How To Stop Spending! | Debt Management AdvicesJune 4, 2021
This is more true nowadays than ever before – a penny saved is a penny earned. It is easier to make money by not spending it than it is to earn more. So, here are a few easy tips to curb your spend-craving!
- Use Credit Wisely
This one seems obvious, but credit cards are without a doubt the biggest source of debt and financial hardship in modern times. Credit cards should not be viewed as cash. They should be used in emergencies or on smaller items (if you are trying to build credit). It is ridiculously easy to fall into the credit card trap and spend more money than you actually have, which has a snowball effect. Before you know it, interest will build up and rob you of your hard earned cash!
- Less Cash
When you have a fat wallet staring up at you, it can be easy to justify spending a few bucks here and there. Before you know it though, those few expenses will add up, and soon you will have an amount that you would have never dreamed of spending in a single purchase. However, it’s too late! So, stop forking over the dough on a lunch here, a coffee there. Keep it in the wallet!
- Be Smart
If you are in your favorite store, you are going to be tempted to buy something, period. If you know yourself well and can tell when you are near a situation in which you may be tempted to spend, just walk away! You will thank yourself later when the temptation passes. In addition, after a few incidents of self-denial, you will find yourself gaining more self-control. Just give it time, and it will come!
- Wants vs Needs
Do you need those fancy new heels or do you just want them? If you have the ability to be honest with yourself, you have the ability to separate wants from needs. The simple trick to this is simply that if you do not need something, you shouldn’t buy it! This goes hand in hand with tip number three too, because gaining self-control through self-denial is a financial virtue that no one can live without in this day. The number of things that a person really needs is usually not very large. However, the number of things a person wants is usually quite vast. You will find it hard to not have excess income if you can truly stick to this rule!
- Track Spending
This rule is hard for many people. It isn’t fun to nitpick and account for every penny, but it is a good way to get an idea of where your money is going. Once you know, you can work on cutting back here and there and increasing the amount you save. This also allows you to see where your weakness are and plan accordingly, with tip number three!
It is not hard to stop spending, but it does take a bit of self discipline and practice. Though it may seem difficult to turn away from today’s attitudes of spend spend spend, you will find that financial stability is a greater joy than any single item that money can buy.
How to Create a Company Where the Customer Is Number One
As a business owner, you know the importance of putting your customer first. Your happy customers are the ones who will come back and stay loyal to your company. Likewise, they are the ones who are likely to spread the word about their dedication to your company. So it seems like an obvious choice to create a culture around the customer. After all, your employees undoubtedly know how crucial customer satisfaction is to you, right? But unfortunately this is not always the case.
The following are a few tips on how to create a company where you can consistently put the customer as number one.
- Provide specialized training to encourage better customer service.
People like to feel like they are working with experts at the company. More than that, they like to feel like they are working with someone who has their best interest in mind. Conduct training, like the training provided by companies such as Cavalry Portfolio Services, which focuses on customer service, will provide outstanding customer service each time. When you set this expectation up in training and role play to plan for responses to various customer concerns, your employees are more prepared to deal with any problems that may arise while on the job.
- Offer incentives that encourage exceptional customer service.
Make it in the employee’s best interest to provide excellent customer service. Through surveys, customers can provide feedback on the level of service they received. If the employees are aware of that, they are automatically more mentally prepared to provide better service. Likewise, if they know there is a bonus or extra time off in store for exceptional customer service, they will work hard to provide the best service possible.
- Keep your employee’s happy with their jobs.
An employee is significantly more likely to provide better service and give the customer a better experience with your company when they are smiling and happy to be at work. For this reason, make it clear that their happiness is important to you so that they can always come to work at peak performance. Offer more time off, or provide free office lunches. Depending on what motivates and encourages your employees, go the extra mile to provide them a great work environment so that your customers get the best experience when they arrive at your establishment.
Those companies who provide exceptional customer service are the ones who are most likely to thrive. Instill a culture around the customer, and your profits will grow.
Prepare For Retirement With Annuity Calculator
Savers are going through a difficult time in the current economic climate, with savings accounts taking beatings from both the Bank of England’s money-printing measures to save the economy and their policies suppressing the base level interest rates.
Pension savers are having a particularly hard time, as the are experiencing low interest rates and poor market performance when they invest their money, and record low annuity rates when it’s finally time to cash in.
This is where an annuity calculator can come in handy, as they can help you determine how much income your pension pot will be able to buy when it comes time to purchase an annuity. With the additional use of a pension calculator that estimates how much pension funds will be worth over the years, even those who are far off from retirement can use an annuity calculator to see how much their savings will bring in retirement.
It’s important to note that annuity calculators use recent annuity rates to estimate income, and that these rates could change at any time. In fact, experts can’t predict when annuity rates will go up or down, and for this reason it’s risky to delay purchasing an annuity in the hopes that rates will rise. This means that the income estimate that an annuity calculator gives you should not be taken as more than it really is: an estimate to help you understand whether or not your retirement savings are enough to provide you with the lifestyle you want in retirement.
There are also different annuity calculators for different kinds of annuities, as the same £100,000 pension pot can yield incomes that vary widely depending on personal factors – such as gender and health status – and the type of annuity that you choose.
For instance, level annuities pay the same amount of income for life, which means that they will not increase with inflation and will eventually be less valuable over the years due to inflation. However, annuity providers generally pay much more starting income to those who buy level annuities than to those who choose inflation-linked annuities, so the majority of people choose the former despite the risks.
Since annuities usually provide income for life, the large majority of Britons will only make decision to purchase an annuity once in their lifetimes. This makes it crucial that you make the right choice and understand what your pension pot is worth before signing it away. In that respect, though an annuity calculator is not a guarantee, it’s a useful guideline for what deals to expect and what offers to turn down.