4 Ways You Could Still Be Sabotaging Your Savings Accounts in 2013

 

4 Ways You Could Still Be Sabotaging Your Savings Accounts in 2013

Now that the Christmas spend is over, you’ve got a great chance to get a fresh start on your savings in the New Year.

But you could still be destined to fail. Sure, you’ve set yourself a budget and you’re cutting back, but you could still be wasting money on senseless expense and needlessly wasting money in other areas.

Why not put your mind at rest by making sure you’re not committing these savings sins with your financial accounts?

1)    Not Keeping Cash for Emergencies

The most expensive problem is the one you can’t afford to fix.

Keeping a decent amount of cash on hand could be your secret savings weapon, as having the cushion to soften the blow of any unexpected disasters could prevent you from getting into serious problems.

There are two major benefits for keeping some cash around; primarily it means you can afford to deal with any unexpected problems without having to take out a dreaded short term loan or borrow from someone else. The secondary benefit is that you’ll have the funds to fix the problem right the first time, rather than opting for a cheaper solution as a temporary solution which will end up costing you further expense later on.

2)    Avoiding Your Bad Debts

While putting money into your savings accounts is a smart move, if you have a high interest credit card debt or an outstanding loan, you could be on the verge of financial disaster

Most credit card and short term loan companies have insanely high interest rates that dwarf the return on most savings accounts, so your debt could be growing faster than your savings.

Best practice is to start paying off your higher interest debts first, then any other priority debts before you start saving.

3)    Being Brain-Dead With Big Buys

Everyone’s definition of a big purchase is different, but if it’s in the triple figures you should be asking yourself a few key questions before paying.

Ask yourself 5 simple questions before you purchase: Can I afford this item? Do I need this item? Do I need it right now? Is this the cheapest place to buy it? Would it be more worthwhile to buy this than a cheaper product?

 If you find yourself answering no to any of those questions, make sure you think about whether it’s really worth buying it at all. You should consider spending a couple of days thinking about a must-have purchase to see whether it’s still an essential buy after a cooling off period.

4)    Forgetting to Plan For Your Future

It may be tempting to focus on your financial well being for now, rather than in ten, twenty or perhaps even thirty years.

If you’ve stayed away from bad debt and you have a healthy looking emergency fund, why don’t you think about putting something away for retirement, or investing?

While some companies will offer a pension it’s very rarely anything substantial, so putting some cash away in a high interest savings account or you could even consider fixed rate bonds if you’ve got the commit.

What Now?

Now you have a great idea of what financial behaviour has been letting you down, here’s to a financially frugal 2013!

Author Bio

About Author :

Geoffery is a personal savings blogger in the UK market.  He specialises in comparing the Fixed Rate Bonds (fairinvestment.co.uk/fixed_rate_bonds) market writing for sites like Fair Investment Company – a high interest savings and investment plans specialist.

Going Inside a Combination Lock

Going Inside a Combination Lock

Combination locks have been around for a very long time and they still provide great security. From safes to high school lockers, we trust them to keep people out of areas where we have personal possessions or areas to which we simply want to control access. A Tampa locksmith can take you inside a combination lock and show you how it protects your security.

The Basics

A combination lock contains a system of wheels, called cams that are designed to spin in a specific relation to one another that allows them to retain or release the latch that secures the lock’s hasp. This is why you have to go through the process of spinning the wheel in a specific direction a few times—this lines up the cams—and then spinning it in varying directions as you work your way through the numbers. As you change the direction of spin, you leave one of the cams in the proper position, rotate the next into position without moving the first and then do it all over again when you reverse direction for the final round.

This locking system is very efficient and very easy to use. It also eliminates the need for a key, which is a tremendous improvement in access control, under certain conditions. Resetting the combination on a safe, for instance, is much easier for a locksmith to do in the event of a lockout than is drilling into a keyed entry safe for which the owner has lost the key.

Applications

Going inside a combination lock is one thing, but a Tampa locksmith can let you know when those types of locks are appropriate. Their most typical uses are on doors where breaching the door in event of a lockout would be very time consuming and expensive. Combination locks are not typically used on residential doors because those doors can be breached by other means if a total lockout takes place.

Combination locks are used for padlocks quite a lot simply because they eliminate the need to carry a key around. Their durability is legendary. Some combination locks can have their combinations reset and others cannot, but all of them tend to be very sturdy and reliable.

There are many different levels of quality with these locks. If you need a very high-end combination lock, by it from a locksmith. They can tell you more about it than marketing information can and can let you know whether it’s right or wrong for your purposes.

The 9 Core Competencies of Business for Active Duty, Veterans and Military Spouses

By Deanna Wharwood

Today’s post is about the 9 Core Competencies of Business.  The 9 Core Competencies of Business is what we teach in our Essentials of Entrepreneurship Program for Veterans and Military Spouses at Capital Business Consulting and Coaching.  So, please allow me to introduce to you these concepts:

Core Competency #1:   Entrepreneurial Thinking.

Entrepreneurial thinking is having the ability to see the opportunities in front of you.  For example, I was listening to my father consult with a young man in Illinois regarding starting gun range and small firearms customizing store.  My father explained how in light of the recent change in the laws in Illinois, the young man’s venture should be very profitable.  The young man couldn’t see why the venture would be profitable stating “the farmers just let everyone practice in their fields.”  My father reminded him of the new law, “permission to carry of a firearm concealed” and the fact that, historically, in states that pass this law, the purchase of firearms goes up and the need for qualified trainers increases exponentially.  Needless to say, the young man, a former Army sniper, has begun his business and has been profitable in less than 3 months.  However, at first, he couldn’t even see the opportunity.

Core Competency #2:  Business Visioning

Business Visioning is having the ability to accurately assess your business idea and what it will take to bring your product or service to the market that would be most willing to buy it.

Core Competency #3:  Business Planning

Business planning is formalizing and solidifying your concept on paper.  With the business plan we create the foundation and the framework for the business.

Core Competency #4:  Marketing Your Business

There is a ton of information about marketing on the Internet so; I won’t go into it “ad nauseum” here.  I’ll just say that marketing is merely figuring out how you are going to let your potential customers know that you are in business.

Core Competency #5:  Salesmanship

Oh, the dreaded “S” word!  We’re all in the sales business.  The old adage is true:   “Nothing happens in the world until a sale is made.”   Here at Capital Business Consulting and Coaching, we teach our customers how to “coach the sale.”  No one feels “slimy” if you use our process.

Core Competency #6:  Managing Your Operations

Managing your operations is essentially how you are going to produce and deliver your product or service and deliver it to your customer.  Finally, ensuring that the people you need to pay have been paid.    Operations can be as simple or as complex as you need them to be, however, most businesses try to streamline operations to maximize profit.

Core Competency #7:  Managing Your Mindset

We train our clients on a multitude of subjects to include:   time management, life management, wealth management, self- management and energy management strategies that catapult you to your personal best and your business to the top of the market.

Core Competency #8:  Managing Your Team

The term “self-made millionaire” is a misnomer.  There is no such a thing as a “self-made millionaire.”  It always takes a team.  How you choose to manage your team of independent contractors, employees and consultants is fundamental to your success.

Core Competency #9:  Shifting from Business Doer to Business Owner

This is the final section where we show you that your “baby” is really an asset, an appreciating asset that with a little skill, a little money and some sweat equity, you can turn this asset into cash and execute the exit strategy, either by growing the business, selling the business or entering the entrepreneurial lifestyle.

So, there they are, the 9 Core Competencies of Business.  As you can see, the concepts are super simple and we teach the actions that go along with these concepts to our clients.  From the Army to the Air Force, from the USPHS to NOAA, the staff at Capital Business Consulting and Coaching wishes all of our Military Family Members a Happy, Safe and Prosperous 2013.

http://deannawharwood.com/blog

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