5 Tips For Starting To Save Money Right Now

Save MoneyFor lots of people saving money may appear to be a hopeless task. They try and try to save money but struggle to consistently put money into their bank account. Failing to save money can often occur because you have so many other things to do on a daily basis. The key to saving money is to make it as easy as possible to do. Here are a few tips that will help you start saving some cash right now.

Save a little at a time
You don’t have to start with some grandiose savings goals in order to save money. Saving small amounts of money is actually a whole lot easier than saving a lot of money at one time. You can schedule small amounts like $20 to $30 a week to start building up your savings account. You won’t miss the money and these tiny deposits can add up over time.

Make saving money easier
You always want to make saving money as easy as possible for yourself. Take the burden of having to remember when and how much to save by doing it automatically. Schedule automatic transfers from your checking account and automatic deductions from your paycheck right into your savings account. After a month or two, you will get used to this amount of money being deducted from your account every month.

Make withdrawing money difficult
While you want to make saving money easy, you want to make withdrawing money a real pain. Resist the urge to withdraw by not getting an ATM card for your account. This will force you to go into the bank during banking hours whenever you need to take out some money. Also, place your savings at a bank that is inconvenient to get to. This will keep you from making frequent trips to your banks to withdraw your money.

Get a side job
If your reason for not saving money is that you simply do not have enough cash, you should get a side job. Side jobs are great at providing a side income. Find something that you are passionate about and would enjoy doing for money. You can designate this income for the sole purpose of funding your savings account. A few hours a week working on the side can grow into large savings account deposits.

Use your spare change
Sometimes the best solutions to problems are the ones that you learned in your youth. Remember having a piggy bank in your room that you would store all of your spare change in. You would fill the piggy bank up with coins until it couldn’t hold anymore. You can do the same thing as an adult. Store all of your spare change in a piggy bank and take it to the bank when it gets full. Deposit all of your change into your savings account and repeat this on a monthly basis.

Saving money does not have to be as hard as you thought. Apply these simple tips and you will be on your way to building up a savings account.

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The Pros and Cons of Selling Structured Settlements

The following article is a guest sponsored post. Please see my disclosure statement for more information.

DollarsYou’ve probably heard the term “structured settlement” but weren’t quite sure what that meant. Structured settlements are financial settlements where the proceeds from a legal judgment are paid out as an annuity rather than given as a lump sum. This type of financial settlement could be resulting from a personal injury lawsuit or a product liability claim. Basically the way a structured settlement works is that the recipient receives a set amount of money over a specified amount of time. Payments received as the result of a structured settlement are generally tax free.

Because some recipients of structured settlements would rather have a large lump sum of money instead of a monthly distribution, they opt to sell their structured settlement. Companies such as the CashInYourannuity.com Website provide these types of services. This can be a very attractive option if there is a need to pay mounting medical bills, a desire to pay off credit card debt, or even to make a down payment on a home. Having the option of a lump sum of money now, rather than in the future, can be advantageous. It is even possible in some cases to only sell a portion of the settlement, which would mean an inflow of cash now, and some type of payment still collected in the future.

One downside to selling a structured settlement is the loss of money due to taking a lump sum. Companies that purchase structured settlements pay the lump sum at a discount; that is, for a substantially less amount than would be received over the life of the settlement. Another downside to selling a structured settlement is it can take a while to actually receive the lump sum. If the terms of the structured settlement allow for it to be sold, the sale of it needs to approved by the court which issued the settlement in the first place.

Selling a structured settlement is certainly something that should be considered carefully and seeking professional advice regarding the sale would be a prudent step in managing one’s finances.

Top Four Things to Know Before Starting a Historic Home Remodeling Project

The following article is a sponsored guest post – see my disclosure statement. Please see the bottom of the article for further information.

If you own a historic home, you likely take pride in its unique architecture and rich history. But, what if the time has come for much-needed modern updates? Sorting through the regulations surrounding historic home remodeling may seem like a daunting task, but with a few phone calls and some research, you can be well on your way to renovating your home.

1. Confirm your home is considered a historic property
Most homes granted a historic designation are at least 50 years old and are deemed historically significant based on criteria such as unique architecture, a major event that occurred there or a famous person who lived there. A home can be granted historical designation on three different levels – federal, state and local. Each level has its own restrictions and requirements for which properties qualify. Contact your city or state governments to check on local and state designations, or the National Register of Historic Places for federal designation. If you don’t find your home listed as historic at any of these levels, you probably won’t face restrictions when you remodel. However, there may be federal aid available to historic home owners who are remodeling, so it may be worthwhile to find out how to get your house a historical designation.

2. Research historic home remodeling restrictions
Once you’ve determined whether your home has historic designation under the federal, state or local level, you’ll need to find out what remodeling restrictions are in place. While federal law does not impose restrictions on properties that don’t receive federal funding, state or local municipalities might. You should contact the National Register of Historic Places to confirm whether or not your home is subject to federal restrictions, or the State Historic Preservation Office (SHPO) to find out about state-level restrictions. The most common limits to historic home remodels are those that alter the historic architecture such as major additions, upgrades to windows, and siding or roofing made of modern materials.

3. Determine what to renovate
The extent of your historic home remodeling project will be determined by the federal, state or local restrictions highlighted above. Whatever you decide to renovate, it’s important to research your home’s time period to gain a better knowledge of both the interior and exterior aesthetics it represents. Staying true to that era will help preserve your home’s historical significance. Plus, it’s still possible to update things such as plumbing, windows, and heating and cooling elements so your family can enjoy modern convenience and comfort while maintaining the home’s historic integrity. Consult a contractor who is skilled in historic home remodeling to ensure this.

4. Find out if funding is available
For some historic homes, government funding may be available for renovations in the form of tax breaks, loans and grants. Again, this will differ based on whether the home is designated at the federal, state or local level. You should contact the respective government office to inquire what, if any, assistance is available.

If your home is not eligible for government assistance or what you receive doesn’t cover the full cost, you may consider using a home equity loan or line of credit to pay for the remodel. Compare home equity loan rates and repayment structures to determine if this financing option makes sense for you. Not only will it afford you the necessary funds for electric, heating and roofing upgrades, but it may also give you the added benefit of providing a greater return on your investment since your historic home remodel will likely increase the value of your home.

Sponsored content was created and provided by RBS Citizens Financial Group.