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Personal Finance

I believe that Personal finance encompasses all the decisions a person might make when it comes to cash flow, budgeting, retirement, investments, multiple streams of income, and insurance protection. Every adult is bombarded with decisions to make when it comes to all these areas of life and I try to help with my thoughts and opinions on the various topics.

Personal Finance

What To Expect Out Of Your Pay Stub Maker Software

by Evan

Taking a look at the top things to expect when purchasing pay stub maker software. How to get the most reliable experience for your payroll needs.

When you run your own business, there are a lot of important tasks you need to juggle. Chances are, payroll isn’t one of your favorites. In fact, a recent survey by Intuit found that most small business owners wish they could outsource it. 

The good news is, you can easily handle your own pay stubs by purchasing an inexpensive pay stub maker software. This will make your life so much easier – as long as you choose the right one.

Not sure how to choose the best option for your needs? Here are a few of the most important questions to ask when buying pay stub software.

1. How Will I Receive My Pay Stubs?

In almost all cases, you’ll want a pay stub software that provides you with electronic versions of your pay stubs. Some will give you a PDF document while others will provide a link to a cloud storage website.

It’s also great if you can have the option of receiving all of your documents in a single file or separate files for each one. This way, you can keep a master document for your records and also easily distribute stubs to each of your employees. If they want a paper copy, they can always print it out and keep it for their records.

2. What’s the Average Delivery Time?

The best pay stub maker software will deliver your pay stubs instantly. You should be able to enter your information, confirm that it’s right and then download it as soon as you submit it.

3. What Costs Are Involved?

It’s important to understand up front exactly how you’ll pay for the service. Some programs have a one-time cost. Others charge monthly or annually, while still others charge per pay stub generated.

To figure out which one is best for you, consider how many pay stubs you’ll need to generate each year and compare the various options. Some software solutions also come with additional services, so make sure you’re looking at the whole package when comparing prices.

4. What Forms of Payment Can I Use?

Do you prefer to use PayPal for all your business transactions? Do you put everything on a single credit card? Or maybe you prefer to ACH from your bank account?

 You’ll want to find out what form of payment the company accepts and make sure it works for your business model.

5. Can I Customize My Pay Stubs?

Different types of businesses have different needs, so you might want to confirm whether you’re able to customize your pay stubs. At a minimum, your pay stubs should include:

  • The employee’s name, address, and the last four digits of their Social Security number
  • The pay date and pay period
  • The number of hours worked, broken down into regular, overtime, and any other categories relevant to your business model
  • Gross pay
  • Taxes, Social Security deductions, deductions for medical and health insurance payments
  • Retirement plan deduction and match details (if applicable)

Pay stubs should also provide information for the current pay period and the year-to-date.

There’s a good chance that the default template might be just fine for you. If that’s the case, and you like everything else about the software, then a lack of customization probably isn’t a deal-breaker.

6. Can I Make Corrections to My Stubs?

Sometimes mistakes happen, so you’ll want to make sure that the company allows you to make corrections if you notice them after submitting your information. This is especially important for companies that charge per pay stub.

Most companies will allow you to easily make small corrections either by logging back into your account or by contacting them.

7. How Secure is Your Pay Stub Maker?

Since a pay stub will include important information like your staff’s name, address, social security number, and salary information, it’s important that you protect all the data you enter into the system. At a minimum, the system should use SSL technology and encryption. Bonus points if they take additional security measures.

8. What Do Other Users Have to Say?  

Most software companies have a list of customer testimonials available on their websites. If they don’t this could be a possible red flag.

Even if they do, you’ll want to do some additional research. Testimonials are great, but when they’re listed on a website, you can be pretty sure that the company hand-picked their most positive reviews.

Instead of relying on this, do a simple Google search and see what other information comes up about the company. Also, check their social media sites for reviews and comments. If you see a lot of bad reviews or negative comments, you’ll want to keep looking.

9. Is My Satisfaction Guaranteed?

Last, but certainly not least, you’ll want to make sure that the company you’re considering stands behind their product. Ask whether your satisfaction is guaranteed and what the return/refund policy is.

Of course, you won’t go into the agreement expecting to be unhappy, but if you find out this information ahead of time you won’t have to deal with unpleasant surprises later. Not happy with the company’s policy? Keep shopping!

More Tech Tips to Improve Your Life

Now that you know exactly how to find a great pay stub maker software, you’re ready to take one step towards improving your life with technology. Want even more great tips? Spend some time browsing through the rest of our blog posts!

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Personal Finance

What Is a Budget and Why Do You Need One?

by Evan

For years you’ve overheard the word “Budget” in many conversations and know of its importance. If you’re not quite sure what a budget is and whether or not it’s something you need, read on below. 

The Purpose of a Budget 

In simple terms, a budget is a list of your accumulated debt and recurring expenses placed against your net income. In short, a budget lets you track your spending and helps you to make better financial decisions based on the findings. If your food bill is high, you’ll find ways to reduce it. If you spend a lot of money on frivolous items, you cut back.

Why Do I Need a Budget? 

You may ask yourself “Why do I need a budget?” The answer is easy. You need a budget to enjoy a comfortable lifestyle now and in your retirement. A budget is very revealing. It lets you focus on areas that need work, like maxed out credit cards and gives you a true understanding of where you spend your money. 

How Can I Benefit from a Budget? 

With a comprehensive listing of your recurring expenses and accumulated debt, you can start the process of reducing or eliminating some of your expenses and work towards paying down your debt. When you know the exact amount of income you have and have balanced that against the amount of your monthly debt, you’ll know the amount of money you have left over to work with. In some cases, people find out that they simply have more debt obligations than they have income. When this happens, you have two choices. You can either bring in more money or unload some of your expenses. If you have a mortgage and equity in your home you can refinance the loan or, if that’s not a possibility, there are installment loans online that offer small monthly repayments. 

How Do You Create a Budget? 

Creating a budget is easy. First, gather up all your bills. Then, you can either go old school and write them down on a sheet of paper, or download and print out a budgeting form from one of the many apps available for free online. Or, if you prefer, you can purchase budgeting software. There are several types of budgets from which to choose, with each having a variation in the percentage of money allocated to certain areas. It’s best to review a few before committing to one to see which one works best for you. 

The Short and Long-Term Benefits 

Once you start a budget you’ll begin to get smart with your money. You’ll know exactly the amount you have left at the end of each month. As a result, you will divide a portion of the net surplus into places such as a savings account, college fund, retirement, and a vacation. Putting steady amounts of money away each month helps you grow financial wealth and security. When a repair comes along, you have the money in place to cover it. When it’s time for children to go off to college, you have money set aside to assist with the fees. And, when you need to get away, you can book a trip to your desired destination. 

Credit Triumph 

When you stick to a budget, your bills get paid on time and your debt slowly dwindles away. A positive event occurs during this process: your credit score begins to move up each month until it levels off at an excellent score of beyond 800. Having stellar credit makes it easy to secure financing, lease a car or buy one at the lowest interest rates and have access to any cell phone or insurance company you want. 

A household budget is something everyone should have in place. It makes life easier and lets you enjoy the benefits of an excellent credit score and financial security in your retirement. 

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Personal Finance

3 Small Changes to Take Charge of Your Finances

by Evan

There are millions of resources on investing and saving on large purchases like shopping your mortgage rates, haggling at the car dealership, cutting off your cable bill, investing in real estate or stocks or art or local businesses … the possibility of all of these things are endless. Equally as important is to bring the focus into the detail sometimes of the less exciting areas, like the rates you pay for your accounts, reducing eating out by a few times a week and opting for healthier options made at home, and most importantly, what to do with the money you do manage to save in all of these areas, both big and small. 

  1. What are your accounts costing you? If you’re paying for your checking and savings accounts, are you receiving benefits with them that are worth the fees being charged each month? Most likely, it’s worth your time to shop around for a new bank or credit union checking account, to ensure you are stable from the very foundation of where your money is most likely going into before filtering back out again. Taking an hour or two to shop around to get the best option for you, and switch over your money can save you hundreds or thousands in the long run, making the most of your current dollars. Other accounts have fees as well, and it’s always worth checking to see if there is a way to reduce these altogether, either by asking the current company you’re with, or by changing to another.
  2. Make snacks, coffee and meals at home instead of eating out, where possible. This may be an overplayed strategy, but it sure is effective. Eating out has it’s time and place, but it’s often not that much of a time saver, and is certainly not the picture of a healthy and balanced meal. Buying organic and high quality whole foods to prepare and have on hand at home for meals and snacks is not only less expensive in the short term, it’s also less expensive in the short term as the probability of getting food related diseases can be dramatically reduced by taking this route. What goes into our body is as important as taking proper care of our finances. Both are vital components to our longevity and happiness in life.
  3. Take action with the money you save. Saving money on one item isn’t really saving money if we just spend it on something else, is it? Taking saving to the next level and moving money saved into a savings or investment account makes the process a bit more complete and whole. Saving $6 a day on coffee only to spend more at lunch or dinner doesn’t get you any farther in your financial goals. But, saving $6 a day on coffee and putting that into savings is $180 a month, and $2160 a year. It may not be life changing after one year, but it can be amazingly life changing after a few years by following this method and strategy.

Taking small, regular and thoughtful actions in the life area of financial health can shed light on small leaks that can be repaired in your money flow, and those dollars, in many cases, are best used when redirected into savings and investments, or into paying off interest accruing debts, like auto loans and credit cards.

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Personal Finance

Splurge Without Breaking Your Budget

by Evan

Life is all about choices, decisions, and balance. Because you work hard, you should be able to treat yourself to some of life’s indulgences along the way. Don’t deny yourself the added little extras that make your life that much sweeter just because you are on a budget. There are plenty of budget-friendly ways to allow you to indulge and strike a balance between work and play (or whatever your vice or indulgence might be).

After an especially trying day, it’s not uncommon to feel like you need to treat yourself to some retail therapy. That’s not to say you should buy everything you want. Instead, stay true to your financial situation and stay in control. Learn how to make allowances to get the things you want, without suffering any type of monetary setbacks. For example, that package locker for home deliveries, for example, might seem like an extravagance, but if it saves you the hassle and cost of having to re-order packages that have been taken from your porch, isn’t that worth the expense?

Self Care

Everybody defines treating themselves with ordinary expenditures differently. Basically, anything outside your realm of normalcy that brings you some level of enjoyment or stress relief should be considered a treat. When budgeting for special allowances, don’t limit yourself to tangible items. If you already have a closet overflowing with shoes, because shoe shopping is what you do when you feel stressed out, why not seek another form of stress relief? Book yourself a trip to the spa and enjoy a nice massage or round of acupuncture that relaxes both your mind and your body. Budget for a healthy treat with benefits to your physical as well as mental health.

If you are feeling fed up and frustrated with certain aspects of your work or personal life, why not find a gym? Release some endorphins and expel your frustrations though doing laps in the pool or participating in an exercise class.

Free Treats

What can be more budget-friendly than something that doesn’t cost you a penny? For some people, their budgets aren’t fluid enough to allow for escapes as often as they would need or like. That doesn’t mean they don’t need a break or a treat, it just means they need to find alternate ways to unwind and spoil themselves. Sometimes the simplest of treats can be the most relaxing. 

When you need to escape the weight of reality that is consuming you, there are several free options available. Here are a few examples:

  • Lose yourself within a good book. 
  • Find a quiet, cozy place to curl up and nap.
  • Visit a good friend.
  • Have a peaceful soak in the tub.
  • Color in an adult coloring book.
  • Keep a journal.
  • Enjoy popcorn and a movie on the couch.

Seeking indulgent rest and relaxation doesn’t necessarily equate to time spent alone. As much as kids can drive you crazy at times, don’t discount the priceless effects of their infectious laughter. Have a look at local free events and take your family on new adventures. Grab the dog and the kids and head to the park. Rediscover your inner child and play an interactive game. Above all, laugh!

Maybe you are one of those lucky people who find cleaning a way to alleviate stress. If that’s the case, find a cluttered closet you’ve been wanting to organize for months and have at it. If you have unfinished projects around the house, complete them. There isn’t much that is more satisfying than checking things off of that never-ending mental list that can make you feel otherwise unaccomplished.

Striking a balance between work and play; necessity and indulgent; hectic and peaceful; is no easy feat. Learning to strike that balance and stay within your budget is a priceless tool in the armory of life.

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Personal Finance

How Giving Benefits Wealth Building

by Evan

If you’re on a wealth-building journey, you probably focus on how to reduce your debts and increase your investments. While this is commendable, it’s wise to look ahead and consider what you will do when you’re out of debt and earn plenty of money every month.

After taking care of your own welfare, think of the good you can do for humanity.

Pause to reflect on the wisdom of Andrew Carnegie, one of the richest Americans in history. The American steel industry tycoon who amassed a fortune in the late 19th century said, “Surplus wealth is a sacred trust to be managed for the good of others.” 

A Common Myth About Wealth Building

Many people assume that the ticket to wealth is hoarding every penny. This misconception arose because there are many stories of wealthy people having stingy ways.

Some of these stories are fabrications, others misinterpretations of events. For example, the press often excoriated John Rockefeller for his stingy behavior. But this may have been a mischaracterization. Rockefeller didn’t talk to reporters about his donations because his strict Baptist upbringing viewed modesty as a virtue. In fact, by 1912, he had donated hundreds of millions to charities. In today’s money, this would amount to billions. 

Frugality vs. Stinginess 

It’s important to distinguish between frugality and stinginess. 

Frugality is about maximizing the value of money while a stingy person is someone with money who hates to spend any of it.  Frugal people aim to be good stewards of money and not squander it.

Stinginess, on the other hand, is fear-based, scarcity thinking. It’s a fear of running out of money. 

Choose a Charity

The easiest way to learn how to give is to find a charity that will benefit from your largesse. There are thousands of charities out there, so be sure to give to one that reflects your values.

The best way to choose a charity is to get clear on your values, identify causes you prefer, and then donate to charities that meet your criteria. If, for instance, you feel strongly about supporting children in foster care, then find a foster care agency in your state. If, say, you live in California, then consider what ways you can help adoption in California. 

Besides giving from your current abundance, you can also give away future wealth. One way to do this is to name a charity as a beneficiary of your life insurance policy.

Why Generous People Prosper

Although there are mystical interpretations of how you receive more of what you give, one practical reason generous people prosper is that giving improves their relationships and relationships attract financial opportunities.

Still, generosity isn’t just about giving money. Generous people also share their time, knowledge, and experience to help others. Generosity is a positive character trait that attracts goodwill and friendship.

When you give of yourself and your money, you make the world a better place. This friendly attitude to life is contagious. People want to be around you because you are a warm and caring person.

The receiver isn’t the only person who benefits from giving; giving also changes the character of the giver. 

When you give, you unleash good things in the world.

When you give, you lift people up out of difficult circumstances.

When you donate a significant sum of money to a charity, you help more people than you will ever know.

Giving also lifts you up and puts you in a positive frame of mind. It refreshes your belief in humanity. It gives you pleasure to see how other people benefit because of your contribution. When you give, you take your attention away from your own pressing problems and improve humanity. 

So, when you finally reach a point when you’ve paid off your debts and surplus income rolls in, don’t simply tuck it all away into your 401(k) and your other investments. Do yourself and the world a favor and think about ways to make life wonderful for other people, too.

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