The good news is that it can be done, no matter how hard it seems. At the Iron Kingdom, we have some simple, realistic, and effective strategies to help you have more savings. Let’s walk you through some of them:

1. Write down your expenses

In order to save, you need to know how much you really spend. So, the first step would be to figure out your total expenditure. Keep recording all of your expenses, even if it means writing down the amount spent on small things. Examples of these would be coffee or a snack. 

Once you have all the spending recorded, organize them into categories. Finally, make a total of each of these categories. You can verify the total spending by referring to your bank and credit card statements. These days, you also have apps to simplify this task.

2. Make a budget for your savings

Now that you’ve recorded your expenses, you can organize them into a budget. Besides, you can determine how much you need to spend and how much you can save. While doing so, you must take your current income into consideration. By budgeting for your savings, you can limit your overspending habits. Try to save at least 10 to 15% of your income.

3. Find some ways to avoid spending

If your expenses are so high that you’re unable to save much, it’s time to cut some spending. Identify the things that are not essential for you. This might include eating out and entertainment. For reducing spending on entertainment, you can go to free community events instead. You can cancel your subscriptions and memberships that you’re either not using or using rarely. 

Try eating out by going to places that are cheaper. If you’re feeling tempted by a non-essential purchase, postpone it for a few days and don’t set reminders for it. You’ll either forget about it or save a certain amount for the purchase.

4. Set your goals for saving

One of the best ways to save money is to set your personal saving goals. You can begin by thinking about what’s that thing you want to save for. It might be your marriage, a vacation, or your retirement. Then try figuring out how much you’ll need and the time you’ll need to accumulate the amount in savings. 

Consider opening an investment account if you’re saving for your retirement or your child’s education. Always consider investments that are either risk-free or less risky.

5. Choose the right options for savings

If your goal is to save for the short term, consider putting your money in a savings account. You can also go for a Certificate of Deposit (CD). A CD locks in your amount for a certain period of time. It fetches you a higher rate of return than savings accounts. If you’re saving for your long-term goals, consider investing in an individual retirement account (IRA). 

These are tax-efficient savings accounts. Another great option would be to invest in securities. They include mutual funds or stocks. You must keep in mind that they’re subject to market risks.

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Online Casino Canada suggests that it would be more advantageous to educate on how to gamble safely and securely. It’s crucial, particularly for young adults in Canada, to be fully aware of the potential dangers associated with gambling, including the severe impacts it can have on one’s life when it becomes uncontrollable.

Canadian educational systems should provide access to comprehensive information about the negative aspects of gambling. At the same time, they could also teach that if someone chooses to gamble, there are responsible measures they can take to ensure they do it the right way. Presented correctly, gambling can be a form of entertainment that doesn’t necessarily lead to negative consequences. This balanced approach to education about gambling could better prepare Canadian youth for making informed decisions in their adult lives.

These are the top steps that we’d suggest looking out for if you want to gamble responsbility…

Only gamble what you can afford to loose

This one may seem fairly obvious but many people make the mistake of gambling more than they can afford. They go into gambling with the optimistic mindset that they’ll make more money. But it’s important to be realistic and not expect anything in return. If you find yourself starting to consider gambling with money you need for bills, food or any other essential and important things – stop. This is an unhealthy way or gambling and can lead to serious financial impacts as well as being detrimetal to many aspects of your life.

Set yourself healthy limits

Before gambling (online or at a land-based casino) work out how much time and money you want to spend. Set yourself healthy goals and stick to them. Setting yourself a time limit will allow you to gamble resonsibly and not overconsume in the gaming. And of course, if you set yourself a spend limit you will never walk away feeling distraught. You will never run the risk of loosing too much money because you already went into it knowing how much you could loose. Never spend more money than you set out to spend. That way any wins you make will be an added bonus.

Only gamble when you’re in a good headspace

This is extremely important! Never gamble if you’re in a bad mental headspace. This can cause you to make irrational decisions that you won’t normally choose to make. And when this comes to your finances it can be extremely deterimental. If you’re stressed, tired, angry or feeling any other negative emotions it’s definitely a good idea to stay away from gambling. Because loosing any money will only make you feel worse.

Take a break & mix with other hobbies

If you love gambling that’s fine. But know when to take a break! If you feel like you’re having too many gambling sessions and it’s taking a lot of time – it might be time to take a little break. Ensure that you’re not getting addicted and still gambling responsibility. It’s important to have other activities you enjoy for entertainment too.

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Here’s some advice on how to become an entrepreneur…

Step 1: Decide what type of business you want to create

Needless to be said, the first step of entrepreneurship is deciding which business is right for you. Look at different fields and match them with your interests. It’s extremely important to be passionate about what you’re doing and of course having the belief that it will be successful. You’ll be spending so much time on this buisness so it needs to be something you care about. Otherwise you run the risk of loosing focus, enthusiam and motivation which means you’re business is likely to fail eventually. It can be hard work so make sure it’s something that you enjoy to ease the workload. When deciding what business look at your strenghts, interests, passions and skillset.

Step 2: Decide what education you need (if you need any)

This step obviously depends on what business you want to create. If it’s something you already have experience on or know that you’ll succeed in then you might not need any extra education. However, you can never stop learning, so taking a course in this field certainly won’t do any harm. For example, if you want to build a tech company, experience in business, computer programming and marketing would ne necessary. You can find many online courses in all different types of subjects as well as watching inspiring youtube videos.

Step 3: Plan Plan Plan

They key to any successful business is planning. Before you do anything it is necesssary to make a business plan outlining the steps you need to take to create your vision. This makes it easier to se your progress and what you still have to do to make it a success. It will keep you motivated and help you to stay on track.

Step 4: Identify your target audience

This is really important because it will shape your buisness and how you want it to be percieved. It should highly effect every aspect of the business. You need to decide who you’re selling to and make sure every step you take is catered towards that target audience.

Step 5: Network

We all know how important networking is. And luckily, it has become extremely easy to network thanks to social media! It’s super easy to reach out to other businesses that you’re interested in and make new connections simply by ‘sliding into their dms’. Get in contact with people that can help you and be benefical to your business.

Step 6: Sell your idea & market

Now it’s finally time to sell your idea to your potential customers. You need to find ways to convince people to buy your product, why do they need or want it? Make sure you create all social media sites so you can reach as many potential customers as possible. Make your business stand out and show how your products are unique.

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There is a famous quote from pro basketballer Micheal Jordan…
”I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life.”
This is a great example of why people should never be scared of making mistakes. Failing is always part of the process of success and fulfilment in life. When we make mistakes we are encouraged to explore other alternatives and find different solutions. It’s a great way to find out what does and doesn’t work for us. Our mistakes and experiences mould us into the person we become. Read on to find out some ways that making mistakes will benefit you…

How can making mistakes benefit me?

1. Risks lead to growth

If you take a risk and it doesn’t work out, so what? Wouldn’t you rather of tried something new then never tried atal? A study actually showed that 75% of people questioned with a terminal diseases said they’re biggest regret was the things they didn’t do not the things they did. If this isn’t enough to motivate you to try new things and take risks I don’t know what will be. Even if things don’t work out the way you hoped, you will always gain something positive from it – growth.

2. It builds problem solving skills

Sometimes when you’ve made a mistake or a risk hasn’t paid off, you are forced to find a solution. And we can all agree that good problem-solving skills are essential in adulthood. It means that when a problem arises we are able to deal with it without causing any stress and strain on our mental wellbeing. You will have more control over what is going on in your life too. Don’t let things get the better of you, there will always be a solution. Mistakes help us to take action whilst also learning from them to prevent the same mistakes from happening in the future.

Helps acknowledge consequences of actions

Sometimes making a huge mistake makes you realise how your actions can have consequences. No one is indestructible and we all have to be held accountable for the things we say and actions we make. Every single decision we make comes with consequences, negative or positive. Teaching children that mistakes are ok (as long as they learn from them) will help them explore repercussions themselves firsthand. It’s great practice for the real world.

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Preparing children is crucial so they can be confident in money management. Many schools use the excuse that taxes are too abstract for students because they’ve never dealt with that much money before. But surely they’re dealing with big numbers in maths anyway? and percentages? why not make some maths lessons about taxes so they can actually use what they’ve learnt in the real world. And ultimately, it will ensure they have confidence and familiarity with money management which is a vital part of being a successful individual.

We’ve answered the top three questions asked by young adults regarding tax returns…

Who needs to file taxes?

This depends on which country you’re in and whether you’re working for a company or self-employed. It’s important to find out whether you’re responsible (if you’re self-employed you definitely will be) or whether your company will file the taxes for you. But remember – if your income does not exceed a certain threshold (it will vary depending on which country you’re in) then you will not need to file a tax return. For example, in the U.K you can earn up to £12,570 of non-taxable income, anything over this will be taxed.

What happens if I file after the deadline?

It’s important to not miss the deadline for filing your taxes. Depending on which county you’re residing in, there will be different penalties for late tax returns. You can be charged up to 5% interest on the amount due for each month that you fail to hand it in. As you’ve probably already guessed, this can add up to a lot of cash! However, if there is some reason that you can’t make the tax return online then you can file for an extensive beforehand. Be organised!

How do you know if you’re eligible for a tax refund?

It’s important to check this out at the end of a tax year. Not so fun fact – over $1.3 billion in tax refunds is unclaimed each year. Don’t let your hard-earned cash contributions to this ridiculous figure! It’s very common to be overtaxed. To check if you’re due a tax rebate you must check all of your payslips. There are many tax rebate calculators online to save you mathematical trouble. In this, you should enter your gross income and the tax paid. TIP: Make sure you find a tax calculator that has a business expense on it too – because these can be subtracted from your income. Things such as company cars, insurance, software etc. Once calculated, you’ll know the amount you’re owed (if you are) and can apply for a tax rebate online or filling out a form and sending it to your local government tax address.

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So why are we never taught it at school? we are taught to listen and do what we’re told. But never to negotiate on our terms and meet a middle ground. We believe that students should have more power to speak out and negotiate if they’re not happy with something. This will prepare them for their future, especially in business. And we all know that the more you practice a skill, the more confident you will be to use it. It’s easy to spot when someone is nervous when attempting to negotiate. Therefore, it is vital that children learn it from a young age. This doesn’t mean being argumentative and disregarding what the other party has to say. This means being respectful of what the other party is suggesting, but when not completely happy with it, learning to negotiate to reach an agreement. Equality and all that, right? Let’s take a closer look at what negotiation means…

How can good negotiation skills help you?

⦁ They will help you succeed in business endeavours. Having good negotiation skills will help your business prosper and flourish. You will not be afraid to work towards what you want and make agreements with any other parties involved so that you’re satisfied. Someone who doesn’t negotiate can often be left feeling unsatisfied and unmotivated as they didn’t have enough control over the outcome of something. Take control and have your say. 9 times out of time an agreement can be made so that both parties are happy.

⦁ It will help you build better relationships. If you’re not happy with something you can learn to negotiate until you are satisfied. Even if it’s something small that you’re not happy with, it’s important to let the other person know. This avoids bigger problems down the line and ensures that everyone knows where they stand.

⦁ Ensures long solutions to problems. It will help you avoid future problems down the line as both parties will come to an agreement. It’s never a good idea to ignore what’s both making you unsatisfied as it will surely come to haunt you later on down the line. Make long-term solutions instead of short-term ones.

What are good skills to have to help you negotiate?

Listening skills, assertiveness, effective verbal communication (clear and concise), decision making, coming up with solutions to any problems and the ability to deal with problamatic solutions.

The post Why It’s Important to Teach Negotiation at School appeared first on theironkingdom.com.

Here is some help on how to budget

1. Top three strategies to budget effectively:

Do not buy things that you don’t need It’s easy to get caught up in the latest trends and buying designer brands to impress others. But ask yourself, do you really need these things? are you ever that impressed when you see someone dressed in all designer? trust us, no one really cares that much. And if they do, why do you care what they think? you shouldn’t seek the approval of others. Your opinion is the most important one. Also, don’t buy expensive things before your time. If you’re not earning much money yet, please don’t blow it on a Prada bag or Balenciaga. Living your life to impress others is a quick road to lose in life – impress yourself first.

2. Save save save

It’s crucial to set up a savings plan when you’re budgeting. Saving is important for so many reasons! We can all agree that living paycheck to paycheck is a dangerous game. You never know when you’re going to need extra money for emergencies. If you have money saved you can protect yourself from financial stress in the future. You can never know what unexpected financial expenses might be thrown your way – a broken washing machine? medical bill? make sure you’re savings account is prepared. This will give you safety and security. Additionally, saving money can help you afford expensive purchases, a new tv, laptop, car etc. Make sure you have financial freedom and stay in control of your finances.

3. Be realistic

You’re probably not going to save 50% of your wages in the first month. Make small steps towards saving and be realistic with your goals. Make cuts where you can and even change lifestyle choices if needed. Do you really need the expensive brands or all foods that you buy? Making realistic goals will ensure you stay on track and don’t get disheartened if you don’t meet them. Maybe you’re saving to go travelling or for your first house deposit. Whatever you’re saving for write out the financial steps you need to take to get there. Also, setting realistic goals means that when you achieve them you’ll feel motivated to keep going.

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Learning appropriate ways to invest and finding legitimate sites can truly be life-changing for individuals. We should be teaching our children that having different sources of income is important for financial security. The skill of investing is made up of many important life skills such as making a valued judgement, risk-taking and effectively dealing with finances. Unfortunately, schools lack teaching these skills to students and rely on the parents to do this. And unfortunately, not all parents have this knowledge and skills to pass down to their children. This leaves a huge percentage of children at a disadvantage as they have to learn it themselves. So maybe it’s time to add investing into the school curriculum, right?

Here are the top steps to investing…

Steps you should take to invest

1. Budget

Ok, so you’ve made the decision to invest – that’s great! But you need to ensure that you’re only investing what you can afford. You should invest with your disposable income and not with money that you need for important things, such as food and bills. If you’re a beginner investor with strongly recommend investing with a small amount first to get familiar with the market. There are also many demo apps available so you can practice investing with fake money first. This is a great way to see how everything works.

2. Choose a legitimate investing account

This is super important as there are a lot of scams out there. Be careful with your money and do your research first. If you know other people that invest, ask them which investing accounts they’re using. Make sure you are 100% certain that the account is legitimate before signing up and depositing money. Check the licenses and read lots of reviews.

3. Focus on the long-term

When investing you should focus on the long-term possible financial gains. Even if there’s a period where the markets drop rapidly, it’s important to not freak out and try to wait it out. This is how successful investors make their money. For example, stocks tend to have higher returns over the long term. It can be a waiting game but long term investments will be the key to big financial gains.

These are just the three top steps to investing. If you want to learn more about investing we strongly recommend The Intelligent Investor by Benjamin Graham, The Little Book of Common Sense Investing by John C. Bogle and One Up on Wall Street by John Rothchild and Peter Lynch. In our opinion, you should at least read one of these books before investing your money. Make sure you have all the knowledge you need to become a successful investor.

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If you’re accepted for a mortgage, you will then enter a payment plan with the bank to ensure it is paid back eventually. The amount you can lend will depend on your savings and income. Typically, your monthly mortgage payments should be no more than 28% of your income. You might be thinking, what does a bank gain from this? the bank will make money by charging interest on the loan. Let’s take a close look at the steps you should take before deciding to take out a mortgage…

Things to consider before taking out a mortage…

1. Get your credit score checked out

To take out a mortage, it’s important to have a good credit score. However, it is still possible to take out a mortgage with bad credit score. It just means your interest rate is going to be much higher (and nobody wants that). It’s also common that you will need to pay a much higher deposit if you have a bad credit score. So keep that credit score high guys! To do this you must pay yours bills or loan repayments on time, EVERY time. So set up direct debts and ensure that you always have sufficent funds. If you do this from when you first start paying your own bills then you will build up a good credit history.

2. Decide whether you want an adjustable or fixed-rate loan

Make sure you research the differences between an adjustable and fixed rate loan so you can decide which best suits you. If you choose a fixed rate this simply means that your monthly mortgage repayments will always stay the same. Many people like this because they know how much they’re paying each month will never change. However, if you choose an adjustable rate loan, the interest may go up or down. This all depends on whether or not the ndex of interest rates increases or decreases as time goes on. Of course, this may work in your advantage or disadvantage. The decision is all yours!

3. Decide which mortgage term you want

A mortgage term refers to the period of time it will take to pay it off. The mortgage terms can vary significantly but usually, banks offer in between 15 – 30 years. Each mortgage term will be adjustable to suit your income and needs. Needless to say, if you decide to take the mortgage out with a shorter mortgage term, you will save lots of money on interest. But many people will simply not be able to afford these high monthly repayments. Therefore, the majority of people usually apply for a longer-term for their mortgage. You should get financial advice on this as it all depends on your personal income and circumstances.

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Here are the top 3 ways that schools can help mental well-being…

Social Time

It’s important for everyone’s mental health to feel connected to others. This will help ease any feelings of loneliness and help to create meaningful friendships. As we all know, schools can be very cliquey. Therefore, teachers should create groups that wouldn’t usually socialise. This is a great way to introduce new friendships and get to know other students with different interests to them. It prepares students for the real world and the many different types of people that they will encounter. It’s a great skill to be able to interact with any type of person with confidence. Students should always be encouraged to chat with each other and complete tasks together. Parents and children – if you’re school isn’t already doing this then push them too. Social interaction is important to anyone’s mental wellbeing. It will promote a sense of belonging and security.

Support Resources

It’s important for every student to know where they can go to for help and support. These resources should be easily accessible too. It’s essential that students feel that they can talk to you about any problems or issues they have without judgement. Whether it’s a trained mental health team installed into the schools or a tutor for each child. Mental health can be seen as taboo which will prevent many students from seeking help. That’s why it’s important to teach mental health and ensure all students are comfortable with discussing their feelings and seeking help if needed. Having regular one to ones with students will help teachers identify any problems the students may be facing. And this one to ones should be for EVERY student. Sometimes the ones struggling the most are the ones you least expect.

A wellness week

If you’ve read our previous page, then you’ll know how much time is wasted on utterly useless things we are taught at school. So there’s definitely no excuse for the time when it comes to a wellness week. This week will be a huge breath of fresh air and a well-needed break from the usual day to day cirrocumulus. During this week teachers can organise different activities for students which will benefit their mental wellbeing. Such as:

⦁ Socialising with other students – teachers should arrange team building activities as well as activities which get the students to talk to each other

⦁ Sports day – but a lighthearted one. Do a fun sports day with team activities which can get people laughing and interacting with each other. As well as bringing their competitive side out! Sports days are known for boosting endorphins. Achieving goals will boost self-esteem too. Because who doesn’t love an egg and spoon race?

⦁ Charity events – there are so many different activities that schools can host to give to charities. Not only is it teaching the students to give to others and help the less fortunate. It’s also teaching them to be mindful and will improve mental wellbeing. Get them baking cakes or bring in old clothes that they don’t need.

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