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6 Luxurious Timesaving Services That Are Cheaper Than You Think

6 Luxurious Timesaving Services That Are Cheaper Than You Think

    It must be great to be rich. After all, it’s a lot easier to be productive when you can pay someone to do all the menial things on your to-do list. But these perks aren’t restricted to trust fund kids. Some of the timesaving services that seem the most luxurious are surprisingly affordable, meaning you can boost your productive hours each day without crippling your cash flow.

    Time is money…so why not spend a little cash to reclaim precious hours in your day? Here are some common services that seem indulgent but are cheaper than you might have thought.

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    1. Valet Parking

    The Problem: You want to go out to dinner, but after you spend 30 minutes trying to find a place to park your car, you’ve missed your reservation.

    The Solution: Valet parking seems like an indulgence (and a drain on your wallet.) The thing is, a ton of restaurants offer free valet parking, saving you time and keeping you from shelling out quarters for the parking meter. Make reservations at a place with free valet parking, and you’ll make a good impression on your dining companions, and be a lot less stressed out.

    2. Personal Assistant

    The Problem: You. Are. Swamped. But you don’t have the budget to hire another employee, and your personal life is just as frenetic as your professional life.

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    The Solution: A virtual personal assistant. Your employer would definitely frown on you outsourcing your job to a virtual assistant, but if you are self-employed or need an assistant for purely personal reasons, hiring a virtual personal assistant is a great way to get items checked off your to-do list. Rates vary by company/individual, but can be as low as $1 an hour…and plenty of companies offer free trial periods as well.

    3. Grocery Delivery

    The Problem: Driving to the store takes time. Picking out your purchases takes time. Clipping coupons (if you’re into that sort of thing) takes a lot of time. And let’s not forget the drudgery of waiting in line behind the old lady who’s buying cat food with a combination of pocket change and personal checks.

    The Solution: Okay, no one’s gonna give you free groceries (unless it’s a charity org.) But, plenty of delivery services offer free shipping on your first order, low flat rate shipping, and competitive rates on their grocery items, so it doesn’t really cost you anything extra to shop online. Peapod, for example, offers free shipping for the first two months you use the service. Most services offer automated shipping as well, so you can have a constant stream of staples delivered to you at regular intervals.

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    4. Personal Accounting/Tax Prep

    The Problem: You don’t want to have to manage your own money, but you don’t have enough dough to pay someone to do it for you.

    The Solution: More like solutions. Free programs like GnuCash can help you track your spending year-round. H&R Block offers FREE audit support and representation from an enrolled agent when you file your taxes with them. The IRS Volunteer Income Tax Assistance Program (VITA) and the Tax Counseling for the Elderly (TCE) Programs offer free tax help for taxpayers who qualify. The VITA Program offers free tax help to low- to moderate-income (generally, $49,000 and below) people who cannot prepare their own tax returns.

    5. Laundry Service

    The Problem: You hate doing laundry almost as much as you hate shelling out the dough for detergent and the coin-op laundry. And nothing bugs you more than spending a precious weekend afternoon washing and folding.

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    The Solution: Dry cleaning is definitely expensive, but washing the rest of your clothes can be surprisingly affordable. Rates vary by geographic location, but can be as low as 79 cents per pound. If you don’t have a home washing machine to begin with, laundry service might be a good choice for you.

    As an added bonus, a lot of places that offer wash and fold services will also throw in free repairs for whatever you bring in, whether its a missing button or a fallen hem. And let’s be honest: those are the kinds of repairs you’re just gonna keep putting off.

    6. House Cleaners/Maids

    The Problem: Your house is starting to look like an audition tape for Hoarders. But to make a dent in the cleaning, you’d need to dedicate a whole month’s worth of weekends.

    The Solution: Maid companies can be a little pricey, so you might want to try advertise on Craigslist or in your local paper. You can try having different providers bid like contractors for who gets the privilege of working for you. Also keep your eyes peeled for deals on sites like LivingSocial or Groupon, where there are occasionally deep discounts on maid services.

    What “luxury” time-saving services are you most likely to splurge on? Tell us in the comments below!

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    Tucker Cummings

    Writer and social media professional sharing productivity tips on Lifehack.

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    Last Updated on September 2, 2020

    How to Set Financial Goals and Actually Meet Them

    How to Set Financial Goals and Actually Meet Them

    Personal finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. That’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

    In this article, we will explore ways to set financial goals and actually meet them with ease.

    4 Steps to Setting Financial Goals

    Though setting financial goals might seem to be a daunting task, if one has the will and clarity of thought, it is rather easy. Try using these steps to get you started.

    1. Be Clear About the Objectives

    Any goal without a clear objective is nothing more than a pipe dream, and this couldn’t be more true for financial matters.

    It is often said that savings is nothing but deferred consumption. Therefore, if you are saving today, then you should be crystal clear about what it’s for. It could be anything, including your child’s education, retirement, marriage, that dream vacation, fancy car, etc.

    Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives that you foresee in the future and put a value to each.

    2. Keep Goals Realistic

    It’s good to be an optimistic person but being a Pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going beyond what you can realistically achieve will definitely hurt your chances of making meaningful progress.

    It’s important that you keep your goals realistic, as it will help you stay the course and keep you motivated throughout the journey.

    3. Account for Inflation

    Ronald Reagan once said: “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman.” This quote sums up what inflation could do your financial goals.

    Therefore, account for inflation[1] whenever you are putting a monetary value to a financial objective that is far into the future.

    For example, if one of your financial goal is your son’s college education, which is 15 years from now, then inflation would increase the monetary burden by more than 50% if inflation is a mere 3%. Always account for this to avoid falling short of your goals.

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    4. Short Term Vs Long Term

    Just like every calorie is not the same, the approach to achieving every financial goal will not be the same. It’s important to bifurcate goals into short-term and long-term.

    As a rule of thumb, any financial goal that is due in next 3 years should be termed as a short-term goal. Any longer duration goals are to be classified as long-term goals. This bifurcation of goals into short-term vs long-term will help in choosing the right investment instrument to achieve them.

    By now, you should be ready with your list of financial goals. Now, it’s time to go all out and achieve them.

    How to Achieve Your Financial Goals

    Whenever we talk about chasing any financial goal, it is usually a two-step process:

    • Ensuring healthy savings
    • Making smart investments

    You will need to save enough and invest those savings wisely so that they grow over a period of time to help you achieve goals.

    Ensuring Healthy Savings

    Self-realization is the best form of realization, and unless you decide what your current financial position is, you aren’t heading anywhere.

    This is the focal point from where you start your journey of achieving financial goals.

    1. Track Expenses

    The first and the foremost thing to be done is to track your spending. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you will be surprised by how small expenses add up to a sizable amount.

    Also categorize those expenses into different buckets so that you know which bucket is eating most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pumping up your savings rate.

    If you’re not sure where to start when tracking expenses, this article may be able to help.

    2. Pay Yourself First

    Generally, savings come after all the expenses have been taken care of. This is a classic mistake when setting financial goals. We pay ourselves last!

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    Ideally, this should be planned upside down. We should be paying ourselves first and then to the world, i.e. we should be taking out the planned saving amount first and manage all the expenses from the rest.

    The best way to actually implement this is to put the savings on automatic mode, i.e. money flowing automatically into different financial instruments (mutual funds, retirement accounts, etc) every month.

    Taking the automatic route will help release some control and compel us to manage what’s left, increasing the savings rate.

    3. Make a Plan and Vow to Stick With It

    Learning to create a budget is the best way to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be organized

    Nowadays, several money management apps can help you do this automatically.

    At first, you may not be able to stick to your plans completely, but don’t let that become a reason why you stop budgeting entirely.

    Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options, and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

    You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

    4. Make Savings a Habit and Not a Goal

    In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that, in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

    Make savings a habit rather than a goal. While it might seem to be counterintuitive to many, there are some deft ways of doing it. For example:

    • Always eat out (if at all) during weekdays rather than weekends. Weekends are more expensive.
    • If you are a travel buff, try to travel during off-season. You’ll spend significantly less.
    • If you go shopping, always look out for coupons and see where can you get the best deal.

    The key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice, which will be harder to sustain over a period of time.

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    5. Talk About It

    Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission.

    Therefore, in order to stay the course, surround yourself with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

    6. Maintain a Journal

    For some people, writing helps a great deal in making sure that they achieve what they plan.

    If you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

    When you have a written commitment on paper, you are going to feel more energized to follow the plan and stick to it. Moreover, it is going to be a lot easier for you to track your progress.

    Making Smart Investments

    Savings by themselves don’t take anyone too far. However, savings, when invested wisely, can do wonders.

    1. Consult a Financial Advisor

    Investment doesn’t come naturally to most of us, so it’s wise to consult a financial advisor.

    Talk to him/her about your financial goals and savings, and then seek advice for the best investment instruments to achieve your goals.

    2. Choose Your Investment Instrument Wisely

    Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about the common ones, like a savings account, Roth IRA, and others.

    Just like “no one is born a criminal,” no investment instrument is bad or good. It is the application of that instrument that makes all the difference[2].

    As a general rule, for all your short-term financial goals, choose an investment instrument that has debt nature, for example fixed deposits, debt mutual funds, etc. The reason for going for debt instruments is that chances of capital loss is less compared to equity instruments.

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    3. Compounding Is the Eighth Wonder

    Einstein once remarked about compounding:

    “Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.”

    Use compound interest when setting financial goals

      Make friends with this wonder kid. The sooner you become friends with it, the quicker you will reach closer to your financial goals.

      Start saving early so that time is on your side to help you bear the fruits of compounding.

      4. Measure, Measure, Measure

      All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments and taking stock of how our investments are doing.

      If we don’t measure progress at the right times, we are shooting in the dark. We won’t know if our saving rate is appropriate or not, whether the financial advisor is doing a decent job, or whether we are moving closer to our target.

      Measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

      The Bottom Line

      Managing your extra money to achieve your short and long-term financial goals

      and live a debt-free life is doable for anyone who is willing to put in the time and effort. Use the tips above to get you started on your path to setting financial goals.

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      Featured photo credit: Micheile Henderson via unsplash.com

      Reference

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