Advancements in technology are quickly changing the landscape of virtually every industry, especially that of manufacturing. Modern advances are enabling factory operators to streamline production processes, innovate at a faster pace than ever before, and deliver higher quality products to meet changing demands. Because of the versatility of these technologies, there are a number of areas within manufacturing where the tech is being harnessed.
One example is additive manufacturing – more commonly known as 3-D printing – has a variety of applications in the world of manufacturing. As it becomes increasingly affordable, factory managers are using it in their production cycles to produce high quality components, while keeping costs down. The ability of 3-D printing’s customization is one-of-a-kind.
Another area that is having a tremendous impact on manufacturers is the Industrial Internet of Things (IIoT). With IoT tech, machinery and devices can “talk” to each other in real time and adjust accordingly. If a problem arises with a device, other equipment on the network are informed and react based on the situation. This means decreased downtime, less waste and lower costs while keeping quality and output high.
For more examples of technological implementations in the industry of manufacturing, continue reading the graphic below!
While 2020 has seen many of us struggle being cooped up in the house for weeks at a time, 2021 could be your year. With all the announcements that have been released this year to help the property market get back on its feet, 2021 is certainly the time to be getting on the property ladder.
Stamp Duty Holiday
If you haven’t already heard, in June of 2020 the chancellor announced the new Stamp Duty Holiday which means you won’t have to worry about paying any Stamp Duty if the house you have your eye on has a value of £500,000 or less. Normally stamp duty is a tax on the land of a house that you pay upon purchasing your home, and like income tax, is valued over a certain threshold. With the Stamp Duty Holiday now in action until March 31st 2021 you can snap up a home while saving up to £15,000 on upfront payments. And while we all know how long and how tedious it can be saving for the deposit on your first home, a stamp duty holiday could really make a difference to how much you have available to put down as a deposit and how small you want your mortgage to be. So while you’ll have to be hasty to take advantage of this government scheme, it could make a huge difference to how your 2021 goes. This has kept law firms such as Randolph Law Firm and garyhsmith.com, very busy as more clients require legal help when purchasing a house.
Lower Deposits
Since 2008, we’re all too aware of the horrors of the 10% deposits ensue and just how long it takes to save up for them. Well, thanks to another government announcement, this has now been halved to get the wheels turning for first time buyers again. 5% deposits mean not only does it take less time to save but you also get more for your initial payments and after all the solicitor fees and estate agent costs that are always a little nast, putting down a lower deposit will certainly make it easier, especially for first time buyers.
Shared Ownership
If you’re determined to get on the property ladder in 2021 and take advantage of the stamp duty holiday, then Shared Ownership could be your answer. This mode of buying a home has seen a great increase in popularity of the years with the lower deposits and manageable mortgages and 2021 is expected to be no different. With a whole range of homes available on dedicated property portals such as propertybooking.co.uk and specialist housing associations such as moathomes.co.uk, Shared Ownership allows you to buy between 25%-75% of a property and rent the rest for a super low cost. The remaining portion of your home is owned by a non-profit housing association and therefore you won’t be given a run for your money like many private landlords can often do. The scheme allows you to get on the property ladder in some of the best spots in London and the South East while paying a fraction of the price that normally comes with these sought after areas.
So whether you fancy a change, you’re looking to invest in a new area or you just feel like you need a change from your own four walls, buying a property in 2021 could really give you the boost you need after a rather dismal 2020.
Credit cards can provide a flexible source of credit and if used carefully, are a safe and secure way to spend. However, there can be pit falls to borrowing in this way.
To help avoid some of these problems, here are some credit card tips that could save you money:
Pay your debt off early
Credit card issuers can make their money from the merchant and the cardholder. They will take a % commission from the merchant for every purchase you make on the card and if you are the card holder you could be charged interest on your purchases.
According to the Money Advice Service, around 60% of people who have credit cards pay off their total balance each month. If you are lucky enough to be able to do this, you won’t be charged interest on your purchases.
If you cannot pay off your full balance, your card issuer will ask you to make a minimum payment each month until the debt is cleared. It is worth noting that the minimum payments may seem easy and manageable to pay off but in reality, you will be mainly paying off interest and clearance of the full debt could take many years. If you fail to pay off debts it can lead to a turbulent family life that may leave you needing assistance from chicagoareadivorcelawyers.com.
Move between credit cards
It is always worth looking for the best deal, so don’t be afraid to switch credit card providers. Try to find a card that offers 0% interest on balance transfers. Most of the major players will offer this feature, so check out how much you would be allowed to transfer and how long the 0% offer lasts.
Some will last for as long as 21 months without adding any interest to your debt, so make sure you do your homework before switching. Then, keep your eye on the calendar because you may decide to move again once the offer is over. Remember that most card issuers will impose a balance transfer fee so take this into consideration when choosing a new provider. There is one very significant drawback with switching credit cards; you may not be allowed to do so. Also to keep debt minimal, also try avoiding divorcing with debt.
If you have a poor credit rating, then you may be refused some of the best deals. What’s more, with every credit card refusal, your credit rating will take another hit. So, go for the best deals, but if you start to get refusals, you may have to adjust your goals or look for another alternative.
Getting credit can help you to get more credit
Being refused a credit card may damage your credit rating, as can having excess credit; but having no credit at all can also work against you. This is where a ‘credit builder’ card may help. They are particularly useful if you are looking for your first credit card or if you are trying to improve your credit rating. Some providers also offer 0% balance transfer deals but be mindful of all the pros and cons of credit cards before embarking on your credit journey.
Buying a home is a major life-altering decision, the kind you understandably have a lot of questions about. When it comes to selling, though, there’s only one question that really matters: “How can I raise the value of my home?”
Well, I’m glad you asked, because with a little investment and elbow grease, it’s easy to turn your old abode into a profitable asset. Seriously, who wouldn’t want to get more for something than what they paid for it? Follow the strategies below and I guarantee you’ll do just that.
When it comes to selling your home you will need a top conveyancer to help sell your property and deal with the transfer of funds and all paperwork. Firms such as Goldberg & Schulkin Law Offices can help with the process.
Renovate and repair
The best way of justifying a higher asking price for your home is to leave it better than you found it. Trying to sell your property in “as is” condition is fine if you just want to get on with your life, but putting in a little extra work can go a long way.
Don’t be fooled by all those romantic comedy movies about couples buying fixer-uppers and playfully painting each other’s noses. In real life, most people today would rather move into a house that doesn’t require a lot of work to get up and running. So tighten those leaky faucets, spackle over any holes in the walls, and replace that cracked molding. Trust me, buyers notice.
Finally, if you really want to raise your home’s value to the next level, go the extra mile. Don’t just fix it. Enhance it. Redo the bathroom, finish the basement, or even add a new room if you can. Big renovations may not be cheap, but you can make all that money back plus a lot more when it comes time to sell.
Improve curb appeal
The first thing a buyer sees is the outside of your home, and that can be enough to make or break a deal even before they step one foot inside. If you want to make a good first impression and increase your property’s salability, don’t neglect the exterior.
Real estate folks call it “curb appeal,” and it doesn’t pay to do it in half-measures. You want to make your house look postcard-perfect to any passers-by, especially those looking to buy. The first step is making sure the exterior of your home looks clean and presentable. That means pressure-washing the siding, weeding the lawn, repairing the roof, and picking up after Rover.
From there, just like with the exterior, you can add even more value by adding more improvements. Plant some flowers, shrubs, or maybe a couple trees. Build a deck, gazebo, fire pit, or storage shed. Install porch lights, fencing, or, heck, even a swimming pool. Every dollar you invest in your property translates to more dollars in your pocket later.
Go energy efficient
Interior and exterior renovations have always been proven value-enhancers. But these days one of the most innovative ways of upping your asking price is by making your home more than just comfortable and attractive. Just like money, today’s houses have to be green.
Making your property more environmentally friendly has two main benefits. First, it helps ease the concerns we all have nowadays about sustainability. Second, and more importantly, it promises to save buyers money in the long run. They’ll gladly pay more now for an energy efficient property that will lower costs later, especially in areas with extreme summers and/or winters.
Economical features as simple as switching to LED lights, adding attic insulation, or installing double-pane windows can have a huge impact. If you really want to go green, you could even put up solar panels, creating a household that is not only energy efficient but energy independent.
Our aim is to help you effectively manage your money to improve your finances to help you steer clear of debt. This guide is therefore packed full of informative tips to help boost your bank balance.
Who is the Guide for?
Our Money Management Guide is for everyone. Whether you are struggling to manage your finances, suffering from debt or just want some helpful money advice, we can provide the tools you need to fix your finances once and for all.
Do I Need to Read the Whole Guide?
We recommend you read the guide from beginning to end if you really want to make the most of our advice. However, we’ve separated our tips into handy chapters to help you easily find the tips that apply to your needs.
Part 1 – Personal Budget
In this chapter, we’ll provide helpful hints and tips to help sort your finances, such as boosting your income, planning a budget, comparison shopping, as well as helpful tools that could help you step out of the red.
Part 2 – Financial Support
In this chapter, you’ll identify new ways to receive financial support and advice. You’ll read about financial opportunities you might have been previously unaware of, as well as schemes and grants that can improve your circumstances.
Part 3 – Debt Management
We’ll provide handy debt management tips in this chapter, so you can say sayonara to your debt worries. You’ll learn how to talk to your lender to resolve outstanding debts, make an informed decision on consolidation loans and how to prevent stepping into a debt spiral.
Part 1 – Personal Budget
Before you start, we recommend you grab a pen and a piece of paper to take some notes, as we’re going to offer a few money management tips that you’ll need to follow.
Now that you have your pen and paper at the ready, we can start.
Step 1: Write down a list of your monthly debts.
Step 2: Once you’ve done that, number them from your highest priority debts down to the smallest priorities (1 being the highest). Priority debts are often things such as a mortgage, rent, council tax and utility bills.
Step 3: Take a look at your small debts, which are usually things like credit card repayments. Could you boost up the repayments to eliminate the debt as soon as possible? Removing a debt as quickly as financially achievable will reduce the stress on your bank balance.
The Domino Effect
Think of your finances as dominoes. Try to knock each one down until there are no more left standing. By eliminating the smaller debts first, you’ll give yourself more financial room to kick your bigger debts to the kerb. You’ll then have financial freedom to do all those things you’ve been dreaming of – such as buying a new car, taking a holiday or home improvement tasks. Sounds good, right?
Plan a Budget
One of the reasons you might be struggling with debt is because there’s more money going out than coming in – that’s why it’s essential to continually review your finances.
Remember when we asked you to write down a list of your debts earlier? Write down how much each debt is costing you on a monthly basis, add the sum together and see whether you’re living beyond your means. Don’t worry if you are, we’re about to provide some helpful tips to help reshuffle your finances. The Citizen Advice offer an easy household budgeting tool.
Budget Tip #1: Comparison Shopping
Most of us spend more money than we actually have to – and many of us don’t even realise we’re doing it. Websites such as comparethemarket.com and confused.com are superb tools to see if you’re receiving the best bang for your buck.
Here are some ways you easily reduce your finances:
• Compare insurance policies online (including car, life, employment and health insurance)
• Switch energy providers for a better deal
• Browse the market for the best grocery deals
• Compare banks to see if you can receive a better deal
Budget Tip #2: Grocery Shopping
The thought of switching from premium brands might not sound like an appealing alternative, but there really is little difference in the quality of the food. All foods sold in store are subject to strict tests by the Food Standards Agency to ensure quality; therefore, you can trust they wouldn’t be sold in store if they weren’t up to standard. Switching to no frills produce really is a great way to cut back on your finances without changing your lifestyle. So there’s no harm in switching for a week to see if it boosts your pockets without impacting a diet.
Budget Tip #3: Savings Day
Pick one day every few months to spend time ringing suppliers to see if you’re entitled to a better deal. You could find that a provider is willing to cut back on a package due to customer loyalty or because they sympathise with your financial situation. You could save hundreds of pounds per year simply by rearranging a repayment plan.
Budget Tip #4: Recycle Old Goods
You could be sitting on more money than you realise. Look in your cupboards and drawers to see if you can flog any old phones, games consoles, DVDS, books or even clothes. Websites such as Music Magpie offer a great facility to flog your old stuff in one quick swoop. They’ll even pick it up from your address.
Budget Tip #5: Pay Debts with Savings
Should you find you have a little extra money remaining one month, we suggest you use it to pay off your debts. Whilst your first thought might be what you can be buy with your influx of cash, think of how much better you’ll feel knowing you’ve paid off all your debts. That’s a feeling even money can’t buy.
Part 2 – Financial Support
image via www.lookfordiagnosis.com
Did you know you might be missing out on extra cash? So many people are unaware that there are financial opportunities out there just waiting to snapped up. For this reason, we’ve compiled a list of helpful money breaks that could help you take control of your finances.
Finance Tip #1: Benefits Check
If your family earns less than £72,000 per year, you could be entitled to benefits, such as tax credits. A great way to identify if you’re eligible for benefits is to take Money Saving Expert’s Benefit’s Check Up tool.
Finance Tip #2: Uniform Tax Rebate
You might be surprised to learn you can claim a tax rebate between £12 to £56 per year if you wear a uniform. The money covers the cost of washing, repairing and replacing the garments – and you can claim back cash for the past six years. Visit http://www.uniformtaxrebate.co.uk/ for more information.
Finance Tip #3: Tax Rebate
Most people don’t check they’re on the right tax code, and could therefore be missing out on a significant amount of money each year. You should therefore ensure you’re on the right tax code, as you could receive a rebate if you’ve paid too much. Visit http://www.hmrc.gov.uk/incometax/tax-codes.htm to find out what tax code you should be on.
Finance Tip #4: Energy Grants
As we all know, utility bills are becoming more and more expensive. However, there is support out there to help with heating bills. However, to do so you’ll need to know what energy saving measures you have in place (such as double glazing or cavity wall insulation), as well as a rough idea of when your home was first built. Visit https://www.gov.uk/energy-grants-calculator to find out if you’re entitled to help.
Finance Tip #5: Support for Mortgage Interest
Homeowners receiving income related benefits could be entitled to government help towards interest payments on mortgages and loans. This is known as Support for Mortgage Interest (SMI) and will be paid straight to a lender. However, the help will only be towards the interest and not the borrowed amount. Apply for SMI here: https://www.gov.uk/support-for-mortgage-interest
Finance Tip #6: Energy Trust Schemes
Many utility suppliers offer an Energy Trust scheme to their account holders if they’re struggling with their finances. In order to receive help, account holders will have to complete a full income and expenditure budget sheet, as well as providing proof of income. Debt details will also need to be provided, such as how the arrears have built up; for example, redundancy or illness. Visit British Gas Energy Trust, Npower Energy Fund or EDF Energy Trust for more information.
Finance Tip #7: WaterSure Scheme
The WaterSure scheme can cap your average household water bills if you:
• are on a meter
• are entitled to benefits
• have 3 or more children (under the age of 19) living in your home
• have someone living in your home with a medical condition
It’s also worth talking to a water provider to see if you are entitled to special tariffs that could match payments or write off your existing water debt by entering an arrears repayment plan.
Finance Tip #8: Local Council or Housing Association Grants
Your local council or housing association may be able to offer Home Repair Assistance Grants to help you with repairs or improvements within your home. Each local council will offer different grants, so it’s worth visiting their website to see what you may be entitled to.
Part 3 – Debt Management
There is no shame about being in debt. £163 million was the daily amount of interest paid on personal debt in November 2013 – so you can trust you’re not alone. Many people fall into debt due to a number of reasons, but it’s how you deal with your financial situation that will set you apart from the crowd. While it might seem easier to suffer in silence, it’s really not. You need to tackle the problem head on to quickly recover your finances, and here’s how…
Debt Tip #1: Talk to Your Lender
If you have struggling to meet debt repayments, the first thing you must do is talk to your lender. Explain to them your financial situation to see if you can arrange a new debt repayment plan – but ensure excessive interest rates won’t be added on top of the amount.
Debt Tip #2: Repay Debts Quickly
You should strive to repay your debts as soon as possible. Try to pay back as much as you can afford each month – which could mean paying more back than you originally owe that week or month. The sooner you make the repayments, the sooner you’ll be debt free. If not you may find you’ll need the assistance of good lawyers such as those at Strom & Associates.
Debt Tip #3: Avoid a Debt Spiral
It can be so easy to fall into a debt spiral when faced with debt. What you must not do is enter into one debt to pay for another. This is a vicious circle that will not only sink you into further debt, but will take a toll on your personal life.
Debt Tip #4: Never Take Out a Payday Loan
There is a reason payday loan companies are criticised so widely in the media, and that’s because they offer loans with excessive interest fees. Even though the money can be delivered to your account the same day, the service comes at the cost of your bank balance. Avoid.
Debt Tip #5: Consider a Consolidation Loan
Should you have multiple debts that are taking a toll on your finances on a monthly basis, a consolidation loan might just be the answer. Instead of paying multiple debts to multiple lenders, you could consolidate all your existing debts into one affordable monthly repayment to one lender. Therefore, you can quickly eliminate your finances whilst taking the weight of the debt off your shoulders.
Summary
When it comes to managing your money, you just have to remember to plan ahead, make the most of financial opportunities and avoid being sucked into a debt spiral. It really is as simple as it sounds.
Last year the Money Advice Service (MAS) carried out a survey the results of which indicated that approximately 34% of Britons feared they would end up in debt after spending too much over the Christmas period. The organisation says all the information at its disposal indicates that this did indeed happen. Getting in debt is never good but if you need professional help then David Boehrer Law Firm may be able to help!
Very often, it’s simply a lack of financial planning (and restraint) that causes people to end up with money problems after the Christmas period. This is why MAS decided to publish a number of tips to assist people with their financial planning this year. I think gordonlawchicago.com would provide excellent assistance to those struggling with their planning.
The organisation says that the first step is to draw up a budget for the festive season to make sure you don’t spend more than you can afford. Draw up a list of holiday expenses such as Christmas dinner and gifts and if necessary cut down where it’s needed.
Buying gifts long before the time will enable you to make use of special offers and discounts, while waiting until the last moment will inevitably end up being more expensive. Don’t forget the online option – there are often great discounts on offer from online stores this time of the year.
Cut down on non-essential items such as eating out for lunch or buying expensive takeaways. Also, consider cheaper alternatives for Christmas gifts. It is, after all, the thought that counts, not the price of the gift.
As Jane Symonds of MAS rightly points out: “Christmas can be an expensive time of year, but it’s important to know that you don’t have to live beyond your means to make it a fun time, especially if you plan well in advance – after all, it does come every year!”
Energy prices are on the up, transport costs are at an all-time high and the food shop just seems to becoming more and more expensive. So, what can we do to cut down on costs and increase our bank balance? Well, these money saving tips just might be the answer.
1. Compare Supermarket Prices
It’s only natural you’d find it easier to head to your local supermarket for your shopping, but this could cost you more money than you need to spend. By going to a competitor, you could discover fantastic bargains that beat your local shop. One way to ensure you receive the best deals is to write a shopping list, browse online at each store’s deals and either order them over the internet or head there yourself. So, next time you need to go shopping, think about whether that extra bus journey could save you a significant amount of cash.
2. Late Deals
Everyone loves a good holiday. Whether you like nothing more than a beach abroad, a caravan park in Wales or sitting under the Aurora Borealis in Iceland, you can trust there’ll be a late deal on offer for you. By securing a late deal a few days before or on the day of your trip, you could potentially save hundreds of pounds. So, put off booking in advance and see what offers are to be had close to your holiday.
3. Buy Used Over New
You don’t have to spend a lot of money to have nice things. While most people love new items, you’d be surprised at the quality of used goods – and they’re a fantastic way to save money. So, next time you need a new DVD or game, head to your local second-hand technology store. Looking for a new TV? Try websites such as ebay.co.uk for a superb deal.
4. Debt Management Services
It’s surprising how many people suffer in silence when faced with debt problems, when there is a simple solution that could eliminate a person’s worries: debt management services. Debt can cause severe depression and stress to a person when it’s not necessary. A professional, experienced debt management company can take care of your debt problems so you can pay back the amount in smaller, more manageable amounts. So, don’t sit there at home panicking, do something about it and approach a debt management company today.
5. Sell Your Items
As stated earlier, websites like ebay.co.uk are a great place for used products, so why not sell your unwanted items here, too? Everyone has unwanted junk littering their homes when they could make a fantastic amount of money just by selling them on. Take a look at your old books, DVDs, ornaments or even Christmas decorations. Have you got an old bed that’s just sitting in a spare bedroom? Sell it. Got an old treadmill that’s just gathering dust? Send it to a good home.
6. Discount Codes
We all like a good bargain, don’t we? There is plethora of discount code sites that can ensure you get one. Buying online is easier than ever, and voucher codes make the process even simpler and more enjoyable. So, don’t pay full whack for a new washing machine or those nice pair of shoes, check out the promotional deals available online to see how much you can save.
7. Insurance
Most people are put off from the idea of paying weekly or monthly fees for insurance, when they really can be a great investment. While no-one likes to think about their homes being burgled, their fridge freezer breaking down or suffering from a serious or terminal illness, unfortunately these things can happen, and they can end up costing you a lot of money when they do. Insurance offers some peace of mind that you’re protected should the worst happen, and the small fee each month will ensure you’re not left with the burden of a heavy bill. Browse the market for the best home, contents, appliance, dental, critical and life insurance plans on the market. Having good insurance really helps when or if you ever need to make a claim. Steinberg Goodman & Kalish are a reputable firm who could help you through this process!
8. Switch Energy Suppliers
Energy prices are at a record high at the moment, and the rates are only going to go up in the future; therefore, you should consider changing energy providers to save yourself a good sum of cash. Compare your energy package against a competitor and see whether it’s worth switching over to a new supplier. You can switch providers at the click of the button and it could potentially save you hundreds of pounds a year.
9. Consider a Water Metre
Water metres are a great way to keep track of your expenditure in the home. While they’re not recommended for large families in big homes, they’re great for places that only house one or two people. The metre only charges you for the water you use, so you won’t be tied to a fixed monthly charge.
10. Quit Smoking
If you’re a smoker then you’re probably tired of hearing people tell you to pack in the fags, but you really should. On top of the many health benefits, giving up cigarettes can save you a whopping amount of money that can be used towards a new holiday or car – yes, the savings are that much. So, if you want thousands of pounds in your bank then quit today and watch the money roll in.
In difficult financial times there is often the need to tighten our belts and ensure that we are getting the best from every penny we earn. This can sound like a rather big chore, but there are many different ways that you can save money, starting with your home.
Here are a few top tips to help get you started. Once you get into a money saving mindset you will find that these ways will become a part of your everyday life.
1. Energy saving bulbs
Energy saving light bulbs are a great way of reducing your households energy costs. By swapping all your lightbulbs for energy saving bulbs you can significantly reduce the cost of your energy bill. Especially now it is coming into winter.
2. Lights off
When you are not using a room, switch off. Try to use your lights only when you need them. You will soon get into the habit of switching off the lights as you leave a room.
3. Turn down your thermostat
By turning your thermostat down by just a few degrees you will be able to save more heat and thus, more money. If there are rooms in your house that you very rarely use then you can also turn the radiators off completely.
4. Get rid of your tumble dryer
One of the biggest drains on your energy bills is a tumble dryer. If you are able to hang-dry your clothes you will be able to save more money than you realise.
5. Always make a list
When you make a shopping list you are more likely to stick to it. By wandering around the supermarket without a list you are certain to spend more money. By making a list you can help to save money. If you can reduce your weekly shopping by £10 per week that is an annual saving of £520. And remember, never shop hungry.
6. eBay
Autumn is a good time to clear out your cupboards, garage and wardrobe. Why not auction off your unwanted items on eBay? It only takes a small commission and is a safe way of selling your items.
7. Car boot sale
Another great way to make some extra cash is to have a car boot sale. Collect all the unwanted items in your home and plan to visit one of your local car boot sales. If you are not sure if you have enough items you can always plan one with your friend and split the profit.
8. Beware of automatic car insurance renewal
Renewing your car insurance is essential. Going with the same insurer is not. Make sure you do your homework. You could find you save yourself a lot more money. Websites such as moneysupermarket.com and comparethemarket.com are a great way to beat your current car insurance quote.
9. Gym membership
If you currently have a gym membership you are not using then now is a good time to cancel it. If you live close to work consider walking, running or cycling there. You could also purchase a second-hand exercise machine. Try your local Freecycle or Gumtree site.
10. Watch your impulse buys
If you tend to buy things on impulse then it could be time to reduce your spending. Set yourself a limit each month for a treat and avoid spending unnecessarily. Online shopping can help too as you are more likely to consider your purchase instead of purely buying on impulse.
If you are struggling to manage your finances you may want to consider a debt management plan. It is always wise to seek expert advice for anything you are unsure of. Services such as Keller Law Offices provide expert law advice for example.. But by making a few small changes in your household you will quickly be able to save a bit more money each month.
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