Monthly Archives: October 2013

Saving for the Rainy Day: The Importance of Emergency Funds

savingsHaving an emergency fund can help you avoid financial disasters in case you lose your job or if someone in your family fell seriously ill. While securing a signature loan can help you get through difficult times, an emergency savings account gives you a long-term financial solution.

Financial experts have different views on how much a person should save for emergencies. Before calculating your income and expenses, however, it’s important to understand the purpose of your emergency fund.

Safety net

Emergency savings are meant for use in case of an urgent situation. While it’s great to earn higher returns on the amount you save, the reason for this is not to provide you with additional income. It’s meant to give you a financial safety net. So let your savings sit once they reach your goal of covering three, six, nine, or even 12 months worth of expenses.

How much to save

As mentioned above, there are different guidelines for how much you should save. Do some research and pick one (or a combination) method that fits your lifestyle. Here are some of the guidelines that many financial experts recommend:

  • Setting aside 2-3 months worth of salary.
  • Saving for 6 months worth of your living expenses.
  • Starting small and paying off debt before saving for 3-6 months worth of living expenses.

You should earn interest from your savings or else, it will lose value due to inflation. To earn interest, put your emergency fund into a high interest savings accountor money market account.

Can’t touch this

Regardless of the guideline you choose to follow or where you put it, never pull from your emergency funds to pay off miscellaneous expenses. If you’re expecting a major event such as birthdays or graduations, open another savings account.

In the event of a family financial crisis, you can always consider getting a signature loan to weather the storm. Just never stop building your emergency fund. Eventually, you’ll feel more confident that you can handle things should financial hard ships arise once more.

Why Should You Get Professional Indemnity Insurance?

insuranceInsurance for professional indemnity gives financial protection for those whose profession affects other people, and for which they are typically held responsible. In the scenario of a client suffering financial loss due to alleged neglect or error or omission, this insurance will meet the expenses of defending the claims and any resultant damages that might be payable. Whatever is your work, the client expectations in terms of service and advice quality is growing continuously. Although this is a good thing, it also means that there is now an increase in the number of claims for breach of duty or alleged negligence. Without insurance for professional indemnity your personal assets and business are at risk. Not only will you have to incur the cost of the damages, but also the cost of defending claims.

It is advisable to go through brokers to get the right professional indemnity insurance coverage. They can correctly assess the amount of cover in line with your business. A realistic view has to be taken on the legal costs and potential damages which could affect your business in case of litigation. Being under insured is almost equivalent to being without insurance.

How to select the right broker for this type of insurance:

There are many brokers who locate the right kind of professional indemnity insurance. Ensure that such middlemen have good knowledge of the market to provide you the right solution.  They should be adept at negotiating the best terms possible from the insurers. Take note to go with a middleman who is not simply tied to a single insuring firm. Only someone with ties to the wide majority of the market can get you the best deals. Always look at a middleman who has got the necessary expertise in handling this solution. They should be able to provide you the right quote based on your chosen profession. Really knowledgeable middlemen in this field will already have custom-made solutions befitting your particular profession. The number of such cases they have handled in the past is another good indicator to select them.

Resources:
http://www.professionalindemnityinsurance.co.uk/
http://en.wikipedia.org/wiki/Professional_Indemnity_Insurance

The Wonders of the Sun: Uses of Solar Energy

Uses of Solar EnergySolar energy is among the many natural resources that people take for granted. With the technology in use today, the average person can’t live a day without electricity. Fortunately, many eco-friendly individuals are promoting the sun’s uses and benefits. A good example is the installation of solar energy systems.

Traffic Signs

The road is dangerous if there aren’t any rules set to organise drivers and pedestrians alike. Solar-powered traffic signs, either flexible or wireless, keep you safe while driving. It saves up to 3,000 dollars-worth of electricity annually, which is a good way to cut down expenses. These are made of LED lights, which don’t consume much energy. An average model can last up to ten years and work even if there’s a power outage.

Water Temperature

The sun is the greatest source of heat, so it’s beneficial for those who want to regulate the household’s temperature. For instance, low-maintenance solar hot water systems can heat water in your bathroom or swimming pool, making it ideal for bathing. This also allows you to save at least 90% on electricity costs and prevent greenhouse gas emissions.

Water Purification

The heat from the sun can turn average tap water into purified, drinking water. All you have to do is own these two devices:

  • Solar Boxes – This insulated wooden frame has a transparent lid with black interior paint to concentrate solar energy. The pot inside contains water that can heat up to 150 degrees Fahrenheit. Solar boxes can pasteurise at least a gallon of water in three hours.
  • Solar Stills – This device uses water-resistant material, which creates a shallow pool of water. Its mounted glass top concentrates the sun’s rays, heating up the water inside. After that, the vapour will rise and condense on the glass’ surface.

Who could’ve imagined that using solar hot water systems and other environment-friendly devices have such benefits? These electricity alternatives don’t only save your budget, but keeps the planet safe from harmful emissions that destroy it.

Print More and Spend Less: Using Cheap Ink Cartridges for Printing

Cheap Ink CartridgeGetting an inkjet printer you can use at home or the office is truly convenient. You don’t have to hurry to the printing shop and wait in line just to get hard copies of a document or presentation. There’s the question of buying ink when you run out of them, though. Printer manufacturers generally recommend that you buy your ink from original providers only. But this can be costly.

The current price of a two-pack set of original HP black ink cartridge, for example, can cost around £30 to £40. Other providers selling more affordable alternatives offer them at £10 to £20 pounds. The price difference can make you choose some low-priced ink cartridges. Others, however, warn of damage to the printer head when using third-party ink.

Using Cheap Ink Cartridges

Specialists in computer repair generally discount the claim that cheap ink can damage printers. Inks from third-party providers can work well enough for your needs, especially if you’re only printing reports and documents. There’s little difference in the quality when you compare original and cheap ink. In fact, it often lasts longer than original cartridges. A third-party ink cartridge, for instance, can last around 300 pages, while original manufacturers generally yield about 200 pages. This allows you to save more on your printing needs.

There are instances when lower-priced inks fail to work or functions poorly. This happens when the cartridges aren’t compatible with your printer. You need to learn more about cheap ink cartridges that match your printer. Look for quality cartridges so you can print text and images properly.

Choosing Your Provider

When looking for a reliable provider, choose those which can provide after-sales technical support. This way, you can ask for a replacement, in case the item is defective. Learn about incompatibility issues so you can discuss any problem with your provider. Check out your options and compare different types of fine yet low-priced inks. This will help you find the right third-party ink cartridges for your needs.