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Why Some People End Up Broke During Retirement


It’s a tragedy if you end up broke during your retirement years. You should enjoy the remaining years of your life. Instead, you face financial woes and keep worrying about them. You also start having health issues that could worsen your condition. It helps to understand why many people become broke during retirement, so that you don’t make the same mistakes and face the same issues.

They didn’t save enough money

Everything boils down to savings. You can decide how you’re going to build your savings, but you must save. Understand the options and determine where to place your money. The worst thing to happen is when you start living from paycheck to paycheck. You can never escape the cycle if you maintain this lifestyle. So start changing your ways if you want to have enough savings off of your monthly income.

There was no preparation

Once you’re close to retirement, you must start to prepare. Others do it even if they’re several years away from retirement—research about how much it is to retire in your desired location. Compute the monthly expenses and how you can afford to pay them. Remember that you won’t have a stable income source anymore. Planning for retirement is different from your usual budgeting method.

They didn’t ask for help from experts

You might not consider help from experts now, but it can go a long way. They know how to help you get through your current financial mess and get ready for retirement. Check out Fingerprint Financial Planning if you want help from experts with years of experience in the industry. Follow the advice given to you, and you can straighten your finances.

They spent a lot when they were earning well

It’s easy to overspend when you have enough money to use. This becomes a problem when you no longer have a regular income. During retirement, you will rely on a pension. It might be a good thing, but it’s not the same amount you used to get when you were still working. It’s the reason for saving money to continue living your lifestyle.

They spent energy and money helping others

There’s nothing wrong with trying to help others, especially the people you love. However, it’s a different story when you can’t afford to help yourself. Your first obligation is to yourself. If you have bills to pay, prioritize them. Then, you can help others out when you have something else to offer. Don’t worry too much about your family members. Besides, helping them financially will only make them more dependent on you. Imagine if you can’t support them anymore. It might even strain your relationship with them.

Be wise in planning for retirement. Research about your life ahead and how it will look like. Think about the activities you wish to do and how much you will spend if you’re doing them. If you have to start investing now, it’s never too late. It’s better than not having anything for the rainy days. Once you’re financially ready, you will feel excited about your retirement years.


How to Set Up a Productive Home Office Environment


If you are one of those people who have decided that working from home works for you, you are not alone. Many people have started running their businesses or carrying on with their current jobs from the comfort of home. And while it may be a significant change from the regular working environment, it offers excellent benefits such as substantial savings from the daily commute and dine-outs. For parents, spending more time with their children is a big plus. It is also much easier to manage household affairs that are often left unattended from lack of time.

Just the same, having a productive home office environment takes some work. Certain things have to be done to ensure that you can perform your best and accomplish your daily tasks. Here are a few tips to help you set up a productive home office environment.

Keep distractions away

Many things at home can distract you from focusing on your work. Your phone, TV, and other gadgets that are not work-related are some of them. When setting up your home office, ensure that what you have there is what you need for work. At the same time, have family members know that you are not disturbed during working hours. The schedule you create will give you enough time to spend quality time with them and respond to their needs.

Ensure that you have your office equipment and supplies

Apart from your office desk and chair, prepare everything you need for work. This would include your laptop or desktop computer, printer, scanner, fax machine, and business phone. In addition, you can find cheap stationery and office supplies that you will be using when you work. It would also be good to have a coffee maker on hand if you need your coffee at certain hours of the day. This will keep you from having to step out of your office when you want your coffee and help you from being distracted.

Go with ergonomic furniture

Because you will be spending several hours a day in your home office, you also need to consider your comfort while you work. Being seated for a long time can be stressful for your body if your office chair is not suitable for work. It would be best to get an ergonomic chair to protect yourself from back and neck pains that often occur if your office chair is not comfortable enough. In addition, you will be more productive if you invest in ergonomic furniture that keeps your body relaxed while you work.

On a final note, your home office can use a few personal touches to create a positive atmosphere. For example, a few family photographs or a favourite art piece can brighten up the place and bring in positive vibes. It would also be good to add some greenery that will not only enhance the appearance of your home office but also help purify the air inside. Finally, allow natural light to enter as this is the best lighting that sets the right mood to work. Setting up your home office for productivity is the best way to ensure that you get your work done and accomplish the goals you set for yourself from the comfort of home.


Things to Know Before Contesting a Will


Anyone who has been left with more questions than answers after reading a loved one’s will has, whether moments, hours, days or weeks afterwards, wondered whether they are in a position to contest its contents.

There are a fair few reasons why someone could contest a will, and none of them lead to simple or straightforward outcomes. Nevertheless, perhaps the hardest outcome is spending the rest of your life feeling as though something important has been missed, glossed over, or intentionally cast aside by another party.

So, if you’re seriously considering contesting a loved one’s will, here are a few things you need to be aware of before getting started.

There can be a Limited Window of Opportunity 

While the exact time limit on contesting a will is not consistent across the board, some cases are limited to six months after the grant of probate. This means that, for anyone wondering whether or not they have grounds for speaking out, contacting experienced contesting a will solicitors sooner rather than later is imperative.

Sometimes, an extension will be granted by the courts – but you must not rely on this being the case, and defer your opportunity under the belief that it will be permitted.

It Can be Expensive

Litigation is expensive, which means that the process of contesting a will can be expensive too. This is not a process you should handle without expert legal help, or without your eyes wide open to the high costs litigation can incur.

This is particularly important to note, as…

The Process Can be Long and Drawn Out

Will disputes can take years to resolve, meaning that committing to the process can also represent a major financial commitment – and a huge tie on your personal life. It’s a lot to think about, and a heavy weight to have sitting on your shoulders, especially when you consider the fact that…

It Can Cause Major Rifts

This is an incredibly delicate area of concern for any family. It is very easy for any beneficiaries who inherited from the testator to feel as though you are taking legal action against them – and, in some cases, you are.

In other words, it’s all too easy for these situations to turn against a person – and for the rifts they cause between otherwise strong relationships to last for years, if not forever.

This is vital for you to consider and reconcile yourself with before moving forward.

It Will Test You

This process is likely to be emotionally draining and stressful. The financial burden, the task of coping with familial disputes, grief, and stress of undertaking such a long and complex process – even when you have expert legal help on your side – can easily feel like too much, and stir up some complex emotions toward your family, and the testator.

That said, righting a wrong and ensuring that the true wishes of your loved one are met is incredibly important. The trials and tribulations caused by contesting a will cannot be overstated but, at the same time, neither can the pain of living with an unanswered question for many, many years to come.


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How to Pay Off Gambling Debt


There is a dark side to gambling, and when people become addicted, it can get ugly. Not only do you owe money in back taxes, but your debt has deepened with credit card loans, home equity debts as well? These problems result in ruining relationships between spouses or loved ones because the individual wants to keep their addiction hidden from them at all costs!

If you find yourself deep in debt due to your gambling addiction, the first step is getting a grip on this. It might sound impossible or like an insurmountable task, but it’s not and should be tackled head-on with plans for change – whether that means going into therapy, entering rehab centres, changing routines to avoid the temptation of seeking out more ways of chasing after money owed through excessive betting habits. When people can break free from their addictions, they can live lives without guilt because all debts will have been settled, and chances are those who owe won’t try anymore either!

Almost everyone has heard the phrase “the house always wins” when it comes to gambling, but what if you’re paying for that win yourself? When your debt becomes unmanageable and begins affecting other areas of life like work or family relationships, things have become serious.

We are all familiar with the idea that casinos exist solely to take our money – so how can we believe they would ever let us pay off our debts in equal measure? The reality is a little different than expected: people who gamble often accumulate significant levels of debt- often more varied types such as credit card, loan, and home equity associated with their addiction. It’s easy enough to say ‘it’s not my problem’ until one day it impacts someone else.

Many people with gambling problems end up filing for bankruptcy. This is a tough situation, but it doesn’t need to be the first step you take.

Learn how to deal with your gambling problem, pay off debts, and retake control of both your health and finances before going bankrupt.

Acknowledge the Problem

You deserve to live a life free of gambling addiction, and it’s time you take the first step. Start speaking to someone and being accountable so that you stay away from online betting, casino and bingo sites.

A problem gambler may be unaware that they have an issue with their consumption habits because we often don’t know what “normal” is when talking about how much money or excitement people want from their experience in sports betting. This means if your spending doesn’t match up with what others are doing around you, you might need help figuring out where things went wrong for you financially before moving on to fixing them!

When you have gambling debt, it’s important to be aware that your problem may not just lie in the fact of being addicted. If this behaviour has started impacting your life and relationships with others, or if it leaves you financially distressed because of how much money was spent on bets, then there might be more at play than simply an addiction. It can take time for someone who often gambles to realize what stage they are currently at, so don’t worry about giving up hope too soon!

Imagine one day where all these problems disappear—you no longer feel guilty spending any amount without feeling like something isn’t tenable even though before now everything else seemed okay; when suddenly instead things start getting better…

Avoid More Gambling

Many gamblers think they can win enough money to pay back their debts, but this often creates more gambling debt to repay. Even if you did win enough money and paid off your debt, the chances are that when the next jackpot hits or if a slot machine pays out big time in Vegas-you would gamble it away too. When it comes down to paying back one’s debts, there is no quick-fix solution; just like any addiction recovery process requires commitment from both parties involved, then so does getting out of deep financial trouble with gaming addictions require help from friends and family members who may be able to pool together funds for those trying to get on top of things again financially!

Cut Off Your Source of Funding

If you continue gambling, the debt will build up and prevent you from fixing your finances. The best way to stop gambling is by removing the source of funding that has been making it possible for this habit.

If your addiction has been financially crippling with credit cards or online services like PayPal, take these steps so that stopping isn’t as difficult.

There are many different ways of doing so depending on where or how exactly people gamble – either through credit cards, online accounts, etcetera- but most importantly: if addiction can be stopped with simple willpower alone, then we shouldn’t rely too much on other means like cutting off funds to fix our own problems!

The best way to keep gambling under control is by talking about the problem with someone you trust.

The person can change your passwords or set up a two-step verification system that will make it harder for you to access money to gamble.

Seek Treatment

Gambling addiction can be a challenge to overcome because it is an impulse-control disorder. For your treatment plan to work, you may need medical help treating the problem and some form of therapy or another mental health service that will provide support. Your insurance company might cover this type of care even if they don’t pay for gambling addictions on their own in certain situations. Make sure you check with them first before seeking out any therapist outside what’s offered by your provider network. If not, look into state programs meant specifically towards gambling addiction which usually offer funding assistance when needed without going through private sources like grants or loans from third parties; these funds are typically subsidized by tax dollars collected from citizens living within specific boundaries where such.

Bankruptcy and Gambling Debts

Gambling debt is often difficult to deal with, but filing for bankruptcy can help you be free of your debts. About 10% of bankruptcies are filed because gambling has caused them too much stress, and they need a break from it all. And even though some people have their own personal reasons as to why they file for bankruptcy that may not involve gaming at all, about 20% (or more) do to get rid of the crushing weight on top of them that comes with having these hefty loans or credit card bills hanging overhead.

When you file for bankruptcy, creditors may object to the filing and ask a judge not to discharge any of your debts. For example, if you took out an advance on a credit card knowing that it would be impossible to repay when borrowing from the bank or store’s cashier, those who issued this loan can legally contest whether they should have their debt discharged in court.

However, the creditor is required to prove that you committed fraud. If your financial situation is dire enough and other methods of repaying it aren’t working, bankruptcy may be your only way out of dealing with a gambling debt.


Get Out of Debt Faster by Saving on Your Household Bills


Getting your finances in order can be liberating for many people across the UK. Having a household budget for what you’re going to spend each month on groceries, utility bills and other essentials can help you save money. This money can then be put aside for a rainy day, a family vacation, a new car or anything else you’ve got your heart set on. Some may even use their savings to help them pay off previous debts that have accumulated over the past few years.

So how do you actually get your finances straight and reduce your monthly costs? There are a number of ways you can do this which we will outline below. However, one of the smartest ways that a lot of consumers achieve this is by using an online price comparison website such as Utility Saving Expert. Their free to use tools can instantly help you compare a range of everyday essentials such as gas and electricity bills, home insurance, car insurance and much more. By simply entering a few details, you can compare leading providers across the industry in a matter of minutes, helping you find the best deal.

Some of the steps listed below will be time-sensitive, meaning you can only take action when a current contract is due for renewal, whilst others can be actioned straight away. Let’s get started.

Reduce your weekly grocery spend

You don’t necessarily have to buy less food, but shopping at certain supermarkets can help you save money at the till. Fortunately, in the UK there is healthy competition between supermarket chains. We’ve got Asda, Tesco, Sainsbury’s, Morrisons, Lidl, Aldi, Waitrose and a few others to choose from. It can be convenient to simply visit the nearest store to where you live, but sometimes going the extra mile could save you as much as 20% on your food shopping.

It’s worth visiting a few different stores to get a feel on how they set their pricing for different goods. For example, fruit and vegetables may be cheaper in one store, while frozen food may cost less in another. We’re not saying that you need to visit five stores or more in a single week to save the maximum amount, but visiting more than one and keeping your options open can certainly be beneficial. As for what you buy, it may be worth considering cutting back on certain luxuries and buying what you really need.

Switch your energy supplier

Did you know that by switching energy suppliers you could actually save more than £400 per year? It’s important to get the best deal on gas and electricity tariffs at the time of renewal. Once your current energy deal expires, your existing supplier will normally move you over to their standard variable-rate deal, this is often the most expensive tariff. You can use an energy comparison site such as Utility Saving Expert to help you find the most competitive deal.

There are also other ways to lower your energy bills such as turning off electrical appliances when not in use, using a smart meter to monitor energy consumption, installing energy-efficient light bulbs or simply turning down the home temperature by one to two degrees. Combining all these could help you save a significant amount annually.

Managing debt

If you have accumulated debt in the past for whatever reason, it can be daunting to figure out how best to tackle it head-on. Many financial advisors will recommend that you concentrate on clearing those debts that have the highest interest rate first. This is because these are charging you the most amount of money on top of what you already owe.

If you have multiple debts such as personal loans, credit cards, store cards and overdrafts etc. It may be worth looking into what wider financial solutions are available to you. A qualified debt advisor can go through a range of options with you, highlighting the advantages and disadvantages of each solution. They will then be able to make a recommendation on the most suitable option based on your current circumstances, to help you consolidate any money you owe into one manageable monthly repayment plan.

Mobiles, Internet, TV packages

Saving money on your mobile phone bill, internet and landline provider and any TV packages you have subscribed to will normally only be possible once your current contract expires.

Consumers are holding on to their existing mobile phone for longer periods these days, as there isn’t enough of a difference between each new iPhone or Android smartphone to warrant an upgrade. Once your contract runs out, look for a Sim Only deal as this will save you a lot of money. Most internet and landline packages are similarly priced but it’s still worth comparing these. As for TV packages, think about what you really need. Do you really need to subscribe to every sports, kids, movies and other entertainment channels? Many consumers are switching to online streaming services such as Netflix and Disney Plus as these can provide more entertainment value through a much lower monthly cost.

In summary, comparing different products and services to help you find the most competitive deal can help you save a great deal of money each year. It’s also worth reassessing what you actually need and what you’re paying for unnecessarily regularly.


Tips for B2B Debt Collection


Any business cannot be run successfully without smooth functioning in the day to day operations. Any loopholes identified in the manufacturing of products, rending services and even interruption in cash flow cycle or debt overdue can hugely impact the revenue, and sustainability in the B2B market, So here are some tips to improve the B2B Debt Collection:

 

Know your Business Entity and their Business Thoroughly: Whenever you strike a deal with a customer, lender, business partner or anybody you join hands to do business, It is always crucial to perform a diligent background check about individuals, business entities to be sure they do not harm your business. Always have a backup of legal agreements of this deal including related invoices, loan papers, products, receipts, recordings of client communication and other documents and services you agree to run business with such entities. So that there is no threat of betrayal from the business dealers who would fail to make timely payments and make your debt collection process one step easier.

 

Do’s and Don’ts of Negotiations: When you enter a negotiation with your business party try to gather all essential information about conditions of talk. Being extremely attentive about what the party communicates and getting all conversations recorded is very useful in the debt collection process. Knowing the eligibility, debt collection laws and the amount that a debtor would owe you is what matters at the end of this debt collection process. The environment of negotiation should be calm and use a professional tone to talk. Do not threaten or be loud to your debtor. It is highly advisable to avoid getting into heated arguments with debtor or third party involved. Accept the timeframe and word of the debtor gracefully to recover your debt.

 

When to Initiate Demand letter and Follow up rules: Now that your relationship with the debtor has been firmly established based on trust, sound decision making, knowing each other’s benefits through service rendered. After reaching a stage of stable professional connection, you realize the debtor has surpassed the due date for payment or has past dues pending this would be the right time to send first communication letter known as demand letter reminding debtor to pay for the dues. A demand letter would state the amount, recovery time and a chance for the debtor to respond by agreeing to pay either in partial or full settlement. If debtors fail to respond then, the business party can follow up with regular calls or emails.

 

Hire A Debt Collection Agency to safeguard business reputation: When the above method does not work business can seek professional from a B2B collection agency to recover dues from the debtor to protect its reputation in the market at cheap commission rates.

File a Lawsuit at the Court: This is the last step when other options have failed by submitting enough pieces of evidence against the creditor to the court for recovery of all the debt.