Kenneth Boyd's Blog, page 38

The Young Professional’s Guide to Retiring Early

It would be a dream to retire before you’re 40 and spend the rest of your life traveling or relaxing at home. But for most people, retiring this early is impossible because they have plenty of debt and not enough savings yet. What’s more, a lot of them only realize how bad their financial health when years have passed and they can’t do anything else but work.

Of course, achieving financial independence isn’t impossible even when you’re already in your 40s or 50s. It’s just easier to start your journey there at a younger age. Below, we’ll show you a step-by-step guide on how you can retire in 10 years or less.

 

Visualize your dream retirement

 

For many, retirement means never having to work again. It’s all just traveling and spoiling your family. For some, though, retirement means never having to work to live. They may still want to work, but they don’t need it, so they focus on non-income producing hobbies. Whichever retirement lifestyle you wish you had, envisioning it will help you in our next step.

 

Estimate your retirement expenses

 

You can’t start saving for your retirement without knowing your target amount. You need to estimate the cost of your needs when you retire. It can be a monthly budget, which includes your basic needs and insurance premiums, as well as miscellaneous expenses. Then you can adjust the budget as you grow older and need to spend on other needs. Also, if you estimate that you’ll still be paying debts by the time you retire, make sure to include these payments into your budget.

 

Work to grow your career

 

Your career is your largest asset and it’s probably the biggest source of your savings. But your paycheck when you’re 25 shouldn’t be the same when you’re 30, otherwise, your savings are going to go stagnant. If you want to retire early, hustling for a few years- and educating yourself- to drive career growth is the way to go.

 

Invest immediately

 

If you want to retire early, it’s not enough to just save your money; it’s better to invest it so it grows. And when it comes to investment, time is your biggest asset. So invest as early as possible and invest smartly. Fortunately, there are easy ways to invest, such as getting VUL or variable universal life insurance, which is life insurance with investment opportunities. You might need the help of a financial advisor, though, to make the best investment decisions.

 

Commit to making lifestyle changes

 

No matter how much you make, if you’re not committed to making some changes in your life, you might not reach your financial goals by the time you planned to retire. However, several actions can close the gap between where you are now financially and where you want to be. This includes getting out of debt completely, limiting or eliminating unnecessary expenses, and being consistent with saving.

Keep in mind that the road to retirement isn’t an easy one. It requires incredible discipline so you could save and invest as much as you can. But once you’re not beholden to a 9 to 5 job anymore and you’re free to live your life as you see fit, you’ll realize it’s all worth it.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(Image) Pier by Hernan Pinera (CC by 2.0)

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Saving The Pennies During A Pandemic

On a personal level, the coronavirus crisis has hit hard. Just a few short months ago, you were probably looking forward to everything 2020 had to bring with optimism. Now, you can’t wait for the year to end.

 

With the pandemic, uncertain economic times have emerged. People are concerned that their jobs may not be around much longer, and you need to take action on personal financial planning. If you are keen to save the pennies and tighten the purse strings, you don’t have to live like a pauper. However, you do need to make some fundamental life changes to top up your savings and stay in the black. Take a look at how you can stay financially buoyant during the coronavirus crisis.

 

Consider switching vendors

 

It’s so easy to stay with the same bank, the same utility suppliers and the same car insurance. It’s just convenient. However, what you gain in convenience, you lose out on in value for money.

 

By heading onto comparison websites, you can save hundreds of dollars by switching who supplies your electricity or who insures your dog. When your renewals crop up, it’s vital that you shop around rather than accept the renewal quote.

 

Switching used to be a pain because the onus was on you to cancel standing orders and switch your bank accounts. Now, companies have made this easier by doing this all for you. There really is no excuse not to save money by investigating the best providers for your situation.

 

Review car expenses

 

If the set of wheels on your driveway hasn’t seen the road for a good few weeks because of coronavirus limitations, you might be tempted to sell it. This would definitely give you some more readies for your savings. However, you might simply want to swap the swanky sporty little number for something a little more modest and cheaper.

 

Consider those cars that are in a low insurance group and those whose parts are cheap. Heading to a car site like Automotive Stuff can help you see the sorts of accessories and parts for each make of car. If the parts are readily available and cheap to buy, this will make the running costs of any vehicle much more reasonable.

 

Planning for a vacation

 

While flying may be off the cards for now, you still might want a summer vacation for your brood. Think about heading out on a road trip. This way, you can use your own car, rest your weary heads at cheap campsites, and explore your home nation. You might fancy heading to the coast, the countryside or a National Park.

 

It may not be the vacation you had in mind, but it will certainly be gentler on the pocket. Consider what your family want to do on your trip and check out those freebie excursions. Museums and parks are often free to enjoy. Cook at the campsite rather than eating out, and enjoy staying safe on your own self-catering holiday.

 

While Covid-19 has brought many uncertainties with it, you can save your pennies and enjoy a more frugal existence.

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(Inage) Coins on Money, Dmitry Moraine

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Minimize Your Tax Liability

There are two certainties in life, according to the old axiom: death and taxes. While you may not be able to avoid taxes, you may be able to reduce the impact they can have on your finances. Here, we’re going to look at some of the steps you can take to reduce the amount of taxes that you have to pay without getting into any trouble.

 

Claim what expenses are available to you

 

There are a lot of business costs that are deductible, meaning you can reduce your tax liability on business profits. If you run a side hustle or a business, then you should be sure to include any investments you make into the business, whether it’s for equipment, office space, furniture, advertising, other services, or any business-related travel, including mileage spent driving for business purposes.

 

Just ensure that you account for all expenses thoroughly, too. Also, keep your business and personal spending separated by using separate bank accounts and credit cards.

 

Use tax-deferred savings accounts

 

There are different kinds of savings accounts that can work as excellent tax-reduction tools. The more that you put into them, the more taxes up can defer over time, up to a certain threshold. Your retirement account, whether it’s a 401(k) or an IRA account is one example of such an account. A Health Savings Account is another deductible savings plan.

 

Check out what other tax breaks might available to you

 

Most states and local communities have their own tax breaks that are worth taking the time to investigate. For instance, federal tax reform law might have scrapped the ability to make miscellaneous deductions, but some states still allow you to claim them. What’s more, tax breaks don’t solely apply to income taxes.

 

Of course, you can also increase your charitable donations throughout the year to help you save on taxes. It’s not as simple as “donate $5, deduct $5,” as people like to claim, but it helps.

 

What do taxes pay for?

 

Taxes pay for a lot of the public services we rely on. However, many of those public services go underfunded, while oversized portions of the budget go to things like inter-government bureaucracy and military contractors. What’s more, if you read here you can watch as DTSS uncovers deep state scam that might see the money from the states being used to pay off the bankruptcy of the US government itself. Do you homework, and vote in each local and federal election.

 

Get help from an expert

 

The above strategies can help you minimize how much you have to pay in taxes, and you should also consult with a tax accountant,. The consequences of poor accounting can see you getting audited and losing money, so get help from a professional.

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

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Entrepreneurs Often Wind Up With Legal Trouble. Why?

Entrepreneurs would like to spend the lion’s share of their time working on their businesses, creating value, and achieving their long-term financial goals. To that end, they’d prefer to avoid getting involved with the law, wherever possible. Unfortunately, that’s not always how it works out.

 

Even with their best efforts, some entrepreneurs wind up falling foul of some statute, and the state takes action against them.

 

Business leaders tend to be prominent people in the community at the center of multiple networks. Their high-profile lives mean that their actions come under regular scrutiny from colleagues, customers, and state officials. If they break the law, somebody usually finds out. And when that happens, regulators and prosecutors feel they must press charges.

 

Most of the time, entrepreneurs aren’t deliberately trying to break the law.

 

Some of the world’s top entrepreneurs bludgeon through the legal noise and carry on, like Elon Musk, but he’s an exception. The average leader trying to do right for their firm isn’t willing to take the risk and expose themselves to the cost of litigation.

 

Rules and regulations are supposed to keep everyone safe and help create a more prosperous and peaceful world. But when applied to entrepreneurs, they sometimes stifle creativity, which may harm society and holding people back.

 

Let’s take a look at some of the most frequent reasons for legal trouble among entrepreneurs:

 

Driving recklessly

 

Driving badly is one of the main reasons entrepreneurs seek the help of a criminal defense lawyer. Because they’re always rushing from one place to another, they often wind up with roadside citations of one kind or another. Speeding and DUIs are serious offenses that can seriously derail their capacity to run their enterprises.

 

Failing to comply with labor laws

 

The state doesn’t take kindly to companies that fail to comply with labor laws. And neither do colleagues themselves. Entrepreneurs can face serious litigation costs when they don’t follow the requirements set out in statute.

 

Accounting issues

 

Entrepreneurs are also under siege from tax authorities. Failure to complete returns accurately or submit them on time can result in hefty fines and even criminal action in some cases. Investigations are lengthy and stressful, and you never really know what they are going to throw up.

 

Entrepreneurs have a final issue with which to contend that most people don’t: their view of the world. Business leaders in the voluntary sector are used to negotiation to get what they want. But that’s not how the state operates at all. It just creates laws and then uses force to back them up. Entrepreneurs need to comply with all laws and regulations, and consult with an attorney before making important decisions.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 400+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

The post Entrepreneurs Often Wind Up With Legal Trouble. Why? appeared first on Accounting Accidentally.

Simple Steps You Can Take Towards Financial Freedom

Society does not teach us to be wealthy or how to achieve any sort of financial freedom. Generally, it teaches us to live a quiet life, where we simply ‘get by’ by jumping through hoops. It teaches us the fundamentals of being employed in a job tied down by archaic working hours and practices, rather than in a career that we love with the freedom and making our own rules. 

 

We do not get taught how to build a career that can bring us the financial freedom that so many of us crave. If you want to do that, you have to take risks and find out how to do it, often without society’s support.

 

Here, we look at just a few of the simple steps that you can towards achieving financial freedom without taking any huge risks.

 

Read, read and read a bit more

The best way to educate yourself on just about any topic on the planet is to read. There really is nothing else that will give you a higher ROI (return on investment) than some time spent reading. However, it is important that you do not just limit yourself to reading information from the mainstream media – cast your net a little wider and ask more questions about what you do read, particularly if it is in the media. DTSS is a really useful source for helping you to think and ask more questions.

Have patience

As the famous saying goes, ‘patience is a virtue,’ and when it comes to achieving anything near financial freedom, it has never been so true. No self-made millionaire became a millionaire overnight. It took hard work and patience to get there. Whether the patience is with building up your savings or your investment or waiting for that opportunity that is going to launch you to new heights, patience is something that you need to have if you want to be successful in life.

Find a mentor

Support is everything when it comes to success. We all need someone to have our back, hear us moan when things are not going quite to plan, build us up when we have a knockback, and give us advice in areas that we do not quite understand. Find someone who has experience in the industry that you are trying to move in, but is obviously not a competitor. It may be a family member or a friend, it may be a colleague, or it could be someone that you have hired as a professional mentor. Whoever it is, make sure that you trust them and have their full support, regardless of the path you choose to take.

 

This is just only the beginning of the steps that you can take to achieve financial freedom. It is a lot of hard work, and you will make mistakes along the way, but with support, patience, and a thirst to learn more about what you are doing and others’ experiences, you will be well on your way.

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(Image) Coins-on-Money-Dmitry-Moraine

The post Simple Steps You Can Take Towards Financial Freedom appeared first on Accounting Accidentally.

3 Common Financial Mistakes Made By Millennials

Money – fun to spend and hard to save, especially when you are young, spontaneous and in your twenties. At this age anything seems possible, the world is your oyster, and you have probably just started your first adult job with a decent income (which you’ll want to spend as soon as it hits your bank account every month.)

 

Unfortunately, while a lot of young people are ambitious, most tend to think only short-term when it comes to their finances with one study showing that only eight percent of Millenials have sound financial knowledge.

 

While your twenties is the time for fun and new experiences, the quicker you gain control and build good financial habits, the less likely you are to get into spiralling debts.

 

Here are three common financial mistakes made by millennials and how they can be avoided to gain financial freedom as quickly as possible.

 

Not having an emergency fund

 

As we all know, life is unpredictable, and pretty much anything can happen, especially in your twenties. It is always, therefore, recommended to have six month’s worth of salary set aside for emergencies, with a three-months minimum at the very least. This is because this should be just about enough to cover any short periods of unemployment or significant unexpected expenses without having to go into debt. Set aside a little bit of money each month, but if you find that you are struggling, try thinking of other ways you can make some extra income to contribute to your emergency fund. The important thing is that you start and you start now as you never know what life has in store. Last but not least, make sure not to spend it on anything other than emergencies and set up a savings account to store it away from your main one so that you aren’t tempted to spend it.

 

Living elevated lifestyles and not spending wisely

 

When you are young, it is very easy to overspend and overindulge – especially when you start earning your first real salary in your first professional job. You want to keep up with the latest fashions, social trends and go on holiday just like everyone else, but if you don’t keep a close eye on your spending habits, you can very quickly fall victim to debt. Most young people don’t tend to set spending patterns, which is quite normal and takes years of practice, but if you find that you are constantly living above your means and elevating your lifestyle when you don’t have the financial means to back it up, then you need to take a step back asap. To become financially savvy, you need to look and track your income and set up a reasonable monthly budget, allowing you to set some money aside, but one that won’t leave you feeling completely deprived. Remember that knowledge really is power, so learn about finances as much as you can through DTSS, podcasts and other online resources to help make the subject more manageable and less intimidating. While it will be hard at first, gaining financial control and foregoing all those little luxuries that you love so much in your twenties will be worth it when you hit your thirties happy and debt-free.

 

Paying the minimum on credit cards

 

Credit cards tend to be presented in a way that can seem like the answer to all your financial problems and can sometimes even seem like free money to those in their twenties, but as we all know, credit results in debt. Anytime you use credit you are spending money that isn’t yours meaning that eventually, you are going to have to pay it back. And while there are perfectly legitimate reasons to use credit cards, there are many Millennials who use it irresponsibly and then only pay off the bare minimum each month. By doing this, you pay the least amount that you have to without incurring a penalty. The problem with this, however, is that while it is easier to pay back less in the short term, in the long run, you will end up paying higher fees in interest. By paying just a little bit more on top, you are saving yourself potentially thousands and avoiding a situation where your debt starts to snowball. When it comes to credit cards in general, remember, using them to buy items that you can’t afford isn’t a healthy way to live and will eventually catch up with you. Start managing your money, learn to be more responsible and stop spending money that isn’t yours if you want financial freedom in the future.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

The post 3 Common Financial Mistakes Made By Millennials appeared first on Accounting Accidentally.

How to Improve Employee Retention

Losing staff unexpectedly can really dent the growth of your business, especially in the early stages when you’re still small. Finding, hiring, and training a new member of staff can be very expensive to do, especially if you need someone with particular skills or qualifications. Instead of trying to find new staff, work on your employee retention, to encourage people to stay with your company for longer, instead of looking for a new job.

 

Hire Selectively

 

You can improve retention by being smart about your hiring from the beginning. If you hire more selectively, you can bring in people less likely to jump ship. As well as looking for the right academic qualifications, skills, and experience, pay close attention to signs of diligence, attitude, and integrity as you interview people as well.

 

Look at their work history. How many jobs have they had throughout their career? How long have they stayed in past jobs? Do they tend to stay for several years, or do they have a pattern of working somewhere for a year and then moving on?

 

Why did they leave their last job? If they were looking for more growth opportunities, is this something you can offer them in order to make sure they stay with you longer than they stayed with their previous employer.

 

Pay Them Right

 

One of the most common reasons for people to seek a new job is to look for a higher salary. Keep a close eye on compensation standards in your industry. Are you paying your team fairly? Make sure that you offer pay rises in line with inflation so staff don’t feel underpaid.

 

Bonuses and benefits packages can be a great addition to basic salary too to make people feel more valued and more like staying with you. Christmas or performance-based bonuses will always be appreciated.

 

Set up a tempting benefits package, offering things like discounts with other businesses, ways to earn extra days off, help to buy travel passes or access to a health insurance company. These perks make your team feel valued, and help you to compete with other employers in the market.  Health insurance is an especially popular option, as medical bills can really hit someone’s personal finances. By offering this, you offer them security.

 

Offer Flexible Work Schedules

 

Employees are looking more and more for the option to work more flexibly. While you can still have core office hours, so you’re open at the right times to work with your customers or clients, you should still offer the option to work more flexibility with working hours when people needed.

 

This could mean allowing people to adjust their hours to come in early, so they can leave early to collect a child from school or allow them to come in late and work a little later, so they can fit in an early dentist appointment. Being willing to work with people on other demands on their time helps your employees to keep a better work-life balance, so they’ll have more energy and be more productive.

 

If possible, allow your staff to work remotely when they need to as well. Whether they want one day a week to catch up with admin tasks without the distractions of the office or need to stay at home to care for an unwell child, try to work with them on these requests.

 

On the other end of the scale, if the job requires travel or late nights, make sure that the people you hire are happy to do this, and appropriately rewarded for doing so.

 

Get Your Work Environment And Company Culture

 

A comfortable work environment is important to keep the staff happy. While people won’t leave just because they don’t like your office, a work environment that is always cold, cramped, or dirty, will soon put people off coming to work every day. Make sure your office is kept clean and inviting. Make sure every member of your team has enough space to work, and the equipment that they need to work effectively.

 

Company culture is also important. Keep yours positive by not keeping hires who are unpleasant to work with. You shouldn’t keep on anyone who is difficult, rude, or discriminatory. Make your company culture clear by being proactive about hiring people who fit your values.

 

Create a supportive atmosphere by making sure your team has plenty of access to training opportunities in order to keep growing and developing their careers. Being blocked from developing or being missed over for promotion is a key reason why people leave jobs, so make sure you have a transparent, and fair process for giving promotions, and give people options to develop.

 

When new hires join the business, don’t just throw them in at the deep end and expect them to swim. Offer them ample support to learn both the company culture and their job, before they can manage on their own.

 

Be Generous With Praise and Recognition

 

Find a variety of ways to reward employees, other than paying them money. If you know someone has put in a lot of over-time to deliver a project, for example, you could reward them with an extra day off when the project is done in order to rest and recharge. Take a team out to lunch occasionally to say thank for their hard work.

 

Just saying thank you goes a long way too, but it’s surprising how many managers and business owners forget to say it. While they’re doing what you pay them to do, feeling recognised encourages staff to feel more loyal and to work harder. If someone is working hard or offers to step up to a tough task, make sure you thank them.

 

There are lots of ways to say thank you. Say it in person when you offer praise. Give someone who has gone above and beyond a thank you note. In staff meetings, mention and thank those who have delivered the projects you’re talking about. Send company-wide emails about completed projects and thank those who worked on them. Share employee success stories on your social media.

 

If you’re going to thank people in a public way by name, triple-check that you haven’t missed anyone off the list. Forgetting someone will achieve the opposite of what you’re hoping! Thanking people publicly, however, is a good idea. The person you thank feels recognised and proud, and the rest of your employees get a good idea of the sort of thing you’re looking for, and can adjust their own work to deliver that.

 

Give A Career Road Map

 

Development is often cited as a reason to seek a new job. Make developing your staff a priority. If you can help them to grow, they can progress through your company in different roles, meaning they stay with you, and you benefit from their years of experience, knowledge, and training.

 

Many businesses are wary of investing too much time and money into developing an individual, as they worry people will take the training and go elsewhere with it. However, if you don’t let people develop, they will leave anyway.

 

Work with your employees to develop a road map for their career. This starts with your hiring process. You should be finding out where people are hoping to end up. Offer your team regular feedback, in the form of reviews and one-to-ones.

 

Offer training, and the option to attend events like seminars and conferences. They’ll bring back new knowledge and contacts that will benefit you and them. Set them goals to reach along the way, and make sure that you reward people who reach their goals.

 

Make sure your promotion track is transparent and fair. If people feel that they have the ability to grow and develop their career with one company, they are more likely to stay with you, instead of seeking a higher position elsewhere if they feel they aren’t being supported or recognised by you.

 

Employee retention doesn’t have to be difficult. Staff who feel valued, recognised, trusted, and able to develop will stay longer than staff who feel that their managers don’t trust them or value their hard work, or those who feel overlooked for training or promotion. If you can keep your team as happy as possible, you can keep them with your business for a much longer time. This saves you a lot of money on hiring and training new people to replace those who leave, but also makes sure that you have a team around you who is positive, engaged, and loyal to you.

 

It’s also important to take feedback from your team all the time, and a more engaged team will be more willing to do this for you. If you wait until an exit interview to find out why someone wants to leave, then it’s already too late. By taking regular feedback, you can identify and address any problems before they become a big enough problem to cause someone to start applying for other jobs. If you wait til they’re already leaving, there’s probably others not far behind them.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

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6 Tips to Save Money on Your New Kitchen

Renovating your kitchen, while being a fabulous project, is inevitably going to be costly. If you’ve been planning this for a while, you might be in need of some assistance to help you stay below the budget. Here are six tips to save money on your new kitchen.

 

#1- Avoid moving utilities and services

 

Unless you really want to change the arrangement of your kitchen, why not leave the sink, dishwasher, and cooker in the same place? This way you’ll be able to save a lot of money on the electrical, gas, and plumbing work you would have needed.

 

#2- Consider going smart

 

Consider upgrading all your electrical appliances to smart models with the option to be controlled remotely. These are much more energy-efficient and better for the environment.

 

Newer models of washing machines and dishwashers reduce your energy bills, and are much more stylish and efficient. The majority of these new models can be controlled from a device or smartphone. Your heating and electricity can also be monitored using a single app.

 

#3- Opt for a statement piece

 

Rather than fitting out your entire kitchen with high-end units, if you’re on a low budget go for one luxurious statement piece for your new kitchen. For example, you could make an impressive granite island the focal point and use standard quality material for the rest of the kitchen. This way you’ll cut a few costs.

 

#4- Upgrade your energy

 

Switching all of your lightbulbs to LEDs. They are much more efficient as they transfer hardly any energy into heat. LEDs are longer-lasting, energy-efficient, and perfect for a modern eco-friendly household. They’ll save you a lot of money in the long run.

 

In addition, make sure that your kitchen is well insulated to reduce heat loss and heating expenses. This will save you plenty on your gas bill. Upgrade all your windows to solid double-glazing and look into replacing and flooring with more well-insulated flooring. This will keep the heat from escaping through the floor.

 

#5- Rethink existing kitchen space

 

Remodeling and finding a new use for existing space is an alternative way to save money on your new kitchen design. A new modern construction should be able to sustain knocking a wall down to merge your kitchen and dining room to create more space. This bit of extra space could be used as a laundry room, larder, or extra storage.

 

#6- Reduce waste

 

You can reduce waste and save money by making smart choices about old kitchen items. If you don’t have any use for existing materials such as floorboards, doors, radiators, and units, you could sell these second hand and make a bit of money off your old kitchen.

 

Instead of hiring a dumpster and paying people to take away unwanted items, you could offer these on sites such as Freecycle.

 

Even though redoing your kitchen is difficult to do on a budget, there are a few simple ways you can reduce costs.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

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Getting Your Finances in Order When Buying a House

The vast majority of financial professionals would generally recommend buying a house over renting one. There are various reasons for this, but the main would be that when you’re buying a house, you’re paying your own mortgage off each month with your mortgage payments, rather than buying someone else’s house on their behalf or paying someone else’s passive income through rent payments.

 

A home purchase is likely to be one of the largest investments that anyone can make during their lifetime. So, you’re going to have to make sure that your finances are fully in order before attempting to buy any property. Here are a few different steps you can take to achieve this!

 

Clear Debts

 

Most people have debts that can be left outstanding when applying for a mortgage. Student loans and finance agreements on vehicles are a good example, as generally, mortgage lenders and other companies don’t expect you to have cleared this kind of loan before taking out a mortgage loan with them.

 

Outstanding student loans also don’t impact your credit score. But when it comes to other debts, such as loans and credit cards, it’s generally best to have cleared them before applying for a mortgage. In fact, it’s best to clear them before you even begin to start saving for your mortgage deposit. There’s no point having savings in the bank when they could be paying off a loan or credit card that has interest attached.

 

Improving Your Credit Score

 

In a similar vein, you’re going to want to make sure your credit score is as positive as possible before applying for a mortgage. Generally speaking, paying off any debts will help you to achieve this. You should also use credit available to you sensibly in order to work on your score.

 

Make sure you have the money available to pay for large ticket purchases in advance, but pay with your credit card (this also gives you some financial protection). Then, clear your outstanding credit card bill quickly with the available money in your bank account. This shows responsible card usage.

 

Figure Out Your Budget

 

When saving your deposit, you need to figure out your available budget for buying a property. Consider your income and use mortgage calculators to determine what kind of mortgage lenders would be willing to offer you. This can give you an idea of what down payment you’ll need to build up and which properties could be options once you have saved this deposit. You can click here for examples of good quality housing.

 

Actually Saving

 

Saving isn’t simple. But you need to be determined. Cut spending on luxury goods and put as much of your disposable income as possible into a high interest rate, reliable and recommended savings account.

 

These are just a few different steps you’ll need to take when it comes to getting your finances organized in order to buy a house. Hopefully, they’ll help you along the way!

 

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

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What To Do If You Suspect You Have Been The Victim Of Medical Malpractice

When we go to the doctors, have surgery, or allow a medical professional to take charge of our health, we do so expecting them to provide us with a certain standard of care, which isn’t always the case.

 

Medical malpractice occurs when a healthcare provider fails to uphold their duty of care, causing injury, harm, or even death to their patient. If you suspect that you have been a victim of medical malpractice, then here’s what you should do.

Contact a medical malpractice attorney

Medical malpractice law is highly regulated and incredibly complex, which is why you need to ensure that you have a correctly qualified lawyer or law firm on your case such as Shrager & Sachs.

 

Wherever possible, try to get yourself legal representation as soon as possible after the event, to give you the best chance of winning your medical malpractice case. If you are worried about the legal fees associated with hiring a medical malpractice attorney, then don’t fear, most medical malpractice lawyers offer a free consultation and will take their final payment on a no-win, no-fee contingency basis, meaning that you don’t need to worry about finding the money upfront.

Retain any evidence

Evidence in a medical malpractice case can sometimes be limited. In some cases, it’s simply be the doctor’s word against that of their patient. To form a persuasive argument, your attorney will need to gather evidence that the harm you sustained came as a result of the medical negligence of your healthcare professional.

 

Gathering evidence involves looking through health records, speaking to witnesses and connecting with third party medical professionals who can assess whether the action taken by the defendant was in keeping with the correct standard of care. If you happen to have any evidence yourself relating to your medical malpractice case, then hold onto it until you can show it to your attorney.

Prepare to ride it out

Medical malpractice cases are known for being complex and with so much at stake, they can take many months, or even years to come to completion. On average, medical malpractice suits take between 18 months to 3 years to close, though don’t let this put you off making your case.

How a legal settlement works

The vast majority of medical malpractice cases never make it to court, and instead are solved with an agreed settlement fee paid to the victim. This settlement fee can vary hugely, depending on the severity of the injuries caused to the individual and the degree of medical malpractice that has taken place.

 

With an experienced medical malpractice lawyer at your side, you can relax knowing that they will fight to get you the maximum amount of compensation that they can.

Use your compensation wisely

Following a successful medical malpractice case, you could find yourself with a substantial settlement payment. Although you may be relieved and happy to have won your fight, it’s important not to make any rash decisions with your money but instead to use it wisely in order to safeguard your future.

 

Many large settlement winners choose to get help from a financial advisor to help them intelligently use their money.

 

So there you have it – if you believe that you have been a victim of medical malpractice, be sure to get the help you need and the compensation that you deserve.

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 400+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

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