The following is a guest post.

Preparing for retirement is one of the trickiest parts of managing your money. Retiring with enough savings to live a few decades longer means saving up a lot of money. But it’s hard to balance that with maintaining a high quality of life right now.

In addition, retirement can feel really far off in the future. There may always seem like there’s more time to save later, but oftentimes saving and growing investments can be more difficult as years go by.

1. Start saving now

The simplest way to get going today on saving for retirement is just to start. Don’t worry about sorting out all the details right away. You can’t invest money until you have money saved to invest.

Create a separate savings account to place you investment funds. Work to save a portion of each paycheck to put into this account. A common benchmark is to save 10%, but some save 50% or more of their paycheck. The more aggressive you are about saving, the earlier you can return.

2. Invest early to let your money grow

The biggest reason you need to invest early: your investments need time to grow.

The power of compounding returns is a big factor in how much you’ll have saved by the time you reach retirement age. Starting late means losing out on years when your investments earn an average of 8% per year.

Because of this, investment something at the earliest possible age is often as important as investing at all.

3. Open an investment account

Once you have savings to invest, you’ll need somewhere to put it. That’s where you need to open an investment account.

This isn’t as hard as it sounds. There are many options now for everyday investors. These options are often free to open an account as long as you have a minimum investment. Typically there are various fees after that for any trades that you make.

Investment accounts can be linked directly to your bank account for easy access to your money.

Once you open an investment account, consider adding a traditional or Roth IRA account. These special accounts allow for tax benefits, either now or in the future after you investments are allowed to grow. Contributions are capped each year, and once the window to contribute to the account for the year closes, you’re out of luck.

To find out more about opening an account and planning your retirement, check out www.standardlife.ca.

4. Use easier investment options

Many would-be-investors are scared off by the thought of having to pick stocks. For the average investor, it’s not necessary to buy any stocks at all. Instead, it often makes sense to stick with funds that are groups of stocks. These funds are managed by a professional portfolio manager or by a computer according to a stock index.

Look for investment options that have low fees and can be held for years with little to no adjustment. Consider life cycle funds, which balance risk based on a set retirement age.

The following is a guest post.

Keeping just one checking and one savings account is the simplest way to manage your money, but there may be an even better way. If you’re looking to save for a certain purpose, like a down payment on a house, consider creating a new account for this purpose.

The advantages

There are a few different advantages to keeping your accounts separate for different goals.

The first is that you’ll be able to more easily track balances. With a single account for a single purpose, you’ll never have to do math or rely on memory to figure out how close you are to reaching your goal. It’s as simple as viewing your actual balance to see where you’re at.

By keeping money separate, you won’t accidentally spend it on something else instead. This can be a real problem, especially if you’re planning to use that money only to realize it’s gone.

Having money in separate accounts means it’s easier to move around, too. For example, if you want to open a CD, you can pull the money out directly. There’s no need to worry about accidentally locking up too much money in a CD only to realize later that you can’t take it out without penalty.

Keeping large amounts of money in your checking account might be the worst option. You’ll be tempted to spend the money instead of saving it. Plus, mixing in savings with a checking account that’s constantly used to pay bill can be confusing.

How to get started

To get started, it’s as simple as opening a new account and depositing money into it. Easy access savings accounts are great for being able to keep your accounts and savings separate while you work on different goals. It’s easy to deposit funds or withdraw them without trouble when it’s actually time to spend your money.

Tracking multiple accounts is easier than ever with tools like Mint. You no longer need to look at several different statements or log into different accounts to check balances.

When you’re shooting for different financial goals, it’s easy to set up automatic deposits or transfers into an account to accomplish your goals faster. By doing this, you’ll make sure not to spend the money instead of saving it. Plus you’ll save time without having to manually transfer the money each time.

Check out offerings from Birmingham Midshires Savings to find a bank account option that’s right for hitting your own goals.

Do you use different savings accounts to hit your financial goals?

The following is a guest post.

If you’re a first-time mortgage buyer, the process is probably one that all seems a little complex and difficult. That’s hardly surprising; there are a number of steps and legal requirements involved, and for those who just want to get moved it can sometimes all be a little too much!

To help you make a start and give you a better idea of how the whole thing works, we’ve highlighted some of the main points throughout the process, as well as a few reminders of the cost of moving house. While there’s no quick and easy way of cutting costs on such a big step in your life, you can be financially prepared for it by understanding the whole process well in advance.

Buying

You’ll start the mortgage-buying process as soon as you start house-hunting, as you need a Decision in Principle from a mortgage company to show to prospective sellers. This is a contract which essentially confirms that the mortgage company will lend you a certain amount of money, and is essential to show sellers that you are serious about buying. Don’t forget that survey costs can be around £400-£700, and you may end up paying for surveys on a house you don’t buy in the end, so make sure you have plenty of budget allocated.

Valuating

Once you’ve finalised the application on a property, your mortgage provider will have your property valued, to check that it actually exists and to ensure that they are happy to enter into an agreement. This can cost around £300, while a mortgage arrangement fee may be up to £1,000, so budget accordingly. You’ll also need to hire a solicitor to carry out negotiations with the mortgage lender – if you do this yourself this could be upwards of £500, but some mortgage providers will supply their own and pay for some of your legal fees.

Finalising

Remember, you’re not obliged to accept any offer made to you if you’re not happy with it. It might be worth talking to your solicitor if you’re not sure, as they can usually try to negotiate a better deal for you, and they’ll know when it’s time to cut your losses and move on. If you purchase a home over a certain amount – £125,000, as of March 2013 – you may be required to pay Stamp Duty on it, which is a percentage as a tax payment. Once you have finalised a contract, all you need to do is sign the paperwork, let your legal support take a look over it, and send it back to the mortgage provider.

Moving

Don’t forget the costs of moving once you’ve budgeted for the purchasing process. Moving your belongings can itself be expensive; while hiring a van may seem like a good idea, you should weigh up the risk of you damaging the vehicle against the cost of hiring a removal team. You may also have repairs to carry out when you move in, as well as new furnishings to purchase – make sure you’re prepared for this kind of expenditure before you even think about moving!

The following is a guest post by Peter Hatfield.

If there are two things that can easily describe mobile phones, it’s being replaceable and being expensive. This is just the price we pay for better and better technology. As the latest, newest stuff comes onto the market, it often comes at a higher price; this is no less true anywhere else, and it’s just the results of supply and demand, the business principle at the heart of nearly any money transaction you make. Likewise, as demand for our new products and gadgets grows, so does our need for our older models lessen. When we buy a new phone, the old phone gets replaced.

Yet we often don’t do anything with this older phone, when it still has a lot of life and potential left in it. With this in mind, here’s a closer look at what you should be doing, as well as just why mobile phone recycling can benefit you personally, in addition to its other advantages.

Why You Should Recycle

Although new phones may look different and perform better with new software and technology, the key components and hardware are relatively the same. To be more precise, they are made of the same resources. A motherboard consists of the likes of copper, zinc, beryllium, tantalum and coltan. Many of these are costly and difficult to mine. Yet, when you consider the amount of old, unused phones, there’s a massive available resource of already mined minerals. This allows your old phone to be broken down, separated into such useful resources, and given new life as a new phone or gadget.

Let’s also not forget that recycling also ensures such products aren’t just thrown away or left in a landfill site. This should give you added piece of mind in addition to, as will be discussed next, a more lucrative incentive.

Why It Benefits You

So, why does recycling benefit you personally? The easy answer is, of course, that it makes things cheaper. As has already been shown, the materials and resources in your old phone still make it valuable in the market. As such, recycling can be profitable for you. If you head online you can easily sell your old phone for cash.

Since you’re buying a new phone, this will easily help with the costs. The more prolific a spender you are, the more you will appreciate this. Let’s assume, for example, that you buy a new phone every 2 years for £300. That’s an annual expense of £150. Yet, selling your old phone as the new phone comes in will reduce the costs each time, so that you’re never forced to pay the full £300. If you’ve ever sat down and done long-term financial budgeting before, you may already appreciate just how much easier this little extra wiggle room can be.

As a technology addict, I often go through lots of gadgets and other tech. When I’m not blogging, I’m usually looking for new technology experiences. As such, I know a thing or two about keeping the costs down and being wise when spending. I hope you enjoy this post on mobile phone recycling.

The following is a guest post.

When running a commercial enterprise, whether in the form of a small business or a large corporation it’s imperative to have commercial insurance in place, with certain forms being absolutely essential for different areas of your business. When picking the right insurance for your business, it’s a matter of understanding what insurance is out there and determining what is required factoring in all aspects of your enterprise.

With different types of commercial insurance applicable, dependent upon the nature of your business, here we give you a rundown of the most important and relevant ones to consider.

Public Liability

If members of the public or customers need to visit your premises or you visit theirs, you should definitely think about taking out some form of public liability insurance. If your business is a shop and a customer slips on the floor due to your negligence or following an accident; having public liability insurance in place will cover any compensation claim made against you. However, this kind of insurance not only covers claims for injury, it also covers damage to property caused by an accident or negligence. It really is essential to have this in place, as your business simply wouldn’t be viable without it.

With that in mind, it’s vital that you get a quote for public liability insurance from Swinton Commercial.

Employers’ liability insurance

If your business employs staff, it’s a legal requirement that you have employers’ liability insurance. Whether full or part time it’s compulsory that your cover your employees in case you are held responsible for injury or illness caused at work.

If any employee has been injured or become ill in the workplace, employers’ liability will allow you to meet the cost of damages or legal fees if it is deemed you are at fault as the employer.

Professional Indemnity

If the commercial nature of your business venture means that you provide information, advice or your own skills, you will need professional indemnity insurance in place. This is vital to protect your business against any claims from a client or third party if they have found mistakes or negligence in the services which you have provided.

As detailed above, there are many types of commercial insurance which can benefit you when running a business. To ensure you get the most comprehensive insurance in place it’s important to speak to commercial insurance experts who will help identify the potential risks to your business and tailor an insurance package specific to your business needs.

The following is a guest post.

Selling online has opened up the potential to start new businesses that didn’t necessarily exist before. Where once you would have needed to rent shop premises, now the only shop front you need is your website.

This doesn’t mean you can scrap important business fundamentals, such as ensuring you have the necessary funding in place, choosing from the variety of small business accounts online, and marketing and promoting your business.

Here are the few steps that you should ensure you undertake to ensure Online business success could be right around the corner.

Create a business plan

A detailed business plan is essential. Not only will it help you plan your finances and your first couple of years trading, it will also help you develop a unique selling point (USP) for your business to set you apart from your competitors. Putting a business plan in place will assist you with planning all the elements of your business; it will also be an essential piece of documentation if you’re required to secure any funding from the bank.

Register your company name

Before you trade in the UK – whether online or not – you need to establish your company structure. Arguably the least bureaucratic way of doing this is to set up as a Limited Company. Once you have done this, make sure you register your company with Companies House; a process which can be done quickly online and should only cost you around £25.

Set up your online presence

Clearly you’re going to need a website to trade online. There are many cheap templates you can use which will get you set up quickly and easily. This may not however, be the best choice. As this is the first thing any potential customers will see, you want it to represent your brand fully. At this stage, it’s worthwhile sourcing a quality web designer to really showcase your brand. Many in the UK are expensive, but there are many outsourcing sites online where you can find good quality freelancers.

Register your domain name, find a designer and off you go. You’ll also need to secure an appropriate web platform for your site, offering full security – this will be vital as you’ll be taking card payments from your customers.

Put a marketing plan in place

Getting your site live is one thing, letting people know about it is your next task. Pay Per Click (PPC) advertising is a good place to start, with Google Adwords being the easiest way to do this. This basically involves you bidding against your competitors to get a sponsored link on a search engine results page for a search related to your products.

You can also improve the SEO (Search Engine Optimisation) for your site by adding unique content and making it as relevant to your customers’ searches.

In addition to this, set up a social media presence on sites such as twitter and Facebook; get shouting about your product and encourage others to do so, with offers and competitions.

There is money to be made online, but you need to do it properly starting with these initial steps.

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The following is a guest post.

It’s perfectly acceptable to say ‘credit cards are evil’ and everybody knows by now that millions of people across the world have been caught out by credit card fees and interest rates, which translate to really high debt that’s hard to get rid of. What if there was a way to save money on interest and/or get rid of your credit card debt quickly though? What if the banks were forced to offer you a deal that’s almost too good to pass up if you have existing credit card debt? Well they pretty much have been forced to come up with some better offers to get new customers through their doors. In fact, if you have credit card debt and are paying more than 10% interest on it then there will be a better deal available and you shouldn’t pass it up. Even though it isn’t as fashionable as it used to be, doing a simple balance transfer can help you manage your debt and pay if off more quickly.

That’s not the end of the story either though, because introductory purchase rates can still benefit those who don’t have an existing debt but want to buy something on a credit card. That’s not as crazy as it sounds either, as having a credit card and using it wisely can be a good way to boost your credit rating. As previous posts on benefiting from rewards cards have shown, when you stay on top of the repayments and keep your eyes peeled for good deals you can benefit from having the right type of credit card. You can also use a credit card in different emergency situations, if you haven’t built up a big enough fund in your savings account yet.

All the time the banks are bringing out different promotions and introductory offers on credit cards with either a super low or zero per cent interest rate for a period of around six months. It is true that these offers aren’t quite as solid as they used to be, but they are usually better than the standard rates of up to 20% or more. If you are thinking of taking an offer you’ll need to check for what the annual fee is (if there is one), what the balance transfer fee is (a percentage of the amount you want to transfer, usually pretty low though and it is almost always under 7-10%) and you’ll need to work out your minimum repayments each month to get rid of the whole balance when the introductory period ends. Once you’ve done those things, you can be more confident that your balance transfer will work for you.

To really make sure there’s no chance you’ll be burnt by the high interest rate that comes back at the end of the introductory period, just calculate what you need to pay each month to get rid of the balance and any balance transfer fee (or annual fee) then set up automatic payments from your everyday bank account onto the credit card account each month. You can really set and forget the repayments this way.

Balance transfers vs intro purchase rates

There’s another type of promotional offer that credit card companies and banks use to hook you in, and it’s the introductory purchase rate. This will suit people who don’t have a debt to pay off on another credit card, but want to have a card to make purchases and for emergencies. If you’ve been planning a big purchase and don’t want to pay your current credit card interest rate, then it could be worth going for an intro purchase rate offer. You can get a good deal for at least six months, giving you time to pay off your purchases and keep the debt down, you’ll also be building up your credit rating by making the repayments on time and paying off more than the minimum amount.

Of course the banks have their own reasons for offering balance transfers – it’s to hook in new customers who wouldn’t bank with them any other way. So they win too, but this is one situation where you can get something out of it for yourself, so long as you play your cards right (ok please excuse the pun but it was irresistible!) and follow a few simple rules:

• Check the fees and real cost of repayments before applying
• Repay at least twice the minimum
• Set and forget your repayments
• Check your statements just to make sure nothing suspicious appears there (and to feel good about making progress on your debt).
• Do a regular online comparison (every 3-6 months or so) to make sure you have a good deal. If you see a better one it might be time to switch, which isn’t that hard to do at all these days

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