Category: Financial Literacy and Money

4 Important reasons why women are more affected financially due to the COVID – 19 outbreak

Two focuses of my of my blog are Current Events and Financial Literacy/Money. There are so many layers to the Coronavirus/Covid-19 Crisis/Pandemic. In addition the human health issues, there have also been financial after effects in the area of jobs. Something that’s not being discussed in all circles is the effect of the pandemic on the finances of women. The following guest post is entitled, 4 Important reasons why women are more affected financially due to the COVID – 19 outbreak.

* * *

The coronavirus outbreak has devastated the entire world economy and it has almost reached the middle of this year. But still, humankind is eagerly waiting for a cure to stop this pandemic. Till now, approx 2,941,218 active cases were found worldwide, and nearly 357,979 deaths were reported due to this pandemic. Doctors and healthcare providers are working day and night to provide good medical treatment to the infected people. Medical researchers and scientists are working hard to find an antidote to this virus infection. Unfortunately, we still need more time to get the results.

According to CNN, the COVID-19 pandemic has heavily affected health care associates worldwide more than common people. Most of those associates are young and among them 70% are women. Institute For Fiscal Studies (IFS) director Paul Johnson informed the BBC Today programme – “There are those young people who are in those jobs at the moment or were in those jobs before COVID[-19] hit, and if they’re not able to get back into work then there may be longer-term consequences for them. We know that periods of unemployment when you’re young can have long-term effects. Traditionally you’re going to be looking to start work in September, [but] now couldn’t be a worse moment to be doing it.”

In China’s Hubei Province, about 90% of healthcare associates are women. In the U.S., that number is around 78%.

So, practically women are more exposed to the COVID – 19 virus than men. As a result, women are experiencing the impact of the pandemic more than men, on physical and mental grounds.

According to a report given by PayScale, financially women have faced the biggest hit from the COVID – 19 outbreaks within the last 6 months. Another report revealed by the Organization for Economic Cooperation And Development, new jobs are being created mostly considering the men, not women during this difficult economic situation. This might be a reason why women are financially getting down day by day. During the lockdown, it is also becoming difficult to find another income source.

In the UK, nearly 70% of the two million single parents are currently employed, but 3 out of 10 single parents working are living in poverty. Unfortunately, approx 90% of single parents are women.

These aren’t the only reasons women are experiencing hardship due to COVID – 19 pandemic. Check out the below-mentioned causes that should get your attention.

4 Important reasons why women are more affected financially due to the COVID – 19 outbreak

1. Women play a key role in family caregiving

After reviewing the above-given data, it is clear that women are the prime workers who saved time apart from their work, to provide care to their families. Due to the lockdown, most of the schools and workplaces are closed now. So, kids, elders, and other family members are at home 24-7. Due to this reason, most of the female workers have to be at home and away from work. They are attending family members who are ill or can’t take care of themselves.

When these female workers return to their work or try to rejoin, they’re being offered 7% less salary compared to male employees, who are working in the same designation. PayScale’s director of research, Sudarshan Sampath, verified this situation in PayScale’s 2020 State of the Gender Pay Gap report this way – “The coronavirus pandemic has exposed these cultural faults with our economic system. There is a strong likelihood they will not get rehired or they’ll come back on reduced terms.”

2. Unpaid sick leave creates a financial hardship

During the coronavirus outbreak, nearly 67% of private sector employees, and only 30% of low-wage workers who earn $10.80 or less/hour, may get the benefit of paid sick leave. Apart from that, only less than 50% of part-time workers may get the option of taking sick leave.

According to the report given by OECD.ORG – “In some countries, sick-leave compensation only covers a small fraction of the previous wage and / or is shorter than the recommended period of self-isolation for people with COVID‑19 symptoms. For instance, Korea and the United States have no generally applicable statutory obligations for employers to continue wage payments in case of illness and also do not provide for statutory public sickness benefits (OECD, 2018[1]). Comprehensive spending data on employer-provided sick pay is not available for the United States, but a quarter of U.S. workers do not have access to paid sick leave at all (rising to one half for low-wage workers), and two thirds of workers who do accrue less than 10 days of paid sick leave per year (Bureau of Labor Statistics, 2019[2]). With the “Families First CoronaVirus Response Act”, the United States introduced two weeks of paid sick leave for workers impacted by the COVID‑19 virus, which will initially be paid by employers but be fully reimbursed by the federal government.”

Fortunately, from the very beginning of the COVID -19 outbreak, international organizations such as Facebook, Microsoft, and Salesforce, utilizing few problem solving tips for business and employees, agreed to provide help to their workers. The companies allowed their workers to get increased benefits during sick leave.

The American government has also worked hard on a bill that would help employees to get paid leave benefits. President Trump signed the Families First Coronavirus Response Act. The bill is focused on providing paid leave to employees who did not have it and extending paid leave for employees having only a few days. The benefits are applicable to the employees stuck at home due to the pandemic.

“The new law grants two weeks of paid sick leave at 100 percent of the person’s normal salary, up to $511 per day. It would also provide up to 12 weeks of paid family and medical leave at 67 percent of the person’s normal pay, up to $200 per day.”

*Data courtesy – the washington post

But there is a catch! According to the emergency legislation, only 20% of employees can avail paid leave benefits. Apart from that, small and midsize companies may provide these benefits for employees impacted by the coronavirus. Companies having 500 or more workers aren’t allowed to provide such benefits to their employees.

As per a calculation by the Center for American Progress, approximately 19.3 million U.S. employees (about 12% of 159 million workers) may face financial hardship without getting paid during sick leave.

3. The wage gap and job loss trigger monetary problems

62% of minimum-wage and lower-wage workers are female. These workers may experience a greater risk of job loss when businesses such as restaurants, departmental stores, hotels, and airports are shutting themselves down and firing their employees.

Even if women perform well in their designation, and maintain regularity, they may lose their jobs due to the business shutdown. Though women are less paid compared to the men, working in a similar job profile and designation, the effect will be quite harmful. This is also a reason that women are experiencing too much stress, and unfortunately, they don’t know how to remove that stress at work.

Women are affected more financially as a disproportionate number of women work in industries that are severely affected by the lockdown. These may include retail, leisure, and hospitality sectors. 17% of female employees are working in lockdown sectors, whereas mem workers are merely 13%.

In the country, 1.4 million citizens lost their jobs in March., with a 0.9% increase in female unemployment and a 0.7% increase for men.

If you analyze the controlled pay gap, the difference in payment will be seen clearly between men and women, having a similar job profile. Women earn 98 cents per $1 earned by men. According to PayScale, women are now getting 81 cents for every $1 earned by men (the ratio of median earnings).

During this outbreak, the wage gap is getting bigger than before. Female elementary school teachers earn 92 cents per $1, and women doctors earn 94 cents per $1, compared to men doctors. Female registered nurses earn 98 cents as usual. Unfortunately, black women earn 62 cents on the dollar and Hispanic women 54 cents for the same designation.

With such low income, women employees often experience difficult financial problems, such as unpaid credit card debts, medical bills, utility bills, kids’ education costs, housing costs, etc. As low-income earners, women may opt for help from non-profit credit counseling agencies and seek options to become debt free again.

Fortunately, the discrimination between genders and the wage gap has been gradually changing in a positive direction. As per PayScale’s survey – In 2018, women employees earned 78 cents per $1 earned by men. In 2019 the amount becomes 79 cents (+1), and in 2020, 81 cents (+3).

4. Unpaid caregivers are mostly women

Women around the world provide most of the unpaid caregiving work. As per the International Labour Organization (ILO), women employees normally render 76.2% of total hours of unpaid caregiving work, and it is more thrice as much as men employees.

Women employees are experiencing a shortage of paid caregiver policies. Currently, only 16% of private-industry female employees are allowed to receive paid caregiver leaves. Due to this reason, women taking too much sick leave for family members may trigger monetary problems in their lives.

● Approximately 43.5 million caregivers have provided unpaid care to an adult or child in the last 12 months. [National Alliance for Caregiving and AARP. (2015). Caregiving in the U.S.]
● About 34.2 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months. [National Alliance for Caregiving and AARP. (2015). Caregiving in the U.S.]
● 65% of care recipients are female, with an average age of 69.4. The younger the care recipient, the more likely the recipient is to be male. 45% of recipients aged 18-45 are male, while 33% of recipients aged 50 or higher are male. [National Alliance for Caregiving and AARP. (2015). Caregiving in the U.S.]
● Upwards of 75% of all caregivers are female, and may spend as much as 50% more time providing care than males. [Institute on Aging. (2016). Read How IOA Views Aging in America.]

Data courtesy – caregiver.org

As health care services are getting unavailable day by day due to the increased number of infected patients, many COVID-19 positive cases need to be treated at home by women caregivers. This may also increase the possibility of becoming infected during such an awful time.

Endnote

So, these are the 4 prime reasons why women are getting the hit more than men. Women share a large chunk of employment in various industries such as healthcare, restaurants, social assistance jobs, preschool, kindergarten teaching, flights, etc. Due to the outbreak, most of these industries are shutting down their business. Due to this situation, women all over the world are experiencing huge financial difficulties to maintain their lives.

Author Bio- Patricia Sanders is a financial content writer. She is a regular contributor to debtconsolidationcare.com . Her passion for helping people who are stuck in financial problems has earned her recognition and honor in the industry. Besides writing, she loves to travel and read various books. To get in touch with her (or if you have any questions regarding this article) email her at sanderspatricia29@gmail.com.

Is Your Business Premises Disability-Friendly?

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. The amount of traffic visiting your business could be impacted by whether or not your business is disability-friendly. There are a couple of accommodations you must make to achieve this. The following contributed post is entitled, Is Your Business Premises Disability-Friendly?

* * *

Pixabay. CCO Licensed.

Businesses need to take steps to ensure that their company is inclusive to all. By not considering the needs of disabled customers and employees, you could be missing out on business opportunities – plus it could cause damage to your reputation if somebody complains.

There are many improvements that businesses can make to their premises to make it more disability-friendly. Here are just a few improvements to consider.

Add ramps and lifts

Those with mobility issues may not be able to use stairs. It’s worth considering the option of adding wheelchair ramps and lifts where possible. This could be particularly important if certain essential facilities cannot be accessed without taking stairs. If adding a lift isn’t possible or is too expensive, consider whether it might be possible to relocate certain facilities (such as placing toilets on a ground floor).

Include a disabled toilet

If your premises has a toilet on site, make sure that this is accessible to people with disabilities or consider building a separate toilet. Disability-friendly features could include adding grab bars, adequate space for wheelchair access and easily-accessible flushes and taps. You could even add an emergency cord that people can pull if they are in trouble. Having such a toilet could be essential if you are hiring disabled employees.

Make sure doors are easy to open

Heavy doors may be difficult to open for people with certain disabilities. Consider whether you can make improvements to make doors easier to open. This could include adding automatic doors or push buttons on the side of doors. Alternatively, you could have a separate entrance for people with disabilities.

Make sure corridors are clear enough

Tight corridors that require people to squeeze past or step over objects could be impossible for people with disabilities to negotiate. If it is likely that people with disabilities will need to use these corridors, you should consider clearing enough room for these people to get through. This may not be possible in old buildings with narrow corridors – in these cases, consider whether there is a way of moving vital facilities to more accessible areas or using alternative routes.

Set up easy-to-reach tools for disabled employees

If you are thinking of recruiting an employee with a disability, you may want to consider if any improvements need to be made to your premises. This could include providing desks at a certain height with enough room for wheelchair access. Certain equipment or tools that are currently located on high shelves may need to be placed somewhere lower so that these employees can easily reach these tools. When it comes to hard-to-reach plug sockets, you could even consider adding extension cables with power outlets that can be placed in a more accessible location.

Include disabled parking bays

If your premises has a car park, you could also consider adding priority bays for people with disabilities. This ensures that if the car park is full, any people with a disability are still likely to get a bay so that they don’t have to park elsewhere and travel a huge distance. These bays should be located near the entrance to your premises to limit the amount of distance these people have to walk.

Tips For Re-Opening Your Business After Lockdown

Three of the focuses of my blog are Current Events, Financial Literacy/Money and Business/Entrepreneurship. There’s a lot of talk opening businesses back up but it’s not so simple. Business owners must be very astute about re-opening. The following contributed post is entitled, Tips For Re-Opening Your Business After Lockdown.

* * *

If there is one thing that we can be sure of, is that the pandemic has changed the way that we will all work – perhaps forever. As the world slowly comes out of lockdown, more and more businesses are getting ready to re-open once more, but with re-opening comes the challenge of navigating through an array of health and safety issues to ensure a safe working environment for all.

Here are 4 issues that you will need to address to help you get your business open and back on its feet again.

Image credit

Carry out a risk assessment
Before you can even think about re-opening the space for employees and members of the public, you will need to carry out a detailed assessment first to identify potential risk areas. Consult and engage with your employees, and trade unions if they apply to you, and share your results and findings with them. This will allow everyone to have their say and let you know what steps and measures you can take next to make everyone feel safe and reassured enough to happily come back to work.

Deep-clean
Employees and members of the public will, understandably, want assurances that workplaces are clean and safe. Invest in a good quality deep cleaning service to thoroughly disinfect your office, shop or manufacturing floor, and any other space that you and your employees use. Even if no one has been in the building since lockdown officially started, the area has been closed for months without any fresh air, and inevitably, collecting a lot of dust. As you probably didn’t have a chance to disinfect before your business closed, having a thorough deep-clean to ensure that all traces of bacteria and viruses have been destroyed should be your first point of action after the risk assessment. If you can, obtain certification as evidence and provide copies to your colleagues and partners for transparency.

Introduce hygiene procedures
With many still feeling anxious knowing that the virus is still circulating, introducing strict and vigorous hygiene procedures in-house shouldn’t be met with much opposition. Encourage people to follow the official rules regarding hygiene and handwashing and provide hand sanitisers that are easily accessible to everyone. Make them available throughout the entire workspace, with particular focus on high-traffic areas such as entrances and reception areas, as well as bathrooms and kitchens. Keep supplies stocked with various hygienic wipes, sanitisers, paper towels and cleaning equipment and motivate your employees to be proactive and frequently wipe down their own work areas and surfaces.

Maintain social distancing
While there are notable difficulties with social distancing at work, people should still be encouraged to maintain a distance wherever possible. Think about layouts and rearrange floors and work areas to create more space if at all possible, arrange one-way traffic flows through corridors and avoid sharing desks and other workstations at all costs. Where possible, continue to have appointments with visitors and clients via the phone or platforms such as Skype or Zoom and allow workers to keep the option of working from home more often. To further remind workers of social distancing rules and regulations, put up signs in rooms and corridors and mark out areas on floors using removable tape.

Things To Consider When Investing In New Commercial Property

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Investing in residential properties in to the only form of real estate investing. Another aspect is commercial real estate investing which can be very lucrative. The following contributed post is entitled, Things To Consider When Investing In New Commercial Property.

* * *

Whenever you develop the need to seek out new commercial property, whether this be down to relocation or expansion, there’s often a considerable amount of money at stake. The likelihood of losing this money can be reduced by following certain steps to complete your project in the most productive, secure manner, and it’s essential that you can acknowledge these tips and tricks to ensure that you can really make the most of your experience. Luckily it needn’t be difficult to get started, as the information below perfectly summarises the right pathway to follow for the best results. So, if you would like to find out more, then read on to uncover some of the most handy hacks that you can implement today to achieve your commercial property goals with little stress in no time at all!

Image Source – Pexels

Enlist Professional Help

Though you may be under the impression that you (and possibly your team) can complete the project independently, the process will likely be far smoother and faster when you decide to enlist professional help. Each step of your journey can be supported by a specialist, and there are so many reputable companies and individuals ready and waiting to offer superb guidance and assistance. Whether you decide to visit a commercial estate agent to start your search for the ideal property with your best foot forward, or find a trusted real estate lawyer to cover the legal side of things, simply allowing other experienced people to take over will relieve such a huge weight off your shoulders. It’s a good idea to perform a little bit of research on the companies and services which are available to you, remembering to check reviews posted by previous customers for an unbiased opinion on the true quality of what could be provided.

Always Utilise A Surveyor

One of the most important steps that you must follow to reduce the likelihood of considerable money loss is to utilise the services of a top rated surveyor. A property surveyor will assess your potential premises from top to bottom, aiming to identify any kind of current or future faults that could affect the overall price and structural integrity amongst other factors. Failing to enlist a surveyor could mean that you purchase a property riddled with issues that you might not have been able to spot at first glance, and once the papers have been signed it’s too late to go back on your purchase. A surveyor can detail which faults have arisen in their assessments, and recommended the best fixes as well as how much these will cost – you can factor these into your offer if you still want to invest, as this is an extremely reasonable request that will most likely be accepted.

Investing in new business premises can come with a whole host of major risks, but if you take the time to implement the top tips and tricks detailed above then you can guarantee a safer, more secure purchase. Always enlist the help of professionals to support you throughout the process.

How to Choose the Best Supplier for Your Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Depending upon the type of business that you’re running you may need to think about a supplier and who will perform that function the best for you. The following contributed post is entitled, How to Choose the Best Supplier for Your Business.

* * *

The relationship a business has with its supplier(s) is extremely important for everyone’s success. As a business, the management you have over your suppliers can reduce costs and foster innovation within your company, and beyond.

Having the right supplier on board can also help you to streamline your business, since you know what to expect from them and you don’t have to worry about unnecessary waiting or a lack of communication.

Unfortunately, not every supplier is transparent and communicative, so it’s important to choose the right ones for your business needs. But, how can you make sure you’re choosing the best supplier?

Unsplash

Make Your Criteria Clear

You can save yourself a lot of time, hassle, and stress by setting out your own personal criteria that your suppliers need to have before you even start looking. By having a concrete list, you can eliminate certain suppliers right away and, again, streamline the process. Some examples of what your criteria might be could include common issues like:

● Minimum/maximum order quantities
● Lead time
● How items are stored and handled
● Frequency of communication
● Payment terms
● Return policies

Having a list like this makes it easy to narrow down your suppliers and gives you the opportunity to ask them all the right questions when you’re trying to decide on someone new. In some cases, you’ll be able to learn a lot about specific suppliers by comparing the information on their website to your criteria. For example, James Duva Inc. offers a lot of straight-forward information right on their website when it comes to alloy industrial products. Look for suppliers who aren’t afraid to tell you what they offer upfront.

Create a Concrete Process

Once you have your criteria in place, you can put together a process that you will use each time you’re looking for a new supplier.

Will you make your list of criteria public to your potential suppliers? Will you call for bids or approach companies directly?

One of the easiest ways to create a process and put it in motion is to delegate experienced members of your team to handle these tasks. Think about the people who could best handle proposals or interview potential suppliers, and either give them the opportunity to make the decision or narrow down the list.

Monitor Supplier Performance

Remember, whether you accept a bid or approach a supplier yourself, you’re not necessarily stuck with them forever. That’s why it’s so important to understand the terms of any contract you sign into with a supplier.

Make it known ahead of time that you will be monitoring progress. As a business, you should have the right to bow out if your supplier isn’t meeting your expectations.

This is, once again, why it’s so important to have a direct line of communication with your supplier. If something goes wrong, you should be able to contact them at any time and get the answers you deserve. The best suppliers won’t have a problem being transparent and committed to fixing any issues as quickly as possible.

Hone Your Online Presence For Business Success

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. So much business in done online today and thus if you don’t know how to conduct business online then you’re at a considerable competitive disadvantage. It’s thus important to evolve and maximize the online tools for doing business. The following contributed post is entitled, Hone Your Online Presence For Business Success.

* * *

If you want to compete in the twenty-first century, you need to hone your online presence to help your business to thrive. It’s not good enough to have a website and some social media channels. You need to use these media online to maximum effect to help expand your customer base, drive traffic to your little patch of the Internet, and to give your brand more exposure. Your business will need to compete with its industry rivals, some of which will have been market leaders for decades. Take a look at how you can hone your online presence for business success.

Pexels – CC0 License

Social Media

The power of social media cannot be underestimated. Many ventures even employ specialist social media managers or outsource their Facebook and Twitter updates to an offsite expert. Twitter gives you the opportunity to find your company voice. Customers are savvier than ever before and want to get to know what is at the heart of a business. They want to speak to a human, whether this is over the phone or online. Millennials are eager to communicate in a chatty and more informal tone rather than being confronted by a corporate voice.

Alongside Instagram, a highly visual media, and Facebook, the most popular social media interface, you can post meaningful and relevant content that directs traffic to your site. This can increase sales and profits for your startup. Make your content readable, and it could be shared widely, resulting in increased followers and more exposure for your brand.

Pexels – CC0 License

Wider Policy

It’s vital that you pay more than lip service to your digital marketing policy by creating a special section in your business plan dedicated to your online presence. This encompasses your social media channels, and also your website design, your SEO requirements, and your growth forecasts via analytics. As your digital marketing progresses, you may adapt your strategy. This can be detailed in your plan to keep a record of your online marketing journey. You don’t have to keep all of this in house, and instead, you could consider outsourcing your marketing requirements. This is convenient if you don’t have the staff team with the skills necessary to get your brand more visible online.

Pexels – CC0 License

Website

You could have an all singing and all dancing website that looks aesthetically beautiful. However, if no one knows about it, then this becomes pretty redundant. Instead, hone your online presence by managing your SEO effectively. Consider the keywords that your target market will search in Google and consider administering an AdWords campaign. With relevant keywords alongside a nuanced social media launch, you could find more people heading towards your homepage. If you are keen to drive more traffic to your site and shop pages, analyze where your traffic is coming from and how long they spend on your site. Doing this will dictate the direction of your digital marketing vision.

Follow this guide, and you can hone your online presence to ensure that your business will thrive.

Great Promotional Gift Ideas For Your Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Depending upon the type of business you are in, promotional gifts may be smart idea to expand your brand and generate more profits. The following contributed post is entitled, Great Promotional Gift Ideas For Your Business.

* * *

Image

Building a great business is a difficult task and often requires careful planning and real dedication. Maintaining a successful business is difficult and many budding entrepreneurs fall at the first hurdle.

To ensure that you aren’t one of these unlucky companies, you need to build a strategy for success. One of the ways you can build a rapport with customers and market your business this year is to send out promotional gifts.

Promotional gifts can be given out at trade shows, sent with purchases, and even sent to potential clients as a way to show credibility. We want to talk today about some of the best promotional gifts you can send to people this year to build the reputation of your business.

T shirts

When choosing products to add branding to, the main thing you want to ensure is that the product is useful. There is nothing more useful to people than clothes, and adding branding to T-shirts and hoodies is a good way to gain traction and free marketing. By designing clothing with your branding, you will provide something useful to the customer and when they wear it in their daily lives, people will become familiar with your brand logo.

Water bottles

It is important to advocate for health and wellbeing these days, and one great way to do this is through products. As a company, investing in branded water bottles can be useful and it will encourage your customers to drink more water. Everyone needs a water bottle, and by providing this you will do something good for your customers and give off a good impression.

Badge holders and lanyards

Sometimes branded products aren’t to be used as gifts, but as something useful for your own workers and visitors. For example, online you can find badge holders and lanyards with your logo on, and you can give these to staff, visitors, and hand them out at trade shows. A simple, small item, but one that will be incredibly useful to those working.

Toys

Who doesn’t love a good toy? If you are sick of the boring old gifts of pens, bags, and lanyards why not go in a new direction and put your logo in a toy? One of the best choices for this is a tennis ball or a football. People can use these in their everyday lives and it will allow them to associate your brand with something fun. Another good idea is to brand your logo onto a stress ball. Stress Balls are something a lot of us need, and it can become a staple member of many people’s desks.

Food

If you are planning to attend a trade show and want to get more people at your stand, offer food and drink. Food and drink is the perfect vehicle for promotion and it will be enjoyed by all. You can hand out bottles of pop or beer with your branding on, cookies with your logo on, or more sweet treats. There are lots of possibilities with edible gifts and let’s face it; everyone loves food.

The Benefits Of Taking An Active Role In Money Management

A key focus of my blog is Financial Literacy/Money. Money is one of those things that will literally disappear without a trace if you don’t take an active role in its management and tell it what to do. Immersing yourself in its management is the key to being successful with it. The following contributed post is entitled, The Benefits Of Taking An Active Role In Money Management.

* * *

Did you know that a quarter of Americans claim to be worried about money constantly? With an uncertain future ahead, and the economy sharing headlines with health news on a daily basis, it has never been more important to take an active role in money management. Here are some of the key reasons to keep a firm grip on your finances and some tips to help you cope if money is a source of stress.

Image by https://pixabay.com/photos/money-profit-finance-business-2696219/

Controlling spending, reducing the risk of getting into debt and saving with a budget
One of the most beneficial steps you can take to manage your money effectively and tip the balance in your favour is living with a budget. If you don’t already budget every month, you may well be surprised at what a difference it can make. There are now several ways you can create a budget and track spending, including traditional pen and paper, spreadsheets and apps. The primary aim is to enable you to gain an accurate insight into the comings and goings of your accounts, so that you know how much you’re earning and what proportion of your income you’re spending.

With a budget, you can control spending, lower the risk of getting into debt and save more money. Use your budget to set a spending limit for each week or month and analyze your outgoings carefully. You might find that you stumble across payments you thought had ended months ago, or you might suddenly remember that you’ve still got subscriptions or memberships you don’t even use anymore, for example. Your budget might flag up overspending on groceries, or you might be shocked at how much your insurance policies have gone up. Use the data, update your budget as you go to ensure that it’s always precise and look for areas to make cuts.

Image source: https://pixabay.com/photos/calculator-business-office-820330/

Keeping a close eye on your financial activity
It’s simpler than ever before to track spending with online banking and money apps, but it’s also incredibly easy to forget about payments you’ve made due to the fact that we rarely use cash now. With contactless technology, smartphones and direct debits, money can be flying out of your account without you so much as signing your name or entering a pin code. Make sure you know what’s going on in your accounts every day. Download apps to check on the go, and don’t ignore statements or texts with warnings or balance updates. Keeping an eye on your accounts can help you regulate spending and ensure you notice any potentially suspicious or fraudulent activity as soon as possible.

Seeking expert advice for financial issues
It is not uncommon for people to get into debt and find it difficult to get out. If you’re struggling to pay your bills, your credit card balance is increasing day by day, and you’re falling behind with your rent or mortgage, the best thing to do is seek expert advice as early as possible. There are multiple debt management solutions you could consider, and a financial adviser will help you select a route that caters to your needs. Examples include credit counseling, debt consolidation, and in cases where you can’t cover your debts, a consumer proposal. It can be daunting to reach out, but debts can spiral very quickly, especially if you have a high-interest credit card, or you’re borrowing on a regular basis. If you’re in a tricky situation, there are ways to reduce debts, to prevent creditors from pursuing you and to protect your income.

Working towards a stable future
Most of us would like to have a financial cushion, but it can be very challenging to save when you’ve got a household to run. If you can use your budget to make savings and analyze your spending habits to create a wider gap between your income and your outgoings, try and put a little aside each month. It’s also critical to look into employee benefits or separate pension programs if you are self-employed. If you have an emergency fund and a retirement pot, this will stand you in good stead in the future, particularly if your circumstances change. Look for savings accounts with a high interest rate or consider putting your money into an asset that will appreciate. If you have a healthy balance, and you’re keen to invest, you could look into buying a rental property or stocks and shares, for example.

Picture courtesy of https://www.pexels.com/photo/money-pink-coins-pig-9660/

Budgeting, analyzing bank statements and tracking spending might not be everyone’s idea of fun, but it’s so crucial to have a handle on your finances. Taking an active role can help to prevent overspending, lower the risk of getting into debt and facilitate saving.

Using Smartphones To Promote Your Business

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In today’s digital world, smartphones and wireless technology have become valuable tools, especially in the area of promoting your business. The following contributed post is entitled, Using Smartphones To Promote Your Business.

* * *

Source (CC0 License)

Smartphones are, well, smart! They have so many different uses that make them highly beneficial in the modern age. Ironically, a lot of people claim smartphones are dangerous as we spend too much time on them, yet this is precisely why they are such a useful tool for businesses.

People use smartphones almost every minute of every day. Therefore, they present some serious advertising possibilities for a savvy business owner. The trick is learning how to use smartphones to promote your business and find lots of new customers. It’s a lot easier than you might expect!

SMS Marketing

Firstly, we can go down one of the more traditional routes. This was one of the first ways in which people used mobile devices for marketing purposes. If you’re wondering, what is SMS marketing, the short explanation is that it uses text messaging to market your business. You gain contact details of leads, then send promotional texts now and then. When done correctly, it can yield a high ROI. The benefit of this is obviously that you can directly get marketing material to your leads. Plus, the fact that you have their contact details means you’re using targeted leads as well. If they gave you this information, they must be interested in what you have to offer, right?

Source (CC0 License)

Mobile Apps

Developing a mobile app is almost seen as a rite of passage for modern businesses. It can be a great way to grow your business and find lots of new customers. There are many ways you can develop a mobile app, and many purposes it might bring. Some companies use apps as an extension of their online store. In effect, consumers download the app and make purchases on it. Others will develop apps that serve as more of a tool for customers. For example, you run a financial services business and create an app that lets people track their expenses. Either way, the benefit of an app is that you are literally in the palm of the hand of your target market. From here, you can use the app to create exclusive promotions. As such, it encourages more people to download the app. Furthermore, using push notifications via the app also allows you to promote new things direct to your audience via their smartphones.

Social Media

That’s right, this counts as using your smartphone to promote your business. Why? Because most social media users are using mobile devices. Plus, you can easily use your phone to compose social media posts on the go. Take pictures or videos using the camera, then upload them to Instagram or Facebook. It’s almost like on-the-go marketing in the sense that you can promote your business wherever you are, whenever you like. Also, encourage your followers to turn notifications on for your posts. As a result, they will always know when you’ve updated your profile, even if they’re not using the social media app at that specific time.

Essentially, you have to appreciate that you’ve got a very powerful device in your hands. All of your customers will use smartphones every single day. It makes sense to take advantage of this by utilizing smartphones as best as you can.

4 Key Steps To Streamline Your Business and Save Time

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Your most valuable asset is your time and thus as a business owner, you have to think about how to optimize your operations so they can be as efficient as possible. The following contributed post is entitled, 4 Key Steps To Streamline Your Business and Save Time.

* * *

Time is money in business and every penny saved is a penny earned. Being able to streamline your business and cut down on wasted time helps massively in your quest for business success. However, if you are new to running or owning a business it can be a bit confusing, or even overwhelming, wondering what areas of your business that you can save time in or even eliminate altogether. Here are 4 key steps you can take to better streamline your business and maximize your time.

Source

Standard Operating Procedures

Standard operating procedures, or SOPs for some, are a method of operating that lays out clear guidelines and procedures for performing certain tasks. They should be clearly written down and accessible, especially if you plan on bringing new hires into the company. What these procedures do is help you set up new hires and existing staff with the tools they need to complete tasks quickly and efficiently. By ensuring that all parts of any given task are laid out clearly and with attention to detail, there should be no excuses when it comes to performing tasks correctly and with speed.

Outsourcing

Outsourcing is a great way to take some of the stress of running a business away from yourself, so that you may focus on other more important areas, such as customer acquisition and actual work. Anything can be outsourced these days, including your HR, payroll, and general administration. Finding a company that provides all of these services in one place is a huge benefit as you don’t then have to deal with multiple agencies who provide your services. For time and cost-saving, it is worth looking into what companies are out there and how they can help, such as the company at the next link (https://employeradvantage.com/payroll-service-management-and-the-latest-software-solutions/)

Automation

Automating certain parts of your business allows you to save time on smaller tasks that would normally take up your day. You can automate most things from email responses to invoice generation. Remember though that just because you can automate something doesn’t mean you should. Some tasks still require a human touch so if you are going to set up automation make sure that you can keep an eye on it. Some software can be found for free or some can be paid for so If you do end up paying, make sure you are considering how much you are paying to how much time you are saving. Make sure it’s worth it.

Reduce Paper Usage

Reducing your paper waste is a great way to streamline your operations. By removing paper usage you can remove the time that it takes to process and digitize. Doing this will save a number of hours in the long run which will again save you money as well. However, there are some documents that just cannot be eliminated no matter how hard you try. For these documents, it is recommended that you implement a solid and function paper filing and documenting system. It isn’t enough to just put them in a folder and hide them in a drawer somewhere. You must be able to access them as and when you need them, and to be able to do so quickly and efficiently.