Category: Content

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

6 Solid Reasons to Avoid Debts and Secure Your Financial Future

Debt is the silent dream-killer that robs your future one payment at a time. I’ve seen this reality play out hundreds of times over my 15+ years helping businesses and individuals achieve financial freedom. Smart, driven people work harder every year yet fall further behind because debts aren’t just financial obligations—they’re emotional traps, time thieves, and wealth blockers.

Today, I’ll share six concrete reasons to keep debts out of your life for good. These aren’t recycled bullet points but real stories backed by data and experience that prove living debt-free isn’t a luxury—it’s a superpower you can and should develop.

Psychological Freedom: Escape the Debt-Stress Cycle

Debt doesn’t just hurt your wallet—it wears you down emotionally. When you owe money, every financial decision feels heavier. You start thinking in survival mode instead of growth mode.

A Berkeley study in 2022 uncovered that many people chose to avoid profitable investments just to remain debt-free. Why? Because debt triggers anxiety, guilt, and even shame linked to managing debts and mental health. Nearly half of American credit cardholders carry a balance from month to month, and credit card delinquency rates rose to 3.6% in Q4 2024, the highest point since 2011.

My team worked with a young entrepreneur who couldn’t sleep because of his $22,000 in credit card debt. Once we built a custom repayment strategy and eliminated those balances, he slept better, made smarter financial decisions, and doubled his business revenue within a year.

Solution: Use debt-free modeling to visualize a future without mental fatigue. You’ll be surprised how motivated you feel when those chains are gone.

Boost Savings & Build Wealth Faster

Here’s what most people don’t realize: Every dollar spent on interest is a dollar you can’t invest. The average credit card debt among cardholders with unpaid balances in Q1 2025 was $7,321, which is a 5.8% increase from $6,921 in Q1 2024.

Let me break it down:

If you’re paying $300/month toward credit card debt with an 18% APR, that’s $3,240/year in interest. If invested in an index fund earning 7% over 10 years, you’d have $52,000+ instead. You’re standing still or falling behind with debt payments. Follow these practical debt management tips to start redirecting your hard-earned money toward wealth building.

Game Plan:

• Use the Avalanche Method: Crush high-interest debts first
• Automate Savings: Once the debt is gone, set recurring transfers to a high-yield savings account
• Tie savings to a goal: A down payment, emergency fund, or investment account

Tip: Treat your debt payment like a subscription you cancel—then redirect that same amount to your future.

Strengthen Credit Without the Debt Trap

You don’t need more debt to have a great credit score. In fact, debt can actively damage your score if you’re not strategic.

Quick stat: 30% of your credit score is tied to utilization (how much of your credit you’re using). Keeping your utilization low—or near zero—actually improves your score. Understanding the effects of debt on credit score is crucial for maintaining healthy finances.

Founder Insight:

We’ve helped clients jump their scores by over 100 points in a single year using methods like:

• Secured credit cards (no debt required)
• Paying off balances weekly
• Avoiding new credit inquiries

Want better credit? Use tools that report activity without interest traps. You control the debt—not the other way around.

Gain Financial Flexibility for Life’s Opportunities

Opportunities require money—and debts take that away from you. I’ve counseled clients who had to pass on life-changing job offers, business opportunities, and even medical treatments all because their money was locked into loans.

Real Example:

One of our clients skipped a car loan, chose a budget-friendly used car instead, and saved $6,000 over the first year. She used that cash to launch an online shop that now earns her $4K/month.

Bonus: When you’re not burdened by debt, you can:

• Change careers without fearing a missed paycheck
• Invest in your passions
• Relocate for better opportunities

Debt limits your choices. Freedom expands them.

Build Long-Term Wealth Through Compounding

Compound growth is the ultimate cheat code of wealth. But it only works if you’re not burning cash on debts.

Example:

• Invest $500/month for 30 years at a 7% return = $612,000+
• Pay $500/month in loan interest = $0 return

Which side do you want to be on? Learn more about wealth-building through compound growth to make informed decisions about your financial future.

Maximize employer matching programs like 401(k)s and HSAs—they offer immediate, guaranteed returns just for showing up. Contributing to a 401(k) with a 50% match provides a 50% return before the stock market does anything!

Break Free From Predatory Lending Cycles

Here’s the trap: You’re short on savings. An emergency hits. You borrow a little. Then interest builds… and suddenly you’re borrowing just to keep your head above water. These lending cycles are especially dangerous with high-APR credit cards or payday loans that profit from your panic. Total outstanding credit card balances in the U.S. are $1.21 trillion, 4% above last year’s level.

If you’re caught in this cycle, check out these strategies for paying off debt that can help you escape. Understanding predatory lending debt relief options is also crucial when navigating financial challenges.

Prevention Plan: Build an Emergency Fund Using Progression Milestones:

1. Save your first $1,000 (this handles 90% of surprise expenses)
2. Build 1 month of essential living costs
3. Expand to 3–6 months (go further if you’re self-employed)

Set this up before life throws the next curveball. You’ll thank yourself later.

Conclusion: Choose Financial Empowerment Over Financial Obligation

Debt-free living isn’t about being ultra-frugal or waving goodbye to fun. It’s about stepping into your power, making decisions without guilt, and letting your money work for you—not against you.

I’ve seen what life looks like on both sides of the ledger—and trust me, freedom wins every single time. The path to financial success starts with taking control of your debt and building a solid foundation for the future.

Ready to ditch debts for good? Visit Complete Controller and grab your personalized debt-elimination blueprint. Let’s build a future you won’t need to finance.

FAQ

Can I use credit cards while debt-free?

Yes—just pay them off in full every month to avoid interest. Using credit cards responsibly helps build credit history without accumulating debt. Set up automatic payments to ensure you never miss a due date.

Will living debt-free hurt my credit score?

Not if you keep at least one account open and active, like a secured card. Lenders want to see that you can handle credit responsibly, which doesn’t require carrying debt from month to month.

How much emergency savings do I really need?

3–6 months of essential expenses, 12 if you’re a freelancer or business owner. Start small and build gradually. Even $1,000 can cover many unexpected expenses and prevent you from relying on credit cards.

Should I focus on debt or investing first?

Kill high-interest debt (>7% APR) first, then split funds between investing and savings. This approach maximizes your long-term financial gain since high-interest debt typically costs more than investment returns.

What’s the fastest way to pay off debt?

The Avalanche Method saves the most on interest by targeting highest-interest debts first. The Snowball Method builds the fastest momentum by paying off smallest balances first. Choose the method that best fits your personality and motivation style.

Sources

• APA. (2025). Economic Stress Research. American Psychological Association. https://www.apa.org/research/action/economic-stress
• Bankrate. (2025). Bankrate’s 2025 Credit Card Debt Report. https://www.bankrate.com/credit-cards/news/credit-card-debt-report/
• Berkeley University. (2022). Investment Behavior Study. [Referenced but URL not provided]
• Bright Money. Benefits of Being Debt-Free. https://www.brightmoney.co
• Complete Controller. (2025). 5 Money Management Tips to Help Avoid a Deficit. https://www.completecontroller.com/5-money-management-tips-to-help-avoid-a-deficit/
• Complete Controller. (2025). How to Manage Your Credit Responsibly. https://www.completecontroller.com/how-to-manage-your-credit-responsibly/
• Complete Controller. (2025). Student Debt Management Tips. https://www.completecontroller.com/student-debt-management-tips/
• Consumer Financial Protection Bureau. (2025). Payday Loans and How They Work. https://www.consumerfinance.gov/about-us/blog/payday-loans-and-how-they-work/
• Investopedia. Financial Goal Setting. https://www.investopedia.com
• LendingTree. (2025). 2025 Credit Card Debt Statistics. https://www.lendingtree.com/credit-cards/study/credit-card-debt-statistics/
• New York Federal Reserve. (2025). Household Debt and Credit Report. https://www.newyorkfed.org/microeconomics/hhdc
• U.S. Bank. Good vs Bad Debt. https://www.usbank.com
• U.S. Securities and Exchange Commission. (2025). Compound Interest. https://www.investor.gov/additional-resources/saving-investing/compound-interest

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Here are some effective car financing options.

1. The Opener; credit score

The unspoken truth: if you have an excellent or at least adequate credit score, the better options you will experience while financing a car. Furthermore, checking your credit score before applying for a loan is highly imperative; it demonstrates your eligibility for this process. However, if your credit score is not satisfactory, buckle down and boost it up to the criteria.

Want to know your credit report? Checkout government authorized websites for free.

2. Puzzle out your budget

Setting up a budget beforehand is efficient advice; you may have an eyed a good-looking car, but without proper planning and comprehension of financing a car, you may not be able to execute this process successfully.

To map out a budget plan, assess your monthly budget periodically; this emphasizes how much you can afford and allocate for monthly car payments. Nevertheless, financing involves interest and potential fee charges. So, while projecting your budget, do include these factors.

3. Hit upon your dream car!

The exciting part has arrived! Onto finding your new dream car! The actual question is: how will you acquire it?

To search for a vehicle, you generally have these options.

• Look for cars in person.
• Shop online through a financial institution by answering a few questions.

Furthermore, several banks offer dedicated dealerships; this simplifies the process as the employee guides you throughout the entire process.

4. Here comes the financing

Now that you have picked your dream car that coordinates with your budget. This procedure provides several options while dealing with such lenders and online lenders.

5. Become an expert at car buying

When trying to finance a car successfully, it’s paramount to understand terms like interest, finance, and charge or other potential fees. Moreover, getting familiar with car loan terms is imperative. If you have understood the words clearly, there are fewer chances of being fooled. Furthermore, you can also get a reasonable down payment with your basic knowledge and skills.

6. Explore financing options

Different companies offer different interest rates, incentives, and financing terms. However, if you have good credit, the dealer might provide you with excellent rates.

Furthermore, if your credit score does not meet the requirement, you must buckle down to research and find the lowest ARP.

7. Apply for financing

You can request pre-approval when you’ve found the appropriate loan for you. You can apply for many loans to discover which lender offers the best deal, but doing so may harm your credit score.

8. Make your payments automated

It’s crucial to arrange automatic payments with your lending institution so that you never pay on time. It will keep your lender happy and your credit score from dropping.

How to finance a car in the best possible way?

Financing a car is undoubtedly tricky, but you must decide according to your financial stability and preferences. However, here are the following tips to take out the best deal.

Narrowing down loan terms

You are offered various loan term choices depending on your credit history. Several lenders allow you to pick from different financing terms. In addition, the duration of the loan may be different. For instance, you can take out a loan as short as 36 months or as long as 72 months. But, if you opt for a shorter term, you must pay higher monthly payments, whereas, for a longer duration, your monthly payments are reduced, but you are locked in for a long time.

Online or in-person car financing

Regardless, it depends on your preference. In the past, most people preferred financing through representatives of the respective financial institution or incurring loans from a dealership. Nowadays, online funding has rapidly increased due to convenience.

Whether or not financing a car is an excellent alternative comes down to personal preference and financial position. You can prevent interest payable and financing costs if you pay cash. However, if paying in money involves depleting your funds, you may find yourself stranded in the event of a financial disaster.

Financing may be your best solution if you need a vehicle but don’t have the money on hand. Keep track of how much you’re borrowing versus the car’s worth. If you don’t put down a deposit and instead finance the total price of the vehicle, you may end up paying relatively more than the car is worth.

Financing a car can allow you to take additional benefits of dealer discounts and car manufacturer discounts like 0% financing or rebates. However, to be eligible for these deals, you’ll almost always need to secure a car loan from the automaker’s financial services firm.

Best wishes!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

If you choose wisely which purchases to make with credit. You’ll pay fewer credit card fees, save money on interest, and complete debt management and repayment easier. Here are ten things to avoid charging to your credit card.

Payments on a Mortgage

If you’ve ever asked, “Can I pay my mortgage with a credit card?” the answer is yes, but it’s not a brilliant idea, especially if you’re in a financial need and are tempted to use a credit card with a high limit.

Most mortgage firms will not accept credit card payments directly. Although some third-party organizations, such as Plastic, will assist you in paying your mortgage with your credit card, they frequently charge fees for this service, which will add to the amount you pay in bills each month. Plastic, for example, charges a 2.85% fee.

Small Pleasures

Taking out your credit card to pay for a cup of coffee or a sandwich at the deli is convenient. Based on the cash-back or rewards credit card you use for your transactions, you may also receive advantages such as free cash or airline miles. However, if you swipe your card for every tiny transaction, your credit card amount might quickly balloon, making it difficult to pay off, let alone make the minimum payment. You’ll be left thinking if those 20 lattes were worth the extra money at the end of the month.

Payday Loans

A cash advance is a short-term debt or withdrawal made using your credit card. It would help to avoid a credit card cash advance because the withdrawal may be subject to hefty fees and interest rates.

Of course, there are times when a cash advance is necessary, but only in an emergency. Also, check for credit cards with cheap cash advance rates.

Domestic Bills

Is it possible to pay bills with a credit card? Yes, you almost certainly can. Should you, however?

Your electric and water companies may provide free online bill payment with a credit card, incentivizing you to connect your card to the accounts and earn benefits. If your servicer allows you to pay your bills with a credit card via automated payments, you’ll have one less bill to remember to pay on time. However, the hazards frequently outnumber the advantages.

Medical Expenses

Putting medical bills on your credit card when you don’t have enough money is one of the worst things you can do. Medical care is costly, and paying for it with a high-interest credit card adds to the expense.

College Costs

College tuition is expensive, and depending on where you live, it may even outweigh the cost of living. Paying tuition using a credit card is attractive and handy for broke college students but resist the temptation.

You may not be able to pay off your credit card account before interest accrues unless you have a consistent paycheck. Furthermore, many institutions charge a 2 percent to 3 percent convenience fee for making the payment.

Income Taxes

Although it is possible — and legal — to pay taxes with a credit card, there is a compelling reason not to: your payment processor will almost certainly charge you a convenience fee of roughly 2% for doing so. If you choose intelligently which purchases to make with credit, you’ll pay fewer credit card fees, save on interest, and make it easier to hold and pay off debt.

You should avoid paying property taxes using a credit card as well

Automobiles

Some claim they paid for a car using a credit card and don’t regret it because they earned many points. Another reason they may not be remorseful is that they pay their credit card account online as soon as it is due, avoiding large interest charges. Don’t use this payment method if you’re not sure you can perform the same thing.

Because your credit card balance accounts for 30% of your credit score, having an amount that is too high in proportion to your credit limit could hurt your score. If you don’t pay your credit card bills because you’ve lost control of your account balance, the same thing happens.

Any down payment

Never put a down payment on anything using a credit card, even a house or a car. It may be moot for the home because you can’t use a credit card to cover your down payment unless you get a cash advance, which isn’t a good idea either.

If the sole reason you want to use a credit card for a down payment is to take advantage of your card’s high credit limit, that could indicate that you can’t afford it.

Costs of Starting a Business

It’s not a good plan to use your credit card to pay for business expenses or finance beginning charges. A firm will often take several years to become profitable, and in the meantime, you may be paying exorbitant interest on the debt you can’t afford to repay.

Even better, see if you can raise funds via a crowdfunding website or friends and family.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Understand the assignment!

How should the trendy phrase “understood the assignment” be applied in this case? Before taking out a loan, you must pick which car you want! You’re not going to apply for a loan unless you know what you’re going to get? As a result, be sure that the car you pick fits your requirements, has good fuel mileage, and is functional so that you can get the most enjoyment!

Consider these factors

Once you have decided on a car, you should determine the following factors for clarity.

How much can you afford on monthly payments?

After this, determine your capacity for a down payment. The golden rule is to put a 2% down payment. It benefits you as the higher the down payment, the lesser the monthly payment.

Cars are depreciating assets and lose a tremendous value over time. You are deciding on the loan duration. You may be tempted to apply for a potentially more extended loan due to reduced monthly payments, but this could lead to an upside-down on your loan. We advise you to consider a loan of 60 months or even shorter to avoid an unpleasant event.

Head towards preapproval

 

Preapproval’s a core part of the process and contributes significantly to loan approval and eligibility. If you are pre-qualified before applying for a loan, it benefits you. For instance, preapproval grants you an estimated interest rate and total loan amount depending on your information, specifically your credit record. First, consider requesting interest rate quotes and then conduct a comparison.

Pre-qualification requires a mild credit analysis, which does not impact the effectiveness. However, once a comprehensive credit check is performed, the anticipated rate you are quoted may alter significantly.

A level up from pre-qualification is preapproval. It necessitates a hard credit inquiry, which lowers your credit rating briefly. The predicted rate should be closer to the final rate you acquire upon loan approval. This lender has more necessary data about your credit history and personally relevant information you submit.

However, getting preapproval on your car loan offers you bargaining leverage at the dealership, and you’ll be protected from overcharging.

Now it’s time to find a suitable deal

After you’ve determined the above factors, let’s proceed with the process. It is fundamental to buy it from a dealer who has a connection with a bank, as this is how you’ll receive the most incredible loan deals! You must also comprehend the science of cost and charges! Make sure you’ve done your homework and thoroughly understand everything. The most critical factors are the processing fee, prepayment charges, and interest. You can explore and compare cars on the websites of well-known banks before applying for a competitive loan.

Contact your current banker

Another incredible alternative is to contact your current bank and apply for a loan there. It will help you save time, effort, and money. In addition, several banks provide excellent deals to their existing consumers, such as enticing deals, no documentation, and speedy loans through online bank networks.

Check your car’s eligibility

Different banks have varying eligibility standards for new or used cars. Other banks will have specific criteria for evaluating a car’s eligibility for a loan based on its age, condition, and model. So, if you’re buying a used vehicle, check to see if your bank will finance it.

It is advisable to have a decent credit score!

Ensure your credit score is 750 or higher before applying for a loan. If you have suitable credit, you will be able to borrow more money faster and at lower interest rates.

Obtain the proper quantity

Consider taking out a loan after conducting extensive research! Is a substantial down payment on the care required by the bank? Is the loan available on-the-road or on ex-showroom terms? Many banks provide automobile loans with the lowest down payment and lowest costs. These elements will affect the number of vehicles you are eligible for.

Go for automated payments

It’s a great option to automate your payments since several lenders offer a relatively more nominal interest rate when you apply for automatic payments. It functions when you set it up, and you will withdraw the appointed money from your bank account on the specified monthly dates.

It’s imperative to make your monthly loan payments as scheduled to maintain a good credit history. For this reason, you can take advantage of automated payments; they allow you to pay off payments without making any effort.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Here are the following efficient ways to intelligently refinance your mortgage.

 Make a financial objective that is achievable and measurable

The reason behind refinancing must be sensible, be it to lower your monthly payment or reduce the loan duration. Alternatively, you can use the property to pay for house repairs or debt reduction.

If you refinance and consent to a 30-year mortgage lock, you may save money on monthly payments but incur more over the life of the loan.

Assessing credit card score

The criteria to qualify for refinancing are like getting your original home loan approval.

In addition, you can benefit from a higher credit score since lenders will offer better refinance deals based on your credit history. However, consider boosting your lousy credit before initiating the process if you are not eligible.

Evaluate your home equity

Here is a little bit of science, your home equity can be figured out by = Total value subtracted from borrowed money. To determine how much you are due on your mortgage, look at your current balance for further calculations.

A Tip: The lender will be less dubious if you have more significant equity in your property.

Organize your documents

Compile the most recent payslip, federal tax documents, financial records, and any other documentation that your mortgage lender may mandate. Your lender will assess your credit and net worth, so be honest about your financial holdings. Furthermore, if you organize the documents mentioned above, the refinancing process will go well.

Be mindful of the appraisal

To incur a successful refinancing process, you must pay a required fee for the appraisal. It is conducted to identify today’s market worth of your home. Moreover, your appraisal might increase if you inform the lender regarding any repairs in the house.

Determine the loan estimate

Loan estimation will educate you regarding the amount you need to pay to close the mortgage, referred to as closing disclosure. However, if you can cover the charges, the higher interest rate may result in a higher cost. Furthermore, paying for expenses upfront is usually more cost-effective if you can afford it.

Keep a close eye on your debt

To ensure that you stay relevant on your mortgage, maintain your documentation in a secure environment, and set up direct deposits. Some banks will also offer you a reduced amount if you register for autopay.

Don’t accept refinance as it is

Despite interest rates, you can negotiate several fees. If you have suitable credit and conduct your research on the market, you can confidently bargain for the best deal possible.

“Convincing a lender to negotiate may be difficult, but you never know if you don’t ask,” Meyer states.

Be mindful of the Debt-to-income ratio

Lenders have raised the criteria for credit scores and rigidity in debt-to-income ratios. However, some elements such as high earnings, a stable job, and tremendous savings may significantly affect your loan approval. Still, lenders generally demand to set the monthly housing payments under 28% of your gross earnings.

Furthermore, your debt-to-income must be 36% or less, along with some benefits, but some lenders make it up to 43%. To meet the eligibility criteria, you must pay off a certain amount of debt before applying for refinancing.

Explore diverse lenders

Experts advise you to explore and diversify this process instead of limiting yourself to only one potential broker during the submission of applications. In addition, you must consider talking to various mortgage lenders. Three is a good number of lenders to speak with and get loan estimates from, says McBride.

Read carefully to people with bad credit scores; this advice is incredible for you. Every financial institution has its standard and determining factor for lending. Suppose your application is not approved from one back due to a bad credit score, low income, or other reasons. It would help if you did not give up. You should seriously consider applying more than one; you may find lower and best interest rates upon implementation.

Lock your rate upon approval

At this phase, when you hear back good news from the lender, you should now make your choice among multiples. Upon approval, you must look forward to a loan estimate that demonstrates your loan amount, interest rate, closing costs, and other charges. To effectively compare, use this data to pick the best deal.

Consider your priorities before locking in a deal with your preferred lender. The lowest rate will almost certainly impact your decision, but you may consider other factors. For example, do you want a lower interest rate or a shorter repayment period? Is client satisfaction important to you? About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The business has existed since prehistoric times. If the history books are to be considered, they began with barter trade, but it has since developed into something much more complex, and without technology, it would not have been possible. You cannot conduct most business operations in the 21st century without technology. The world’s major industries would collapse if you suddenly took information technology away from the business.

Technology is essential in business

Over the years, technology has compelled an explosion in commerce. Thanks to technology, many traditional business models and concepts have been revolutionized. Technology has given us the chance to look at things from a new perspective and approach what we were already accomplishing from a new perspective. Technology has also provided us with greater efficiency in doing business.

Some areas where technology is essential to business include point-of-sale systems, ICT in management, accounting systems, and other challenging aspects of day-to-day operations. Even something as easy as a calculator, revolutionary in its time, has arrived thanks to technology. It’s hard to fantasize about a return to manual tasks. It would take us around a hundred years.

Technology as an origin of support and security

Technology permits us to automate numerous processes, which increases our productivity. It allows us to use fewer resources, which will enable us to improve quality at a low cost and increase the speed at which we can deliver our services to customers. Over time, it became possible to serve even more customers. Technology also causes it easy to store more information while maintaining the integrity of that information. We can better store sensitive information to make it less vulnerable to data breaches. Information can be received when needed, and it can be diagnosed not only to study past trends but also to anticipate the future. In turn, this can assist in the decision-making process.

Technology as a connection to the world communication is part of the business. Thus, transport and processes shift a business into a network of complex processes that interact. Technology has made it feasible to globalize business operations. Now almost anyone can do business almost anywhere, from any room in their home.

Technology has permitted businesses to have a broader reach in the world. The best example of this is the Internet. The Internet is now an essential part of any business’s marketing campaign as it allows the company to reach customers all over the world.

Being well-integrated into the business, technology has made life more dignified. However, it would be foolish to deny that there are also threats to business caused by technology. These include malicious activities by various organizations, such as hacking. Significantly, companies are held accountable when using technology to conduct business. With the benefits of technology, some downsides also need to be addressed. However, it is worth it, and we must recognize and use technology responsibly to make our business better.

How does information technology affect business?

The Industrial Revolution changed the business world by making many processes more efficient and increasing productivity hundreds of times. Despite this, the business world remained somewhat stagnant for the next hundred years. However, with the technological revolution and technology in business, things have changed even more disruptively than during the industrial process. It would be secure to say that company will never be the same. The speed at which technology evolves and adapts is exponential to the point where the wave is sweeping across all industries, whether they’re ready for it. We haven’t made that much progress, but there was no consumer approach to social media even just five years ago. You didn’t use mobile phones for business, technology has almost completely changed every aspect of business, and this has never happened so quickly. To be more precise, here are a few ways that information technology has impacted businesses:

The emergence of mobile solutions mobility is seen by multiple as the next great frontier for business. Google’s algorithms reflect this as they prioritize mobile sites. Your business and its aspects can be handled using just a tablet or smartphone. It’s all in our hands, from content marketing to customer relations, from sales to internal things like invoicing and shipping.

But mobile solutions are not only a business; they are also helpful to consumers. The current generation uses their phones to do everything from buying and selling to sharing experiences with friends and finding local businesses.

Cloud Computing Phenomenon

Cloud computing has allowed businesses to outsource their functions to third parties over the Internet. It has allowed small and medium enterprises to access resources that would have cost them a fortune a few years ago. It will enable variable data packages to be handled and allow companies to rapidly expand and embrace mobility without worrying about crashes, downtime, and data loss.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

1. You can claim your ex-spouse’s benefit. The amount you receive is dependent on your ex-spouse’s credit. If you’re at least 60, the marriage lasted at least ten years, and you didn’t remarry before turning 60, you’ll most likely be entitled to claim your late spouse’s benefit.
2. Good news if you have worked for more than 35 years! The Social Security website describes how your payments are determined, but it’s not easy to understand.

A detailed computation depending on a 35-year aggregate of your eligible wages determines your Social Security benefit. Before being averaged, yearly wages are pegged to inflation.

If you’ve been employed for more than 35 years, you may be liable for a retirement. The government will take the most recent 35 years into account. If you haven’t worked for more than 35 years, the government will deduct zeros for the years you haven’t worked.

3. You can generally begin receiving Social Security retirement benefits at 62, but you can boost your benefits by extending retirement or receiving Social Security payments until you are 70.

In addition, if you take social benefits before the average retirement age, 20 to 30% of your payment will be deducted. However, if you claim at 62, you will receive 100% of your benefits. But it can be increased by 8% a year if you argue after waiting till 70. Plus, you will cover the Cost-of-living adjustments. 

4. You will forfeit part of your long hour’s rewards if you retire at 62 but keep working and earn more than your “annual exempt amount.” Nevertheless, once you hit the mandatory retirement age, you are free to work as much as you choose without penalty.
5. To be suitable for Social Security Disability benefits, it is mandatory to have 40 credits, or You must have a minimum of 20 credits in the five years immediately preceding your impairment.
6. Only the parent of a child receives Social Security Survivors benefits until the child reaches the age of sixteen. The youngster gets these privileges until they turn 18 years old.
7. Consider waiting months before filing for divorce if you’re dissatisfied in your marriage and haven’t completed ten years. How so? To be eligible for your ex-social spouse’s Security payments, you must have been wedded. You are not qualified if you divorce after nine years of marriage. You can get Social Security profits gained on up to half of your ex’s earnings.
8. Your future benefits may be decreased if you make mistakes on your earnings record. You usually have three years, three months, and fifteen days after the year in which you earned the salary to correct errors. If you provide proof of wages or if the error is evident, Social Security will make an exception.
9. Your benefits can be affected by other pensions from your previous job. Few examples involve workers associated with the public education system, federal government employees, and railroad workers, who were hired before 1984 and covered by the Civil Service Retirement System (CSRS).

Furthermore, the clash of two provisions can be complicated. WEP and GPO reduce your benefits through discounts depending on your working years which did not curb your social security taxes; on the other hand, GPO deducts your spousal benefits by ⅔ of the among of your non-covered pension.

10. As humans, we often make bad decisions that we regret later. If this happens after you have claimed your social security benefits and now you want to do it over, you can! Social security benefits allow you to withdraw your application within 12 months of claiming. After that, however, you will be required to pay all the benefits you’ve received, including spousal benefits. Furthermore, you will receive a higher amount when you start over with benefits.

On the other hand, if 12 months have passed and you are looking forward to restarting, we are sorry this can’t happen. However, early retirees who have gone back to work aren’t entirely out of luck: You can defer rewards until you hit the average retirement age, which is 70 years old. It will earn additional annual postponed retirement credits of 8%. “For many people, this can amount to tens of thousands of dollars,” says William Meyer, CEO of Social Security Solution. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

1. Maintain a diary of your expenditures. Knowing where your Cash is spent can assist in making changes if necessary. Furthermore, you can keep track of your costs in whatever is most convenient. Once you’ve gathered your information, sort it into categories of essentials, and add up the totals. This one habit can change your life significantly!
2. Distinguish between desires and necessities. It’s highly imperative! Ask yourself, ‘Do you need that glamorous gown, big TV, and those lovely white heels’? When money is scarce, only spend what is essential. Yes, we know how challenging this can be, but it’s only for a short period; imagine affording these desires without worrying about money.
3. Paying your debts using credit is not a suitable option! Avoid this at any cost. While using credit can make life better in the short term, it will massively raise your monthly installments in the long run. So, think wisely before making any decision in this aspect.
4. Consistently save. You may quickly move money to a savings account by arranging a monthly automated transfer. Additionally, set aside a percentage of your paycheck for your savings account.
5. Initiate a straightforward and tiny goal. You can save more effectively if you have a short objective in mind! For example, committing to saving $30 every week or month is considerably more feasible. Moreover, when you meet your goal for the week of the month, you’ll have already established a saving habit, just a few more habits!

Envisioning what you’re saving for is one of the most effective strategies to save Cash. Want to buy a vehicle with a 20% down payment in a year? You have a plan in mind and know how much money you’ll need to save each month to complete it. Set keeping goals and a deadline for yourself if you need inspiration.

6. A valuable tip! If you lack self-control, try this 24-Hour Golden Rule. With a 24-hour rule, you can avoid buying unneeded products on desire. Wait 24 hours before purchasing any non-essential items. Furthermore, to prevent being tempted, unsubscribe from marketing emails. It is going to be a game-changer!
7. Make a monthly commitment to dining out one less time. You can save Cash without losing your way of life. Minimize your meal budget by making tiny changes. Begin by reducing the number of times you eat out every month.
8. Make a note of this on your card. Wrap your card with a savings reminder like, “Hey, you vowed not to overspend, or are you keeping up with your target for this month?” On your card. In addition, you can set a wallpaper on your phone saying the following phrases. It may be challenging, but you can develop self-control with perseverance.
9. Clear Out Your Debt. To effectively accomplish our money-saving strategy, you must commence with debt. How? You can calculate how much you spend on debt monthly, and once you are done with debt, you can easily save that money. Simple! And please do not ruin this cycle by impulsive shopping when you are debt-free. Spend and save wisely.
10. Eliminate unnecessary subscriptions from your life! Do you have several subscriptions such as Netflix, Spotify, health clubs, and brand memberships? If yes, then cancel them now if you aren’t a regular.

Many streaming sites, such as Netflix and others, allow you to view your favorite episodes on different screens. Fantastic! A helpful tip: Consider splitting subscriptions with family and friends for those memberships you want to maintain.

11. Time to unearth your inner enlightenment. Sounds dramatic, right? If you want to save money, you need to follow these.

Regardless, you can embark on this meaningful mindfulness journey by shopping more consciously in several ways. Firstly, prepare a list and shop intently. Then, prevent impulsive buying and remind yourself repeatedly regarding your goal for the month. You can do it!

Need another tip? You can indeed implement this. It’s very convenient; all you need to do is to set up a $10 challenge. It’s popular among money savers. Please put it in a designated jar whenever you receive or are left with $10 and save it.

In addition, these clever ways to save up a massive stack of money teach you a priceless lesson: the value of money. As you start saving, you will understand the importance and imperative of spending it wisely. Then, you can purchase your own house with the saved amount in the future!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Enroll in a Cooperative program

Getting enrolled in a cooperative program allows students to gain practical experience in their respective professions and enhances their ability to think and solve problems. A cooperative program embraces theory with functional on-hand expertise. In addition, it encourages maturity and the growth of interpersonal skills. Furthermore, it’s a great option to monetize your skills and pay a portion of their college expenses and presents a competitive edge for full-time employment after graduation.

A cooperative program allows you to embark on your career early. It offers numerous benefits.

It proposes career exploration along with the margin to commit mistakes. In addition, mistakes make you experienced and knowledgeable within a few years if you start early. 

Companies are more willing to train younger employees who are likely to stay longer. You can attain professional reward licenses and certifications with the correct sense of applying skills to practice.

A cooperative program offers professional networking, professional development courses, and on-campus employment.

This program provides real-world experience and career-focused work terms with education. Moreover, upon completion and graduation, students are granted remarkable co-op degrees.

Apply for a student loan

Fifty-five percent of bachelor’s degree holders in the class of 2020 took out student loans, averaging $28,400 in federal and private debt upon graduation. And according to the most recent statistics, 14% of parents with students in the 2019 class took out national parent PLUS loans worth an average of $37,200.

Applying for any student loan is very useful to navigate your education program auspiciously. To finance the expedition of studying, you must fill out an application. After that, the application will demonstrate your eligibility; you may be liable for the majority or a small portion of the expenditures associated with attending your preferred college or university. Before signing and accepting any loans, understand your financial aid package. Before signing the paperwork, make sure you understand the terms and get answers to any questions you may have. You will have to refund any money borrowed six months after graduation after receiving your package.

Take out a government loan

For financial assistance, explore government loans. Generally, these loans have a much lower interest rate making them more manageable. However, you may receive some leverage thanks to a lower interest rate when it comes to paying back the funds. It’s essential not to take out more money than you need. Some students love to see an extensive refund check during the semester, but it may come back to haunt you later.

Count on scholarships

Do not believe the myth that “scholarships are only given to academically excellent pupils.” It is no longer valid; for example, most scholarship programs, such as the international cultural service program, award scholarships to students who participate in cultural activities, depending on the level of content in their recommendation letters and self-explanatory essays.

Spend some additional time researching scholarship and grant opportunities that may be accessible to you. Most scholarships include grants that support tuition and living expenses, travel expenses, and other expenses; hence, receiving a scholarship is a significant boon for pupils because nothing else can make educational finance assistance as affordable as a scholarship.

State-sponsored 529 Plans

In the U.S., every state has at least one of these college saving schemes. No federal income tax is required to distribute college expenses to beneficiaries. However, you can spend these funds at any authorized college or university since the government supports them.

This plan offers several benefits, such as it is a simple account to maintain because the donor merely chooses a monthly payment, the same as the mutual fund. The plan managers administer the investment. Moreover, you can save a considerable amount since monthly contributions comprise as small as $50. There are also no financial or age requirements. Every state plan is described in detail by the College Savings Plans Network.

Federal Stafford Loans

Federal government loans are permitted to undergraduate and graduate students. These loans are acquired directly from the federal and government assured the loan funds. The eligibility criteria expand with each succeeding year of education.

Furthermore, the interest payment for subsidized loans is 5.6%. So, if you meet the criteria for a subsidized Stafford loan, the government will cover your loan interest while in school. But, if you have an unsubsidized Stafford loan, you must pay all interest that accumulates.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Find Out Which Company Form Suits Your Company

When you enlist with the Chamber of Commerce, you must choose a legal form. You can choose from a legal document without legal personalities, such as a sole proprietorship or a general partnership (VOF), or a legal form with legal personalities, such as a private limited company (BV). Most (starting) freelancers opt for a sole proprietorship. As a starter, this usually provides you with more tax benefits than, for example, a BV. As the owner of a sole proprietorship, you are often entitled to the self-employed deduction. Check which possible legal forms suit your situation.

The legal form you choose has consequences for your liability and any tax benefits. Did you know that you are personally liable for your company’s debts with a sole proprietorship? It is usually not the case in a legal form with legal personalities, such as a BV. But a BV pays corporation tax and possibly also dividend tax. The director-major shareholder (data) also owes income tax on his wages and any dividends. Are your unsure which legal form suits your company best?

Choose a Name that Fits Your Activities

Have you chosen a legal form? Then you can think about a proper company name. It seems obvious, but a good company name can say something about your products or services. What do you have to offer? A fantasy name or letter combination/abbreviation is also possible, but make sure that it is distinctive, easy to remember, and registerable. Also, consider whether your company name can be used internationally (if this applies to your work). Your company name is the first introduction to your company for potential customers. Take the opportunity to leave a good impression. Don’t be too descriptive; an original or unusual name is OK, especially if it fits your activities. For example, are you a copywriter? Then a subtle pun in your company name can be fun. But are you starting a funeral business? Then a descriptive or meaningful name is a better choice. A good company name sticks to arouses curiosity and is easy to remember. And look for inspiration in your environment: what kind of company name appeals to you?

Avoid Confusion and Deception

You can use not every name just like that because rules apply to a company name. Do you have a name in mind? Check whether you are also allowed to use it legally. Do this before investing in a logo/brand, website, and printed matter. For example, a company name may not resemble an existing trade name too much. Therefore, first, check in the Trade Register of the Chamber of Commerce whether a name is already registered. Also, search the internet to see if a name is used. Try out different spellings. In addition, the name should not be misleading. For example, you may only use the term ‘accountant’ or ‘architect’ in your company name if you are an accountant or architect. And are you starting a sole proprietorship? Then the name should not give the impression that there are several owners. Therefore, you can forget the name ‘Pieter & Partners’ for a sole proprietorship.

Choose a Future-Proof Name

Where will your business be in 10 years? Perhaps you want to expand your activities in the long term, change the legal form, or eventually dare to take the step across the border. A trend-sensitive, too-defined, or Dutch name can get in the way of expansion. Don’t want to exclude anything in the future? Check whether your intended company name has any undesirable characteristics in another language. Also, avoid trends or time-sensitive products in the name. For example, hardware specialist CD-ROM-LAND will now sell a few CD-ROMs.

The Ultimate Check: Ask for Feedback

Have you decided for yourself? Use family and friends as a test case. And preferably also ask potential customers, your target audience. Ask them to write down the name to ensure there are no spelling problems. What does the name evoke? Does the name match the image you have in mind for your company? Does your find pass the test? Then quickly make an appointment with the Chamber of Commerce to record your company name and legal form. Also, don’t forget to enlist your domain name for your website and email.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.