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The Real Cost of Having a Puppy

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<p>We’ve added a new addition to the family. His name is Enzo. He’s a eight-week-old Blue Heeler-Labrador Retriever mix and he’s completely stolen our hearts. Many people don’t realize how taxing a puppy can be on your finances and regular day-to-day life. Adding a puppy to your family can be great but the cost of a puppy can be startling.</p>::Pexels
We’ve added a new addition to the family. His name is Enzo. He’s a eight-week-old Blue Heeler-Labrador Retriever mix and he’s completely stolen our hearts. Many people don’t realize how taxing a puppy can be on your finances and regular day-to-day life. Adding a puppy to your family can be great but the cost of a puppy can be startling.

The Cost of a Puppy

Enzo has brought so much joy into our lives that his presence is truly priceless but the cost of a puppy is real. First you have to pay for the dog, and if you are seeking a pure-bred dog they can be expensive. Once you’ve gotten a puppy you’ll have to pay for shots, dog toys, dog food, dog bed, vet checkups, training classes, treats and even puppy bath supplies. The cost of a puppy can get pretty high, especially within the first year.

Saving for a Puppy

Saving for a puppy is a good idea, especially if you’ll only be able to afford the regular month-to-month expenses of having a dog. To prepare for your first year of having a dog you should probably save (or be able to afford) the following:

  • Purchase of the Dog: Depending on the breed you are seeking this could be thousands of dollars or none. Craigslist is a great place to find dogs for sale in your area (especially if you’re looking to spend a bit less).
  • Spayed and Neutered: You’ll also likely want to get your pup spayed or neutered unless you aim to breed them. The average cost for this is $200. However, some animal shelters will do it for much less (even as low as $20).
  • Medical Exams and Shots: Through your puppy’s first year of life they will need various vaccinations as well as routine checkups. The shots generally cost about $75 during the first year and medical exam costs will vary depending on your vet.
  • Collar/Leash: Getting a puppy means you’ll want to get puppy things like collars, leashes, beds, etc. In the end, most people spend about $100 getting things for their new pup.
  • Crate: You may have to spend $95+ (depending on size) if you decide to crate train or crate your dog. In addition to that you’ll also want a crate mat ($20+).
  • Carrying Crate: A carrying crate can vary in price depending on the size and quality of the carrier. Most of them come in around $60.
  • Training: Lastly, if you need to purchase training classes for your pup you may spend $110 or more. You may also need things like training treats, training harnesses and muzzles, training pads and even training spray. This could cost $100+ more.

If you want to try and save for the costs of your puppy’s first year of life you’ll want to save anywhere from a couple hundred to a couple thousand dollars. The good (and bad) news is is that they won’t stay puppies forever. Eventually he cost of having a dog will be spread out across the year.

Cost of a puppy

Annual Cost of a Dog

A dog costs you about $695 per year. The various vet checkups, insurance and food costs are what really impact the overall cost. Here is the average annual cost of a dog broken down:

  • Food: $120/ year
  • Medical Exams: $235/year
  • Toys and Treats: $55/year
  • 
License: $15/year
  • Health Insurance: $225/year,
  • Miscellaneous Costs: $45/year

Budgeting for a Dog

Budgeting for a dog can be difficult. You should always have some money saved in case of a vet emergency but, other than that, you only have to spend about $70 per month on your dog. If you are able to make your vet appointments during the last or first month of the year you’ll be able to save for exams as well!

Things to Consider

In addition to the financial cost of having a puppy there are also other costs. You will have to spend a lot of time with a puppy training them and caring for them. There is also a possibility of losing sleep (if they have a hard time adjusting). Any way you look at it, a puppy or dog is a huge responsibility and they deserve all the love you can give them. Be sure you are able to afford and care for your pup before bringing him home.

Have you gotten a puppy and realized it was more responsibility than you could take on? What did you do? 

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Do People Still Cut Credit Cards?

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<p>I remember growing up and seeing my mom cut a credit card over the trash. That was it – no more credit cards. It seemed to be something I saw regularly in personal finance advice forums and tips sections. “Cut up your credit cards.” But do people still cut credit cards these days?</p>::Pexels

I remember growing up and seeing my mom cut a credit card over the trash. That was it – no more credit cards. It seemed to be something I saw regularly in personal finance advice forums and tips sections. “Cut up your credit cards.” But do people still cut credit cards these days?

An Old-Fashioned Idea

Cutting your cards is a fairly old-fashioned idea. As I said, I saw my mom do it about 20 years ago. In fact, they used to cut your card in the store if it was declined at one time (what a concept, eh?). Physically cutting up the credit cards is more symbolic than anything though.

When my mom chopped hers into little pieces over the kitchen trash can, she undoubtedly still held debt on that card. Cutting it up was to get rid of the temptation to use the line of credit. Cutting it up got rid of the ability to dig herself (and the family) further into debt.

Thinking back, I wonder what personal finance guru told mom to do this (or maybe it was my Paw-paw). Either way, it was one of the key things I remember about money in my home growing up. I may get around to eventually sharing some of the others, but this one came up more recently on Reddit.

Do People Still Cut Credit Cards?

So, do people still really cut their cards? Of course, you should cut it up before you throw away an expired or canceled card, but what about an open account?

When I was scrolling on Reddit, I found people are actually still doing this. It came as a surprise to me (just like it does when someone uses cash envelopes still), but I kind of liked it. This is grassroots personal finance to me. It is relatable and, more importantly, it works for some people.

Credit cards for me, personally, were never a huge thing to triumph. The majority of our debt is medical debt, student loans, and car notes. Credit cards never came into the picture much. I hold about a $500 balance on one card. So, whether or not I should cut credit cards never entered my mind, but it could be beneficial for some individuals.

Should You Cut Your Cards?

If you do not trust yourself not to swipe the card, by all means, cut it. However, you should not cancel or close credit accounts if you can help it. That can damage your credit and keep you from doing things like buying a home or starting a business.

In short, if you think cutting your cards will make it easier for you to control your spending and wrangle your debt, do it. There is nothing to ever be lost from seeking debt freedom.

Readers, have you cut credit cards?

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Too Much TV will Rot Your Brain: 8 Reasons You Should Limit Your Child’s Screen Use

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Kids between the ages of 8 and 12 are getting a whopping four and a half hours of screen time each day. Between school, homework, and family time, that screen time amounts to the majority of your kid’s free time each day.

It’s great that kids have ways to entertain themselves and stay out of trouble, especially since you practically have to take out a loan to pay for the video game consoles they beg for every Christmas.

[Read more…]

12 Ways Families Can Save Extra Money Each Year

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12 Ways Families Can Save Extra Money Each Year

Planning for a big purchase, building an emergency fund, or simply aiming for financial stability, finding ways to save extra cash can make a significant difference. We’ll explore 12 smart strategies that families can implement to boost their savings and achieve their financial goals. :: Pexels

Planning for a big purchase, building an emergency fund, or simply aiming for financial stability, finding ways to save extra cash can make a significant difference. We’ll explore 12 smart strategies that families can implement to boost their savings and achieve their financial goals.

 

1. Make a Family Budget Together

 

Saving money doesn’t just mean having more in your checking and savings accounts. It’s also an opportunity to teach your kids valuable personal finance lessons. Consider making budgeting a family affair. Gather everyone together every month or so, and discuss your expenses, income, and savings. Use this time to create a budget for family spending. Show your kids what’s in the family bank account and talk about upcoming expenses. You can also help your kids set personal budgets and savings goals. For instance, maybe one of your children wants to save up for the latest video game system or buy a birthday present for a friend. Teaching them how to budget and the value of frugality will instill positive lifelong money habits. :: Pexels

Saving money doesn’t just mean having more in your checking and savings accounts. It’s also an opportunity to teach your kids valuable personal finance lessons. Consider making budgeting a family affair. Gather everyone together every month or so, and discuss your expenses, income, and savings. Use this time to create a budget for family spending. Show your kids what’s in the family bank account and talk about upcoming expenses. You can also help your kids set personal budgets and savings goals. For instance, maybe one of your children wants to save up for the latest video game system or buy a birthday present for a friend. Teaching them how to budget and the value of frugality will instill positive lifelong money habits.

 

2. Trim Your Family’s Grocery Bill

The average family of four with two kids under age 5 spends between $599 and $1,169 per month on food at home. Families with two kids between the ages of 6 and 11 spend between $687.40 and $1,370.10 per month on food at home. Depending on your grocery spending, there might be significant room for savings. Here are some tips: Meal Planning: Plan your meals in advance to avoid impulse purchases. Make a shopping list and stick to it. Buy Generic Brands: Generic brands often cost less than name brands and can be just as good. Use Coupons and Cashback Apps: Look for coupons and use cashback apps to save on groceries. Shop Sales and Discounts: Take advantage of sales and discounts to stretch your grocery budget. Buy in Bulk: Purchase non-perishable items in bulk to save money over time. :: Pexels

 

The average family of four with two kids under age 5 spends between $599 and $1,169 per month on food at home. Families with two kids between the ages of 6 and 11 spend between $687.40 and $1,370.10 per month on food at home. Depending on your grocery spending, there might be significant room for savings. Here are some tips:

  • Meal Planning: Plan your meals in advance to avoid impulse purchases. Make a shopping list and stick to it.
  • Buy Generic Brands: Generic brands often cost less than name brands and can be just as good.
  • Use Coupons and Cashback Apps: Look for coupons and use cashback apps to save on groceries.
  • Shop Sales and Discounts: Take advantage of sales and discounts to stretch your grocery budget.
  • Buy in Bulk: Purchase non-perishable items in bulk to save money over time.

 

3. Cut Cable and Opt for Streaming Services

 

Cable TV subscriptions can be expensive. Consider cutting the cord and switching to streaming services. Many streaming platforms offer a wide range of shows, movies, and original content at a fraction of the cost of cable. Plus, you can choose the services that align with your family’s interests. Whether it’s Netflix, Hulu, Disney+, or Amazon Prime Video, explore your options and save money on entertainment :: Pexels

Cable TV subscriptions can be expensive. Consider cutting the cord and switching to streaming services. Many streaming platforms offer a wide range of shows, movies, and original content at a fraction of the cost of cable. Plus, you can choose the services that align with your family’s interests. Whether it’s Netflix, Hulu, Disney+, or Amazon Prime Video, explore your options and save money on entertainment.

4. Reduce Energy Costs

Lower your energy bills by adopting energy-efficient practices: Unplug Devices: Unplug electronics and appliances when not in use to prevent “phantom” energy consumption. Use LED Bulbs: Replace incandescent bulbs with energy-efficient LED bulbs. Programmable Thermostat: Install a programmable thermostat to regulate heating and cooling. Seal Drafts: Seal gaps around doors and windows to prevent drafts. Wash Clothes in Cold Water: Washing clothes in cold water saves energy and money. These small changes can make a big difference in your monthly utility bills. :: Pexels

 

Lower your energy bills by adopting energy-efficient practices:

  • Unplug Devices: Unplug electronics and appliances when not in use to prevent “phantom” energy consumption.
  • Use LED Bulbs: Replace incandescent bulbs with energy-efficient LED bulbs.
  • Programmable Thermostat: Install a programmable thermostat to regulate heating and cooling.
  • Seal Drafts: Seal gaps around doors and windows to prevent drafts.
  • Wash Clothes in Cold Water: Washing clothes in cold water saves energy and money.

These small changes can make a big difference in your monthly utility bills.

 

 

5. Cancel Unused Subscriptions

Review your subscriptions regularly. Are there any you no longer use or need? Cancel those to free up extra cash. Whether it’s magazine subscriptions, gym memberships, or streaming services, eliminating unused subscriptions can save you money throughout the year. :: Pexels

Review your subscriptions regularly. Are there any you no longer use or need? Cancel those to free up extra cash. Whether it’s magazine subscriptions, gym memberships, or streaming services, eliminating unused subscriptions can save you money throughout the year.

 

 

6. Shop Secondhand

Consider buying secondhand items for clothing, furniture, and household goods. Thrift stores, consignment shops, and online marketplaces offer great deals on gently used items. Not only will you save money, but you’ll also reduce waste and contribute to a more sustainable lifestyle. :: Pexels

 

Consider buying secondhand items for clothing, furniture, and household goods. Thrift stores, consignment shops, and online marketplaces offer great deals on gently used items. Not only will you save money, but you’ll also reduce waste and contribute to a more sustainable lifestyle.

7. Automate Savings

 

Set up automatic transfers from your checking account to a dedicated savings account. Treating savings like a recurring bill ensures consistent contributions. Even small amounts add up over time, providing a financial safety net for your family. :: Pexles

Set up automatic transfers from your checking account to a dedicated savings account. Treating savings like a recurring bill ensures consistent contributions. Even small amounts add up over time, providing a financial safety net for your family.

 

8. Plan Staycations

Instead of expensive vacations, plan staycations. Explore local attractions, parks, and museums. You’ll save on travel costs while still enjoying quality family time. Plus, you’ll discover hidden gems in your own backyard. :: Pexels

 

Instead of expensive vacations, plan staycations. Explore local attractions, parks, and museums. You’ll save on travel costs while still enjoying quality family time. Plus, you’ll discover hidden gems in your own backyard.

 

9. Negotiate Bills and Expenses

Don’t hesitate to negotiate bills and expenses. Call your service providers (such as cable, internet, or insurance companies) and ask if there are any discounts or promotions available. You might be surprised at how much you can save by simply asking. Additionally, review your insurance policies annually to ensure you’re getting the best rates and coverage. :: Pexels

 

Don’t hesitate to negotiate bills and expenses. Call your service providers (such as cable, internet, or insurance companies) and ask if there are any discounts or promotions available. You might be surprised at how much you can save by simply asking. Additionally, review your insurance policies annually to ensure you’re getting the best rates and coverage.

 

10. Use Cashback and Rewards Programs

Take advantage of cashback and rewards programs whenever you make purchases. Whether it’s credit card rewards, cashback apps, or loyalty programs, these small incentives can add up over time. Just be sure to pay off your credit card balance in full each month to avoid interest charges. :: Pexels

 

 

Take advantage of cashback and rewards programs whenever you make purchases. Whether it’s credit card rewards, cashback apps, or loyalty programs, these small incentives can add up over time. Just be sure to pay off your credit card balance in full each month to avoid interest charges.

 

11. DIY Home Repairs and Maintenance

Instead of hiring professionals for every home repair or maintenance task, consider doing some of the work yourself. Learn basic skills like fixing a leaky faucet, changing air filters, or painting a room. Not only will you save money on labor costs, but you’ll also gain a sense of accomplishment. :: Pexels

 

Instead of hiring professionals for every home repair or maintenance task, consider doing some of the work yourself. Learn basic skills like fixing a leaky faucet, changing air filters, or painting a room. Not only will you save money on labor costs, but you’ll also gain a sense of accomplishment.

 

12. Shop Smart for Back-to-School Supplies

 

Back-to-school shopping can be expensive. Look for sales, use coupons, and buy supplies in bulk. Consider purchasing quality items that will last longer, even if they have a slightly higher upfront cost. Also, involve your kids in the process and teach them about budgeting and making wise choices. :: Pexels

Back-to-school shopping can be expensive. Look for sales, use coupons, and buy supplies in bulk. Consider purchasing quality items that will last longer, even if they have a slightly higher upfront cost. Also, involve your kids in the process and teach them about budgeting and making wise choices.

 

Conclusion

By implementing these 12 smart strategies, your family can save extra money each year. Whether it’s budgeting together, trimming grocery bills, or automating savings, every effort counts. Remember, financial well-being is about consistent small steps that lead to significant results over time. Happy saving! :: Pexels

By implementing these 12 smart strategies, your family can save extra money each year. Whether it’s budgeting together, trimming grocery bills, or automating savings, every effort counts. Remember, financial well-being is about consistent small steps that lead to significant results over time. Happy saving!

Financing Your Small Business

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You’ve got the idea, you know who your customers are, and it looks like everything is falling into place. However, making those plans realize is the harder part of every plan. The thing that some people need to make their ideas make to happen is money. No one can deny it that financing a business is a challenge that almost every business company nowadays faces on a daily basis. There are different ways how you can make things happen simply by thinking out of the box how you can finance your business company.

Probably, the first thing that falls on your mind is loans. There are different types of loans nowadays. Short term, long term, loans… They are still the most convenient way to help your business grow. They allow you to choose the tempo of how you’re going to disburse the money, the amount of money that you need, as well as the time you need to get your loan paid.

However, credit cards also give you benefits and have more advantages over the personal cards. It’s a good idea to keep your personal funds and your business finances on a separate account. To save yourself from terrible headaches, here are a few suggestions on what you can do to finance your business today.

Personal Loans

The most popular ways to finance your business are loans. The reason behind this is the possibility to get an amount of money to help you realize your business idea. You get the money for a short amount of money and you can plan ahead what you’re going to do with that money. By definition, you decide the amount of money that you need and banks define the rates. That’s why it’s important to evaluate the real need that you have for your business idea and make a plan of how you’re going to get that money back to the bank.

Many people are still in doubt about which loan type fits their business the best. If you chose a personal loan or a business credit card, the decision is up to your preferences. Both methods to finance your business have their advantages. For example, personal loans have never been easier to get. Especially when it comes to online loan lenders, they have a very high approval level up to 80%.

On the other hand, business credit cards give you the stability that your business company needs. The procedure for applying for a business credit card doesn’t take too long and you can enjoy the services that your bank provides to your business company. Also, business credit cards make it easier for you to control your financial situation at the moment and take advantage of credit card allowance.

Credit Cards

The question then arises which method will work the best for your business. Both types of financing your business have advantages. It’s upon you to decide what your priorities are and what your business company would benefit from the most. When running your business alone, it’s a smart idea to have a business credit card.

It makes it easier to control your funds and fall into a debt trap. For bigger companies, it’s a must to have business credit cards. They are not only useful to separate the funds, but also to have more flexibility with loans and leases later on. However, it makes things easier because all you need to do is apply for a new business credit card. In other words, you can still enjoy the same privilege as a client of the bank’s services.

It’s Okay to Call It Quits

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<p>If you have been following the blog, you know our move to Atlanta has been less-than-kind to us. From the job we moved here for going out of business to relocating again within the city to the craziness going on everywhere in the world, our fight-or-flight instinct is kicking in and everything in us is saying flight.</p>::Pexels

If you have been following the blog, you know our move to Atlanta has been less-than-kind to us. From the job we moved here for going out of business to relocating again within the city to the craziness going on everywhere in the world, our fight-or-flight instinct is kicking in and everything in us is saying flight.

What Now?

That being said, we’ve decided to move again to somewhere cheaper and somewhere that has been calling to us for a while: The great state of Tennessee.

We’ve made it a personal goal to be moved by the end of the year. Currently, Chattanooga is looking like the top pick, though we have looked farther north in Eastern Tennessee as well. After doing some research, the cost-of-living there is much less and our taxes will be lower there, with us both being self-employed.

On top of that, the move all-around will buy us some happiness. We have always loved Tennessee and the mountains. Not to mention, we would be able to leave Atlanta behind and truly get a fresh start, with better financial prospects on the horizons (seriously, at least $400 in savings in rent per month alone). At the same time, we will only be about an hour and a half from our new friends here in the city.

It’s Okay to Call It Quits

I’m not going to say calling it quits doesn’t suck in some ways. It definitely does. We moved here in March of last year with stars in our eyes, thinking Atlanta would be life-changing for us and bring new opportunities. It just hasn’t been what we thought it would be or what we needed it to be.

You know what? That is okay.

What isn’t okay is continuing on in a place and mental space where you are mentally drained constantly. So, if your sanity relies on it, and (in our case) your finances also benefit from it, it is okay to call it quits. You aren’t a failure. This experience, place, thing, plan wasn’t for you.

Lessons Learned

Before we do move, we have discussed some overall lessons learned from this…

  • Don’t move anywhere that you’ve never spent time. At least go check it out for a weekend before making the decision.
  • Just because you can afford it doesn’t mean you should do it. This is especially the case with housing – we are overspending in Atlanta in a huge way.
  • Don’t be afraid to say no and also don’t feel like you owe anything to anyone. A lot of our problems here in Atlanta were due to us giving loyalty to people that didn’t deserve it.

Final Thoughts

This can be a hard thing to swallow, especially when you have put a lot of time and effort into making something work. However, it applies to just about everything in life: relationships, jobs, situations. It doesn’t make you a quitter or a failure. It means you know you want something different.

One thing we are both looking forward to is what this move will mean for us in terms of our debt freedom journey. I can’t wait to keep you updated on preparation for the move and how we continue to tackle our debt in the months to come.

Readers, have you ever moved to improve your lives financially or otherwise?

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How Much Does It Cost To Have a Baby?

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<p>There are a lot of expenses that should be considered when you have a little one on the way. Prenatal care, the cost of delivery, and then the cost of taking care of your child should all be factored into your budget. So, how much does it cost to have a baby and how can you prepare?</p>::Pexels

There are a lot of expenses that should be considered when you have a little one on the way. Prenatal care, the cost of delivery, and then the cost of taking care of your child should all be factored into your budget. So, how much does it cost to have a baby and how can you prepare?

Cost of Prenatal Care

Prenatal care is the first set of expenses you will face when having a baby. The costs associated with prenatal care can vary wildly based on your medical history, special needs, and choices you make throughout the prenatal phase. For instance, if you decide to have genetic testing done, it can increase the overall cost of your prenatal care. Similarly, if you are tested for gestational diabetes and need insulin to maintain your blood sugar, that will impact the cost as well. If you have a difficult pregnancy and require more care than others, this will also increase expenses associated with prenatal care.

Prenatal visits cost between $100 and $150 each and there are around 14 visits throughout your pregnancy. The average total cost lands around $2,000. Without insurance, you can expect to spend between $95 and $200 per visit. However, some appointments where lab work is performed can cost as much as $800. Most insurance companies will pay between 80% and 95% of these costs. So, if you have insurance, you may pay about $15 out of pocket for each visit.

The insurance I have only cover 60% of these visits though. At the end of it, I will be paying $1,060 out-of-pocket for my own prenatal care, possibly more depending on how the pregnancy progresses. If you’re in the same boat, don’t worry! Your doctor will likely have a payment plan available for prenatal care costs. I am paying $278 per month for insurance and $260 a month out-of-pocket directly to the doctor’s office.

Delivery Costs

One of the bigger expenses, of course, is the delivery of your new child. This is not included in your prenatal care costs. For patients without insurance, the cost of a natural vaginal delivery can range from $9,000 to $17,000, depending on your location. If you need to have a C-section or there are complications with your delivery, this can increase the cost to somewhere between $14,000 and $25,000. Other services that may add money to your total will be the induction of labor with drugs and whether or not you have a private room for aftercare.

Individuals with insurance may still have to pay at least a four-figure balance after delivery. The out-of-pocket costs can range from $1,500 to $3,000, but they can very well reach your out-of-pocket maximum for the year. For my insurance plan, the maximum out-of-pocket cost for the year is $6,000. I may very well reach that, depending on the cost of delivery and any unforeseen costs throughout the process.

These delivery costs only cover the cost of caring for the mother though. Your baby will also receive a separate bill. This bill will range from $1,500 to $4,000 for a healthy baby delivered at term. If your baby is premature or has any health complications at birth, this bill can increase significantly.

Cost of the First Year of Life

Beyond delivery and prenatal costs, you will need to think about the other “unseen” expenses of having a new baby. The average middle-income family in the United States can expect to spend about $12,000 on their child during the first year of life. By age two, this increases by about $500 annually.

In the beginning, you can expect to spend about $50 per week on diapers alone. Throughout the first year, this can rack up to an astounding $3,000. So, if you are invited to someone’s baby shower, they really do appreciate receiving those diapers. Oh, and new moms, if you find you have too many of one size, you can take them back. Huggies and Pampers will be accepted at any major retailer to exchange for a different size. If you receive store-specific diapers, you will need to return them there.

On top of the cost of diapers during the first year, new parents typically wind up spending $6,000 on other baby items such as the crib, strollers, car seats, and other big-ticket items to get ready for the new baby. Talk to experienced parents and get an idea of what you really need. You may be focusing on things that aren’t going to get all that much use, to begin with.

How Much Does It Cost To Have a Baby?

All of the costs above considered, to have a baby and get them through their first year of life, you could very well end up spending $50,000. Depending on your insurance plan, the help you receive from friends and family, and other financial factors, this could be dramatically less. There are also a number of resources you can use to decrease the overall cost of prenatal care and delivery. For instance, using a midwife instead of a gynecologist for delivery could save you about 30% of the overall cost.

Additionally, you can look for secondhand clothing, take hand-me-downs from friends and family, and do some bargain hunting when it comes to providing for your child. There are a lot of coupon programs and freebies you can receive that will help you deal with the cost of a new baby.

Readers, how much did it cost you to have a baby? What were the biggest expenses?

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How to Choose the Best Loan for Your Needs

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<p>Starting a new business means a lot of expenses. Rent, employees, stocks, just to name a few of the expenses that every new business faces on a daily basis. Sometimes, it’s hard to make ends meet. That’s why loans are there to help you cover those extra expenses that would otherwise be impossible to afford every month. They help you address specific needs and find ways how to support financially your business. After all, there’s isn’t a business that doesn’t need a little extra money.Capture Alt Title There are different loans according to the sum of money and the conditions. It’s very important to estimate the capacity of your business company to deliver reimbursement on time and pay the whole amount of money in the given period of time. Banks and other financial institutions offer a variety of loans under different financial conditions. Check out the regulation before you decide on which loan suits your business the best. Here is a list of loans most popular among business companies nowadays.</p>::PexelsStarting a new business means a lot of expenses. Rent, employees, stocks, just to name a few of the expenses that every new business faces on a daily basis. Sometimes, it’s hard to make ends meet. That’s why loans are there to help you cover those extra expenses that would otherwise be impossible to afford every month. They help you address specific needs and find ways how to support financially your business. After all, there’s isn’t a business that doesn’t need a little extra money.

There are different loans according to the sum of money and the conditions. It’s very important to estimate the capacity of your business company to deliver reimbursement on time and pay the whole amount of money in the given period of time. Banks and other financial institutions offer a variety of loans under different financial conditions. Check out the regulation before you decide on which loan suits your business the best. Here is a list of loans most popular among business companies nowadays.

Personal Loans

Personal loans are the most convenient method to receive the funds that you need. The money that you borrow from a lender you need to return them back, and you pay an interest rate for a given period of time as mentioned in the bank contract. You can use the money from a personal loan for whatever your needs are. For example, you can pay off credit card debt with a personal loan.

The benefits of personal loans are numerous, especially when want to pay off the debt for a longer period of time. To qualify for a personal loan, borrowers need to fulfill several criteria, like credit report, credit score, and debt-to-income ratio. You need to take all of these things into consideration and discuss them with your bank to find out whether your current financial situation allows you to receive a persona loan. To receive the lowest rates for credit, you need to have an excellent credit score, among other things as well.

Term Loans

Term loans, also known as long-term loans, are the most common loans nowadays. Business owners looking for high funding shouldn’t look elsewhere. They aren’t very appropriate for recently opened businesses because lenders want to make sure that you have a clear track record. Applying for a term loan takes a longer time than for other loans. Once the application is accepted, borrowers need to pay a principal amount. Afterward, what follows is the regular monthly payment of the principal amount plus the interest rate according to the contract’s conditions.

Short-term Loans

When you’re in a hurry for fast cash, a short term loan is the solution to your problem. Unlike the term loans, they don’t need a track history to be eligible to apply for a short-term loan. They don’t include loads of paperwork and long processing procedures. In fact, you neither need to have a great credit score, nor there is a need to wait a long time to receive your payment. Whether you want to expand your business or recover from the financial crisis, short-term loans are the answer to your problem.

However, paying a short-term loan must be made for a short amount of time. Unlike the term loans, you need to repay the whole amount of money for the time specified in the contract. Payment schedules may be weekly or monthly, while usually repaying the loan amount is no longer than two years. You need to look elsewhere for financing when the loan amount is not enough for financing your business.

For more of our great articles, read these:

 

How Often Should You Review Your Budget?

How Much Income Do You Need To Afford A Million Dollar House?

 

Why is No One Talking About Shopping Addiction and Bankruptcy?

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<p>There is no doubt that your finances can have a hefty toll on your mental health and vice versa. I have been talking to more people about their money for the blog and just to make talking about finance a norm with friends and family. While discussing personal finance with them, I’ve noticed something many people aren’t talking about: the correlation between shopping addiction and bankruptcy.</p>::Pexels

There is no doubt that your finances can have a hefty toll on your mental health and vice versa. I have been talking to more people about their money for the blog and just to make talking about finance a norm with friends and family. While discussing personal finance with them, I’ve noticed something many people aren’t talking about: the correlation between shopping addiction and bankruptcy.

On an even broader note, many people don’t seem to notice the correlation between mental health and finance either. But don’t be fooled. Both addiction and mental health can have a profound impact on your financial situation and leave you stuck.

A Correlation Between Shopping Addiction and Bankruptcy?

I know a few individuals who have filed for bankruptcy. That is absolutely terrifying to me, but for many people who have filed, it doesn’t seem to phase them a bit. In fact, almost all of them have open, recurring debts for things they don’t really need. Programs like Afterpay and Klarna have only exacerbated this issue.

Even though they have filed for bankruptcy, which means they are holding much more debt than they could ever pay off for the foreseeable future. This has to be proven with documentation and, even then, you still may have to forfeit assets and pay off debts for another five years before they are erased.

However, filing for bankruptcy is doing nothing for the impulse control disorder that leads to compulsive shopping. For individuals with these control problems, bankruptcy offers them a clean slate to shop even more with new credit.

Are You a Shopping Addict?

While it is not formally recognized as a mental condition, shopping addiction is a real problem for many people. Luckily, it is manageable with therapy and direction from professionals. You may have a shopping addiction if any of the following applies to you…

  1. You spend a lot of time thinking about shopping and planning purchases. We aren’t talking about meal planning and budgeting here.
  2. It becomes evident that shopping interferes with other parts of your life (i.e. your financial future).
  3. Whoops! You go over your budget fairly often and rely on credit regularly.
  4. Your debt and finances as a whole are just entirely too complicated.
  5. There are secrets you keep about shopping.
  6. You have found that shopping gives you an almost euphoric high.

If you find yourself agreeing with more of these than not, you may want to seek help in getting your spending habits under control. You can also attend anonymous groups for addiction that allow you to connect with others who have gone through similar situations. Once you have a handle on how to change your habits, create a plan to move forward with paying off your debts.

This will ensure you break the cycle of shopping addiction and bankruptcy.

Mental Health and Personal Finance

Shopping addiction isn’t the only mental health issue impacting personal finance either. Addiction in general can have a wicked effect on a person’s finances. Additionally, mental health conditions, such as depression, anxiety, and cognitive disorders can also have a serious impact on the way you spend, save, and accrue debt.

In general, poor mental health can make it extremely difficult to manage and even earn money. Then, once you realize your finances are not in order, your anxiety about your money will just increase. Things can quickly start to seem overwhelming, even impossible.

Final Thoughts

All of these things can be helped, can be treated, and need to be talked about. The problem is, many people want to skate around the issues with bandaids or temporary fixes. That is why this week I’m asking why is no one talking about shopping addiction and bankruptcy?

Talk about money, debt, mental health, and hard issues with your close friends and family. Removing the stigma around these topics can help everyone heal and do better.

As always, if you or a loved one is suffering from substance abuse, addiction, or mental health issues, call the National Mental Health Hotline at 1-800-662-HELP (4357). They can help direct you to professionals that can better assist in dealing with the problem at hand. 

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How to Keep Up With Your Resolutions

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<p>A lot of people spent time reflecting on last year and setting fantastic goals for 2023. While we didn’t set any hardcore New Year’s resolutions this year, many people still did. The biggest triumph of all though is being able to stick to your plans and reach those goals throughout the year. Below are a few tips on how to keep up with your resolutions (even when you lose steam).</p>::Pexels

A lot of people spent time reflecting on last year and setting fantastic goals for 2023. While we didn’t set any hardcore New Year’s resolutions this year, many people still did. The biggest triumph of all though is being able to stick to your plans and reach those goals throughout the year. Below are a few tips on how to keep up with your resolutions (even when you lose steam).

Setting Reasonable Goals

First and foremost, it is key to set reasonable goals for yourself. If your aspirations are too lofty, you may wind up running out of enthusiasm early on. Instead, focus on more obtainable, smaller goals that will help you reach the longer-term aspirations that you may have.

When setting personal goals, it is important to have a “big picture” in mind. For instance, if you are setting a debt payoff goal for the year, think about all of your financial goals, not just your debt freedom. If you want to invest, save money, and buy a home, be sure to include those things in your planning too. Be sure you are setting reasonable goals for yourself within the grand scheme of things.

Another thing many people suggest is setting SMART Goals for yourself. We discussed SMART Goals on the blog a while back, you can read more about them here. SMART Goals can help you hone in on the specifics of what you’d like to accomplish, when, and how.

Tips to Keep Up With Your Resolutions

If you find you have trouble trying to keep up with your resolutions, you’re not alone. A lot of people abandon those dreams by the end of January (seriously). However, there are a few tips you can consider to help better set you up for success.

  1. Keep your goals specific. As mentioned above, the more specific you are in your goal-setting, the more likely you will be to reach them.
  2. Make exact plans as to how you will accomplish it. You won’t reach your goals if you don’t have a plan of action.
  3. Plan for how you will cope and learn triggers. Much of the time, resolutions are about resolving bad behaviors. You should learn your triggers (i.e. spending triggers) and figure out how to cope without giving up focus.
  4. Replace bad habits with good ones. If you are an over-spender, become an over-saver.

Last but not least, pick a change you actually want to make. Many people spend time trying to reach goals they don’t truly desire. For example, people strive to live healthier lives and at the beginning of each year commit to exercising every day. That isn’t something most people want to do. Instead, you can find ways to live a healthier lifestyle (i.e. make time for outdoor activities and eat better).

No matter what, it is important not to lose faith in your goals and aspirations. Everything takes time, especially when it comes to lifelong goals. Be patient with yourself.

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