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What You Need to Know About Using Credit Cards in a Tight Economy

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When money is tight, it’s all too tempting to use a credit card to make purchases. But what might seem like an easy solution tends to become a long-term problem. Credit cards must be used wisely, especially in a tight economy.

Understanding how to use credit, as well as its alternatives, can set you up for financial success as the economy recovers. Using credit recklessly, on the other hand, can drag your finances down, no matter what is going on with the broader economy. Here’s what you need to know:

Don’t Take on More Debt

The last thing you want to do in a tight economy is to take on more debt. While the cash infusion might be helpful, remember that interest charges add up. You’re better off exhausting other options, such as family assistance, before you resort to taking out a loan.

Start by leaving your credit cards at home. Make most, if not all, of your purchases either with cash or a debit card. This will force you to only spend the money that you have, leading you to be more frugal with your spending habits. If you have existing debt, do what you can to keep chipping away at it.

Avoid opening new credit cards until you’re financially stable. Credit card companies might try to entice you with rewards programs, but don’t be swayed. Unless you can afford to pay your balance in full each month, the perks aren’t worth the fees.

Keep Your Accounts Active

Just as you shouldn’t open new accounts right now, nor should you close old ones. Beware that some banks will close accounts that have been inactive for more than one billing cycle. If you are worried about your accounts being cancelled, continue to utilize them in low-dollar ways.

Set strict spending goals for yourself. When you do make credit card transactions, pay off the balance immediately.

Keeping your credit cards semi-active will help you maintain a healthy credit score for two reasons. First, one component of your credit score is account history; longer relationships provide more of a boost. Second, low credit utilization reflects well on you as a borrower.

Should you ever close a credit card? Only if you’re too tempted to use it, and only then if you’ve paid off any remaining balance. Otherwise, keeping it open with a low or zero balance will make it easier for you to get credit in the future, should you need it.

Review Your Recurring Payments

Recurring payments are a wonderful and terrible thing. To be sure, they’re a convenient way to stay on top of your finances during normal circumstances. But if you’ve lost income or expect to soon, automated payments can be risky.

Forgetting about one of these recurring payments could prove to be a costly mistake. Not only might you be paying for something you don’t need, but the payment could bounce if you’re not keeping an eye on your bank balance. At that point, you’ll owe not only the original amount, but any fees assessed for insufficient funds.

Any time the economy takes a hit, audit your recurring bills. Ask yourself whether you really need non-essential services, such as Netflix. Cancel any you aren’t using, and keep the verification message in case you’re charged after the cancellation. Check your bank statements to be sure you aren’t missing any recurring payments.

Watch Out for Scams

A tight economy is tough on everyone. Unfortunately, that causes some people to make some questionable decisions. Desperation makes them more likely to fall victim to financial scams they might otherwise see coming.

Start by checking the security protocols on your financial accounts. If you haven’t changed your passwords in six months or more, go ahead and do so. If your card information is stored on any sites, remove it. Enable two-factor authentication on every account that offers it.

Most importantly, be skeptical. Far too many credit card scams occur because of what appears to be a “harmless” message or online deal that’s too good to be true. These may be phishing schemes; if you click the link, your sensitive financial data may be harvested by the sender.

If your card does end up getting compromised, call your credit card company as quickly as possible. Request that they cancel your card and send you a new one as soon as possible. Legally speaking, you aren’t liable for any fraudulent transactions made on your card.

Take Advantage of Benefits

One upside of credit cards is their rewards programs. Take advantage of any that wouldn’t require you to change your purchasing habits. Never spend money on a credit card just to snag a reward.

If a credit card allows you to choose between multiple redemption options, opt for a statement credit. Airline miles may seem like a sweet deal, but how much money would you spend on vacation? Entirely too much, at least until the economy recovers.

What about other perks? Never say “no” to things like discounts, free rental car insurance, or credit monitoring services. But again, don’t spend money you wouldn’t otherwise simply because it nets you a small reward.

Keep an Eye on Interest Rates

Interest rates tend to fall or rise rapidly in tough economic times. As the Federal Reserve slashes the target interest rate, so, too, do credit card companies.

If you spy a better interest rate on a different card, consider a balance transfer. Just make sure the better APR isn’t a promotional offer, after which the rate tends to skyrocket.

Another reason some credit card companies raise rates is to cover rising default rates. If you notice your interest rate increases, check your cardholder agreement. Don’t be afraid to reach out if you think the increase violates the terms of your cardholder agreement. Above all, be patient and careful with the financial decisions you make during tough economic times. Using your credit cards smartly will help you both in and out of a recession and on your way to financial independence.

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The best online coupons for you

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Introduction:

Do you like to shop online? But, things are so expensive that you wish you had an option to buy that expensive stuff at a discount or by a discount coupon. Congratulations, you are at the right place. Here at Cutfullprice, we have just the perfect solution for you. To make your wallet happier, we have tons of stores with promo codes and coupons ready to be used by you. Here at cutfullprice.com, we have aspired to find the most beneficial online coupons and deals for you so that you don’t need to waste your valuable time on the internet, searching for the tiniest discounts and prices on the product you want to purchase. We give the best help to our users to find the best deals and coupons to save their valuable time and money every time they purchase a product.

Online Coupons:

Shopping online and saving money can be challenging sometimes. You cant bargain for the price. So, if you wanna save your money and valuable time then you are at the right place. Here at Cutfullprice, we look for online coupons and deals to make the payment at the checkout less big for you every day. Who does not want to save money? Nobody! For someone who likes to shop online, it is a great opportunity for him to save as much money as possible, right? We love to do shopping online as well so we strive our best to find the perfect and the best deals and coupons for you so that you and your wallet become happier. In any case, if you are looking for offer discounts, online coupons, free shipping, free trial offer, by one get one, festival offer, first-time customer coupons, free giveaways then you are at the rice place. Here you can find many variations of coupons and offers. Because present day, even the most luxurious & most expensive stores offer online coupons. You can find all types of online coupons & discount deals, from those who offer free shipping to those who offer from 10% to even 90% discount. To get all these benefits you have to make sure that you visit our website cutfullprice.comevery day and subscribe to our email newsletter. We will make sure to send you amazing discounts which will be hard for you to pass. You can find many variations of coupons and offers from tons of stores, some known as Amazon, eBay, Aliexpress, Walmart. Some less known but which offers unbelievable offers regularly like Mountain warehouse, Modanisa, Lonely planet, Great big canvas, etc.

Conclusion:

So, if you want to save some money and time in this busy & expensive life then you must check out our website for unbelievable deals, offers & online coupons. Because here at Cutfullprice, we give you the best deals on the best products and best online coupons for your liking. So don’t waste your time and money. What are you waiting for? Subscribe today!

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Making money selling wholesale

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The wholesale market has always been a great place for anyone to start buying bulk

wholesale orders of any item from a place like https://suppliedshop.com/ and selling

them for their retail prices and making huge profits. Selling wholesale products can

become your own business and a full-time job that brings in your yearly income or it can

simply be a hobby that you do in order to make extra money on the side. If you have a

little extra time and money you can begin your journey becoming an entrepreneur

buying and selling wholesale goods. There are a few things you need to be prepared for

when you are starting your new business buying and selling wholesale goods.

What paperwork needs to be done?

If you have high expectations for your new business of selling bulk wholesale items, you

might need to file for your own business with your state. Starting your own business is

not as complicated as you might think. If you are trying to start a small side business

selling wholesale goods you can start a very simple business. Just find out what kind of

business you need to become, then file the appropriate paperwork, come up with a

company name, pay a small fee, and submit your form to start your own business.

Lastly, you might want to look into obtaining a business license. Depending on how you

want to sell your wholesale goods, there is a good chance you might need to obtain a

business license, which is another simple process. However, once you have all of this

paperwork done it opens your business up to many other opportunities. Once you

become a business, you can now obtain a small business loan if you ever decide to

grow your business. Lastly, you will be filing business taxes and be able to write off all

business expenses and save money on all business expenses.

Find the right wholesaler

Finding the right wholesaler distributor is the most important part of starting your own

business selling bulk wholesale goods. A lot of wholesale suppliers have requirements

that are very hard for anyone who is just starting their business to follow. Some

suppliers require business licenses, proof of sales, or old tax returns, just to buy

wholesale products from them. On top of all of these requirements, they also force you

to buy hundreds or thousands of items at a time in order for them to sell to you at their

wholesale prices. It makes starting a business very difficult when you have to be an

established business and buy 500 units of every single item in order for distributors to

do business with you. Thankfully, we have sites like suppliedshop.com that will sell to

anyone without needing to have all of your licenses and paperwork filed. They will sell to

anyone, even someone looking for wholesale items for their personal use and not for

resale. Another amazing perk of suppliedshop.com is that you don’t require a bulk order

to get the wholesale price. You can buy just a single item from suppliedshop.com and

they will give you the same low price they would give if you bought a thousand.

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Top Reasons Small Businesses Achieve Success

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Unfortunately, it is sad to say that the vast majority of small businesses do not succeed. It is a highly competitive market out there, and many are simply not able to sustain themselves. When you start a company, you want to do everything that you can to maximize your odds of success. These are just a few of the ways of the reasons small businesses succeed.

A Clear Vision

Many entrepreneurs are in such a rush to launch a business that they simply don’t put enough thought into clarifying their vision and business plan. This is important for a number of reasons. In the first place, you are more likely to obtain business loans with a viable strategy for your business. Also, you have a clear document that you can keep referring back to time and time again. Whenever you start to drift off course, this can help to pull you back onto the right path.

A Detailed Budget

One of the main reasons that small businesses do not achieve success is the simple fact that they aren’t built on a firm financial footing. Generating revenue can take a great deal of time and effort. For this reason, you should put yourself in a strong financial position before your business launches. You don’t want to have to worry about your personal expenses all the time. Keeping a tight grasp on your finances also means constantly tracking your expenditures and not overspending when you don’t have to. Also, you should get into the habit of questioning everything before you buy it. As for your essential costs such as utilities and internet, you should keep these as low as possible through the process of renegotiation.

Strong Networking

The world of business is not just about what you know; it is also about who you know. So, this means that building up a strong network of contacts is also important. This way, it becomes much easier to generate business when you need to. Not only this, but you may find doors opening to you that you otherwise would not have had access to. Also, if you find yourself in times of hardship, you are much more likely to be able to come up with a successful backup plan that sees you through to the other side.

Careful Investment

Another one of the main reasons businesses achieve success is through careful investment strategy. There is a balance to be struck between not hoarding all of the profits and spending them in a way that is wise and will help to bring your business up to the next level. Investing doesn’t always mean buying up physical products; it also means investing in talented staff members and the right equipment etc.

While there are no guarantees of business success, these are some of the ways that you can maximize your odds of getting your company to the level that you want of it and staying ahead of your competitors.

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How To Have A Mini- Vacation On Any Business Trip

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Vacation on your business trip

While we may not always be in a position to choose our business trips and destinations, we can choose to have fun while on them.

1Business traveler 

For most, having a holiday while on business sounds impossible.

But as the saying goes, every dark cloud has a silver lining, and even the dreariest business destinations can have a fun element if only we looked closely. 

While the prospect of business travel seems exciting initially, the novelty of it soon wears off, leaving us with trips we dread going on.

Surprisingly, however, a holiday or mini-vacation while on business does not take much time or effort.

In fact, with proper planning, you can avoid getting jaded and make your business trip fun. How?

In this article, we guide you on how you can vacation on your business trip.

5 Tips To Turn Any Business Trip Into A Business Holiday.

  1. DO YOUR HOMEWORK

Before you travel to your business destination, ask yourself what the place offers in terms of attractions.

Is it a quaint old town with a rich history? Is it a seaside locale? Or is it one of the world’s best safari destinations?

This will help you determine what kind of fun activities you can slot in your itinerary.

Also related to this, you might want to consider whether it is an ideal destination for a family holiday.

However, it is perhaps prudent for those traveling on company business to check on your company/ employer’s policy first before tagging your family along.

A well-researched business travel trip yields dividends. 

For example, it will serve you well to determine whether you will take a road trip and, if so, the scenic route you will travel on to max out the fun!

Prior research also enables you to pack adequately for the trip and all its attendant fun activities.

Imagine how regretful you would be if you arrived at the hotel and discovered that they have a pool and you do not have your swimwear ready.

  1. STRATEGIC RESERVATIONS

This tip is handy for those who have the flexibility and luxury of determining when and where to travel.

Will you be using a company credit card or a personal one? 

Remember, always make a comparison of what different service providers have on offer.

Some airlines and hotels, for example, offer bonuses such as frequent flier miles to regular clients.

So why not capitalize on these? 

Who knows, the bonuses you stack up might eventually even afford you free return trips and stays at great destinations.

Another critical element to consider is what time you wish to travel for your work holiday.

On his trip to Kenya a while back, Aadvik and his wife Prisha booked their business trip to coincide with Masai Mara’s annual wildebeest migration

According to the couple, their ‘business lunch came with a wildlife cocktail, which was a welcome bonus.’

Thanks to their strategic planning, the two undertook successful business meetings and had opportunities to see Kenya’s fantastic wildlife.

Some of the places they visited during their work holiday included the Masai Mara Game Reserve and the Nairobi National Park, the only protected area in the world with a diverse wildlife population within a major city.

  1. EXPLORE

Now that you have found out all there is to know about your destination; it is time to travel and close some deals with loads of fun during your downtime.

It is always a good idea to explore the environs where you will be staying. 

If the business meeting or seminar ends at 3 pm, for example, what fun is it to just lounge in your hotel room watching telly?

Tour the town or local village a bit.

Hunt for souvenirs. 

While at it, sample some of the local delicacies. In short, be adventurous.

Business trip holidays are an excellent opportunity to learn about other people and their culture.

These may be persons with you on business or the local community at the venue. 

  1. EXTENDED STAYS

To capitalize on your business trip, you could also consider extending your stay by a few days after the business part of the trip is done.

Extended stays allow you to explore the destination a little more while on a budget. For starters, you will not have to incur extra travel costs while at it.

3 Business Holidays on a beach

The extra time will also allow you to visit areas that need a more significant amount of time. 

But always remember, all this is dependent on your planning and the work arrangement at hand.

What is important to note is that with proper organization, extended business trip holidays are a sure-fire way to create lasting memories with minimal hustle.

  1. KEEP POSITIVE

‘A man sees in the world what he carries in his heart’ Johann Wolfgang von Goethe.

Sometimes things may go awry during business travel.

The airline might lose our luggage, your hotel staff may treat you horribly, or your business party may turn out difficult and intolerable.

A little positivity may, however, take us a long way. Positivity includes being tolerant of other people’s way of doing things and finding beauty in bland situations.

For example, if you are traveling by road for business and get lost while on your road trip, you may choose to enjoy the scenery on your unplanned detour.

It does not detract from your original goal or destination. Whether mad or joyful, you will ultimately have to get to the venue, so why not enjoy yourself along the way?

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Business Valuation Done Right: A Quick Guide

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Small Business Loans For Startups

A business valuation helps business owners to understand the current market value of their businesses. So, let’s say you want to sell your business, but you don’t have any idea about the current value of the business—business valuation will assist you.

When seeking to know the value of your business, a business valuation will factor in several aspects of the business, like the current and future income of the business, as well as its assets and financial structure to determine its accurate value. Now, once you understand the accurate market value of your business, you don’t have to worry about being conned or manipulated by buyers.

Factors that determine the value of a business

The following factors play an important role when determining the worth of a business. Please note that these factors are universal, and will cut across all businesses, regardless of the industry. These factors include:

  • Size of the business – generally, the bigger the business in terms of industry performance and revenue, the higher the value.
  • Profits – a business that has been making profits or one that has a higher profit margin has a higher value than the businesses in the same industry with lower profit margins.
  • Potential future growth – if projections show that your business is set to grow in the future, or you have plans to expand your business, products, or services, the value of the business will be higher.
  • Competitive advantage – here, you have to ask a few questions like; what makes your business unique? What makes it different from other businesses in your industry? The services or products you provide should not only provide value to your clients, but they should do in a manner that sets your business apart from similar companies.
  • Market traction and growth rate – these two key factors greatly determine the value of your business. The larger the market share, the higher the value of the business.

So, what’s the best way to determine the current worth of your business? Read on for more details.

Asset-based valuation

This approach focuses on the business’ assets. The price of the assets determines the value of the business. To get the worth of your business using this approach, you need to minus the total liabilities from the value of the total assets. However, you should note that there’s room for clarification for the assets and liabilities that should be used to value the business.

The asset-based valuation approach aims to define the cost needed to start another business, similar to the business you want to sell. However, this approach has one major challenge—you cannot value intangible assets. Thus, the asset-based valuation methods don’t apply to all businesses.

Income-based valuation

This approach focuses on the income of the business. To get the total income of the business, you should get the total net operating income, and divide it by the current capitalization rate. The income-based valuation approach is mostly used in the real estate industry, although it can be applied to other businesses.

And, just like the asset-based approach, the income-based valuation approach has its challenges too. The approach focuses more on the business’ cash flow, rather than the current condition or status of the business. While the income-based approach is the best way you get insights into the worth of the business, it doesn’t provide an all-encompassing picture of the value of the business.

Market-based valuation

This is the third and last method of valuing a business. The market-based valuation approach assesses previously sold businesses, which are in the same industry as the listed business. Thus, the current worth of your business will be determined by the average value of similar businesses. However, the market-based valuation approach considers other factors of the business being sold. Adjustments must be made to the value depending on the quantity, quality, and size of the business, compared to similar businesses.

Just like the other two approaches, the market-based valuation approach has its drawbacks. At times, your business might be compared to other businesses that were sold at a significantly lower price because it wasn’t properly evaluated. In addition, the market-based valuation approach applies only to some businesses.

Bottom Line

Always work with professionals when valuing your business. Besides, you should note that none of the above three methods is perfect. Valuing a business isn’t an easy task, considering that there are a lot of considerations to make. Apart from the tangible assets that you can see, businesses have intangible assets, which can significantly increase the value of the business. However, it’s hard to determine the intangible assets.

So, always get your business evaluated if you want to sell it. When you consult a professional like Orlando Business Broker during this process, you have better insights into the value of the business. Besides, since professional business brokers do this job frequently, you will get an accurate value of the business. Avoid selling your business for too little—consult a business broker and let them evaluate your business.

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