It encourages them to pay on time and won't excuse themselves. However, if your customers still refuse to pay on time, hiring a debt collecting agency to manage these outstanding payments would be best. 

You can also set up an automated payment system for yourself. It saves you from missing the due date and penalties on late payments. One drawback of this strategy is the potential of overdrawing the money. Therefore, always check your account and keep it up to date. In addition to that, ensure that your personal bank account and corporate bank accounts are separate. It saves you from liability or any legal action concerning the corporate account. 

Set up an emergency fund:

The biggest fear when running a business is not making ends meet. Therefore it is essential to have funds to fall back on in such a scenario. These funds also help tide up your business initially, before your business starts to generate enough finances. Even in the worst-case scenario, where your business fails, these emergency funds will prevent you from falling. Hence, it would be best to set aside enough money to cover your expenses for at least three months. However, putting aside a year's expenses for any emergency is more appropriate. This way, you won't have to worry about the shutters rolling down. 

Pay off any existing debt:

It is pervasive for business owners to take out loans to start a venture. Hence, if you have any existing debt, it is advisable to pay them off before you plan to take another. After all, it gets challenging to cover up the startup cost with an existing loan weighing you down more.  So once your business starts to generate profit, it would be best to pay off any startup loans. You can start with paying off the smallest debt first, the "debt snowball" method. After paying off, the excitement and relief you get will motivate you to tackle the next one. Hence, it is advisable to stay debt-free and hold your business to a specific budget. Also, minimize your expenses as much as possible, but ensure that you don't compromise the quality. Similarly, before you hire a new employee, reevaluate the existing employees and check if they can handle the work or not. 

Consult a professional financial planner:

Whether your business is small or whatever your financial goals may be, it is always beneficial to consult a professional. A professional financial manager can guide you in investing, budgeting the resources, and saving up the maximum amount monthly. Similarly, they can structure your finances in a way that reduces the tax burden and protect you from any liability. Many business owners don't take assistance from a financial planner, as they have a tight schedule. However, it takes a little time to meet with a professional and create a financial plan for your business. Hence, a sound financial plan can help maintain your business's stability and enable you to prevent further financial losses. Therefore, there is no harm in squeezing out a couple of hours for your company’s betterment.  

Run your business below the means:

If you make up a habit of living below means, it helps you immensely as you don't get the chance to overspend. The same rule applies to your business. When your business expands, you may want to spend more on the resources for maintenance. However, it is advisable to do it in proportion to the growth of your business. In simple terms, be frugal. Business experts highly recommend this practice even if your business is booming. However, if you run a small business, there are higher chances of a dry spell or a sudden change in income. Similarly, it is also difficult to scale back once you get into the habit of spending more. But nothing is impossible; it all requires strong determination and consistency. 

A take-home message:

Owning a business has several desirable aspects. You get the chance to enjoy the independence of being your boss and the ultimate satisfaction of pursuing your dream. However, your goal of running a business can be short-lived if you don't manage the finances on time. In addition to managing finances, don't forget to take care of yourself. According to research, being a business owner is one of the most demanding jobs. Hence, it is necessary to take care of your mental and physical well-being. When you are in good health, you can make crucial decisions quickly and with full attention.

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Hire The Best Las Vegas CPA Firm: What You Need To Know

  • December 13, 2021

Best Las Vegas CPA Firm

Las Vegas is a city that thrives on entertainment and gambling, but it's also a place with a growing economy. It has been ranked as one of the top cities in America for business growth by Forbes magazine. With this sort of growth comes an increase in demand for accounting services from people who want to invest money in Las Vegas, and this is why it is important to find one that has the right expertise and can provide you with the services you need.

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Here’s What You Need To Consider When Budgeting for a New Car

  • December 10, 2021

people discussing cars at a car dealer - Here’s What You Need To Consider When Budgeting for a New Car

Budgeting for a new car this year?

When buying a new car, most people forget that the total price of the vehicle is very likely to go beyond the prices stated online or on the sticker. However, there are other extra charges that you need to keep in mind. These additional charges may include tax fees, registration fees, insurance, and fuel.  

Before taking on an important financial decision such as purchasing a car, a preliminary budget that is effective will save you more than just your time and money. It will also help you stay organized, boost your confidence, and provide you with peace of mind. 

So, what do you consider while budgeting for a new car?

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Surety Bonds: What You Need To Know

  • December 10, 2021

one dollar bills wrapped up in a pile - surety bonds

Looking for information about surety bonds? Here's what you need to know to get started.

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Paying Off The Pandemic Debt

  • December 7, 2021

Paying Off The Pandemic Debt

After almost two years of pandemic, Americans have added a whopping $660 billion in debt as they struggle to cope with the COVID-19 hardships. According to a recent analysis, the average American now has almost $54,000 of debt. Households have accumulated over $155,000 in consumer debt on average. 

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