Best Finance Network
Get the best connectivity about finance.

Although many people think saving and investing are very similar to one another, there are some key differences.

By being aware of those differences you may change your mind when deciding which action to take.

We listed some pros and cons of both saving and investing to help you to weigh which is the better solution for you.

Similarities and differences between saving and investing

The thing that connects the two is that they are both strategies to accumulate money! Saving or investing both imply putting your money aside for potential future needs.

They can both protect you from debt. However, if you find yourself in that situation, be active in the process and claim Payment protection insurance if needed.

The difference between the two is the type of assets used in the account.

Another one is that if you want to be able to use the cash quickly, save (but it can also be done for some long-term future plans).

If you don’t want to play it safe and your desire is achieving a higher return – invest!

Where to go?

Savers – go to a bank or a credit union and open a saving account. When opening a saving account, look for the APY (highest annual percentage yield) to maximize your earnings.

Investors – open an account with an independent broker, which includes mutual funds, bonds, stocks and exchange-traded funds. Also, keep in mind when investing that you should invest only the money you won’t be needing any time soon.

You should keep your funds in the investment for at least 3 to 5 years minimum.

Are there some risks?

While investing, you should always think twice before doing something. Saving is safe with the minimum amount of risk – it is very easy to do and the chance of losing money is equal to zero.
You are always familiar upfront with how much you will earn in your balance.

On the other hand, investing is always unpredictable and you have to be aware of the risk of potentially losing everything, but also of earning a lot more!

When talking about risk, the thing that needs to be mentioned is the price of saving and investing. Saving is not expensive, since opening an account is free.

But, you have to keep in mind some unpredictable factors such as inflation. Saving doesn’t protect you from it, while investing potentially can save you (if you think in a long-term period).

How should I decide whether I should save or invest?

This decision should be based on your wishes and needs.

If you’re looking for earning money and taking risks that can possibly have very good or very bad consequences, you should invest.

If you are thinking about putting some money aside just in case you might need it someday and you want to be able to use your money whenever you need it, you should save.

This decision is not always easy. Thinking it thoroughly, make the best decision for yourself. It can be a lot easier than you think – contact Optimal Solicitors in Manchester, they know what to do!

Payroll Xero

The role of the accountant is undoubtedly the most wanted and most valued in any business. But like everything we cannot involve everything in the payroll. This tagging of their job duty is not at all the same with payroll. The nature of the job role is different from the traditional flow of the business. The advisors usually supervise the accountants and this depends on how they are channeled for the whole league of the board directory. No matter how great the bookkeeping package may seem, there are bound to be situations where you will want to find the support of accurate and faster mechanisms. Hence, no one can do it better than humans themselves. This article sheds light on why one should be still considering the accountants even when payroll Xero exists.

Taxation Never Gets Disoriented

There are so many examples that can lead one to believe that penalties don’t exist. There are so many accounts with just the way the deadlines will have to be met. The accountants are able to overcome the challenges which the payroll systems don’t follow or ignore at times. This may occur for a range of functionalities. Hence, accountants are always needed to make the work secure. This may come off as an engagement service but will need to be supervised greatly.

Understanding The Nature Of Payroll

It is more complex and the things demand extra responsiveness as compared to the other systems. This must be bored in mind that one tends to not attract the orders with the pricing the list of commodities, this is a natural case if the system involved is payroll. The use of Xero is an additional advantage to the business together because they serve as the right kind of business model which acts more in the space of an accountant.

Getting The Cash Fix

The invoice system can be made better only when the business is of great value. This work is majorly done by the efficiency of an accountant. This may look like a greater business taxation deal but it helps the accountability intact.

Goodbye To Increased Taxes

At times the businesses are likely liable to pay extra taxes that no one accounts for. A good accountant will save you from losses and the huge sums of money. This may seem like a great benefit for this can be a way through which the company can focus on other things. The engagement of the focus on other strategies can allow the management to think and organize the payroll systems very well.

Gives Financial Attention

This may go in the long run but there are immediate errors that need to be not overlooked at all. In some of the cases, the lost documentations are needed which is rarely produced by the Xero. The missed tax breaks will have to be taken as proof of the expenses. The accountants on the other hand will be able to keep the accurate record in the form of multiple documentations.

A recent article in a UK newspaper claimed 1.6 million Brits currently lease their car – but how many actually understand what they’re doing?

When I first leased a car, I had no idea how it worked. I assumed a lease was something you got on a retail building and not a car!

Don’t let the complexity scare you though. Leasing can be a practical and affordable form of car finance if you take the time to get to know how it works. In this blog, I’ll run you through what leasing is, how it works and a couple different forms of leasing finance.

What is a lease?

To understand the difference between leasing and buying, you need to have a look at what you’re actually paying for in a lease.

When you buy a car outright, your payment covers the full value that the vehicle is worth. Once you’ve paid the full price (either immediately or over time), you become the legal owner of the car.

With leasing, you essentially ‘rent’ a car for a given period of time and return it at the end of your contract. Unlike buying a car, you’re never the legal owner of the car, although you are usually its registered keeper.

Why lease? Because depreciation hurts

Leasing is an attractive option for a lot of people because it eliminates one of the major problems that comes with owning a car – the cost of depreciation (depreciation is how quickly a car loses value).

According to the AA, new cars can lose up to 10% of their value the moment you drive them off the forecourt. Worse, the worst of the bunch can lose up to 60% of their value in the first year of ownership!

With these motors, if you’re planning on selling your car after a few years, you’re in for a shock when you check what it’s worth.

Contract Hire

Contract hire (more commonly known as leasing) is an arrangement where someone ‘rents’ a new car for a set period of time from a dealer. During the contract, the individual pays just enough to pay off the car’s depreciation. (Plus a little profit for the dealer, of course.) At the end of the contract, the individual returns the car to the dealer and they both go their separate ways.

With leasing deals, you aren’t the legal owner of the car but you are the registered keeper. That means you have get the car regularly serviced and keep it in a good condition.

The best thing about leasing compared to other finance options is the monthly payments, which tend to be significantly lower. That’s because, as I already mentioned, you’re only paying off the depreciation. You can also trade your car in every few years for a brand new model!

Tom Butcher worked behind the scenes in print journalism for years until he discovered the wonders of the web. He writes for several publications, covering the finance, automotive and tech sectors. At the moment, he is helping LeaseFetcher teach the world about car leasing.

Exploring a few passive means of earning money isn’t bad for those that don’t want to opt for a second job. It’s quite natural for you to think of a consistent source of alternative income that won’t take the juice out of you. Even when you wish to create or join a platform that won’t prove to be taxing, you may need to put in your efforts right at the very beginning.

Consider few of the straight means of earning money as shown below:

Publish your book

Writing a book often lets you achieve a good amount of every sale after it gets published. Self-publishing of books is quite common nowadays; you can do it by checking the e-book options at large. Alternatively, you may get in touch with any publishing house.

Develop smart applications

Developing any smart-phone app has immense potential of earning money when a user downloads it. These apps can fetch a good amount of money as they get more popular with the target audience. Anything that you develop may get viral in no time!

Launch any static blog

Identify your areas of interest besides checking out things that tend to draw the attention of your target audience. Make the most of your website development skills in developing a website in these areas. It’s in your best interest to choose topics that may never get dated with your audience. You may even choose to host ads on a page wherein you have content worth good quality. A piece of content that’s always in demand can actually pay you back on time.

Submit a video on YouTube

Identify a few popular topics for shooting your videos. You may explore it as an opportunity to earn more by running ads on the more popular videos. Earning in seven figures has been a dream turned reality for video submitters on YouTube.

Take a few attractive snapshots

There are a few online sites that help you to sell photos. It’s actually a good ploy for those of you that are passionate about photography. If you’re an amateur, then you may test the water with sites like Shutterstock. For each downloaded image, you’re likely to achieve a commission worth up to $75.

Create your own graphics

Graphics and illustrations are often accepted by a few photo websites. For every download, you may earn a certain amount of money.

Be an insurance agent

By selling insurance policies, you may end up earning a handsome amount with each deal closure. Even when the policies are renewed by your customers, you’ll earn an extra commission.

Achieve stock dividends

Stock investments are among all natural ways of securing a passive income. These stocks yield dividends worth great percentages more frequently.

You must remember that every legitimate way of earning money takes you through a passing phase. It’s not like how easily you earn money in the casinos nowadays.

The ways mentioned above will help you create wealth without worrying much about how the legal authorities will perceive them. Leading a stress-free life is more important than pursuing money in an illegitimate way.

When you’re a parent, expensive situations can come out of nowhere! Whether it’s an unexpected medical bill, an important field trip, school supplies, or a seemingly endless supply of diapers, sometimes there’s simply not enough money to cover everything. As a stay-at-home mom, the pressure of financial strain might make you feel as if you have to go straight back into full-time employment, but that’s not always the case. In this article, we’ll discuss some of the ways you can add to the household coffers.

Online surveys

One of the most straightforward ways of making a little extra additional cash is to complete online surveys. Although payouts per survey aren’t huge, over time, consistent survey completion can yield a tidy sum.

Get paid when you shop online

Believe it or not, there are companies that pay you to shop online! Using affiliate links to your favorite stores, you can earn money every time you make a transaction. A percentage of your purchase will be paid back to you; usually you will need to hit a milestone (generally in $5 or $10 increments), and payouts are given as store vouchers or PayPal credits. A convenient way to earn whilst enjoying a little retail therapy!

Transcription

If you have a decent typing speed, reliable internet access, and a good pair of headphones, you could make money from transcription! Online platforms connect freelance transcriptionists with companies looking to have usually short excerpts transcribed. It’s important to note that payments are usually made per hour of audio transcribed, rather the time it takes you to complete the task, so only go into transcription if you can type fast enough to make the task worthwhile. However, if you have the skills, it’s a great way to bring home some extra cash!

Sell old stuff online

Do you have old clothes, shoes, accessories, toys, or gym equipment lying around the house, never used? It’s time to let them go, and earn some money while you’re at it! Selling platforms such as eBay make it straightforward to unburden yourself from the things that are taking up precious room. Simply snap some photos, add a dazzling description, then wait for the bidders to snap up your items.

Start an Etsy store

If you have a creative flair and wish to sell your own products, it’s easy to set up a store on Etsy. Advertise your store across your existing social media, involve friends and family, and create a buzz around your designs. With good word-of-mouth and online reviews, you’ll be making money in no time!

Childminding

If you enjoy looking after children, consider setting up your own childminding business. This may involve gaining some additional qualifications, but your investment can return a significant income once you get going. It will also allow you to keep spending time with your own children while you work.

Cash loans

We all experience times when money is tight; sometimes the best way to go about resolving a temporary cash flow problem is to take out a cash loan. It’s now more straightforward than ever to take out online loans, so do not be afraid to consider it as a solution to your money worries.