Fixing your Budget: How to Trim down your Expenses

This last year has been a particularly difficult year for many people as the majority of the population have been living in and out of lockdowns with their places of work being opened and then closed again every few months. This has left a lot of people feeling financially unstable and many people are struggling as they’re earning much less than they’re used to. Whilst only the end of the pandemic can allow the economy to boom again and to help lessen the unemployability number, many people have been unable to wait for this and have found side hobbies to make money. Many people have learned a new craft and sold their products, whether this is learning how to bake and selling birthday cakes or if you’re a painter with more time to paint so you’re selling some of your art, all types of art have been successful. Others have found work from home jobs in a new field, some people have learned about the stock market and others have learned how to code, all to earn an extra income. If you’re struggling but don’t have the time or equipment to create a side income, then you can still trim down your expenses and make managing your money much easier.

 

Look at your contracts

Every single month people overpay for things that they don’t necessarily need or could easily live with a cheaper version of. For example, if you have the newest cell phone with unlimited data, texts and minutes then you’re likely paying around $80+ every month when if you need to cut costs you could purchase an older phone with a contact that just has the data, texts, and calls that you need. Another example of a contact that you’re overpaying for is your broadband, whilst you might have the fastest broadband at the minute, if you don’t work from home and just use your internet for YouTube videos and social media then you don’t need the fastest broadband and could get a cheaper one. Sometimes, however, broadband companies can make it difficult to leave so if you’re unsure how to cancel your broadband contract early then give it a quick google search and there will likely be a forum about your provider.

 

Plan

Most people think that if they stop ordering takeout food then their budget will drop drastically, however, this isn’t the case as sometimes you can go grocery shopping and spend more on meals than you would if you ordered a takeout. The best way to cut back here is to do some research and find some nice cheap meals that you’d enjoy and head to the shop with a plan. Decide on a Saturday what you’re going to eat the following week so when you go for your weekly shop you won’t spend over your budget. If you’re struggling to find cheap meals then there are many inspiring recipes online and many YouTubers have created videos of them doing a cheap shop and showing what meals they prepare with the food too.

 

Find free Hobbies and Days out

Another huge expense in your budget will be leisure, every time people want to hang out with their friends it usually involves spending money. Whether you’re buying a bottle of wine for drinks at home or going out for an expensive meal, leisurely activities also involve some sort of cost. To save some money in this area of your life then you can look out for free fun activities for you and your friends, your local drama group may put on a free production of a show or your local coffee shop might have an open mic night where you can see the local talent. By making swaps like this you can still enjoy things like live music without the hefty cost of a gig ticket.

 

Your Home

If you really need to trim down your expenses then trying to reduce the biggest cost is the best way to do this. Most people’s largest monthly expense is their rent or their mortgage, if this is the case with you then there are a couple of options on how you could trim this down. If you have a spare room in your home then you could either find a roommate to occupy it or you could advertise it on a website like Air B&B, this way you’ll either split the rent with someone or have additional income to put towards the rent from visitors who stay. If you don’t love the thought of sharing your house with someone then you can downsize where you live so your monthly expenses will be lower. If you have a family and can’t downsize then you could look for a similar house in a cheaper area until you’re back on your feet.

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How One Canadian Business Ingeniously Saved Themself from Bankruptcy 

Nobody said that owning a business would be easy. Plenty of us venture into the world of business building with nothing in mind but ambition and passion. Now, nobody is saying that having passion for your business isn’t one of the main elements of business ownership that will lead to success, but sometimes passion simply isn’t enough to ensure the success of a business.  

For anyone that has had the displeasure of studying or being exposed to the world of business, you will know just how complicated it is. There are numbers to crunch, stock to take note of and staff to employ. Though starting a business may seem exciting on paper, it is actually an extremely complicated challenge to set yourself, after all, there is no guarantee that your business will run as smoothly as you may like.  

For all of these reasons, it is no wonder why more than half of new businesses fail in their first quarter. Some business owners may notice that their businesses aren’t the success that they had first imagined they would be, while others find realize much too late and unfortunately have to deal with what all business owners dread- bankruptcy.  

Bankruptcy is arguably the worst thing that could happen to a business, as it means the business has lost all of the funds that it requires to be fully operational. Without these funds, the owner may be unable to pay their bills and their staff, which means that they are required to shut up shop and fire their trusted employees.  

A small business known as ‘Your Local Deli’ is one of the many businesses that has had to face the prospect of having to close due to bankruptcy. However, unlike many businesses out there, the Deli was able to survive the threat of bankruptcy. But how exactly did they manage it? 

Humble beginnings  

Your Local Deli was the creation of Emily Baker, who is a culinary student from Edmonton. Opening her own deli had always been Emily’s goal in life, so when she had finally completed culinary school, she took out a small bank loan and set forward to pursue her dream of being a business owner.  

Your Local Deli was no new concept to Emily, in fact, it was a business model that she had been thinking up since she was a young girl. Emily’s father owned his own restaurant, which meant that Emily was constantly exposed to the world of culinary excellence. As she aged, Emily became more and more involved in her father’s business. Starting off as a waitress, she became extremely popular in her local area for her excellent hospitality and fast responses.  

It wasn’t until her father experienced a staff shortage in the kitchen that Emily really discovered her love for making food. Emily was asked to take the place of a line chef and it was immediately obvious that she had the family gift of cooking. Once her father noticed this, he immediately taught her all that he knew.   

Opening the business  

When Emily was 24, she finally opened the business of her dreams. Though she was experienced in the world of cooking, she had absolutely no business experience. Because of this fact, her costs slowly started to outweigh her profit and the finances for the deli started to dwindle. Emily was at a loss and on the brink of bankruptcy until she had a genius idea. 

Reinvention  

She realized that the model that she had in place for her current business wasn’t working. She had also noticed that her premises were not up to the standard of other local delis. With this in mind and her last few dollars, she decided to completely redo her facility. 

The first thing she did was deep clean the building, they used a cleaning company in Edmonton for this, which gave her a blank canvas to really do what she wanted to do. She based her new business on the business that her father had owned, which had gained many fans over the years. Bringing this back to Edmonton gained the attention of some of these fans and they all flocked back to the restaurant to get a taste of the dishes that they once loved.  

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What is a Title Loan and Why do you Need One?

A title loan is a type of secured loan where borrowers can use their vehicle title as security for repayment of a loan. Essentially, these loans are designed for individuals who need cash fast to pay bills or manage debts. It is thought that more than 2 million people, 1% of Americans, use high-interest title loans annually, borrowing against their vehicles, but what is the fuss about?

 

Everything you need to know about a Title Loan

A title loan is a short-term, high-interest loan and as this type of loan lets borrowers use their vehicle to secure the loan repayment, the lender can repossess your car if payments are not met on time. It is suggested that you apply through a lender that offers one as long as you own your vehicle outright. It is vital that you show the lender your car, proof of ownership as well as your license.

If approved for a title loan, you will then exchange your car title in order to secure the loan. These types of loans typically have terms of 30 days, meaning you will make one single transaction at the end of the loan period. It is important to consider that alongside your borrowed amount, you will be required to pay additional interest and fees.

 

Why do you need one?

Title loans are essentially designed for people who need cash fast to pay bills or cope with an unprecedented emergency. Yet, this option to access quick cash is not necessarily the best option as you will encounter high fees or risk losing your car outright.  The advantages of this type of loan are the uncomplicated process in order to avail of a title loan due to the collateral side of things. Hypothetically, this means you do not need a healthy credit score per say to take out a title loan, as long as you can show you have a reliable source of income. The downside to a title loan is the high-interest rates the loan carries, alongside the fact that these loans are short-term and therefore are required to be paid back rapidly. The worst-case scenario is that the lender can repossess your vehicle, leading to further issues.

In 2015, it was recognized that there was a need for a real sense of honesty surrounding this option, and this company in texas for car and title loans was set up, known as Texas Title Loans. Here, they directly work with both retail and online lenders in many places across the United States such as Dallas, Houston, and San Antonio. At Texas Title Loans, they give consumers the chance to access assistance from the beginning of their application to the end, determining which company is best suited to you personally, leading many Americans on the right path, and ensuring they have found a lender that aligns with their needs.

You should always look toward alternative financing methods before taking out a title loan. According to CFPB, 20% of car title loan borrowers have their car seized when they can’t meet the repayments. Car title loan lenders make the majority of their business off borrowers who take out new loans in order to pay for the old ones. Some alternatives include payday alternative loans offered by credit unions as they are similar in nature to a title loan yet do not require collateral. Likewise, a personal loan is a quick way to secure cash with lower interest rates in comparison to a title loan – nearly 36%. It is important to take caution and thoroughly research before making such a commitment.

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