You’ve been soldiering from home for many years, making a living and expanding your business. You’re not quite on par with Bill Gates who got his start in his home’s garage and eventually launched Microsoft. But, your business has certainly gone beyond the section of your family room you carved out when you first launched your enterprise. You’re making a living and comfortable in all that you are accomplishing.

Moving Out

How do you know when the time is right to start a business? Quite frankly, you’ll just know it. Let’s take a look at some points to help you make the transition and get over any fears you may have in going from the home you own to property you’ll need to rent.

You’ve outgrown your quarters — Simply put, if you don’t have the room in your home to house your current business needs, then it is time to move out. You may have thought about expanding your home, but if your forecast shows you outgrowing your home in the next few years, then a move sooner rather than later may be in order. You know that it is time to move when your kitchen becomes your office and when employees know their way around you home as well as you do.

Your budget allows for a move — Don’t plan on going anywhere if your funds cannot support rent, utilities and all the costs related to renting. Likely, you know how much money you have available, but you may not have considered other factors including purchasing furniture, installing separate phone and computer systems, buying wall decorations and the many other costs related to renting.

Know your market — The commercial real estate market is far different from residential real estate, but there are some similarities. One thing that is nearly the same is that both markets have seen prices fall rapidly in recent years. You’ll need to find a broker who knows your area well and can find an office that suits your needs. If you need easy access to the public, then you’ll want a location with excellent foot traffic. However, if you need space that doesn’t have to be easily accessible to customers stopping by, then a more secluded location should be sufficient. You’ll pay more for a location that is front and center. You’ll save plenty with an office or space that isn’t along a busy road or located in a popular strip mall. You’ll want space that is secure and safe for you and your employees, with sufficient parking and likely enough natural light.

Final Thoughts

When looking for a broker, you’ll want to hire someone who is a skilled negotiator and find property based on your precise needs. Certainly, your input is important, but leave the work of finding a place to the person who knows your market while you concentrate running your business. This person can offer to you invaluable advice including securing insurance, working with an attorney and planning for the future.

See Also — Home Office Tax Tips for the Self-Employed

Budget

One of the easiest ways to cut out bad spending habits is to make a budget every month and stick to it. Allocate your spending for necessities such as rent, car payment, utilities and groceries, and then decide how much you have left over. Make a savings goal and dedicate that much to savings every month. Whatever you have left can be your discretionary spending for things such as entertainment. You must stick to the budget every month for it to be effective, though. That means that if your discretionary money runs out halfway through the month, you’ll have to live a spartan life the rest of the month. 

Use Cash

Credit cards can be a good financial management tool for many people. They are convenient, they help build your credit history and you can even earn money through rewards. But if you are someone who can’t resist the urge to use credit cards for things you can’t otherwise afford, it might be wise to leave the plastic at home and use cash instead. If you limit yourself to cash spending, you’ll be less likely to splurge on impulse buys such as fancy electronics or designer clothes because you have to pay the entire cost of the item upfront and will realize exactly how much you are spending.

Eat Out Less

One of the worst spending habits most people have is eating too many meals away from home. Though the occasional dinner out can be part of everybody’s budget, there’s no Earthly reason to eat almost every meal at a restaurant. Instead of getting fast food over your lunch hour, pack a lunch instead. This simple act can save the average person about $2,000 a year. If you tend to eat dinners out because you don’t have time to cook, make several meals ahead of time on the weekend that you can warm up during the week.

Make One Big Trip to the Grocery Store

If you live close to a grocery store or market, it may be tempting to just grab a few things every time you run out of stuff, but that can mean spending a lot more in the long run. To alleviate this, you should plan one trip to the store every week or however often you need groceries. Scour the grocery ads to find the things you need on sale and clip coupons to save even more. Also, the less you are in the store, the less likely you are to make impulse purchases of things you don’t need.

Cut Down on Toys

Do you really need all the movie channels your cable or satellite TV provider offers? Can you maybe live with a 50-inch big-screen TV instead of a 60-inch one? Do you really need the latest most high-tech smartphone with the high-dollar data plan? The answer to these questions is probably "no," and if you can convince yourself that you are just fine with fewer toys, you’ll save a ton of money.

Save Wherever You Can

You may think you have no bad spending habits, but if you are paying too much for anything, it’s a bad spending habit. Make sure you have the absolute lowest rates you can get on car insurance, Internet service, credit card rates, etc. If you are spending $1 more than you need to, it’s a bad spending habit.

About the Author: This article was written by Phill representing CompareLogbookLoans.co.uk – an independent financial website bringing together and comparing available logbook loans.

Before you put a budget plan in place, you’ll need to examine four areas. The more detailed you are, the better job you’ll do in managing your finances.

1. Income and Outgo — This is where most people have trouble with a budget. Their outgo (expenses) is greater than their income. It seems that it should be an easy thing to track, right? It should be if your income is constant. These days, however, many people have incomes that fluctuate, and are based on commission sales or freelance work. In this case you need to come up with an average income of a year and figure out your expenses accordingly. For people with a steady income, a paycheck is usually the prime source of funds. Also consider stock dividends, a pension and any other source of income.

2. Managing Expenses — The biggest budget buster for most people is what they spend. Quite simply, when you spend more than you bring in you’ll either turn to credit to fill in the gap or you’ll tap your savings. A one month jump in expenses may not hurt you, but a long-term habit of spending more than what you bring can lead to financial disaster. Look for ways to reduce your expenses including consolidating your insurance, switching from a supermarket to a warehouse club or combining your Internet, cable and phone service to one provider. Learn how to manage your electric bill, finding ways to drive down one of your biggest expenses in the summer and winter.

3. Managing Credit — Credit problems will hurt you and can destroy your budget. Credit can be a good thing, but it is often mismanaged, too expensive or both. If your credit is good you have much more leverage than the consumer who has bad or sub-prime credit. Transfer your credit card balances from high-interest credit cards to low-interest cards. Use the additional funds to pay down your debt faster with Dave Ramsey’s snowball plan. You can also contact your current card issuers and ask for a lower rate — if you’re successful, then you’ll avoid transfer rates.

4. Establishing Financial Goals — Once you have a handle on your expenses you’ll be in a position to plan for the future. This includes setting aside money for emergencies and for specific short-term goals such as vacations and holidays. You may need to work with a financial advisor to determine how much money you’ll need for retirement. You can also use a retirement calculator to determine how much you’ll need. Chances are your retirement fund took a beating over the past few years. Seek to replenish it now so you’re not scraping by later on.

Now that you’ve gone through the preliminary steps for budget planning, you’ll want to download some budget worksheets to start planning. Look for software too, providing you with a handy way to track and save money.

As always, the key to avoiding foreclosure is communication. The following tips can help you avoid foreclosure, perhaps giving you enough time to get your financial house in order and to move on:

1. Contact your lender. Never assume that your lender knows what you’re going through despite your payments being late or behind. Contact your lender and speak to the person who is in charge of servicing your loan. Explain your financial situation and discuss your options.

2. Work out a solution. Be prepared to offer a solution to your lender rather than accepting whatever is offered to you. One option is to have your late payments tacked to the end of your loan, effectively extending your loan terms, but wiping your slate clean. Your lender may accept this option if you have the means to make your monthly payments, but you don’t have the ability to play catch up. This method, by the way, is known as forbearance.

3. Keep clear and concise records. From the moment you communicate with your lender and on through the resolution of your mortgage problems, you’ll need to keep precise records on every phone call, in-person conversation or correspondence received. This is critical as documentation may be needed if your lender proceeds with its foreclosure action and your records show an alternate path, such as refinancing, that you can take.

4. Equity or not. Not all homeowners facing foreclosure are underwater or owing more on their home than what it is worth. Some markets are in recovery, having seen housing prices rise in 2011 or beginning to rise in 2012. If you have equity in your home, then you have additional leverage, funds you may be able to tap to help you make payments.

5. Inquire about the FHA Insurance Fund. If your mortgage is backed by the FHA, you may qualify for a one-time payment payment from the FHA insurance fund to help bring you mortgage up to date. Under this arrangement, your loan is at least four months late, but no more than one-year behind. You’ll also need to handle making full payments again once you are caught up.

6. Consider personal bankruptcy. If you’ve exhausted every possible option, consider filing personal bankruptcy. This should be an option of last resort because they’ll be no turning back at least for your credit rating which will take a big hit and reflect that hit for at least seven years. Bankruptcy will stop your lender’s foreclosure proceedings and may give you enough time to regroup and save your home.

Foreclosure does not have to be a given. By being proactive, you can delay or even avert foreclosure, allowing you to stay in your home.

See Also — What You Need to Know About Short Sale Homes

2012 TRAVEL PLAN IDEA: THE SPLENDOR OF WISCONSIN

So what does Wisconsin say to you? Rolling hills … beautiful lakes … great cheese … well, there is a lot more. See for yourself.

• view: our Wisconsin travel guide

BEGINNING-OF-YEAR TRAVEL PROMOTIONS

• Get up to $100 Free Onboard Spending to Europe on Royal Caribbean Cruises with Travelocity! Ends 2/29.
• Explore Hawaiian Vacation Deals Now: Save up to 40%, earn free nights, and more. Ends 2/29.
• Ski Salt Lake: Ski big, save big with rooms from $52 and up to 20% off lift tickets. Ends 2/29.

You can also search separate accommodations:

• flights only
• lodging only
• cruises
• car rentals

LET THERE BE LIGHT
And you can have the most beautiful light that can add brightness and decor to any room. Whether you are looking for lamps, ceiling fans, sconces, or track lighting, there is a design that will work just for you. And don’t forget the energy efficient lighting that can save you money.

tip: view our home lighting room for ideas

(jumps to our Home Improvement Center)

ADVANCE YOUR SKILLS
now would be a good time to advance your career and skills set. Having advanced knowledge places you in a stronger position to keep your employment in recessionary times.

Link to: what kind of learning do you need

ADVANCE YOUR SKILLS
now would be a good time to advance your career and skills set. Having advanced knowledge places you in a stronger position to keep your employment in recessionary times.

Link to: what kind of learning do you need

CHECKING YOUR CREDIT
Your credit report is used by a number of parties that include lenders, community associations, and any new employment. So you need to clean-up your report to show good financial discipline.

Credit Tip:

• view good credit management center for information

Short sale properties are distressed homes where the homeowner is behind on mortgage payments and facing foreclosure. To avoid losing the home through foreclosure, homeowners may seek a buyer to purchase the property. When the seller lists the home for less than what is owed on the mortgage, that “shortage” represents a short sale. If you’re searching for a discounted home, a short sale can be an option for you. However, many short sales take a long time to complete and will oftentimes fail. We’re going to look at what steps you can take to increase the odds that a distressed property will be successfully acquired by you.

Check Neighborhood Comparables

Comparable home prices or “comps” as real estate professionals call these are homes in a neighborhood that recently sold. Those sale prices can help you determine the value of the home you want to buy, ensuring that you’re not stuck with a home that is overvalued.

You can obtain comps from a qualified real estate agent. This person may be the same individual representing the seller or could be an agent working on your behalf. In some cases the professional may be a dual agent or someone who represents both parties.

Liens on the Property

Every home that is being sold short has at least one lien on it. You’ll want to obtain the contact information of the chief lien holder as well as any possible second mortgage lender.

There may be other liens on the property as well. For instance, if the homeowner has fallen behind on his taxes, then the taxing authority will need to be made whole. Some homeowners fall behind on association fees too — in this case the association will also need to paid. The more liens, the more difficult it is to receive approval for a short sale.

Local Short Sales Trends

If there are multiple short sales in your area with some that have successfully been completed, you’ll want to know how much these homes sold for. That information will give you a position from where to place your bid.

Sale information can be obtained from your county clerk’s office. Those sales that are pending is information you may be able to obtain from lenders.

Your Best Offer

Once you determine the home’s value and understand the liens involved, you should have the property inspected. June Fletcher, a staff reporter for The Wall Street Journal advises buyers to seek qualified professionals to conduct home and pest inspections. Homes sell “as is,” therefore you need to know what you’re buying.

You may be tempted to low-ball your offer, but be warned: lenders are already losing out in a short sale and aren’t motivated to deepen their losses. Do your research and present your best offer first. Ask your real estate agent how long you can expect to wait and don’t pin all of your hope on buying just one house.

Related Reading

Forget The New Home: Short Sale Deals Reign Supreme

Why Short Sales Take So Long (And Often Fail)

Short Sale Basics and Your Home Search

Here are six great retirement savings tips for you.

Save a Larger Percentage of Your Income

On average, people save around 7.5% of their income every month. The economic situation is such that a majority of the populace has to save 15% of their incomes to get by after retirement. Work out a figure of how much money you are saving at present. Get the percentage as close to 15% as possible for you.

Make Use of Tax Advantaged Accounts

There is a limit on the money you can put away at the end of the year in an IRA account. If you are nowhere near that figure, you can increase your contributions to tax advantaged accounts. This way, you can put away more money towards the end of the year and beef up your retirement savings.

Get an After Tax Savings Account

You can put a limited amount of money into your retirement account each year. This does not mean that you cannot save more money than that. The prescribed is for your savings before tax. Open an after tax retirement account. The saving limit is increased when you are making contributions of your after tax income. The first deduction is before tax.

Special Retirement Accounts

The number of people working freelance has increased over the years. Most of them do not have a steady income and the amount they earn fluctuates month to month. There are special retirement accounts in which they can put in their money. Even if you are between jobs, your account keeps accumulating with every paycheck.

Remember Your Taxes

A portion of your retirement account is going to the government treasury. A majority of the people do not consider the impact of taxes on their savings. This is why it is important to account for taxes beforehand. This way, you can reach a pre-tax figure for retirement savings that suits your purpose and will leave you enough money after retirement.

Manage the Expenses

There are fees and charges you have to bear for placing your money in a retirement fund. Choose a fund with the lowest expenses so that you can save more money. If you have to pay for the services, your savings will decrease substantially.
These are six great retirement savings tips that will boost your retirement fund.

Allan has been blogging on retirement savings and self managed super funds for the last 3 years. Allan also offers money savings tips.

Let’s face it: saving money isn’t always a priority especially during these tough economic times. What savings you do have may be invested in stocks, bonds and other retirement vehicles, but having a readily accessible or liquid savings account is important too.

Certainly, interest rates are abysmally low, with those rates currently close to 0 percent. You won’t get rich by setting aside money nor will you able to keep up with inflation. What you will do is have money available to handle life’s goals and emergencies, giving you an available stash of cash to tap when most needed. Besides, you’ll also avoid using a credit card and dealing with high-interest rate payments on money you borrow.

Let’s take a look at how you can open a savings account:

1. Shop around. You don’t have to settle for earning 0.25 percent at your local bank. Credit unions typically pay a slightly higher interest, sometimes a full 1 percent higher than banks. You can also find better investing options with online banks including ING Direct, Ally Bank and EverBank just to name a few. We’re not endorsing any option, just sharing some choices with you.

2. Set your goals. What are your reasons for opening up a savings account? If it is to pour money in a Christmas fund, a vacation account or have rainy day savings, then know what you’re saving toward and how much money you’ll need. For example, if you spend $500 each year on Christmas presents, then you should save about $10 per week. Some banks, including online institutions such as ING Direct, allow you to open multiple savings accounts and create a name for each fund.

3. Open an account. Whether opened in person or online, you’ll need to show some identification, sign a signature card and make your first deposit. Your bank will explain what is needed to open your account. You shouldn’t be charged fees although a some financial institutions may limit the number of withdrawals you can make in a month or in a quarter.

Points to Ponder

Savings accounts offer no risk and are backed by the full faith of the United States government. If you have a larger amount of money you can deposit and you know that you won’t need to access your funds for at least 90 days, then a certificate of deposit is another option. Your money isn’t as liquid — penalties apply for early withdrawals — but your funds will earn you more money. Perhaps opening a savings account and a CD would be the best option for you.

Tax season spans roughly from the first day of the new year until tax returns are due, which is usually on April 15. Ask most taxpayers if they’re thinking about their tax returns in January, and most will likely say that they are handling the Christmas season aftermath, paying outstanding bills and adjusting to the new year. Come February, that begins to change with 1099 forms in hand and the realization that there is much work to be done to get returns finished and filed.

Let’s take a look at some tax preparation secrets that can help you get your taxes done on time and might yield a big, fat refund this year.

1. DIY or professional assistance — If you can handle doing your taxes yourself, then do so with some help. That help should come from downloadable software such as TurboTax or TaxAct. For everyone else, enlisting the services of a tax preparation professional can be a wise if not profitable move. A tax prep pro can help you find deductions you might miss, netting you a much larger return that will pay for the cost of your return and then some. Secret revealed — make your tax prep appointment early, well before the tax rush begins. A rushed tax prep professional might overlook one or more significant deductions.

2. Pull it all together — Every receipt, form and document related to your taxes should be in hand before you start your return. Miss out on something and you may have to amend your return later on, costing you time and money. Secret revealed — those 1099 forms you think aren’t all that important are reported to the IRS. Leave information out and you could be hit with fees and an IRS audit.

3. Know your deductions — All taxpayers are entitled to take whatever deductions they have coming their way. You’re not obligated to pay more than you should — include the interest you paid on your mortgage, property taxes, contributions to your retirement account, deductions for a home office used for self-employment and more. Secret revealed — if you received unemployment compensation last year, then that amount needs to be claimed. However, if the benefits were received from a company financed fund then these benefits are subject to income tax withholding as wages — (see Topic 418 — Unemployment Compensation).

4. Consider your kids — You know that there are deductions for your children, right? Those deductions extend to every qualifying child in your household. Secret revealed — a child living under your roof who is not related to you may be deductible if you provided assistance for at least six months of the year. You’ll need to satisfy four IRS tests, but if you do, then you can take as much as $1,000 per qualifying child tax credit — (see — Ten Facts About the Child Tax Credit).

Considerations

It is no secret that adequate preparation and awareness can save you time and money. Don’t let the government hold a dollar more of your hard-earned cash then necessary.

Related Tax Information

7 Timely Tax Tips for Realtors

Home Office Tax Tips for the Self-Employed

Tax Tips for Job Seekers

2012 TRAVEL PLAN IDEA: EVERYTHING IS BIG IN TEXAS

So it may take some time to really enjoy a Texan vacation. You have beaches, vast open ranges, exciting cities, and a friendly atmoshere that welcomes all.

• view: our Texas travel guide

BEGINNING-OF-YEAR TRAVEL PROMOTIONS

• Get free stateroom upgrades on Alaska and Hawaii cruises on Norwegian Cruise Lines with Travelocity! Ends 2/19.
• Enjoy $100 Onboard Spending for AARP Members on Norwegian Cruise Lines with Travelocity! Ends 2/28.
• Experience Utah: Plan your spring ski getaway today with Travelocity! Ends 2/29.

You can also search separate accommodations:

• flights only
• lodging only
• cruises
• car rentals

YOU WISH YOU HAD A WORKBENCH
How many times do you wish you had a workbench to store your tools, have space to repair something, or better yet, a complete workbench with home improvement tools and building. Let’s get started!

tip: view our garage workbench area

(jumps to our Home Improvement Center)

DON’T WE WISH FOR SPRING …
so why not cruise online for your garden and spring makeover. Spring will be here quickly and just in time to get your ideas in motion.

Shop the nbuy Monthly Specials:

• view our garden "store" specials

ADVANCE YOUR SKILLS
now would be a good time to advance your career and skills set. Having advanced knowledge places you in a stronger position to keep your employment in recessionary times.

Link to: what kind of learning do you need

HOW ABOUT PAYING OFF YOUR MORTGAGE …
You hear alot about foreclosures and mortgage debt problems. So why not set your goal to payoff your mortgage to avoid any worries about losing your home.

Debt Tip:

• view our guide on mortgage payoff