Archives for March 11, 2018

1. Understand how your company makes money.

The truth is, banks make money when they lend, and spend money when they pay interest on deposits. Don’t be like this in your job. Your salary is not paid automatically and will not just increase.

Revenue needs to be earned. Understand how it is earned and your place in that process. Also understand what costs are incurred for the revenue to be earned – you are one of the costs. So this is not just about understanding how many customers came through or value of things sold but what it took to do that.

2. Understand the value you bring to the table.

Once you know how it is earned, understand your role in that process. Maybe you are part of the team that produces or sells the product or service. You may be the person managing the talent (human resource) that sells the product. You may be bringing joy to people by serving a good cup of tea in the morning so that they can go out and sell. If you can’t express your value don’t expect somebody else to be able to see it and reward you for it.

3. Go to work to solve problems not just to do a job.

Let’s use the teller as an example. He probably went to work on time and clocked out at the correct time. If he understood how the bank makes money, he may have had more conversations with customers about what other services they need. With this attitude, chances are he would solve a problem for the customer and play a bigger part in delivering value to the bank. Many organisations suffer from lack of entrepreneurial cultures. They need people who see what they do as more than a job. Rachel is an employee who came for our entrepreneurship class because she wanted to approach her job from an entrepreneurial point of view. Following the class, she went and proposed a new organisational structure. Three months later she was promoted and her salary almost doubled. Employers want people like Rachel. Your boss or CEO does not know it all. They want people who can provide solutions. Are you one of them?

4. Your personal financial circumstances have nothing to do with the business of the company you are employed in.

You may have moved to a bigger apartment, borrowed for a car, made some personal investments, etc. This is fine but it is has nothing to do with the business you work for. Keep that in mind and let money discussions remain related to the results you are bringing in. According to them people who are constantly in some sort of financial crisis or the other are never top of mind when considering promotions. Why should somebody be entrusted with more company resources when they cannot manage their own? Consistently asking for advances or incurring ‘emergencies’ hurts your personal brand at work.

5. Last but not least, have a compelling purpose to why you do what you do.

The company has a vision. Do you have a vision for yourself? Can you see the connection between the two? Money is not enough of a motivating factor for the long term. There is always a role with more money but not every role will give you that fulfilment. Money also tends to follow or be attracted to a vision.

THERE could be trouble in store for the millions of Britons who run up large debts on retailers’ credit cards while shopping on the high street or online.

What starts as a bit of retail therapy could prove ruinous to your financial health, with store cards charging APRs of up to 39.9 per cent, more than twice the average typical credit card APR of 18.9 per cent.

A planned regulatory crackdown on persistent credit card debtors could make a bad situation worse.

WRONG CARDS

The average Briton now owes £432 across three store credit cards or accounts, new research shows, yet most are unaware of the dangers of this debt.

Nine out of 10 say their store card debt is “nothing to worry about”, yet just one in 20 feels the same about credit card debt.

Shoppers owe another £798 across two credit cards on average, according to the research from VoucherCodesPro.co.uk.

Spokesman George Charles said too many see store cards as free money because you can start shopping straightaway: “Never set these accounts up unless you are completely sure you can pay them off.”

DISCOUNT DANGER

One of the most popular store cards, Next’s NextPay credit account, offers £10 off your first shop in return for an APR of 22.9 per cent.

Debenhams offers 10 per cent off your shopping for the first week, but its APR is even higher at 24.9 per cent, while New Look charges 28.9 per cent and Argos 29.9 per cent.

Very, another fashion-focused website, offers 20 per cent off your first card order, but its APR is a punishing 39.9 per cent.

Credit card expert Andrew Hagger at MoneyComms.co.uk said you should only take advantage of an initial discount if you know you can repay your balance in full by the end of the month: “Otherwise the interest charges could swiftly wipe out any savings you made.”

He warned that cards can lure you into overspending, for example, by offering free delivery on larger orders: “The Topman store card, which charges 19.9 per cent, gives you a £20 voucher in your first statement if you spend more than £100.”

Another disadvantage is that store cards restrict you to a specific outlet and if you take out several different cards as a result that makes it even harder to keep track of your borrowings.

A credit card charging zero interest on all your new purchases for an introductory period may be a better option.

Sainsbury’s Bank charges nothing for the first 31 months, with Post Office Money, Nuba and MBNA offering 30-month deals.

However, Hannah Maundrell, editor-in-chief at Money.co.uk, warned that these have a sting in the tail: “If you run up a large de bt that you cannot clear by the end of the introductory period, the interest could come as a shock. Also, you have to keep up the minimum payments or could lose the deal.”

CLAMPDOWN

Persistent credit card debtors face a crackdown later this year as watchdog the Financial Conduct Authority will order card issuers to get tough.

Issuers must identify problem debtors and either hike their minimum monthly repayments, refer them for debt advice or even cancel their card.

MoneyFacts.co.uk finance expert Rachel Springall warned this could force borrowers into more expensive short-term borrowing such as overdrafts or payday loans: “If you are struggling, now is an ideal time to seek help.”

This is a growing worry with latest Bank of England data showing credit card debt rose 9.3 per cent in the last year to more than £200 billion.

Joanna Elson, chief executive of the Money Advice Trust, said one in three people it deals with faces credit card debt struggles: “The slightest change in circumstances, such as a small drop in income, can be all it takes to push someone into problem debt. Anyone who is struggling to cope should exercise caution before taking on any additional borrowing.

Dealing with your financial situation is a present and future responsibility. This is why it is crucial that you are in control of your finances and educate yourself on the subject. There are many different ways to manage your money and this article will discuss a few of them. When you understand your own personal finance and budget you have a greater chance at success when managing your money.

A realistic budget is based on your actual income and expenditures. Consider all sources of revenue when determining your true monthly income, not just your working wages. You need to be sure that you are never spending more than you are taking in.

As the next step, you should list everything you spend money on. Include all of the money your household spends. You should include all expenses, even if they are quarterly payments, like your car insurance. Add in all costs related to your car, including fuel, repairs, and tune-ups. You should remember not only your grocery bill, but also the money you spend on fast food and other restaurants when you are calculating your food costs. Keep your list as comprehensive as you possibly can.

You should be able to establish a budget now so that you know exactly how much income you can generate. You can draw up a similar list of your expenses and assess each one for savings potential. For example, you can save money by cooking more meals at home instead of eating in restaurants. Examine your spending patterns in search of other ideas to trim costs and keep your money in your pocket.

If you see you bills start increasing, start looking around the house for quick and easy ways to fix up it up and save some cash. You can reduce your electric bill by putting new windows in or replacing an old water heater with a new energy efficient one. Fix all of the water leaks to help save your water bill. Only using your dishwasher or washing machine when you have a full load is also a great way to save energy and water.

One great thing you can do is to reduce the amount of energy you use with your appliances. Replacing older model appliances with newer more energy efficient models can save money on your electric bill and can also net you tax incentives as well. Unplug appliances that do not need to be plugged in continuously to generate energy savings.

Good insulation can go a long way in keeping your heating and cooling costs down. Therefore, carefully inspect your home for areas where new insulation may be needed. You can often reduce your energy costs in the long term by investing in energy saving upgrades now.

Take a look at the following tips. They will help you to take control of your spending, and get your finances in good order. Upgrading your appliances is a great investment; the money you spend will quickly be replaced with lower utility bills, and you will continue to get returns on your investment. With lower utility bills, you’ll have more money at the end of each month.

Saving money is essential to accomplish big and small financial goals, from saving for retirement, to affording your next family vacation, to building your emergency fund.

Unfortunately, most of us are saving far too little. With a quarter of Americans lacking savings for an emergency and almost 4 in 10 of us having nothing saved for retirement, obviously, Americans need to do a lot better at putting money aside.

While there are big lifestyle changes you can make, like adjusting your budget or earning extra income, there are also some really simple ways to save without overhauling your entire financial life. In fact, by just downloading a few new apps onto your phone, you could make savings automatic.

There are apps that help you to cut your spending on everyday purchases, as well as special apps that transfer cash to savings accounts — and you can take advantage of all of them to make saving effortless.

Let’s take a look at a few of the options to see which ones could work for your situation.

1. Qapital

Qapital is an app that takes care of transferring cash to savings for you by turning your every day activities into an opportunity to invest in your goals.

The process starts by linking your checking account to Qapital as a funding account. Then, you set up goals and Qapital opens an FDIC-insured savings account at a partner bank.

Next, you set up a “rule” that applies to automate your savings. This rule can be anything you want it to be: you could tell Qapital to transfer money every Sunday; to round up to the nearest dollar on each purchase and transfer the difference to savings; to move money into savings whenever you order takeout; or to transfer cash to savings when you spend less than expected on a purchase.

The sky’s the limit when it comes to the rules you set for transferring money to accomplish your goal. The app is 100% free, with no minimum balance or monthly fees. When you’re ready to withdraw funds, you can transfer your savings to the checking account you funded Qapital with or can spend it using a Qapital Visa® Debit Card.

2. ClarityMoney

ClarityMoney keeps you from wasting cash by optimizing your current spending and cancelling subscriptions that you don’t use any more.

When you link your accounts to the free app, Clarity uses artificial intelligence to comb through your spending and discover unwanted subscriptions you’re still paying for. Clarity also suggests credit cards that are an ideal fit for your particular spending patterns and helps you to stay on budget by tracking your spending and alerting you if you’re exceeding your limits.

You even have the option to open a ClarityMoney Savings account, which allows you to automate transfers of money to an FDIC-insured savings account held at a partner bank. You can pause, increase, or decrease your savings right from the app and can withdraw the money at any time.

3. Wallaby

Wallaby helps you to master your credit cards and track your spending. When you link your credit cards with this free app, Wallaby will tell you the best card to use for any purchase so you can maximize your rewards.

Wallaby also monitors for suspicious spending, makes it easy to track rewards and bonuses all in one place, and allows you to see the details of each of the credit cards you have open.

Since Americans with credit cards have an average of 3.7 cards, figuring out which one gives you the most points for travel, gas, or groceries can be a hassle. With Wallaby, it only takes a few clicks to see which card you should use for everything you buy.

And, since you can easily keep track of your rewards, you’ll know exactly when you should claim all those points you’ve earned for cash back, miles, or other perks.

4. Shopkick

Did you know you could actually earn money in stores instead of just spending it? You can if you use Shopkick.

When you install this free app, there are a huge list of ways to get some extra cash just by tweaking your buying behavior a little bit.

With Shopkick, you earn points by visiting partner stores such as Home Depot or Best Buy; by scanning product barcodes; by purchasing eligible products with linked credit cards; or by submitting receipts for qualifying products you buy. You can also earn points for visiting online stores, viewing products, watching videos, or buying from participating online retailers.

To earn points, just open the app and select the tab to “Find Kicks Waiting Nearby.” You’ll see what stores you can visit and get rewarded for, and can also take advantage of special offers that show up periodically.

Points that you earn are called Kicks and you can redeem them for gift cards for Amazon, Starbucks, and a huge selection of other stores. You’ll see your earned Kicks in your account summary and can redeem as soon as you’ve earned enough to buy a gift card.

5. ShopSavvy

Is there a cheaper place you could buy that item? Figuring out which store offers the lowest price can seem like a major hassle, but not with ShopSavvy.

After downloading this free app, you can scan the barcode of a product you’re considering and will get a list of prices from both online and local retailers. You can also search and compare prices by typing in the product name in the search tool.

ShopSavvy also alerts you to deals, provides reviews and product recommendations across 400 different categories — and provides cash back if you shop through ShopSavvy at a partner retailer.

By taking a few seconds to use ShopSavvy to compare prices, you won’t ever have to wonder if some other retailer could have saved you a few bucks by offering a better bargain.

6. Coupon Sherpa

Want help finding coupons for online and in-store purchases? CouponSherpa is the app for you. Coupon Sherpa gives you access to more than 48,000 coupons that have been tested by app users.

With Coupon Sherpa, you can search by store or category and access both printable coupons and coupon codes for online buys. There is also a location-based search feature that allows you to use your GPS location to find coupons available in stores near you.

Coupon Sherpa is free and no membership is required, so if you’re ready for your everyday purchases to cost you less, downloading this app is a great choice.

7. Earny

Once you’ve made a purchase, your opportunity to save on it goes away, right?

Maybe not if you’ve downloaded the Earny app. Earny monitors items you’ve purchased to watch for price drops and then contacts the company to ask for a price match. If Earny finds a price has dropped, it will access your email and send a message on your behalf to ask for a refund.

While you do have to give Earny access to your email so it can send your refund requests, it may be worth it to end up with surprise refund notifications in your inbox.

8. BestParking

Paying to park your car can be a real bummer, but often it’s a necessary evil. If you’re going to have to shell out cash just for the privilege of leaving your car in a spot or lot, you can download the BestParking app to pay as little as possible.

BestParking will help you find the lowest priced parking in 105 different U.S. cities. It can also help you find the cheapest parking near 115 airports in North America. Parking before your next trip can cost you much less, leaving you with some extra cash to spend on vacation.

BestParking promises you’ll get the most up-to-date and accurate information through their app. If any users report that BestParking was displaying incorrect info, BestParking will reward them with a $5 Starbucks e-gift card.

9. SwagBucks

SwagBucks is an app that allows you to earn extra cash in your spare time by completing simple tasks. You can score gift cards for watching videos, completing surveys, and shopping locally or online for special deals.

You don’t need to spend money to earn through SwagBucks, and most of the surveys and videos are brief and simple so you can do them while waiting in line or sitting through commercials. Essentially, you can turn your phone into a money-making machine by opening up the app when you have a few minutes to spare.

Each activity you do earns you a set amount of SwagBucks that can be redeemed via PayPal or turned into gift cards at top stores including Amazon and Target. You can redeem for gift cards as low as $5 so you don’t need to earn tons of SwagBucks just to cash out your points.

10. PocketFlip

PocketFlip works similarly to SwagBucks in that you can earn extra cash in your spare time by simply completing basic tasks in the app.

Tasks you can do using PocketFlip include taking pictures for partners, filling out surveys, downloading apps, and inviting friends to team up with you. Each task you do will give you a designated number of free coins that you can redeem for rewards.

When you’ve earned enough coins through task completion, you can redeem them for gift cards to a wide variety of stores, including Amazon.

Take advantage of the apps that are right for you

Each of these different apps will work in its own way to help you save your cash, manage money more efficiently, reduce your spending, or even bring in a little extra income.

While most make the process of saving effortless, you’ll need to decide which apps you’ll actually use. Pick a few to try today and watch the savings stack up — you may just be inspired to try them all once you get started.